In all likelihood, you got a new credit card not only for its perks, but its can’t-miss signup gift. Here’s a look at some of the best ones being offered by banks in Singapore.
Banks often use attractive welcome rewards as a means to entice consumers to snag a credit card, and also to stand out from the rest of the pack. But before you apply for a credit card to get yourself that reward, let’s first examine when is the best time for you to get a credit card.
When should you get a new card
- When you are new to bank
Being new to the bank is one of the main criteria to be eligible for a credit card’s sign up reward. To be classified as a new-to-bank customer, you cannot have owned the bank’s credit card in the last 12 months. This means that fortunately, you are not limited to receiving just one sign up bonus from the bank in your lifetime.
If you play your cards right, you can enjoy the welcome gifts from the same bank every few years. If you are an existing customer, you will not be eligible for most of the bank’s welcome promotions. You can instead consider applying for the credit cards from other banks to make the most of sign up promotions.
- When you have a big spending coming up
Most credit card welcome bonuses require a minimum spending within the first three to six months. It often ranges between $3,000 and $6,000.
If you know you have a big ticket purchase coming up, such as home furniture, wedding expenses or multiple travel bookings, you can consider getting a new credit card beforehand. This allows you to hit the spending requirement with ease.
SingSaver Promotion: Free Wireless Earbuds!
Get a Jabra Elite Active 75t wireless earbuds (worth $318) for free, when you apply by 31 July 2020 for a Standard Chartered credit card! To be eligible for this promotion, you will have to be a new Standard Chartered Bank cardholder. If you already have a Standard Chartered credit card, you will still be rewarded with $50 GrabFood Vouchers when you sign up.
List of cards eligible for this promotion here.
Credit card preferences also differ based on lifestyles. Some prefer to chase miles, while others might opt for monetary returns in the form of cashback. Here are the credit card welcome offers currently available.
Miles Credit Cards
For the globetrotters, having a miles card (or a wallet full of miles cards) is a given. Earning miles on all your spending can go towards paying for your next travel (whenever that will be). You can even earn yourself a luxurious experience by flying first class with your miles.
Here are the miles card for you to consider to help you get a headstart on your miles journey.
| Credit Card | Welcome Offer | Requirements | Key highlights of card |
| American Express KrisFlyer Credit Card | Up to 18,500 KrisFlyer miles Breakdown: – 5,000 upon first spend – 5,500 based on 1.1mpd – 8,000 upon meeting spend requirement | Spend $5,000 in first 3 months Apply by 31 July 2020 | – 1.1mpd on local spend – 3.1mpd on Grab (capped at $200 every month) – 12,000 Bonus KrisFlyer miles upon upgrade to KrisFlyer Ascend Credit Card – Receive 3,000 KrisFlyer miles when you successfully refer a friend – $100 worth of Grab Vouchers with $1,000 spend in the first 2 months when you apply through Singsaver |
| American Express KrisFlyer Ascend | Up to 36,000 Krisflyer miles Breakdown: – 5,000 upon first spend – 12,000 based on 1.2mpd – 16,000 upon meeting spend requirement – 3,000 apply for 2 supplementary cards Bonus: Get additional 16,000 bonus miles when you spend another S$10,000 in the 4th to 6th month (new-to-bank cardmembers only) | – Spend $10,000 in the first 3 months – Must pay annual fee of $337.50 – Min. annual income of $60,000 Apply by 31 July 2020 | – 1.2mpd on local spend – 3.2 mpd on Grab (capped at $200 every month) – Complimentary one night stay at participating Hilton Properties each year – 4 complimentary airport lounge access passes each year – $100 worth of Grab Vouchers with $1,000 spend in the first 2 months when you apply through Singsaver |
