A credit card is essentially a prized possession in Singapore. Credit cards unlock a variety of possibilities as much as they apply to different scenarios, from online payments to gifts and rewards programmes. They also enhance an individual’s capacity for efficient spending and building good credit scores. However, accessing these benefits usually depends on having a good credit card. This article presents a list of the top ten best credit cards in Singapore.
However, before delving into this list, it is useful to understand the classes of credit cards available in Singapore.
Types of Credit Cards in Singapore
Credit cards in Singapore differ in types. As such, it is normal to encounter a diversity of options in the event of making a decision regarding what types of credit cards to opt for. In Singapore, Credit cards are basically grouped into three forms: cashback, air miles and rewards credit cards. Air miles credit cards reward cardholders with air miles for every expenditure made. These air miles, which are usable for redeeming air tickets and seat upgrades, have no earning restrictions or caps. Furthermore, air miles cards have no transaction limits or expenditure restrictions. On the other hand, cashback credit cards typically have transaction limits and requirements to be met to enjoy discounts offered on a variety of services and productions. Rewards credit cards allow their holders to earn points for purchases, which may vary according to the card-issuing financial institution
Top 10 best Singaporean credit cards
1. Standard Chartered Smart Credit Card
A Standard Chartered Smart Credit Card is known for its attached benefits which include the following: a 3-month interest waiver, a time-limited 6% cashback scheme, and zero annual and cash withdrawal fees. However, the card attracts other fee charges applicable to the annual interest rate, late payment, monthly repayment and transactions in foreign currency. The card also offers a free Disney+ subscription package valid for six months and a maximum cashback of $300 (available for cardholders who spend up to S$350).
2. Citi PremierMiles Card
A Citi PremierMiles Card credits cardholders with points, otherwise known as Citi Miles. These points are redeemable for air travel with selected airlines. Points are awarded at the rate of 2 Citi Miles per 1 Singaporean Dollar and 1.2 Citi Miles per 1 Singaporean Dollar for every transaction outside and within Singapore, respectively. CitiMiles can be used to pay for purchases of eligible services and products as specified by the bank. Eligibility requirements require the satisfaction of a minimum age of 21 and annual income earnings equal to or exceeding $30,000 (for citizens and permanent residents of Singapore) and S$45,000 (for foreign nationals). The credit card attracts a basic fee charge of S$192.60.
3. Citi Custom Cash Card
Citi Custom Cash Card cardholders earn a 5% cashback on expenditure made on the eligibility category of services and products. This is complemented by a variety of options for redeeming cash back rewards and a zero charge on annual fees. However, this type of credit card has a restriction on cashback and spending limits. As part of its welcome package, new cardholders are entitled to bonus offers of S$200 redeemable by spending up to S$750 within the first three months on purchases. The credit card attracts annual percentage rate charges as well.
4. American Express Singapore Airlines KrisFlyer Credit Card
An American Express Singapore Airlines KrisFlyer Credit Card rewards cardholders with points for purchases and transactions made within and outside Singapore. In-country purchases are rewarded with 1.1 ‘KrisFlyer’ miles and 2 ‘KrisFlyer’ miles (applicable during June and December) for every 1 Singaporean Dollar spent. Purchases outside Singapore are rewarded at the rate of 2 miles per 1 Singaporean Dollar. The credit card has a welcome bonus offer as well as a cashback package for Singapore Airlines. However, points and cashback earnings are subject to restrictions. Eligibility requirements entail the satisfaction of a minimum age of 21 and annual income earnings equal to or exceeding $30,000 (for citizens and permanent residents of Singapore) and S$45,000 (for foreign nationals). This card also attracts an annual fee charge of S$5.50, which is usually waived for the first twelve months.
5. Citi Prestige Card
Citi Prestige Card allows cardholders to earn points for purchases and transactions made with it. Cardholders earn five (5) ‘ThankYou Points’ (equivalent to 2 miles) and 3.25 ‘Thank You Points’ (equivalent to 1.3 miles) for every Singaporean Dollar spent within Singapore and outside Singapore, respectively. It also offers the added benefit of free golf games at renowned golf courses in Singapore, China, Malaysia and Indonesia. According to Citibank, cardholders enjoy discounts in Singapore and more than 90 countries. Singaporeans interested in owning this card must be aged 21 and above and have an annual income equal to or exceeding S$120,000. The bank also requires the submission of identity documents and income documents. Additionally, foreign nationals applying for this credit card must submit a passport and work permit valid for at least 6 months and a utility bill bearing their name and address. The credit card attracts an annual fee charge of S$535.
