Read the latest news about Best Deals Credit Card products in Singapore and the best money saving tips.
Whether you’re applying for your first credit card or looking to apply for another better one, you can find all the useful information and resources here. You can read about credit card reviews and comparisons, basic information on how credit cards work, and also the latest promotions and offers.
Find out which is the best type of credit card for you. There are a variety of credit cards such as Cashback Credit Cards, Air Miles Credit Cards, and Rewards Credit Cards each having its own features and benefits. Below is a list of articles to help you find the most suitable type of credit card for you, be it credit cards for petrol payments, bill payments, groceries, cashback, and more.
Cashback credit cards offer cash rebates on spending using the card
Air Miles credit cards offer users exceptional miles per dollar (MPD) on travel, overseas or local spending. Miles then can be redeemed for a variety of things.
Rewards credit cards offer users rewards in the form of points and miles that can be redeemed for a variety of things.
There are credit cards that offer travel-related benefits such as Miles Per Dollar earned for local or overseas spending and complimentary lounge access.
Certain credit cards provide benefits such as access to discounts and promotions for petrol-related spending.
The best credit cards for shopping and groceries let cardholders enjoy access to discounts and promotions for additional value and savings on their credit card spend.
Credit cards for bills & loan payments offer features to help cardmembers enjoy greater savings and value with access to promotions and discounts for their credit card spends for bill settlements.
Here’s everything you need to know about all things credit cards from how credit cards work, how to apply for a credit card, other things you need to take note of, and everything in between.
Find out more about the best credit cards from banks in Singapore such as DBS, CIMB, Standard Chartered, UOB, HSBC, CITI, and more.
Read reviews on credit cards here and find out if it is the best one for you before you apply for one.
Read reviews and compare different credit card products to find out the most suitable credit card for you.
Find the best credit card promotions to enjoy sign-up bonuses and more.
Credit cards allow you to spend on your purchases today and make payment in the future when it’s time to settle your monthly bill. If you miss the monthly payment, you will be charged a hefty interest rate of around 25% p.a.
Each credit card has its own unique offering. They can be categorised into 3 main types.
This depends on your spending habits and personal preferences. A travel lover might opt for a miles card, while others might prefer to be rewarded directly with cash. If you spend more on a specific category such as grocery, dining or shopping, you can select a card that maximises rewards for that category.
You can apply for a credit card online or using physical forms available at banks. Fill up the personal details required, submit the relevant documents (such as your NRIC and payslip or latest CPF statements), and wait for the application to be approved.
Most banks also offer the option of applying via MyInfo using SingPass. Applying via MyInfo speeds up the application process as most of the information required would have been filled in for you. Sometimes, there are promos where you get rewarded cash gifts by applying with MyInfo.
You must be at least 21 years old to apply for a credit card. Some banks allow student credit cards to be issued to those aged 18. The minimum age for a supplementary card holder is also 18 years old. Besides being 21 years old, you also have to meet other application requirements such as the minimum annual income requirement.
You can start by choosing the type of credit card you prefer to have: miles, cashback or rewards.
From there, you can narrow down your selection based on factors such as:
A credit card can help ease cashflow as you’re spending ‘future money’.. You won’t be incurring the actual cost out of your own pocket presently, until the credit card bill comes along.
Besides being able to spend before you receive your pay, credit cards also reward you for your spending. For example, spending on a credit card can earn you cashback, air miles and reward points which can be exchanged for a variety of items. Credit cards also come along with fringe perks such as free airport lounge, discounts on dining and petrol, free travel insurance and more.
Visa, Mastercard and American Express are different credit card payment networks. Most credit card providers offer one or two of the card networks for their credit cards. For example, for DBS Altitude, you can get either the DBS Altitude Visa Signature or DBS Altitude American Express. UOB PRVI on the other hand, offers all three options — UOB PRVI Miles Visa UOB PRVI Miles Mastercard and UOB PRVI Miles American Express.
From a user standpoint, the payment does not differ, although there are a handful of places that might not accept American Express cards. The perks offered by these card providers do make a difference, in terms of dining promotions, airport transfers, lounge access, hotel benefits and more.
Before getting a credit card, consider the following:
The easiest credit cards to get are the ones with an entry-level annual income requirement of S$30,000 or those that offer instant approval. Credit card providers with instant approval can provide a digital credit card that you can start using even before your physical card arrives in the mail. Credit cards that are more difficult to get include the ones with higher annual income requirements that can range from S$80,000 to S$200,000. Not everyone will be able to apply for these cards.
Do also keep in mind that how easy or difficult a credit card is to get also depends on other factors such as your credit score and having continuous employment that is reflected by your CPF statement. A good credit score and having the relevant supporting documents in order can help to get your application approved.
