Experience unparalleled benefits, exclusive perks, and unmatched rewards with the best rewards credit cards in Singapore. Discover the perfect card for your lifestyle and spending preferences, from air miles to cashback and more. Elevate your financial journey now!
Up to S$1,354 worth of travel, dining, and lifestyle credits inclusive of S$200 airline credits, S$400 global dining credits, S$400 lifestyle credits, S$204 entertainment credits, and S$150 fashion credits.
Indulge In Fine Hotels + Resorts Benefits Worth S$800.
Complimentary access for you, a supplementary cardholder and one guest each to 1,400 Lounges such as The Centurion Lounge, Priority Pass, International American Express Lounges.
Gain instant status to higher tiers of leading hotel loyalty programs such as the Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status.
Complimentary Access into Tower Club.
Complimentary Weekend Parking at Great World City.
Membership Rewards Points never expire.
Up to 50% savings at selected hotels such as Marriott, St. Regis, and W Singapore among others.
Up to 50% savings with Love Dining at selected restaurants such as Lawry’s, Sen of Japan, and Peach Garden among others.
Enjoy S$400 every year to use at over 1,400 curated restaurants locally and around the world.
Annual fee: S$1,744 (inclusive of GST).
Welcome Offer
Gift Options
Get up to 135,000 Membership Rewards® points
Promotion is valid for new and existing American Express credit cardmembers
Apply for the AMEX Platinum Card, make a min. spend of S$6,000 within 60 days of card approval date, and pay the annual fee (S$1,744 incl. GST) to be eligible for reward
New AMEX cardmembers will receive 127,500 Membership Rewards® points upon fulfillment of reward criteria
Existing AMEX cardmembers will receive 80,000 Membership Rewards® points fulfillment of reward criteria
Eligible cardmembers will receive 7,500 Membership Rewards® points based on the S$6,000 spent (based on 2 Membership Rewards® points per S$1.60 spent)
Up to S$1,354 worth of travel, dining, and lifestyle credits inclusive of S$200 airline credits, S$400 global dining credits, S$400 lifestyle credits, S$204 entertainment credits, and S$150 fashion credits.
Indulge In Fine Hotels + Resorts Benefits Worth S$800.
Complimentary access for you, a supplementary cardholder and one guest each to 1,400 Lounges such as The Centurion Lounge, Priority Pass, International American Express Lounges.
Gain instant status to higher tiers of leading hotel loyalty programs such as the Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status.
Complimentary Access into Tower Club.
Complimentary Weekend Parking at Great World City.
Membership Rewards Points never expire.
Up to 50% savings at selected hotels such as Marriott, St. Regis, and W Singapore among others.
Up to 50% savings with Love Dining at selected restaurants such as Lawry’s, Sen of Japan, and Peach Garden among others.
Enjoy S$400 every year to use at over 1,400 curated restaurants locally and around the world.
Annual fee: S$1,744 (inclusive of GST).
Welcome Offer
Gift Options
Get up to 135,000 Membership Rewards® points
Promotion is valid for new and existing American Express credit cardmembers
Apply for the AMEX Platinum Card, make a min. spend of S$6,000 within 60 days of card approval date, and pay the annual fee (S$1,744 incl. GST) to be eligible for reward
New AMEX cardmembers will receive 127,500 Membership Rewards® points upon fulfillment of reward criteria
Existing AMEX cardmembers will receive 80,000 Membership Rewards® points fulfillment of reward criteria
Eligible cardmembers will receive 7,500 Membership Rewards® points based on the S$6,000 spent (based on 2 Membership Rewards® points per S$1.60 spent)
Click here to check out our past Lucky Draw winners!
