Do you have the credit card with the best deals, rewards, and promotions? Learn about the latest credit cards in Singapore for 2021 here.
73% of Singaporeans own at least one credit card, while 10% own at least 6! But, even with so many credit card owners, there’s a staggeringly low rate of credit card debt among users.
Credit cards have outlived their taboo stigma and now operate as a thrifty, dynamic monetary force in our current tech-heavy society.
But with all the available credit cards in Singapore, where do you start?
Whether you’re a newcomer or an old-timer, we’ve got key information for you. So keep reading as we discuss the latest credit cards in Singapore.
What to Look For ?
Signing up for a credit card can seem daunting. We’ve all heard the horror stories of people accruing life-damaging debt, ruining their credit scores, and getting sucked into an endless cycle of payments.
However, with smart thinking, and a card with the right perks, these are issues you shouldn’t even encounter.
Credit cards aren’t about purchasing items with money you don’t have, it’s about purchasing items with money you have in a more fiscally advantageous way. Instead of just spending money, you can receive travel miles and earn cashback when you spend money.
For lack of a better saying, you can get more bang for your buck!
So, what do you look for in the latest Singapore credit cards? You look for plans that best match your income, needs, and preferences
How to Choose a Credit Card in Singapore ?
Credit cards have different perks that benefit different people. So before applying for a card ask yourself these questions. Do you love to travel? Do you need extra cash? Are you wanting to build a family? Are you looking to buy a new home?
Then you need to set realistic expectations for your money, and what purchases you’re planning on making on your credit card. Ask, is this your first credit card? Are you looking to make big purchases and pay them off over time? Or is it for everyday use, and you’ll use it like a “debit card” and pay it off with the money you’d normally spend?
Asking these questions, and seeing what your answers are, is how you choose the best credit card.
Our List of the Best Credit Cards in Singapore
Now that we know what to look for, and how to choose one, let’s explore the top choices of Singapore credit cards. Our list covers a wide range of offers, so there’s bound to be one that works for you.
In no specific order, we’ll cover what their model is, what perks they have, and who they’re best suited for. Let’s begin!
Citibank Cash Back Card
The Citibank Cash Back card is by far the best cashback card for the average Singaporean. At a glance, it has:
- 8% cash back on groceries
- 6% cash back on dining
- 20.88% fuel savings from Esso & Shell, 8% cashback from other fuel stations
- 0.25% cashback on all other purchases
8% cashback is the highest offer across all credit cards. There is a minimum of S$888 monthly spend requirement, but users easily reach this goal in food and transport alone. The S$192.60 account fee for the first year is waived, and there are often promotions running that give you rewards when you spend a certain amount within a certain time period.
With the potential to earn up to S$900 back a year, this card best benefits those looking to maximize the money they spend and perhaps use the extra cash to build their savings or investments.
DBS Fresh Live Card
The DBS Fresh Live card is another cashback card, but instead, it’s for the online-shoppers at heart. It offers:
- 5% rebate on contactless and online purchases
- SimplyGo functionality
- Fees waived for the first year
Most cards operate a minimum of S$800 monthly spending, but DBS Fresh Live only requires you to spend S$600 a month. Both contactless and online shopping are capped separately, so you have the opportunity to earn S$60 cashback a month.
If you’re an avid online shopper and prefer the tech-forward spend methods, then this an excellent choice. We’d also recommend it to first-time credit card users looking to ease their way into the monthly spend minimums.
UOB KrisFlyer Credit Card
For Singapore travel miles, the best card is the UOB KrisFlyer credit card. Since it’s co-branded with Singapore Airlines, it’s one of the few cards that allow you to earn miles directly. Its perks at a glance are:
- 3 miles per S$1 spent on SIA brands
- 3 miles per S$1 spend on dining, travel, online shopping, and transport
- 1.2 KrisFlyer miles per S$1 on general spend, overseas and locally
- 10,000 yearly bonus renewal miles
- 3,000 welcome miles after the first purchase
Like the others, you can expect the first year’s fees waived. There is a S$500 yearly spending minimum on SIA brands like Scoot, SilkAir, and KrisShop. A big advantage is there’s no cap on the number of miles you can earn, so you’ll consistently earn miles with the money you spend through the card.
The UOB KrisFlyer card is perfect for those who love to travel, especially young adults who want to travel on a budget, as you’ll profit the most from these miles.
HSBC Advance Credit Card
Last on our list is the faithful HSBC Advance Credit card. With no minimum spending and scalable cashback incentives, this card is suitable for everyone. It includes:
- 1.5% cashback on all purchases
- 2.5% cashback on S$2,000 purchases
- 1% bonus when depositing S$2000 per month
- 16% fuel savings with Caltex and 14% with Shell
Depending on how much you spend a month, and deposit a month, annual savings can range from S$840 to S$3,600. This is a fantastic choice for those who don’t want the pressure to use their credit card but also want benefits when they do.
An Easy Guide for Credit Cards in Singapore
While credit cards offer huge advantages, choosing one is still a big decision. Use this guide to help you to take the time to explore the options, and really understand what plan would best suit your needs and future wants.
We’re happy you chose our article to learn about credit cards in Singapore! But, we understand there’s always more to know, so if you have any questions, feel free to check out our blog or contact us for more information!