Credit cards in Singapore in 2019!

Unlimited Cashback Credit Card

Benefits & Features

  • Cashback on all spend
  • All-in-one card
  • Fund transfers
  • EasyPay

Minimum annual income

S$30.000

APR

25.90% p.a.

Annual fee

S$192.60

Minimum age

21 year

Loan granting

Excellent

10

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.

American Express CapitaCard

Benefits & Features

  • CapitaVouchers
  • Complimentary parking
  • STAR$® Xtra Programme

Minimum annual income

S$30.000

APR

25.90% p.a.

Annual fee

S$171.20

Minimum age

21 year

Loan granting

Excellent

9

American Express CapitaCard
Benefits: S$60 CapitaVouchers, American Tourister Erie 67/24 luggage worth S$200, Complimentary parking across CapitaLand Malls, STAR$® Xtra Programme.

Spree Credit Card

Benefits & Features

  • Cashback
  • Online Shopping Protection
  • Fund transfers
  • EasyPay

Minimum annual income

S$30.000

APR

25.90% p.a.

Annual fee

S$192.60

Minimum age

21 year

Loan granting

Excellent

3

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 & Features

  • Spa vouchers
  • Rewards points
  • Frequent Flyer Miles
  • Purchase protection

Minimum annual income

S$50.000

APR

25.90% p.a.

Annual fee

S$321

Minimum age

21 year

Loan granting

Excellent

3

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.

American Express True Cashback Card

Benefits & Features

  • CapitaVouchers
  • Cashback
  • Travel insurance benefits

Minimum annual income

S$30.000

APR

25.90% p.a.

Annual fee

S$171.20

Minimum age

21 year

Loan granting

Excellent

5

American Express True Cashback Card
Benefits: Up to S$60 CapitaVouchers, S$150 Cashback on S$5,000 in the first 6 months, 1.5% Cashback on subsequent purchases, free travel insurance benefits.

Useful information on consumer rights, financial products and debt problems

How do credit cards work?

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:

  • Your credit card is not activated.
  • Your credit limit is exceeded.
  • You haven't made your credit card re-payments.
  • Problems with internet connection.

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.

Main types of credit cards:

  • Reward points: these types of credit cards gives you reward points that can be redeemed for gifts or other goods.
  • Cashback cards: you can get certain amount of money back, this depends on how much you have charged from your credit card.
  • Travel miles: these types of credit cards gives you mile points, which can be used to make travel related purchases, for example, plane tickets.
  • Petrol: these types of cards offer you to get petrol related benefits.

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.

Before you apply for a credit card

  • Choose the right type of credit card for you.
  • Different cards have different features, for example, reward points.
  • Choose the right credit limit for you.
  • Make sure that there are not high monthly fees.
  • Take a look at your budget, decide carefully whether you will be able to make repayments.
  • Think what would happen if you lose your job or other sources of income - how will you make your credit card repayments?
  • Make sure that you fully understand terms and conditions of the credit card.

To be eligible to apply you must:

  • Be a resident of Singapore.
  • Be employed.
  • Have a regular income.
  • Meet the minimum income guidelines.
  • Be at least 21 years old.
  • Have a positive credit history.

Make sure you have all the necessary paperwork credit card issuer may ask you:

  • Proof of income - payslip, tax return report etc.
  • Information about your current income and expenses.
  • Copy of your bank statement that shows your savings and other made repayments.
  • Passport or drivers licence.

Credit card interest rates

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.

Fees and charges

  • Application or processing fee: some credit card issuers may charge this fee when you sign up for a credit card.
  • Annual Fee: some credit card issuers may charge you with annual fee. Annual fee is set by the credit card issuer. Keep in mind that exclusive credit cards usually are design for people with higher income and such credit cards are more expensive.
  • Foreign Transaction Fee: this fee can be charged for transactions that are processed outside of Singapore.
  • Cash Advance Fee: if you withdraw cash from ATM machine you have to pay additional fee for the withdrawn amount.
  • Late payment Fee: you may be charged interest if you fail to repay money borrowed from the credit card.

Credit card minimum repayments

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:

  • Contact the institution that issued your credit card as soon as possible to work out a payment plan.
  • Seek for professional financial advise.

Tips for using your credit card

  • Make sure you don't miss your payments: remember, missed payments can make your financial situation difficult as well as negatively affect your credit score.
  • Pay off your credit card balance: although you can only make the minimum monthly payment it's better to pay off your credit card in full to avoid paying interest for carrying your balance from month to month.
  • Avoid purchasing very expensive things that you can't afford: having a credit limit may seem like you have extra money to buy expensive things, but do not forget that you will have to pay back the amount of money you spend.
  • Avoid having multiple credit cards: if you have multiple credit cards it can be easy to forget how much you have spend and when you have to make the payment for each card. To better keep track of your expenses it is highly advisable to have no more than 3 credit cards at the same time.

MoneyGuru24 is not a bank, lender, broker or product issuer. MoneyGuru24 is not owned by a financial institution but is an independent company owned by private shareholders. All information provided on MoneyGuru24 has general and informative nature. Although MoneyGuru24 covers wide range of loan products and providers, keep in mind that those are not the only options available in the market and may not be the best fit for you. We do not consider your personal circumstances and financial situation and we are not recommending any particular products. If you choose to apply for a loan product through MoneyGuru24 website you will be dealing directly with the loan provider not with MoneyGuru24. It is recommended for you to read all relevant documentation given by the loan provider before accepting any financial product offer.

FAQ

  • What is a credit card?

    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.

  • What are the benefits of using a 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:

    • Some credit card providers offer you to receive cashback or reward points, vouchers etc. for the money you have spent.
    • Many retailers offer certain discounts when you pay with a credit card.
    • Using credit card overseas can help you to cut costs.
  • How do I pay for my 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.

  • How do I get a credit card?

    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.

  • What happens if I can’t make the payments?

    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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