The Best Credit Cards for Large Purchases in Singapore

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If you need to make a large purchase in Singapore, use these credit cards to get cashback or 0% interest instalment plans.

Credit card terms and conditions are valid as of 7 October 2016.

In an ideal world, you only make large purchases after a lot of saving and planning. (Let’s define a “large purchase” as an item that costs at least S$500.) Whether it’s a new washing machine or a designer bag, you diligently budget for this item and buy it when you’re ready.

But in the real world, things hardly play out as planned. Your washing machine breaks down before you’ve saved the amount you needed. Or that designer bag reached Singapore earlier than expected and stocks are running out fast. Whatever it is, you need to make that major purchase now.

This is where a credit card becomes useful. We’re not saying you should make a habit of buying things you technically can’t afford. But if you do need to make a large purchase, there are some credit cards in Singapore that give you generous cashback or interest-free instalments on these.

Best Credit Cards for Large Purchases in Singapore

Credit Card

Instalment Plan Tenor

Minimum Spend

Qualified Merchants

Welcome Offers

American Express True Cashback All merchants 3% cashback for the first 6 months up to S$5,000 spend

Unlimited 1.5% cashback thereafter on any spend

OCBC Cashflo Mastercard 3 months or 6 months S$100 Department stores

Luxury brands

Insurance

Travel

Electrical & furniture

Pharmacies

UOB Lady’s Card 6 months or 12 months S$500 Online, retail or department stores that sell shoes and bags Up to S$150 cash credit

1. American Express True Cashback Card

When credit cards advertise cashback rates as high as 10%, you’re not actually getting 10% off your purchases. You have to fulfill several conditions to get the 10% cashback rate, and the cashback is typically limited to under S$100 a month.
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With the American Express True Cashback Card’s welcome offer, you get 3% cashback on the first S$5,000 you spend with no cashback cap. This means you can save S$150 right off the bat.

After the welcome rate expires, you get 1.5% cashback on all your purchases. This means if you spend S$10,000 furnishing your flat within the first 6 months of getting the card, you get S$225 in savings (S$150 from the welcome offer and S$75 from the 1.5% cashback rate).

How to Sign Up for Cashback Savings

You automatically get the 3% cashback welcome offer and 1.5% cashback on every purchase after the first 6th months. Simply use your True Cashback Card to start racking up savings!

What We Like:

  • No minimum spend required
  • No cashback cap
  • Earn cashback on automatic bill payments
  • Comes with American Express dining privileges

What We Don’t Like:

  • 3% cashback only applies for the first $$5,000 spent
  • 1.5% is only worth it for big purchases

Get This Card If You…

    • Want a simple, straightforward cashback card. The American Express True Cashback card is fuss-free and simple. All you need to do is swipe and earn 1.5% cashback on every purchase, with no minimum spend and no cashback cap.
    • Can confidently pay your credit card bill in full. This is the only credit card on this list that doesn’t offer a 0% instalment plan. Only use this credit card for large purchases if you’re sure you can pay your bill in full and on time. Otherwise, what you pay in interest will outweigh the cashback savings!

2. OCBC Cashflo Mastercard

This seriously underrated card is the first and only credit card that automatically converts purchases into a 0% interest 3-month instalment plan at no extra cost.

With a minimum spend of S$100, all purchases below S$1,000 get split into an interest-free 3-month instalment plan. When you spend on an item worth S$1,000 or more, payments get split over 6 months.

Unlike the other credit cards with instalment plans, the OCBC Cashflo Mastercard lets you earn rebates on the payments charged to your card. Earn up to 1% rebate if your monthly bill is more than S$1,000.

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How to Qualify for the Instalment Plan

Your credit limit must be large enough to accommodate the transaction you made. If your purchase is larger than your current credit limit, it will not be split into instalments and the entire amount will be charged to your card.

In addition, you can’t use the instalment scheme if you’ve missed a full payment by the due date.

Otherwise, instalment plans happen without the hassle of filing paperwork!

What We Like:

      • It automatically converts purchases into monthly instalments
      • Earn rebates on your monthly bill

What We Don’t Like:

      • Honestly, we’re having a tough time coming up with things we don’t like about this card

Get This Card If You…

        • Want a straightforward credit card for large purchases. This credit card is as simple as it gets. 
        • Never miss a payment on your credit card. You’ll only qualify for the instalment plan if you pay your bills in full and on time.
        • Spend responsibly. A powerful credit card needs a responsible wielder. Remember that you will end up getting charged the full amount if you make a purchase that exceeds your credit limit. And if you can’t pay that amount by the due date, you’re subject to 25.92% interest per annum that will only snowball over time.

3. UOB Lady’s Card

The UOB Lady’s Card is like that ultra-stylish friend who firmly believes that life is too short for ugly shoes. She’ll see nothing wrong with spending S$500 for a pair of sneakers, and will even help you find an affordable way to pay for it.

You can do that with the LuxePay Plan, a 6- or 12-month instalment plan for shoes and bags worth at least S$500, purchased in Singapore, overseas, or online.

This credit card also gives you a bonus of 4X UNI$ for every S$5 you spend at department stores, taxis, and in foreign currencies overseas and online. Note that you must spend at least S$3,000 to get the accelerated rate, and UNI$ is capped at UNI$4,000 each month. On top of this, you get shopping, dining, and travel deals too!

And until 9 November 2016, the first 500 applicants who charge at least S$600 on their first month qualifies for an S$80 cash credit. The first 300 applicants of these also get a S$70 Wing Tai Voucher, we can be used at any Topshop, Topman, Warehouse, Dorothy Perkins, Karen Millen, and BCBGMAXAZRIA store.

How to Sign Up for the LuxePay Plan

The plan only covers transactions made from an online or retail store that sells shoes and bags. Your purchase must also have a value of S$500 within a single transaction, and falls well within your credit limit. Your account also needs to be in good standing at the time of purchase.

Once you’ve ticked all the boxes, simply send the UOB Lady’s LuxePay application form within 14 days of your purchase. Give UOB several business days to get in touch with you.

What We Like:

      • Luxury purchases are a little lighter on the pocket
      • Dining deals and discounts at a number of retail stores

What We Don’t Like:

      • Instalment plan is only for shoes and bags
      • High minimum spend requirement for accelerated rewards points

Get This Card If You…

      • Are a “lady”. The UOB Lady’s Card is the only credit card in Singapore that has a gender listed in the eligibility requirement. We’re not kidding.
      • Are a lady with expensive tastes in shoes and bags. Given that the LuxePay plan only applies to shoes and bags worth at least S$500, ladies with less extravagant budgets may not find this very useful.

Read This Next:

The Best Credit Cards for Online Shopping in Singapore
Which Credit Cards Offer Free Travel Insurance in Singapore?


Lauren Dado

By Lauren Dado
Lauren has been a content strategist and digital marketer since 2007. As SingSaver.com.sg’s Content Manager, Lauren edits and publishes personal finance stories to help Singaporeans save money. Her work has appeared in publications like Her World, Asia One, and Women’s Weekly.