Unlimited Cashback Credit Card
Benefits: 1.5% cashback on all spend, All-in-one card, S$100 cashback or S$150 in Prime Now Credits, Up to 50% off a la carte dining, Fund transfers, EasyPay.
Spree Credit Card
Benefits: 3% cashback on all online spend in foreign currency, 2% cashback on all online spend in local currency, Online Shopping Protection, Fund transfers, EasyPay.
American Express Platinum Credit Card
Benefits: Up to 50% off food bill at hotels, Vouchers from spas, Membership Rewards points, Frequent Flyer Miles, 90-days return guarantee and purchase protection.
Credit cards allow you to borrow money up to a certain limit as long as you make regular minimum repayments. Most credit cards have an annual fee.
Sometimes while making a purchase your credit card can be declined, below you can see some of the most common reasons:
Assuming that your credit card doesn't get declined and you can make all the purchases you want, do not forget that you will have to repay the borrowed amount. Every month institution that issued your credit card will send you a bill. In the bill you will be able to see what purchases you have made and your balance due and the minimum amount, usually 3% of the outstanding amount that has to be paid.
To get a credit card you simply must fill our the application form on credit card issuer's website and wait for approval. Once your application is approved you will receive a line of credit. Afterwards you will receive your credit card in the mail and will have to activate it and sign the back of the credit card. You can use your credit card to make purchases in store or online as well as you can pay your bills.
Credit cards tend to have higher interest rates than other forms of credit, and the rate can vary depending on what features the card offers. You are charged interest on all outstanding transactions if you don't pay your full balance each month.
If you have a credit card without an interest-free period, you pay interest either from the day you make a purchase or from the day your monthly statement is issued. Unless you use a card that is interest-free and fee-free, buying items with a credit card will always cost you more than if you pay with cash.
If you make only the minimum repayment on your credit card each month, you will pay more in interest and it will take longer to pay off your balance. Your monthly statement must give you information about how long it will take to pay off the entire balance by making minimum repayments.
If you are experiencing financial difficulties and can not make your payments:
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A credit card is issued by a credit card provider, for example, bank or other financial institution. Credit cards are mostly used to purchase things in shops or online as well as you can take out the cash from ATM. If you apply for a credit card you apply to borrow money from the credit card provider. Credit card provider will evaluate your credit history and ability to make credit card repayments before your application is accepted. If all is well, credit card provider will set a credit limit - the maximum amount of money you can borrow from your credit card.
If you have steady income and are able to make monthly credit card payments, there can be many benefits from using a credit card:
Usually, credit card provider will send you a monthly statement of your credit card spendings and you can choose whether to pay only the minimum + interest or bigger amount of money. However, to be sure, please read your credit card provider's terms and conditions as well as carefully read the contract before signing it to avoid hidden fees and charges. Keep in mind that if you make only the minimum repayment on your credit card each month, you will pay more in interest and it will take longer to pay off your balance. Your monthly statement must give you information about how long it will take to pay off the entire balance by making minimum repayments.
Applying for credit card is a quick and easy procedure. You can apply for a credit card by filling an online application form on the credit card provider's website. To get a credit card you have to be at least 18 years old, employed, with a regular monthly income and have a bank account. Even though the application is really easy, you shouldn’t rush into getting the first credit card you are offered. Be careful and read all the information, small print, terms and conditions on the politics of financial enterprise, which you find most efficient after comparing all the options in MoneyGuru24.com.
If you miss payments or fail to make your credit card payments and cannot reach an agreement on the extension of credit term, then it is quite possible that the credit card provider will leave a bad mark in your credit reference file. This can cause difficulties to obtain credit, leasing or other financial services in the future. Serious cases of missed payments (non-payment) can be brought to court. In this case, the court costs will be added to the amount of your debt.
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