Best Deal Guarantee
Gift Options
Apple iPad 9th Gen 10.2" WiFi 64GB (worth S$508.30); or
Dyson AM07 Tower Fan (worth S$459); or
Apple AirPods Pro 2nd Gen (worth S$365.70) ; or
Up to S$340
Promotion is valid for new Standard Chartered credit card members only
Apply for the SCB Smart Card or SCB Rewards+ Credit Card and make a min. spend of S$250 within 30 days of card approval to be eligible for rewards
Receive an additional S$20 eCapitaVoucher when you make a min. spend of S$1,000 in the second month after card approval
Receive an additional S$20 eCapitaVoucher when you split the payment for your purchases with SCB EasyPay, pay your bills with SCB EasyBill or put any of your purchases on installment in an SCB Savings Account or Current Account within 60 days of approval
Click here to check out our past Lucky Draw winners!
Best Deal Guarantee
Gift Options
Apple iPad 9th Gen 10.2" WiFi 64GB (worth S$508.30); or
Dyson AM07 Tower Fan (worth S$459); or
Apple AirPods Pro 2nd Gen (worth S$365.70) ; or
Up to S$340
Promotion is valid for new Standard Chartered credit card members only
Apply for the SCB Smart Card or SCB Rewards+ Credit Card and make a min. spend of S$250 within 30 days of card approval to be eligible for rewards
Receive an additional S$20 eCapitaVoucher when you make a min. spend of S$1,000 in the second month after card approval
Receive an additional S$20 eCapitaVoucher when you split the payment for your purchases with SCB EasyPay, pay your bills with SCB EasyBill or put any of your purchases on installment in an SCB Savings Account or Current Account within 60 days of approval
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
Valid until
31 March 2024
Best Deal Guarantee
Dyson Supersonic™ hair dryer (worth S$699)
+ 3 other gift options
Valid until
31 March 2024
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Things to consider for this product:
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Mobile contactless rebate
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Online shopping rebate
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Travel rebate
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No Annual Fee
10X reward points (equivalent to 4 air miles or 2.5% cashback) on online purchases and contactless payments (subject to underlying whitelist Merchant Category Codes).
1X reward point for all other spending.
No minimum spend required.
No annual fee.
Receive complimentary access to ENTERTAINER with HSBC app, with over 1,000 1-for-1 deals on dining, lifestyle and travel worldwide.
Eligible categories: Online & contactless payment (e.g. Visa PayWave, Google Pay, Apple Pay) for travel; shopping; groceries; dining; food delivery; ride-hailing apps.
Up to 16% and 14% off petrol at Caltex and Shell respectively.
Up to S$300,000 complimentary travel insurance for cardholder and family when travel tickets are charged to card.
Compatible with Apple Pay, Google Pay, and Visa PayWave.
Can convert between cashback, miles, or reward points flexibly.
Great for homemakers, working adults, miles chaser, enjoy flexibility between rebate types (cashback/miles/points), prefer fuss-free spending without min. spend.
Read our full review of the HSBC Revolution Credit Card.
Operates on a whitelist basis. Only selected MCCs shown in the T&Cs qualify for bonus points.
Cap of 9,000 bonus reward points per calendar month on eligible purchases.
1X reward point earned on public transport (via SimplyGo) only.
HSBC reward points expire after 37 months (unlike Citi Rewards’ ThankYou Points of 60 months).
March Madness Grand Lucky Draw
Gift Options
2x chances to win a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
Promotion is valid for new applicants of participating products only. See the full list here.
Apply for participating products on SingSaver to receive X chances in the March Madness Grand Lucky Draw
1x lucky winner will receive a pair of Round Trip Business Class tickets to Tokyo (worth S$13,144)
March Madness Grand Lucky Draw runs from 6 Mar 2024 (5:00 PM) to 31 Mar 2024
Click here to check out our past Lucky Draw winners!
Best Deal Guarantee
Gift Options
Dyson Supersonic™ hair dryer (worth S$699); or
Apple iPad 9th Gen 10.2" WiFi 64GB (worth S$508.30); or
Nintendo Switch OLED (worth S$549); or
S$350 eCapitaVoucher
Promotion is valid for new HSBC credit cardmembers only
Apply for select HSBC credit cards, provide your marketing consent to HSBC and make a min. spend of S$500 by the end of the following month from card approval date to be eligible for rewards
Click here to check out our past Lucky Draw winners!