Two of the most common types of rewards are air miles and cash back. The rewards provided may differ depending on the cards in use, or the card issuer or banks - some cardholders can earn rewards for simply spending in the form of cash back, air miles, free gifts, gift vouchers and more.
Some cards are better suited for certain users such as air miles cards which is best for those who frequently book flights and hotels, enabling them to quickly earn and rack up air miles as well as enjoy the various travel-related benefit a travel-centric credit card might offer.
Singaver takes the security of your personal finance seriously. We are aware that there is a product for everyone and every niche be it rewards points or air miles. Acquiring the wrong financial products, such as credit cards for example, might impact your finances financially. That is why Singsaver's priority lies in finding the most suitable product for your needs.
Understanding that time is money, Singsaver saves you from hours of web browsing by reviewing the various financial products for your convenient reading pleasure on your desktop or mobile. All the most popular cards are available for viewing at a glance and all the products on feature were chosen for their combination of benefits and rates that are ideal for the average cardholder's needs and budgets. All of our products and the credit card promotions also come from the most trusted banks and institutions which are globally-renowned to provide a peace of mind .
The best credit card promotions are the ones that helps a cardholder save both time and money for the long run. You can ensure that Singsaver is committed to helping you find the best promotions available. All it takes is just some tweaks of the filters available and you can be one your way to enjoy the best value a credit card can offer.
The answer to this question depends on the frequency of your travels and whether the amount you spend is enough for you to earn air miles to redeem free flights. If you frequently travel medium to long-haul flight then you can maximize the air miles you stand to earn making it a great idea to apply for the credit card. If you travel short-haul flights more frequently - which is worth less than one cent per mile - then you are better off applying for a cash back credit card.
Minimum payment is the minimum amount you have to pay each moth in order to avoid getting a bad credit score. The minimum payment amount is calculated based on the total outstanding balance which appears in your monthly statement. The amount is usually between 3% to 5% of the total outstanding amount or a flat amount depending which is higher. However, if you only aim to pay the minimum amount every month, the remaining amount will be brought forward next month and then it is subjected to the interest rates so it is ideal for you to settle your monthly credit card bill in full so you will not incur hefty interest charges.
Credit card annual fee or maintenance fee is the payment made for the services provided by the card issuer or the bank.
You can apply for as many credit cards as you want provided you are eligible based on the card requirements. However, if the cards you apply for come from the same provider or bank then the credit limit will be shared between the cards applied. As for cards from different providers or banks, you will be granted a new credit limit for each.
One thing you have to ensure when using multiple credit card is to you have to keep track of the payments you have to make be it the monthly credit card bills or the annual fee - failing to do so might bring about negative impacts to your credit score.
You credit card limit can be increased by calling the bank to request for a review of your credit limit. This is made possible when your income has increased since first applying for the card - all you need to do is submit your new income statements. To improve your chances of increase your credit limit, ensure that you are prompt in the payments of your credit card bills.
When determining the credit limit of a cardholder, the first thing the bank takes a look at is your income at the time of your application. The credit limit granted by the banks or card providers is usually around 2 to 4 times your monthly salary. Your credit score also affects your credit limit so it is best if you manage your credit card payments for bills and fees well and ensure prompt payments.
A credit limit is granted to you once you apply for a credit card. This is the maximum amount you can charge to a card or cards from the same banks or providers. If the amount you want to charge to a card is in excess of the credit limit
The time needed for processing a credit card application varies between the different banks or providers. It typically takes 3 to 5 weeks for the application to be completely processed and once the application is approved, it will be usually around 10 days before your credit card arrives to you by mail. To help hasten the process, ensure you are in possession of all the relevant documents required for a credit card application.
For credit card applicants without a credit history, all you need to do to apply for a credit card is to provide your proof of income. There are plenty ways to go about that which includes submitting your Notice of Assessment from the IRAS which states your total earnings for the past year, providing copies of your three most recent payslips and also sometimes, you will be required to submit proof of your monthly CPF contributions. Having no outstanding loan upon applying for a credit card will also help you when applying.
The typical requirements to be eligible for a credit card is a minimum annual income of at least $30,000 of which the amount may differ if you are a Permanent Resident of Singapore or a foreigner. Do take note that your credit sore from the Credit Bureau of Singapore does has a big influence on whether the bank issues you a credit card and also the credit limit you are granted.
When you use a credit card, you are using the banks or provider's funds to pay and you are limited by your credit limit which is usually 2 to 4 times your monthly salary whereas with a debit card, you are using your own funds and are limited by the amount of funds in your account.