Credit cards are superior to paying in cash in Singapore as well as the rest of the developed world. Just like personal loans, they promise easier and faster transactions, helping you avoid the hassle of always carrying cash whenever you go out. There are so many options to choose from.
Choosing a credit card shouldn’t be taken as a light chore. You have to do your research and find the card that’s best for you.
All credit cards have their own perks. Some incentivize certain types of transactions while others come with better benefits overall.
In this piece, we’re going to help you navigate the confusing world of credit cards. This is the essence of the top 9 credit cards in Singapore distilled into one article to help you make a better decision as per your priorities.
Go through the entire list and you’ll find the card that fits the bill for you!
1. AMEX True Cashback Card
The AMEX True Cashback Card is one of the best credit cards out there in Singapore. It’s best for people looking for complimentary passes and cashback offers. AMEX cards work on the American Express payment network that is reliable and fast.
The minimum age limit for an AMEX True Cashback Card is 21 years. The minimum annual income has to be S$30,000 or more. That’s the eligibility for Singapore residents.
Foreigners can also avail the AMEX True Cashback Card. The age criterion is the same whereas they need to have a minimum annual income of S$60,000
The minimum age limit for supplementary cardholders is 18 years.
The fee is S$171.20 including GST, waived off for the first year. In addition, the first two supplementary card fees are waived. S$85.60 or each supplementary card, inclusive of GST.
Try to pay your monthly credit card bills in full to avoid late fees and credit card debt.
If you’re struggling with your credit card repayment, you can apply for a personal loan here to cover it. Let us help you filter and source for the best personal loan in Singapore.
You can apply for the AMEX True Cashback Card here.
2. HSBC Advance Credit Card
The HSBC Advance Credit card is great for those seeking cashback specifically.
HSBC Advance Credit Card allows you to earn rebates up to 3.5% cashback with this card for all purchases (both local and overseas). The HSBC Advance Credit Card has no minimum spend required and is one of the most popular HSBC Singapore cards.
Cashbacks are 1% less for non-HSBC Everyday Global Account holders. The cashback cap in a month for those is also up to S$70, as compared to the S$300 for HSBC Everyday Global Account Holders.
The minimum age limit is 21 and the minimum annual income for Singaporeans or permanent salaried residents is S$30,000. The same for Singaporeans or permanent self-employed residents is S$40,000. For foreigners residing in Singapore, the minimum annual income also has to be S$40,000.
You can apply for the HSBC Advance Credit Card here.
However, if you are looking for a cash advance, applying for a fast approval personal loan might be better. You can get your money in hours and, at lower interest rates.
3. UOB UnionPay Card
UOB Singapore’s UOB UnionPay Card provides a 2% cashback on all expenditures without any minimum spend limit. It’s accepted by nearly 54 million merchants.
You can also avail offers such as up to 10% off at more than 100 international airport duty-free shops and 21.6% fuel savings with SPC.
The minimum eligibility criteria for this UOB credit card are 21 years of age and an annual income of S$30,000.
Cashback in a calendar month is capped at up to S$50.
You can apply for the UOB UnionPay Credit Card here.
4. Citibank Rewards Card
The Citibank Rewards Card is best for those looking for promotions and shopping rewards. It works on the VISA payment network and comes with a S$192.60 annual fee (first year waived). It also looks extremely sophisticated with its deep blue design.
To get a Citibank credit card, 21-year-old Singaporeans or permanent residents can avail of the Citibank Rewards Card if their minimum annual income is S$30,000 or more. Foreigners can avail of the card if theirs is S$42,000 or more.
The card also comes with a welcome gift of 30,000 Citi ThankYou Points (as you spend). You can use these points to pay for a number of purchases or can redeem them easily for various offers and promotions.
All in all, the Citibank Rewards Card is an amazing credit card for shopping lovers.
You can apply for a Citibank Rewards Credit Card here.
6. Standard Chartered Unlimited Cashback Credit Card
This is the classic credit card that almost all working adults in Singapore use and there’s a good reason for that.