| Citi PremierMiles | 37,300 Citi miles Breakdown: – 10,800 Citi Miles based on 1.2mpd rate – 26,500 bonus Citi Miles upon meeting spend requirement OR 10,000 Citi miles Breakdown: – 3,600 Citi Miles based on 1.2mpd – 6,400 bonus Citi Miles upon meeting spend requirement | – Spend $9,000 in first 3 months – Must pay annual fee of $192.60 OR Spend $3,000 in first 3 months and first year annual fee waived | – 1.2mpd on local spend – 2 complimentary visits every year to airport lounges worldwide – Citi Miles never expire |
| Citi Rewards | 30,000 Citi ThankYou Points (12,000 miles) Breakdown: – 3,000 base points – 27,000 bonus points Earn an additional 27,000 bonus points (10,800 miles) when you spend this $3,000 on categories that earn 10X Rewards (4miles). This means you could earn 57,000 ThankYou Points (22,800 miles) in total. | Spend $3,000 in the first 3 months Apply by 30 September 2020 directly on the Citibank website | Earn 10X Rewards (4 miles) on: – Online and retail purchases – Rides with Grab,ComfortDelGro, Gojek etc. – Online food delivery – Online groceries |
| Citi Prestige | Receive 62,500 Citi ThankYou Points or Gadget Welcome Gift (either a tablet or a Dyson Supersonic Hairdryer HD03) upon $535 annual fee payment | Pay $535 annual fee Min. income of $120,000 p.a. | – 5 ThankYou Points (2 miles) for every S$1 spent overseas – 3.25 ThankYou Points (1.3 miles) for every S$1 spent locally – Unlimited complimentary access to hundreds of Priority Pass airport lounges – 8 complimentary one-way airport limousine transfers |
| DBS Altitude | Up to 38,000 miles Breakdown: – 10,000 miles for new DBS/POSB cardmembers – 10,000 miles when you apply online with promo code ALTAF – 18,000 miles if the $6,000 is spent on online flight/hotel transactions (fewer miles earned for other transactions) | Spend at least $6,000 in first 3 months and pay $192.60 annual fee | – 1.2mpd on local spend – 3mpd on online flight and hotel transactions – Up to 50% more miles on your spend in the first 3 months for DBS Altitude American Express (not applicable for DBS Altitude Visa) |
| HSBC Revolution | Choose from: 1) a Samsonite Luggage 69cm Spinner Exp with built-in scale (worth $670) OR 2) $150 cashback You will also receive $30 worth of Grab rides when you apply online with MyInfo via Singpass. | Spend $800 within the qualifying spend period | – 5x Reward (2pmd) on online purchases, local dining and entertainment – 1 Reward point for all other spend – Enjoy ENTERTAINER with HSBC perks |
| HSBC Visa Infinite | Earn 35,000 miles (awarded as 87,500 HSBC Rewards) upon approval Receive $30 worth of Grab rides if you apply online | Min. annual income of $120,000 | – 1mpd for local spend – Enjoy ENTERTAINER with HSBC perks – Unlimited access to over 1,100 VIP airport lounges worldwide |
| The American Express® Platinum Credit Card | Up to 65,000 Membership Rewards points Breakdown: – 25,000 bonus points (upon $6,000 spend in first 3 months) – 25,000 bonus points (upon $6,000 spend in 4th – 6th month) – 15,000 base points | – Spend $6,000 in the first 3 months of card membership – Spend another $6,000 during the 4th – 6th month of card membership – Min. annual income of $80,000 | – Earn 2 Membership Rewards Points for every $1.60 spent – Up to 50% off your food bill at over 50 restaurants – Receive 12,000 Membership Rewards® points when you successfully refer a friend |
| Krisflyer UOB | 10,000 Krisflyer miles Breakdown: – 3,000 welcome miles upon first transaction (min. $5) – 7,000 bonus miles (terms and conditions apply) | Spend $1,500 within the first 30 days of card approval | – 1.2mpd on all spend – 3mpd on selected groceries, health & beauty, electronics and furniture (till 31 July 2020) – 3mpd on Singapore Airlines, SilkAir, Scoot and KrisShop purchases |
| Standard Chartered X Card | Get 30,000 air miles upon payment of annual fees Get additional 100,000 air miles when you sign up for Priority Banking with a min. placement of $300,000 in fresh funds | Pay $695.50 annual fee Min. annual income of $80,000 | – Apply now and get $20 cashback when you apply via MyInfo (promotion ends 31 July 2020) – 2 complimentary visits to Priority Pass lounges around the world each year |
If you have plans to spend close to $10,000 over the next few months, you can consider the Citi PremierMiles card or the Krisflyer Ascend. However, if you aren’t a big spender, you can instead consider the Krisflyer UOB or the Citi Rewards card.