Best Deal Guarantee
Gift Options
Dyson Supersonic™ hair dryer (worth S$699); or
Apple iPad 9th Gen 10.2" WiFi 64GB (worth S$508.30); or
Nintendo Switch OLED (worth S$549); or
S$350 eCapitaVoucher
Promotion is valid for new HSBC credit cardmembers only
Apply for select HSBC credit cards, provide your marketing consent to HSBC and make a min. spend of S$500 by the end of the following month from card approval date to be eligible for rewards
Maybank Manchester United Platinum Visa Credit Card
Rewards Points Baseline
Up to 25 TREATS Points per S$5 spent
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When Manchester United wins a Premier League Match, otherwise earn 5 TREATS Points per S$5 spent.
Monthly Spend Required
None
Annual Fee
S$ 87.2
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First 2 Years Waived, thereafter can be waived if min spend of $3.6K is met per annum
Things to consider for this product:
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Local spending rebate
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No monthly spend required
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No rebate cap
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Travel insurance
Earn 1% unlimited cashback and 1X TREATS Points (0.4 miles per dollar) on all transactions.
Earn up to 3% cashback (capped at S$20) and 5X TREATS Points (2 miles per dollar) when Manchester United Wins a Premier League match.
No minimum spend and no cashback cap.
Stand a chance to win a trip for 2 to watch Manchester United live every football season.
Complimentary travle insurance coverage of up to S$300,000.
TREATS Points awarded calculated based on blocks of S$5.
TREATS Points expire after one year.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
Maybank FC Barcelona Visa Signature Card
Rewards Points Baseline
10 TREATS Points per S$5
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For foreign currency spend only.
Monthly Spend Required
None
Annual Fee
S$ 130.8
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First 2 Years Waived, thereafter can be waived if min spend of $10K is hit per annum
Things to consider for this product:
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Annual Fee waiver
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No monthly spend required
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No rebate cap
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Overseas rebate
Get 1.6% unlimited cashback on all your local spend.
No minimum spend and no cashback cap.
Earn 2X TREATS Points for every S$5 spent on foreign currency transactions.
Stand a chance to win a trip for 2 to watch FC Barcelona live every football season.
Complimentary travel insurance coverage of up to S$300,000.
Overseas spend only earns you 0.8 miles per S$10 (or 0.8% cashback).
2X TREATS Points for every S$1 spent on foreign currency.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
Maybank World MasterCard
Rewards Points Baseline
5 TREATS Points per S$5 spent
Monthly Spend Required
None
Annual Fee
S$ 261.6
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First Year Waived
Things to consider for this product:
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Dining rebate
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Retail rebate
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Petrol rebate
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Airport lounge
Earn 10X TREATS Points (4 miles) per S$1 spent at specially selected retail stores, restaurants, and all petrol stations islandwide+.
Get up to 20.05% savings on petrol.
Complimentary green fees at world-class golf fairways.
Complimentary enrolment into Rewards Infinite Programme: TREATS Points never expire.
Free air miles conversion
Complimentary Plaza Premium airport lounge access with a minimum charge of S$1,000 in a single retail transaction.
Complimentary travel insurance coverage of up to S$1,000,000 when air tickets/travel packages are charged in full to the card.
TREATS Points awarded calculated based on blocks of S$5.
Annual income requirement: S$80,000.
Annual fee: S$240 (waived for first year only)
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 80000
Maybank DUO Platinum MasterCard
Rewards Points Baseline
5 TREATS Points per S$5 spent
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Excluding petrol transactions
Monthly Spend Required
None
Annual Fee
S$ 130.8
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First Three Years Waived
Things to consider for this product:
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Petrol rebate
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Overseas rebate
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Travel insurance
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Annual Fee waiver
5% cashback on petrol in Singapore and Malaysia.
