In Singapore's bustling financial landscape, the array of credit card options can often be overwhelming. From cashback rewards to travel perks, each card boasts its own set of features designed to cater to diverse spending habits and lifestyles. Navigating through these options requires careful consideration and comparison to ensure you select the card that best aligns with your financial goals and preferences.
1. Understand Your Needs
Before delving into the myriad of credit card offerings, assess your current spending habits, lifestyle, and future financial objectives. Are you a frequent traveler or perhaps a savvy shopper looking to maximise cashback rewards? By understanding your priorities, you can narrow down your options and focus on cards that offer the most relevant benefits.
2. Check Rewards and Benefits
One of the key factors to consider when comparing credit cards in Singapore is the rewards and benefits they offer. Cashback cards provide a percentage of your spending back as cash rebates, making them ideal for everyday expenses such as groceries, dining, transport and petrol. On the other hand, travel cards accrue points or miles that can be redeemed for flights, hotel stays, and other travel-related expenses, making them perfect for globetrotters.
Additionally, some credit cards offer a combination of rewards, including discounts on shopping, dining privileges, and complimentary airport lounge access, travel insurance and more. Do note the miles per dollar (MPD) earn rate, expiry and black out dates. Check the available range of redemption options or rates of spends or specific stores.
It's essential to weigh the value of these perks against any annual fees or spending requirements associated with the card to determine their overall worth.
Credit Cards Comparison in Singapore 2024
Credit Card Types | Check out | Why ah? |
Cashback | DBS yuu Card | • 5% cash rebates with no minimum spend and no cap • Additional 13% bonus cash rebates when you hit S$600 total qualified spend in a calendar month • Earn yuu Points at selected outlets of BreadTalk, Cold Storage, Giant, Guardian, Food Junction, Food Republic, Toast Box and more |
OCBC 365 Credit Card | • 2x more cashback of up to S$160 • 3% cashback on groceries, land transport, watsons, streaming, EV charging and utilities • 5% cashback on dining and food delivery • 6% cashback on fuel spend at petrol stations | |
POSB Everyday Card | • Up to 10% cash rebates on daily essentials (no minimum spend for groceries, utilities, transport and fuel. $800 minimum qualified spend a month for dining, shopping and telco) • Up to 50% off family attractions and other deals • Save up to 20.1% on fuel at SPC petrol stations | |
UOB One Credit Card | • Up to 10% cashback on essentials, food deliveries, online shopping and more • Up to 22.66% fuel savings at Shell and SPC • Earn higher interest on your savings with One Account – up to 6.0% p.a. | |
Miles | Amex SIA Business Credit Card | • Up to 8.5 HighFlyer points per S$1 spent on eligible SIA Group flights • Earn up to 50,000 HighFlyer points from welcome offer and spends with the SIA Group • Convert HighFlyer points to KrisFlyer miles at a 1:1 rate |
Citi PremierMiles Card | • 1.2 Citi Miles per S$1 local spend • 2 Citi Miles per S$1 foreign currency spend • No expiry • 2 complimentary visits every year to airport lounges worldwide | |
DBS Altitude Card | • Earn up to 2.2 miles per S$1 on your retail spend • DBS Points earned on this card do not expire • 2 free lounge visits at over 1,500 airport lounges worldwide every year | |
DBS Vantage Card | • 1.5 miles for every S$1 spent, or 1.5% cashback • 2.2 miles for every S$1 equivalent spent, or 2.2% cashback • Up to 19% savings at Esso stations • Get 10 free visits at over 1,500 airport lounges and travel experiences worldwide within 12 months | |
OCBC Voyage | • 1.3 voyage miles for every S$1 spent in local currency • 2.2 voyage miles for every S$1 spent in foreign currency • Voyage miles don't expire but there is an admin fee of S$25 for conversion to Krisflyer miles | |
UOB Lady’s | • Earn 10X UNI$ per S$5 spent (equivalent to 4 miles per S$1) on up to 2 of your preferred rewards category(ies) with UOB Lady’s Credit Card • Enjoy additional up to 15X UNI$ per S$5 spent (equivalent to 6 miles per S$1) on your preferred rewards category(ies) when you save with UOB Lady’s Savings Account • No minimum spend required | |
UOB PRVI Miles Card | • Earn 1.4 miles per S$1 spend locally or 5 miles per S$1 spend overseas • Earn up to 6 miles per S$1 spend on your hotel and airlines bookings • Complimentary travel insurance when you charge the entire fare of the public conveyance in advance of the scheduled departure time | |
Rewards | Citi Rewards Card | • 10X Rewards (4 Miles) on online and shopping purchases. 1X Reward on all other retail spend. • 10X Rewards (4 Miles) on rides with Grab, Gojek, online food delivery and online groceries • Enjoy complimentary travel insurance when you charge your airfare to Citi Rewards Card |
DBS Woman’s World Credit Card | • 10X DBS Points (4 miles per S$1) on online purchases • 3X DBS Points (1.2 miles per S$1) on overseas purchases • 1X DBS Point (0.4 miles per S$1) on other purchases |
Source: AMEX, Citigroup, DBS, POSB, OCBC, UOB as at 1 Jun 2024
In addition, check the eligibility criteria like age, income and other specific details before even starting the application process. Terms and conditions apply too.
3. Consider Fees and Charges
While the allure of rewards and benefits is enticing, do factor in the fees and charges associated with each credit card. Annual fees can vary significantly, ranging from nominal amounts to hefty sums for premium cards offering exclusive perks. Similarly, interest rates, late payment fees, and foreign transaction fees can impact the overall cost of using the card, particularly for frequent travelers or those prone to carrying a balance.
Many credit card issuers in Singapore entice new customers with attractive promotions and sign-up bonuses. These can include welcome gifts, bonus miles, or cash rebates upon meeting specific spending requirements within the first few months of card membership. While these incentives can sweeten the deal, it's essential to read the fine print carefully and consider whether you can realistically meet the minimum spending thresholds without overspending.
Choosing the right credit card in Singapore requires careful consideration of various factors, including rewards and benefits, fees and charges, promotions, and more. By understanding your spending habits and financial goals, comparing available options, and weighing the pros and cons of each card, you can select the one that best suits your needs and maximises your financial rewards.
The best credit card for you is not necessarily the one with the most enticing perks, but rather the one that aligns with your lifestyle and helps you achieve your long-term financial objectives.
Cast Your Financial Spells Wisely,
Value Vaulter
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