Asked by Anonymous
Asked on 25 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.
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.
28 Aug 2019
10 Sep 2019