1.5% cashback in foreign currency.
5 TREATS Points per $5 spent in local currency.
Complimentary Supplementary Cards for your loved ones.
Complimentary travel insurance coverage of up to S$500,000.
TREATS Points awarded calculated based on blocks of S$5.
Min. spend of S$300 each calendar month to qualify for bonus TREATS Points, capped at 30,000 bonus TREATS.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
Maybank Horizon Visa Signature Card
Rewards Points Baseline
5 TREATS Points per S$5 spent
Monthly Spend Required
S$ 800 per month
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Capped at 40,000 bonus TREATS Points on flight booking spending per calendar month.
Annual Fee
S$ 196.2
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First Three Years Waived
Things to consider for this product:
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Overseas/Foreign spend
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Air tickets
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Dining
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Rebate cap applied
Earn 3.2 air miles (8X TREATS Points) per S$1 spent on air tickets and in foreign currencies. Valid till 31 Jan 2024.
Earn 1.2 air miles (3X TREATS Points) per S$1 spent on all local shopping, groceries, dining, hotel bookings and more
Continue to earn TREATS Points (TP) on your insurance, private hospitals, utilities and education spend.
Fuel savings of 20.05% + 3X TREATS Points at Caltex stations with Diamond Sky Fuel card
Travel in comfort with complimentary access to selected VIP lounges
Air miles are only applicable if redemption is made on TREATS SG app
TREATS Points awarded calculated based on blocks of S$5.
TREATS Points expire after one year.
Terms and Conditions :
Installment Processing Fee: From 0 %
Eligibility :
Minimum Age: 21 years old
Minimum Annual Income: S$ 30000
DBS yuu Visa Card
Rewards Points Baseline
1 yuu Point per S$1
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0.5% cash rebate (1x yuu point)
Monthly Spend Required
None
Annual Fee
S$ 196.2
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First Year Waived
Offer Available
Welcome Offer
S$388 cashback
Valid until
31 May 2024
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Things to consider for this product:
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Supermarket rebate
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Dining rebate
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Rebate cap applied
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Monthly spend required
Up to 36X Points on yuu participating merchants.
1X Point on all other spend.
S$1 spend = 1 yuu Point. No limit. No cap.
Customers need to download the new rewards app as yuu Points awarded can only be tracked on yuu Rewards app.
Redemptions of yuu Points capped at 15,600 points (S$78) per calendar month.
Welcome Offer
Gift Options
S$388 cashback
Promotion is valid for new DBS/POSB credit cardmembers only
Apply for participating DBS/POSB credit cards with promo code 388CASH and make a min. spend of S$800 within 60 days of card approval to be eligible for reward
Customers need to download the new rewards app as yuu Points awarded can only be tracked on yuu Rewards app.
Redemptions of yuu Points capped at 15,600 points (S$78) per calendar month.
Welcome Offer
Gift Options
S$388 cashback
Promotion is valid for new DBS/POSB credit cardmembers only
Apply for participating DBS/POSB credit cards with promo code 388CASH and make a min. spend of S$800 within 60 days of card approval to be eligible for reward
- Up to 2% rebate (4X STAR$) for participating outlets at CapitaLand Malls in the heartlands
- Up to 3% rebate (6X STAR$) at participating outlets at CapitaLand Malls in town
- Extra 5% rebate (10X STAR$) at participating STAR$ X'tra Partners in Capita
- Up to 1.5% rebate (3X STAR$) for eCapitaVoucher purchases
- Up to 0.5% rebate (1X STAR$) per S$1 spend anywhere
Bonus points cap: S$1,200 spend per month
Local shopping at CapitaLand Malls
Maybank World MasterCard
10X Rewards Points (4 mpd) on selected dining, fashion, petrol, and airport duty-free cosmetics and perfumes
Bonus points cap: None
Fans of Paradise Group, Imperial Treasure, Resorts World Sentosa and The Shilla Duty-free
UOB Lady's Card
UOB Lady’s Solitaire Card
- 15X UNI$ per S$5 spend on one or two selected categories, which can be switched every quarter
- 1X UNI$ per S$5 on all other retail spend
Bonus points cap: S$1,000 / S$3,000 spend cap per month
Base earn rate: 1 UNI$ per S$5 spend
Customers who like to spend on specific categories
DBS Woman's Card
DBS Woman’s World Card
- 10X Rewards Points per S$5 on online spend
- 3X Rewards Points per S$5 on overseas spend
- 1X Rewards Point per S$5 on all other retail spend
Bonus points cap: S$1,500 on online spend per month
*Bonus points only awarded in the next calendar month
Customers who shop online and overseas
How Does A Rewards Credit Card Work?