The Standard Chartered Unlimited Cashback Credit Card helps you earn 1.5% cashback on all spending. It has no minimum spend. The best thing about this card is that, unlike many others, there’s also no monthly cap on the cashback you can earn.
This translates to: spend much as you need. You can use the Standard Chartered Unlimited Cashback Credit Card to pay for phone bills, for shopping sprees, to purchase a new washing machine, for a new car or for your wedding!
Great for people looking for unlimited cashback, the Standard Chartered Unlimited Cashback Credit Card additionally provides you S$250 cashback when you spend S$200 in the first 30 days of a successful application.
Eligibility for Singaporeans and permanent Singapore residents is 21-65 years of age and an annual income of S$30,000 or more. For foreigners, the minimum income limit is S$60,000. Foreigners wishing to apply for the Standard Chartered Unlimited Cashback Credit Card must hold a Singapore Employment Pass.
You can apply for the Standard Chartered Unlimited Cashback Credit Card here.
7. BOC Visa Infinite Card
The BOC Visa Infinite card has a smaller cashback, but it more than makes up for that with its other perks. The Bank of China Visa Infinite Card is known for its worry-free and smooth payment experiences.
It provides a 1% cash rebate on all Singapore-based purchases. No minimum spend limit or a monthly cash rebate cap. It also comes with a first-year annual fee waiver.
Apart from that, the BOC Visa Infinite Card also provides a 1.5% currency exchange fee waiver for overseas transactions.
Coupled with a Bank of China Multi-Currency Savings account, you can enjoy a 3.55% annual interest when you spend at least S$1500 on the BOC Visa Infinite Card.
The BOC Visa can only be applied by those who have an annual income of S$120,000 or more.
You can apply for the BOC Visa Infinite Card here.
8. Citi Cash Back Visa Card
Citibank recently upgraded their Citi Cash Back Visa Card. This means consumers get a greater amount of cashback and even more priviledges!
The Citi Cash Back Visa Card provides a 6% cashback. Additionally, it also provides a welcome gift of S$120 cashback as you spend. The 6% cashback is applicable for transactions on dining at cafes and restaurants, worldwide and daily.
Apart from that, the Citi Cash Back Visa Card provides an 8% cashback for grocery purchases at supermarkets or grocery stores – worldwide and daily. You can also avail of up to 20.88% fuel savings at Shell and Esso or 8% cashback at other petrol stations – globally.
The monthly cashback cap is S$80.
You can apply for the Citi Cash Back Visa Card here.
9. Maybank Platinum Visa Card
The Maybank Platinum Visa Card is for hassle-free rebates on local and foreign currency spends. It’s a lifestyle card geared towards savings as you spend. There are several promotions and benefits of these cards, let’s have a look at them.
The main attraction is the 3.33% cash rebate on all foreign and local currency spends. You’ll need to spend a minimum of S$300 monthly to get a maximum cash rebate of S$100.
Applying for the card gets you a S$100 cash credit.
There’s a quarterly service fee of S$20. The minimum annual income threshold to apply for the Maybank Platinum Visa Card is S$30,000.
There are a number of other benefits as well with the Maybank Platinum Visa Card such as 3% annual interest with the Maybank Save Up Program and complimentary travel insurance coverage of up to S$500,000.
You can apply for the Maybank Platinum Visa Card here.
There are other options as well. You can learn more about these on their official websites and see if they work well for you.
However, chances are that you’ll find something appropriate for you from the list above.
Still, here are four honorable mentions for further research:
1. Citi PremierMiles Card
2. OSBC 365 Credit Card
3. HSBC Visa Platinum Card
4. UOB One Card
Here’s a credit card tip for new users!
You can get your annual credit card fee waived!
All you have to do is call your credit card issuer and request it. Some banks have even created automated replies for this!
In the case where they are unable to go ahead with your request, you can consider the other credit cards in the market! There are so many doors open for you!