Best Credit Cards

Looking For The Best Credit Card in Singapore?

It's easy to feel overwhelmed by the sheer amount of credit card options offered by banks - particularly if you're looking to get your first credit card. From benefits, points and air miles to cashback rewards, where should you even start?

Then there's the possibility of getting a bad credit score, no thanks to poor money management habits or accrued credit card interest. These could inevitably affect you in the long run, especially if you require a bank loan for your first HDB BTO, for example.

But did you know certain credit cards can in fact help you save money?

Before delving into your comparison, it's important to first understand what getting a credit card entails, and the importance of maintaining a good credit score.

What to Consider Before Getting A Credit Card

Before narrowing in on credit card user reviews, first consider the following:

• Will you be able to pay your bills on time?

Unless you're getting a student credit card, it's highly likely you'll be required to meet a minimum salary requirement prior to having your credit card application approved.

You'll also have to pay your bills within the stipulated timeframe on your statement, or face late payment charges - including increased interest rates on the owed sum.

• Will you be able to maintain a good credit score?

Your credit score tells banks and lenders how reliable you are in paying your credit card bills on time. A poor credit score could affect how much you can borrow - or even your ability to borrow.

We'll admit it's a bit of a catch-22; you'll need a credit card to even develop a good credit score, yet having a credit card poses the risk of earning a bad credit score.

Your borrowing history is compiled in something called a credit bureau report, and can be obtained from the Credit Bureau of Singapore for a fee of $6.

• What do you spend most of your money on?

Are you a chronic Grab user or guilty of indulging in copious amounts of overpriced coffee? Making credit card comparisons can be tricky if you have little idea of your own spending habits.

Using a personal finance management tracker (like - ahem - the Seedly app) or an Excel sheet could help you better identify where most of your money goes, so you'll be able to reap the full benefits of your card.

• Do you shop online or offline more often?

Credit cards are not one and the same. Some reward users for online spend - or, conversely, local spend on everyday necessities.

And if you plan on shopping overseas (or in an online store that's based outside of your home country) with your credit card, you'll need to factor in possible foreign currency conversion fees.

The Best Credit Cards in Singapore 2020

With these tips in mind, here's a round-up of the most popular types of credit cards in Singapore, sorted by category.

Best Miles Credit Cards

Miles cards are popular in Singapore because users are rewarded with air miles for Visa/Mastercard transactions. The mileage you claim is pegged to the amount you spend, and we've already done the math for you here in this Guide to the Best Miles Cards.

Here are some of the best miles cards offered:

• AMEX Singapore KrisFlyer Miles
• AMEX Singapore Airlines KrisFlyer Ascend Card
• BOC Elite Miles World Mastercard
• CITI PremierMiles Visa Card
• CITI Rewards Credit Card
• DBS Altitude Visa Signature
• Maybank Horizon Visa Signature Card
• OCBC Voyage Card
• UOB PRVI Miles Card
• UOB KrisFlyer Credit Card

Best Cashback Credit Cards

With a cashback card, you'll be rewarded for spending on dining, groceries, online shopping, hotel stays and entertainment - plus everything in-between.

• Big Ticket Expenses:
  AMEX True Cashback, SCB Manhattan World, UOB One
  
• Best Cashback Credit Card for Groceries:
  Citibank Cashback, Citi SMRT Card, Maybank Family & Friends, BOC Sheng Shiong
  If you're looking for The Best Credit Card for Groceries, look no further.
  
• Best Cashback Credit Card for Online Shopping:
  CIMB Visa Signature, OCBC FRANK, DBS Woman's World, SCB Spree
  We've researched The Best Credit Card for Online Shopping just for you.
  
• Dining:
  OCBC 365 Card, Maybank Family & Friends, UOB YOLO
  
• No Min Spend:
  Citi SMRT Card, HSBC Advance Credit Card
  
• Unlimited Cashback:
  AMEX True Cashback, CIMB World Mastercard, SCB Unlimited Cashback

Other great cashback credit cards:

• Amex Platinum Card
• BOC Family Card
• CIMB Platinum Mastercard
• CIMB Visa Signature
• DBS Safra Card
• DBS Black Visa Card
• DBS Live Fresh
• HSBC Advance Credit Card
• OCBC Cashflo Credit Card
• POSB Everyday Card
  

Best Rewards Credit Cards

If you fancy the idea of redeeming rewards in the form of vouchers for movies, shopping, dining, hotel stays and air miles, then these rewards credit cards may be something worth considering.

• AMEX CapitaCard
• DBS Esso Card
• DBS Woman's Card
• HSBC Revolution Credit Card
• ICBC VISA Dual Currency Debit Card
• OCBC Robinsons Group Credit Card
• OCBC Titanium Rewards Card
• UOB Lady's Card

Best Student Credit Cards

Being a student comes with a ton of benefits, whether food or entertainment discounts. And then there're student credit cards, whose prerequisites are considerably lower: no minimum income requirement, no minimum spend, and far lower annual fees.

• Maybank eVibes Card
• OCBC FRANK Card
• DBS Live Fresh Student Card
• Citi Clear Card
• CIMB AWSM
• BOC F1RST Card

Common Credit Card Fees

More often than not, your credit card will come with additional charges. It's imperative that you read the fine print, so don't be blinded simply by credit card perks!

Here're some terms to know.

Annual Fee: This refers to a yearly fee charged for the convenience of having a credit card. Most banks typically offer an annual fee waiver, so long as you make the request by calling in. This is especially the case if you've been using your credit card with fair regularity.

Balance Transfer Fee: A balance transfer is what happens when you transfer your credit card debt to another card issued by a different bank. In doing so, you'll be charged a balance transfer fee of around 2% to 4% of the amount transferred.

Cash Advance Fee: A cash advance allows you to withdraw money from an ATM using your credit card, and usually includes a fee of 6% on the amount drawn.

Foreign Transaction Fee: Convenient as it may be to swipe your credit card while on holiday, we earlier mentioned the charges you'll be subject to - including the dynamic currency conversion rate, which will be charged at the point of your transaction.

Multi-currency cards are filling this void, though, by allowing overseas transactions to be made at no extra cost. Exchange rates are also shown in real-time, so you'll more or less be living like a local even while on holiday.

Late Fee: Yep, we're again reiterating this. That's because a credit card's interest rates hovers at around 24% of the amount owed. Banks do offer a grace period of between 21 to 25 days, but ignoring this window is an expensive mistake you don't want to make. So take heed!

What Are The Easiest Credit Cards to Get Approved For?

So: what credit card can you get with a poor credit score? This really comes down to the discretion of the bank whose credit card you're applying for.

There are some ways to improve a bad credit score, though.

The Credit Bureau of Singapore only tracks your borrowing history over a 12-month period - so you'll only need to maintain that to recover from a poor record. You should also:

• Avoid taking too many loans within a short amount of time
• Cancel inactive credit cards, or those you don't use regularly
• Avoid applying for too many credit cards
• Pay your bills on time!

How To Choose the Best Credit Card For Yourself

Apart from user reviews on credit cards - we've an exhaustive list for your perusal - these guides are an excellent segue into the world of credit cards, no matter your spending habits.

• How to choose your first credit card in Singapore
• Cheat sheet: What are the best cashback cards for working adults?
• Best credit cards to use overseas
• Best credit cards for students
• What are the best miles cards for working adults?
• Save money on your wedding banquet: Credit cards you should be using!

If you've still got burning questions after reading real user reviews on the best credit cards in Singapore, head on over to the Seedly Q&A platform! You'll be able to pose your questions anonymously, too.