Earning Points and Miles
When you use your rewards credit card for eligible purchases, you earn points, miles, or cashback, depending on the card's reward structure. Generally, points and miles are often awarded based on the amount of money you spend, with higher rewards for specific categories like groceries, dining, travel, or gas.
Accumulation and Tracking
Rewards earned accumulate over time and are tracked by the credit card issuer. You can usually check your rewards balance through your online account or monthly statements.
Rewards Structure
Credit cards have different reward structures. Some offer flat-rate rewards on all purchases, while others provide bonus rewards in specific spending categories. For example, a card might offer 2% cashback on all purchases and 5% cashback on groceries, dining, and even overseas spend.
Redemption Options
You can redeem your accumulated rewards in various ways, depending on the credit card's redemption options. Common options include:
Cashback: Direct deposit or statement credit.
Travel rewards: Booking flights, hotels, or car rentals.
Merchandise: Purchasing items from a rewards catalogue.
Gift cards: Redeeming points for gift cards to various retailers.
See All Prizes
8x Apple iPad (each worth $679)
8x Dyson AirwrapTM styler (each worth $849)
8x Nintendo Switch OLED (each worth $549)
8x Playstation®5 consoles (each worth $799)
What To Look For When Choosing A Rewards Credit Card?
Choosing the right rewards credit card involves considering several factors to ensure it aligns with your spending habits and financial goals. Here are key aspects to look out for.
Rewards Structure
Examine the card's rewards structure. Determine whether it offers cashback, points, or miles. Check if there are bonus categories that align with your regular spending habits, such as groceries, dining, travel, or gas.
Introductory Offers
Check for any introductory bonuses or special promotions, such as extra points, bonus miles, or cashback, which you can earn when you meet a spending threshold within the first few months.
Redemption Options
Review the redemption options for earned rewards. Ensure there are flexible and valuable choices, such as cashback, travel/miles, merchandise, or gift cards/vouchers.
Expiration of Rewards
Be aware of any expiration dates on earned rewards. Some rewards may expire unless used within a specific timeframe.
Restrictions and Limitations
Check for restrictions on earning and redeeming rewards, such as blackout dates for travel rewards or limits on specific spending categories.
Spending Habits
Consider how well the card fits your lifestyle and financial goals. A card may offer fantastic rewards, but it may not be the best choice if it doesn't align with your spending habits.
What Is A Credit Card Rewards Programme?
A credit card rewards program is a feature offered by credit card issuers, allowing users to earn points, miles, or cashback based on their spending. Points are earned through eligible purchases, often with bonus rewards for specific spending categories. Cardholders can redeem these rewards for cashback, travel benefits (usually via miles earned), merchandise, or gift cards/vouchers.
Most credit cards have annual fees, and weighing these against potential benefits is crucial. Responsible use (e.g., paying the balance in full) helps avoid interest charges. Introductory or sign-up bonuses are also common, offering significant rewards for reaching spending thresholds in the initial months.