Cashback Credit Cards
The most generous welcome gifts tend to be offered for miles cards, in the form of miles or reward points. However, not everyone chases miles, especially with the uncertainty surrounding travel, brought about by COVID-19. If you prefer a cashback credit card, here are a few that do offer welcome gifts.
| Credit Card | Welcome Offer | Requirements | Key highlights of card |
| American Express CapitaCard | Receive an American Tourister Hypebeat 79/29 Spinner Exp TSA Luggage (worth $239) | Spend $3,000 in the first 3 months | – Earn 15 STAR$® for every S$1 spent in participating CapitaLand Malls, capped at S$1,200 per calendar month (5,000 STAR$® is equivalent to a S$5 CapitaVoucher) – Earn an additional 50 STAR$® when you spend at participating merchants in participating CapitaLand Malls – Referral bonus of 20,000 STAR$® (worth $20 CapitaVouchers) when you refer a friend |
| American Express True Cashback | 3% cashback on up to a total of $5,000 spend in your first 6 months. Receive up to $60 CapitaVouchers when you make a min. spend of $500 in the first month. | Additional cashback is only for $5,000 spent in the first 6 months | – 1.5% cashback on all purchases – No min. spend required and no cap on cashback – Register to enjoy additional 1% cashback on all foreign currency spend |
| Citi Cashback+ | Receive up to $350 cashback when you apply via MyInfo on the Citibank website and spend $500 Alternatively, sign up through SingSaver to receive $200 cash via PayNow | Spend $500 on the card (limited to first 1500 applications), T&Cs apply Apply by 14 June 2020 directly on the Citibank website | – 1.6% cashback on all spend – No min. spend required, no cap |
| HSBC Advance | Choose from: 1) a Samsonite Luggage 69cm Spinner Exp with built-in scale (worth $670) OR 2) $150 cashback You will also receive $30 worth of Grab rides when you apply online with MyInfo via Singpass. | Spend $800 within the qualifying spend period | – 1.5% cashback on all purchases (if you spend $2,000 or less) – Up to 2.5% cashback (if you spend more than $2,000) – Up to 3.5% cashback for HSBC Advance Banking customers – Enjoy ENTERTAINER with HSBC perks |
| OCBC FRANK | New OCBC cardholders get $50 cashback without any min. spend required New OCBC FRANK sign-ups can earn 10% cashback, instead of the usual 6%, until 30 September 2020 | Min. monthly spend of $600 required | – 6% cashback on online purchases – 6% cashback on mobile contactless payment and foreign currency spending You can read our review of the OCBC FRANK’s revamp here |
If you’re looking to earn cashback, you can check out this DBS/POSB promotion that offers up to $220 cashback.
SingSaver promotion: New DBS/POSB credit cardholders get up to $220 cashback when you shop or dine with the promo code SHOP220. Promotion runs from 25 June 2020 to 10 July 2020. Find more DBS/POSB credit cards here.
Exclusive SingSaver promotions
On top of these welcome gifts, SingSaver also offers exclusive promotions from time to time. You can earn yourself items such as wireless earbuds, Grab vouchers or cash via PayNow. Check out the current promotions available for the different banks below.
Read these next:
Cashback vs Miles vs Rewards: Which Is The Best Type Of Credit Card For You?
Credit Card Housekeeping: 3 Reasons To Cancel Unused Credit Cards
6 Credit Cards Which Give Free Access to Airport Lounges
Best Cashback Credit Cards In Singapore 2020
Top 6 Air Miles Credit Cards In Singapore 2020
By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence.
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