3 Main Types Of Credit Cards

With so many credit cards available in Singapore, it’s easy to feel overwhelmed by the choices. From travel perks to cashback rewards and everything in between, each card offers its own set of benefits tailored to different spending habits. But before diving into applications, it's crucial to understand the major types of credit cards and how they align with your lifestyle, income, and financial goals.

Regulated by the Monetary Authority of Singapore (MAS), credit cards come with strict eligibility and transparency standards. Whether you're a savvy shopper, a frequent flyer, or just starting your financial journey, knowing the main categories of cards can help you avoid unnecessary fees, maximise perks, and make smarter money decisions.

» LEARN THE BASICS: Credit Cards 101

Rewards credit cards are best suited for people who pay off their credit card bills in full each month and want to make their everyday spending work harder for them. These cards allow users to earn points, miles, or travel perks in exchange for their spending, which is perfect if you love getting more out of every dollar.

Miles credit cards are designed for those who want to turn their daily expenses into discounted or even free flights. With every dollar spent, you earn air miles that can later be redeemed for airline tickets, seat upgrades, or hotel stays.

They're especially popular among frequent travellers, business professionals, or holiday planners who are looking to offset travel costs. Many of these cards are partnered with major airline programs such as KrisFlyer (Singapore Airlines) and Asia Miles (Cathay Pacific), making it easier to fly with your preferred airline.

Typical earn rates range from 1.2 to 1.4 miles per dollar on local spend and up to 2–3 miles per dollar on overseas or travel-related purchases. Some cards may have caps or expiry dates on earned miles, so it’s worth checking the fine print.

Local examples include the Citi PremierMiles Card, Maybank Horizon Visa Signature, and OCBC 90°N Card. These are ideal for those who travel regularly, plan holidays ahead, or want to maximise the value of their big-ticket purchases.

If flexibility is what you’re after, membership points credit cards are a great option. Instead of being tied to a single reward type like cashback or miles, you earn points that can be redeemed for a wide variety of rewards, including shopping vouchers, dining deals, or travel experiences.

These points can often be converted into air miles, exchanged for merchandise, or even used to offset purchases directly, giving you more control over how you spend your rewards.

This category suits lifestyle spenders who enjoy choice and versatility. Whether you're into shopping, dining out, or booking staycations, there's usually a rewards redemption that fits your preferences.

Some local examples are the American Express Rewards Card, HSBC Revolution Card, and Citi Rewards Card. These are perfect for everyday spenders who value variety and want the freedom to choose how they use their rewards.

Travel rewards credit cards blend the features of miles and membership points cards but are specifically geared toward travel perks. You earn rewards, usually miles or travel points, that can be used for flight bookings, hotel stays, and travel upgrades.

These cards often come with added perks such as airport lounge access, complimentary travel insurance, and even concierge services. Some cards also partner with hotels or airlines to give you bonus points or discounts when booking directly.

» MORE: Best travel rewards credit cards in Singapore

Popular choices in Singapore include the Citi PremierMiles Card, DBS Altitude Visa Signature, and UOB KrisFlyer Credit Card. These are excellent for frequent flyers, digital nomads, or even casual travellers who want to enjoy premium travel experiences while saving money along the way.

Some travel cards even allow you to rack up points faster through preferred hotel or airline partnerships, making them a go-to for jetsetters who want to stretch their travel budget.

» LEARN: Cash back vs. travel: How to choose credit card rewards

If you prefer something more straightforward, cashback credit cards might be your best bet. These cards give you back a percentage of what you spend, typically in the form of a monthly rebate credited to your bill. It’s simple, predictable, and feels like a mini refund every time you use your card.

There are two types of rewards you can earn in Singapore with cashback credit cards–flat-rate rewards and tiered rewards.

With flat-rate cards, you earn the same percentage cashback on all eligible spending, regardless of category. For example, with the UOB Absolute Cashback Card, you earn a 1.7% cashback on all purchases with no minimum spend.

» NEXT UP: Credit cards that earn 2% or more on purchases

With tiered-rewards cards, cashback rates vary depending on the spending category. These cards are a little more complicated since they have different rates for different categories, but when used smartly, you can earn even more cashback on your highest spending categories each month.

For example, the Citi Cash Back Card offers up to 8% cashback on groceries, dining, and petrol as long as you meet a minimum spend of S$800 per month. So if you spend less on foreign currency exchanges and traveling, but more on groceries, dining, and petrol, the Citi Cash Back Card is worth considering.

Credit-building cards are designed for individuals who are just starting out or trying to repair their credit profile. This includes fresh graduates, young working adults, or those who’ve had difficulties with repayments in the past.

The most common option is a secured credit card, which requires a fixed deposit as collateral. Your credit limit is often tied to the size of this deposit, and rewards tend to be minimal or non-existent, but the goal isn’t perks, it’s building trust with banks.

These cards usually come with lower credit limits and simpler features, making them less risky and easier to manage.

In Singapore, the collaterals are on the higher side, usually at least $10,000, but over time, as long as you pay your bills on time and improve your credit score, you’ll be able to get the deposit back and even upgrade to an unsecured credit card.

One such example is the HSBC Revolution Credit Card. Unlike many entry-level cards, it rewards common lifestyle habits like dining out, online shopping, and ride-hailing. Cardholders earn 10X Reward points (equivalent to 4 miles per S$1) on eligible online and contactless transactions, including food delivery, streaming subscriptions, and public transport via SimplyGo. All other spend earns 1X point per S$1.

There are also student credit cards that are designed specifically for young adults who are studying full-time and want to build good financial habits while gaining access to a bit of spending flexibility.

Student credit cards come with lower credit limits, fewer bells and whistles, and no income requirement. Instead, most banks will ask for proof of student status, such as an acceptance letter or a valid student ID.

One of the most popular options in Singapore is the Maybank eVibes Card, You’ll earn 1% cashback on all spending with no minimum spend, and the annual fee is waived for life. It’s available to students aged 18-30, and you don’t need a minimum income to apply.

» SEE: Best college student credit cards

Singapore doesn’t use FICO scores like the US, but instead relies on Credit Bureau Singapore (CBS) and other agencies to track your credit history. A good track record of timely repayments on a credit-building card can eventually help you qualify for better cards with higher limits and more benefits.

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