Credit card rewards programs aim to incentivize spending and foster cardholder loyalty, providing additional value beyond traditional payment methods. Understanding program terms, such as reward expiration and redemption restrictions, is essential for maximizing benefits and choosing a rewards credit card aligned with your spending habits.
Our Top Picks for Best Rewards Card for Different Spending Habits
Best Rewards Credit Card for Overseas Spend and Local Dining
Standard Chartered Bank Rewards+ Visa Credit Card
The SCB Rewards+ Visa Credit Card is perfect for maximizing international expenses, offering 10X reward points for every S$1 spent on shopping, travel, and dining in foreign currencies. Locally, enjoy 5x points for dining at domestic establishments.
However, there's a yearly limit of 20,000 bonus points, after which earnings drop to 1 reward point for every S$1. The standard rate of 1 point per dollar applies to all other eligible spend, with no overall points accumulation limit.
Best Rewards Credit Cards for Flexible Spending
UOB Lady's Card
If your spending patterns vary throughout the year, the UOB Lady's Card is designed for you. This unique rewards credit card allows you to choose specific spending categories each quarter, such as beauty, fashion, travel, dining, or family, earning you 15x UNI$ (30 miles per S$5) in the selected category.
You can stick with the same category for consecutive quarters, ensuring consistent point maximization as your spending habits change. With a generous bonus point cap of 1,800 UNI$ per month (equivalent to S$1,000 spend), you can accumulate a substantial number of points.
Best Rewards Cards for Fashion, Shoes, Accessories and Electronics
OCBC Rewards Card
The OCBC Rewards Card is highly rewarding for those who shop for fashion, bags, shoes, accessories, laptops, and electronics. Earn 10X Rewards Points (4 miles per S$1) in these categories, both in-store and online, equating to 50 OCBC$ per S$5 spent. You may also earn up to 15 OCBC$ (6 miles per S$1) on selected retailers per quarter.
For electronics at BEST Denki, get an extra 2% rebate. Other retail transactions earn 1X Rewards Point (5 OCBC$ per S$5), but remember that transactions are based on each S$5 block, requiring a minimum charge of S$5 to accrue points. Amounts not in multiples of S$5 are ineligible.
Best Rewards Credit Card for Shopping at Local Malls
American Express CapitaCard
For avid shoppers at CapitaLand malls, the AMEX CapitaCard is tailored for you. Earn points effortlessly at partner merchants, starting at a 0.5% rebate (1X STAR$) for all retail purchases and increasing to a 1.5% rebate (3X STAR$) for eCapitaVoucher expenditures. Enjoy a 2% rebate (4X STAR$) in heartland malls and a 3% rebate (6X STAR$) in town centre malls.
Look out for STAR$ X'tra Partners for an extra 5% rebate (10X STAR$). For every 5,000 STAR$ you gain, you can redeem a S$5 eCapitaVoucher to offset your expenses at your preferred CapitaLand mall.
Best Rewards Credit Card for Online Travel, Shopping, Food Delivery and Contactless Payment
HSBC Revolution Visa Credit Card
Travel enthusiasts should consider the HSBC Revolution Visa Credit Card. It offers an impressive 10x points per dollar (equivalent to 4 air miles or 2.5% cashback) for online travel bookings, allowing you to accumulate points quickly for converting into air miles.
The 10x points benefit also applies to various online and contactless transactions, such as food delivery, dining, travel expenses, selected transport services, membership clubs, and shopping. An added bonus is the lifetime waiver of the annual fee, making it an attractive option for savvy travellers.
Best Rewards Credit Card for Online Shopping, Food and Groceries
Citi Rewards Credit Card
Offering 10x rewards points (4 miles per S$1) on food, grocery, and online shopping, the Citi Rewards Credit Card is ideal for online spenders. Perfect for the work-from-home lifestyle, it also earns you 10x points on ride-hailing and in-store purchases at department stores and shopping centres.
Note that there's a monthly cap of 9,000 bonus points (S$1,000 at the 10x rate), and beyond that, you'll earn 1 point per dollar for other retail transactions.
