Which credit card would be the best for a newly employed person? - Seedly
 

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Asked by Anonymous

Asked on 25 Aug 2019

Which credit card would be the best for a newly employed person?

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Ernest Yeam Wee Leong
Ernest Yeam Wee Leong
Level 6. Master
Answered on 28 Aug 2019

Personally, it will be best to first track your expenses for the first three months before getting a credit card.

This will enable you to know what are you spending on and also be able to calculate what are the possible benefits that you will get based on the different credit cards available in the market.

You can consider using a spreadsheet to track your spending categories or via the Seedly app. The spreadsheet I used is here for reference ( https://justbeingernest.blogspot.com/2019/08/personal-finance.html )

Once you know what you spend on average per month, by calculating it against the credit card that you will be using, you will roughly know what rewards you will receive compared to another credit card.

By then you will know which card is best for you. Alternatively, you can try SingSaver, GoBear, MoneySmart or iMoney for credit card comparison.

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Xue Yi Hang
Level 4. Prodigy
Answered on 26 Aug 2019

Every card has its pros and cons, so it really depends on what you want out of it (cashback, miles or discounts etc). Do note that most cards have a minimum monthly spend before you actually enjoy some of the featured benefits so do read the fine print. Comparison sites like Moneysmart.sg are your friend :)

Btw you'll need at least 3 months of CPF contributions on record iirc for the banks to ascertain that you have regular income before you can apply for a credit card.

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Ninja
Level 5. Genius
Updated on 10 Sep 2019

None, do not sign up for credit card. The benefits applied only counts when you spend. You do not need to be given a bait to spend

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Phyo Myat Thu
Phyo Myat Thu

28 Aug 2019

Depends on what kind of rewards you get by spending on CC. There are two main categories: cashback and miles. For me, I go for cashback as I didn't travel much. And I got OCBC Frank and 365 last time. Do note that most cashback cards require minimum spending to get the advertised high amount of cashback. E.g. Frank Credit need a minimum of S$400 in-store spending and OCBC 365 requires a minimum of S$800. If you can't hit the minimum spending, go for StandChart Unlimited Cashback or AMEX TrueCashback which give you a cashback of 1.5%.
Ninja

10 Sep 2019

Why spend to get cashback, stupid?