Read the latest news about Best Overseas Spending Credit Card products in Singapore and the best money saving tips.
Why get a credit card for overseas spending?
Some credit cards reward you with additional cashback or miles for spending in foreign currencies. For example, the UOB PRVI Miles Card earns you 1.4 mpd for local spend, but offers an enticing 2.4 mpd for overseas spending.
Who should get a credit card that rewards you for overseas spending?
Those of you who frequently make transactions in foreign currencies. Some examples of such activities include:
What is a foreign currency transaction fee?
This is a fee charged by the bank for transactions made overseas or through an online merchant based overseas. Foreign currency transaction fees can range from 2.5% to 3.5%.
Why pay in foreign currency when you can pay in Singapore dollars (SGD)?
When spending overseas, the option to pay in SGD can be offered through a Dynamic Currency Conversion (DCC). However, you often end up paying more with the DCC than in foreign currency, where the bank handles the conversion and charges you the transaction fee. You also miss out on the extra credit card perks you get from paying in foreign currency.
Here are more reasons why you should not pay in SGD when swiping your credit card abroad.
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