Tips For Earning Credit Card Rewards Points
Choose The Right Card
Select the best credit card that aligns with your spending habits and lifestyle. Different cards offer rewards in specific categories like travel, groceries, dining, or general. So, identify which category you spend most in a month; doing so will narrow down your card options until you find the right one for you.
Sign-up Bonuses
Take advantage of sign-up bonuses offered by credit card companies. These bonuses often provide a large influx of points or miles when you meet a spending requirement within the first few months of opening the account. You may even set your spending requirements as your goal so you are sure to earn the bonus points by the end of the promo period.
Bonus Categories
Many credit cards have rotating or fixed bonus categories that offer higher reward rates for specific types of spending. Keep track of these categories and use the card that offers the best rewards for your purchases.
Shop Online For Online Spend Bonuses
Most credit card issuers nowadays have online shopping portals where you can earn additional rewards for purchases made through their links. Check these portals before making online purchases to see if you can earn extra points.
Combine Points and Miles Strategically
If you have multiple credit cards or loyalty programs, consider how you can combine points or miles for maximum value. Some programs allow you to transfer points between accounts or combine them for specific redemptions. You can also make the most of your spending by combining credit cards and choosing specific cards for different types of spending on which the card offers higher rebates.
Frequently Asked Questions about Rewards Credit Cards in Singapore
What's the difference between rewards points and cashback and miles?
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Rewards points are a type of loyalty currency earned by using a rewards credit card for eligible purchases. These points can be accumulated and redeemed for various benefits, such as travel rewards (airline miles, hotel stays), merchandise, gift cards, or statement credits. The value of points varies depending on the card and the redemption option chosen.
Cashback is a form of rewards where a percentage of the money spent on the credit card is returned to the cardholder. For example, if a card offers 2% cashback on all purchases, spending $100 would result in receiving $2 back as cashback. Cashback rewards are straightforward and can be used to reduce the credit card bill or deposited into a bank account.
Miles are rewards earned by miles credit cards on an assortment of bonus spend categories. Travel credit cards like DBS Altitude and HSBC TravelOne are common examples of miles credit cards. However, non-travel credit cards like UOB Lady’s / Lady’s Solitaire Card, HSBC Revolution Card, and Citi Rewards Card are top miles card choices as well. But essentially, miles can be accumulated and used for airline ticket redemptions, upgrades, hotel stays, or other travel-related benefits. The number of miles needed for a specific reward depends on the airline's frequent flyer program or the card issuer's travel partner.
Are rewards credit cards really worth it?
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Rewards credit cards can be worth it if you use them responsibly, align them with your spending habits, and maximise the benefits. Consider redemption options, annual fees, and your credit score impact. Paying your balance in full each month is crucial to avoid interest charges. Before you click ‘Apply Now’, evaluate perks and benefits to determine if a rewards credit card suits your needs.
Do reward credit cards help credit score?
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Yes, reward credit cards can help improve your credit score if used responsibly. Timely payments contribute positively to your payment history while maintaining a low credit card balance relative to your limit can reduce credit utilization, which also positively affects your score.
The diversity added to your credit mix and the potential extension of your credit history by keeping a reward credit card for a more extended period also contribute to a positive impact. However, remember to manage your credit responsibly, avoid high balances, and be mindful of opening too many credit cards within a short timeframe, as this can have a negative effect on your credit score.
Is it better to get cashback or rewards?
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The choice between cashback and rewards credit cards depends on individual spending habits and preferences. Cashback cards offer straightforward benefits with cash returned on purchases, appealing to those who prefer simplicity and liquidity. Rewards cards typically offer points or miles that can be redeemed for various benefits like travel, merchandise, or gift cards, catering to those who enjoy maximizing rewards through strategic spending and redemption.
Consider your priorities and how you prefer to use the benefits—whether immediate cash savings or diverse rewards—to determine which option best aligns with your financial goals and lifestyle.