The Best Credit Cards for Singaporean Students Studying Abroad

For Singaporean students going to study abroad, a reliable credit card is an indispensable tool that provides convenience and flexibility in an unfamiliar environment. Individuals who are studying abroad face unique challenges such as managing foreign transactions, travel expenses and being prepared for emergency situations. The right overseas credit card can help simplify payments and make life easier.

In this guide, we’ll explore the best credit cards for students studying abroad, focusing on options with minimal or no foreign transaction fees. 

You must meet specific eligibility criteria in order to apply for credit cards in Singapore. Here is the general criteria when applying for entry level credit cards:

• Age: 21 years old and above

• Yearly income: S$20,000 to S$30,000

Besides age and income, lenders also review your credit history, which is a record of how you've handled credit in the past, reflecting your reliability in repaying debts. As a Singaporean student who is going to study abroad, you might not meet one or more of these criteria. So, what are your options?

You could opt for a supplementary credit card or a secured credit card.

Supplementary credit card: A supplementary credit card is an additional card issued under a primary cardholder's account, like your parent or an older sibling. This allows a student to use the credit line with a spending limit set by the primary cardholder.

Secured credit card: A secured credit card requires a security deposit, typically equal to the credit limit, which acts as collateral and reduces the risk for the issuer. Most secured credit cards in Singapore require a minimum deposit of S$10,000 and above. 

Meanwhile, international students in Singapore can apply for a local credit card if they provide:

• Proof of student status, such as a valid student pass.

• Proof of income, if applicable, to meet income requirements.

We've curated a selection of the best credit cards for students studying abroad. These are some general, student-friendly credit card perks students will find useful:

• No or low annual fees.

• Low income requirements.

• Low or no monthly spend requirement.

• Low interest rates.

• Cashback on everyday expenses and online or digital transactions.

• Student exclusive discounts.

Besides these general perks, we also prioritised credit card perks that are particularly beneficial for students studying abroad:

• Low or no foreign transaction fees.

• Bonus reward points, miles, or cashback for overseas spending.

• Travel perks like airport lounge access.

Here are some of the best credit cards for studying abroad that offer a combination of these perks:

• DBS Live Fresh Student Card: No annual fee, no income requirement. Up to 10% cashback on local spend and 0.3% cashback on overseas spend.

• Maybank eVibes Card: No annual fee with no monthly spend requirement. Up to 1% cashback on local and overseas spend.

• OCBC Frank Card: Offers 8% cashback on foreign currency transactions and online/contactless mobile payments in Singapore dollars. 

• Citi PremierMiles Card: Generous 2.2 miles per $1 on foreign currency spending, non-expiring miles and free two lounge visits per year.

• NTUC Link Credit Card: No foreign transaction fee, no annual fee, and no monthly spend required. However, no significant rewards or cashback for overseas spend.

The right student credit card can help you maximise benefits and minimise costs on overseas spend. These are the essential features to prioritise.

Opt for a Visa or Mastercard credit card, as these are two largest payment processing networks in the world. As they are globally accepted, you’ll be able to transact wherever your studies take you.

Most credit cards charge a foreign transaction fee, typically around 3.25% of your overseas spending. To avoid this cost, look for cards that explicitly advertise "no foreign transaction fees" or "0% foreign transaction fees."

Maximise your overseas spending by choosing a credit card that offers higher rewards for travel-related purchases. Look for cards that provide bonus points, miles, or cashback specifically for expenses like airfare, hotels, dining, and transportation to make the most of your trips. Even if you don't qualify for dedicated travel rewards cards, consider cards that offer general or flat-rate cashback on all spending.

Enjoy peace of mind while travelling to your overseas study destination by selecting a credit card that provides complimentary travel insurance that includes coverage for emergency medical assistance, baggage loss or delays. It can be especially useful if you forget to book your travel insurance ahead of time.

Students studying abroad should prioritise credit cards with waived, low, or no annual fees to minimise unnecessary expenses. By avoiding annual fees, students can save money that can be better allocated towards their studies and living costs.