Rewards points rate (per dollar)
Miles earn rate
|Citi Rewards Card||10Points Per Dollar||4Miles|
|HSBC Revolution Credit Card||10Points Per Dollar||4Miles|
|OCBC Titanium Rewards Credit Card||10Points Per Dollar||4Miles|
|Standard Chartered Rewards+ Credit Card||10Points Per Dollar||4Miles|
|Maybank World MasterCard||10Points Per Dollar||4Miles|
Read the latest news about Rewards Credit Card products in Singapore and the best money saving tips.
Between a cashback or rewards credit card, which offers better value? We will help you to decide.
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Who doesn’t want free gifts without spending more? With a rewards credit card, you can get more out of your purchases.
How do rewards credit cards work?
A rewards credit card gives you points for your credit card spend. These reward points can then be used to redeem a gift from the bank’s rewards catalogue. The most common rewards available are cash vouchers, which can be used at the selected store.
Do all banks use the same rewards system?
No, banks have different rewards systems and different reward points currencies. For example, DBS uses DBS Points while UOB uses UNI$. The value of reward points also differ across banks and not all banks offer the same variety of rewards.
Why get a rewards credit card?
Rewards credit cards provide flexibility and offer a wide variety of reward options. When you have accumulated enough points, you can select the reward you like. Rewards credit cards can also double as a miles or cashback credit card with their conversion options.
What can my rewards points be exchanged for?
Each bank has their own list of items in their rewards catalogue. Items that you can exchange your reward points for include:
A rewards credit card earns you reward points when you spend on the card. These reward points can be accumulated and then redeemed for a variety of gifts, including miles, cash rebates and shopping vouchers. Many miles-chasers use rewards credit cards to amass reward points that can be exchanged for miles from their frequent flyer programme.
Accumulate reward points over time to eventually redeem an attractive item. Rewards you can redeem your points for include miles, cash rebates, retail or F&B vouchers, hotel stays and more. You can even use your reward points to waive your credit card annual fee.
You can check out the rewards available for different credit card providers below:
No, reward points differ from provider to provider. There is no universal reward points system. For example, ‘Reward Points’ stated by the credit card provider refer to their own reward points system. Reward points systems can even differ within the same bank.
Here’s what some of the reward points system look like:
Some cards also have an expiry date for their reward points, so be sure to redeem them before the due date.
Check out the rewards catalogue that the credit card provider has online. This will reflect the reward item as well as the points required to redeem it. This should give you a better idea of how much more you need to spend before you can redeem the item you are eyeing.
For miles chasers, you can accumulate points to eventually claim a free plane ticket or a flight upgrade from economy to business class. Miles can usually be redeemed with frequent flyer programmes. However, it’s good to note the terms of redemption as there may be travel restrictions such as blackout dates, or mileage conversion rates between the time you earn the points and when you redeem the points.
You should also keep a look out for the minimum miles conversion required. For example, you might only be able to convert in blocks of 10,000 miles.
Before you redeem your item, you should check the:
If you have multiple different rewards credit cards from the same provider, the reward points are usually aggregated for you. If you do not have sufficient points, besides spending more on your credit card, you can top up the additional rewards points required by paying cash. This cash amount will usually be charged to your credit card. For miles redemption, you also have the option of paying for part of your trip in cash via your credit card.
The best rewards card would depend on your spending habits and the categories you tend to spend on the most. Different rewards credit cards give bonus rewards for different spending categories. Here are some of the best rewards credit cards for you to consider:
You can compare rewards credit cards based on factors such as:
Rewards shopping credit cards may charge annual fees and late payment fees. These fees are similar across all types of credit cards. For rewards credit cards specifically, you could incur a fee when making a redemption for your reward. This fee could be charged to your credit card, or it could be in the form of deducting reward points equivalent to the value of the fee. For example, you could be charged an administrative fee to convert your reward points into miles on an airline’s frequent flyer programme.
You will have to meet the minimum income requirements to apply for the card. Some rewards credit cards, such as the DBS Woman’s World card and the UOB Lady’s Solitaire card, have a higher minimum income requirement.
These rewards credit cards can also be gender specific, such as the UOB Lady’s that is only available for females. Do keep in mind that while some credit cards such as the DBS Woman’s World Card are named as such, they do not require you to be a female to apply for the card.
If you chase miles, you can consider a rewards credit card as it allows you to exchange your reward points for miles in the future. You can also consider rewards credit cards if you are undecided about what type of reward you prefer and would like flexibility.
Lastly, if you enjoy receiving physical gift items over cash or miles, such as movie tickets, home appliances, electronics or gift vouchers, a rewards credit card could be it.
Rewards credit cards make a great option if you want flexibility on accumulating miles or getting cashback. Rewards credit cards allow you to only select your reward when you have amassed sufficient points. You can even exchange these reward points for cashback in the future.
You can read this article that covers Cashback vs Miles vs Rewards to find out which type of credit card is best for you.