6. American Express True Cashback Card
An American Express-issued True Cashback Card offers a welcome bonus of 3% on qualified purchases within and outside Singapore for a one-time period of six months. Regular cash back is offered at the rate of 1.5% on purchases made on grocery, online shops, education, insurance, healthcare, utilities and telecommunication bills. This credit card has no limits on cash back earnings and spending requirements. As part of its eligibility requirements, interested individuals are required to be aged twenty-one years with an annual income equal to or exceeding S$30,000. People who are not native Singaporeans are required to maintain a minimum of S$45,000 as annual income as a condition to qualify for card ownership.
7. Standard Chartered Unlimited Cashback Credit Card
The Standard Chartered’s Unlimited Cashback Credit Card is available to both citizens of Singapore and non-citizens who fall within the range of 21 to 65 years. Cashback/refunds available through this card are not subject to restrictions. There is also no spending limit as well. Cardholders usually enjoy features such as 1.5% cashback/refunds on purchases and zero-interest cash in addition to Disney+ subscription package valid for three months (available upon activation within a thirty-day window from the date of approval). Non-citizens of Singapore are eligible for this card subject to the satisfaction of an annual income requirement of S$60,000 and the possession of an employment pass. The card attracts various fee charges such as annual fees, late fees, cash advance and finance charges. The annual fee is usually waived for a one-time period of 24 months. Upon the expiration of the waiver period, the cardholder is charged S$192.60 annually. Ownership of a newly approved Standard Chartered Unlimited Cashback Credit Card affords access to free credit reports from the Credit Bureau of Singapore upon request as well.
8. DBS Live Fresh Card
DBS Live Fresh Card is a cashback credit card issued by the Development Bank of Singapore Limited. The card, renowned for its status as the first eco-friendly credit card in Singapore, offers cashback/refunds of up to 10%. These refunds can be accumulated from purchases in selected ‘eco-friendly’ organisations in the eateries, retailers and transport services sectors. To be eligible for the card, interested individuals have to meet a minimum age requirement of 21 years in addition to having an annual income equal to or exceeding S$30,000 (for citizens and permanent residents of Singapore) or S$45,000 (for non-Singaporean citizens). The card attracts various fee charges such as annual fees, late fees and finance charges. Annual fees are waived for a one-time period of 12 months. Finance charges are capped at 26.80% per annum. Moreover, the card has a minimum spending limit of S$600.
9. POSB Everyday Card
POSB Everyday Card is a cashback credit card issued by the Post Office Savings Bank. According to the bank, purchases made with this card attract cash refunds of up to 10%. Full cash refunds of 10% apply to online services purchased from selected food vendors. Ownership of this card is subject to the satisfaction of certain eligibility requirements. These requirements include a minimum age requirement of 21 years and an annual income equal to or exceeding S$30,000 (for citizens and permanent residents of Singapore) or S$45,000 (for non-Singaporean citizens). The card attracts various fee charges such as annual fees, late fees and finance charges. Annual fees are waived for a one-time period of 12 months. Finance charges are capped at 26.80% per annum.
10. Citi Cash Back Card
Citi Cash Back card falls under the category of cash back credit cards. This card, issued by CitiBank, affords access to up to 8% refunds on specified purchases at supermarkets and grocery stores within and outside Singapore and 0.25% refunds on other purchases along with discounts on other service payments. However, this card has certain requirements, such as spending limits required to enjoy bonus cash back offers (which are set at S$800). Just like its POSB counterpart, this card has certain eligibility requirements to be satisfied to qualify for ownership. These requirements include a minimum age requirement of 21 years and an annual income equal to or exceeding S$30,000 (for citizens and permanent residents of Singapore) or S$42,000 (for non-Singaporean citizens). The card attracts a ‘basic fee’ charge of S$192.60, which is usually waived for a one-time period of 12 months.