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What's in this guide?
What is a credit card?
A credit card is a form of unsecured credit issued by banks. It allows users to make purchases without having to pay with cash and withdraw money from ATM machines. All Singapore credit cards come with a credit limit and an interest rate which is set by the lender. Credit cards are different from debit cards which are tied to actual money in a savings account.
How does a credit card work?
When you use a credit card, you are essentially borrowing money from the bank to pay the retailer for goods or services. You’ll get a credit limit from the lender and this is how much you can spend on the card. The limit can range from around S$500 to thousands of dollars. The bank sets your limit after they’ve assessed your ability to make repayments.
At the end of each monthly billing cycle, you’ll receive a statement that tells you the total amount you owe the bank. By paying back the debt in full and on time, you typically won’t be charged any interest fees.
Different credit cards are suited to different kinds of uses. There are many types of credit cards in Singapore, including those which let you accrue rewards, air miles and cash rebates. The type of card that will work best for you will depend on a number of factors. These include:
- What you want to use the card for
- What you want to get back from the card, such as perks or cashback
- Your financial history, including your credit score
- The cards you’re eligible for
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Compare credit card features – rewards and cashback
Rewards cards
A rewards card can be a worthwhile way to get something back from your spending. Whether you’re a frequent flyer, loyal customer or big grocery spender, you can find a rewards credit card to suit almost any lifestyle.
- The major draw of this type of card is earning points that can be redeemed for rewards. Depending on the card you use and the promotions in place, you may be able to earn bonus points when making certain types of purchases or shopping with a particular retailer.
- What you can redeem your points for will vary from card to card. Some allow you to redeem points for flight rewards as well as shopping or travel vouchers. Others can be used for cash back, to redeem merchandise or even to donate to charity. Learn more about how rewards credit cards work.
Cashback
Like a rewards card, a cashback card gets you something back on your spending. Cashback cards pay back a percentage of your credit card spend, usually as a statement credit. You could receive, for example, 1.5% back on every dollar of spending.
- Cashback cards have the benefit of being straightforward: you don’t need to worry about the best way to maximise your credit card rewards, you simply get paid a fixed percentage.
- Your cashback is credited to your account automatically, so you don’t need to worry about points expiring, or the loss of accumulated rewards due to account closure.
- With the right card, cashback is effectively a permanent discount on all your spending – as long as you repay your balance before interest charges start.
Air miles
There are a lot of ways to get a return on your credit card spend and for the savvy traveller air miles can be a very attractive alternative to broader rewards cards or cashback cards.
- Used for the right flights or flight upgrades, redeeming air miles can offer some of the highest percentage returns on every dollar you spend compared to other types of credit card rewards.
- You can often transfer your air miles into other points programmes, including car hire or hotel loyalty programs.
- Air miles are usually awarded on all of your credit card spending, no matter where you pay your air miles card will earn you something back.
- Look out for accelerated earnings when you use your card while you travel.
Shopping rewards
Many credit cards offer discounts at selected stores when you pay with your card, or offer an accelerated reward earning rate at specific stores. If you regularly shop at certain retailers getting the matching card can save you a lot of money.
- Expect to see significant discounts in the order of 10% to 15% with some cards and retailers, or offers such as saving S$20 when you spend at least S$80.
- Accelerated rewards earnings rates are essentially the equivalent of a discount: earning 10X the rewards when you shop can work out to be a significant return in percentage terms.
Dining rewards
If you like dining out think about a card that offers discounts on dining or a higher cashback or rewards earning rate on your restaurant spend.
- The savings on eating in a restaurant when you pay with a credit card that offers solid dining benefits can be very attractive, including two for one dining offers and discounts of up to 50%.
- You could qualify for other benefits including special events.
- Credit card dining benefits cover a range of tastes and preferences so there’s likely to be a card that offers discounts and benefits at your style of restaurant.
Petrol rewards
The savings you can get on a credit card with petrol discounts can be excellent, including savings rates of over 20% on some cards, so it is really worth paying for filling up your car using a suitable credit card.
- Get a mix of on the spot discounts, cashback on your statement and rewards points when you pay for petrol with your credit card.
- Petrol discounts cover a wide range of service stations around the country.
- Your petrol discount is usually uncapped, you can save money every time you stop to fill up.
If you’ve used your card for purchases, your debt begins to accrue interest. This is called an APR, or annual percentage rate, and it usually ranges between 11.99% and 28%. APR lets you know how much interest you’ll need to pay for borrowing money on a credit card. It takes into account regular interest, along with any other fees and charges. Therefore, APR can be a useful indicator of how competitive a credit card is. How do interest charges work? Each month, you’ll receive a credit card statement. Your statement will include key details such as: If you pay your entire credit card balance in full each month, you can usually take advantage of up to 55 interest-free days in the next statement period. Basically, you won’t pay any interest on what you’ve borrowed. However, if you don’t pay off the whole debt then you’ll be charged interest on what’s left. That’s why it’s always best to pay all of your balance each month. Keep in mind that, if you miss the minimum repayment – which is typically about 2-3% of your total balance – you’ll be charged late payment fees. You may want to try our credit card interest calculator to test how long it could take to pay off debt. 12 essential credit card tips to ace your application In Singapore, banks and other lenders mostly rely on the Credit Bureau Singapore (CBS) credit score to determine the repaying capacity of the applicant and the probability of default on loans. The CBS Credit score is a 4-digit number computed by the CBS. It’s based on the applicant’s record of past repayments of loans and credit card debts. The score set ranges from 1000 to 2000, whereby 1000 indicates a high risk of default and is thus considered a poor credit score. Conversely, 2000 is an excellent credit score, indicating the lowest risk of default. Read more about how you could improve your credit score before you apply for a card. Pros Cons Firstly, keep in mind that you’ll have to meet the card issuer’s minimum eligibility requirements to have any chance for your application to be approved. Once you’ve done a thorough comparison and you’re ready to apply for a new card, just click on the ‘Go to site’ button in the table or review. This takes you to the official application page of your chosen lender on this page. There, you can read the full terms and conditions before starting a secure, online application with the bank or lender. This also means that Finder doesn’t collect your personal details or information during the application process. Eligibility requirements for a credit card usually include: Again, make sure you confirm that you meet the eligibility criteria before you submit your application for a credit card in Singapore; rejected applications can have a negative impact on your credit score. Why should I use Finder to look for a credit card? Finder makes it easy to compare dozens of Singapore credit cards side-by-side, in order to help you find one that meets your personal needs and circumstances. Start by working out the card type which will work for you. This will vary depending on the way you like to spend. When you are sure that you’ve met the eligibility requirements and you’re ready to apply, click ‘Go to site’. You’ll then be taken to your chosen provider’s website – the rest won’t take long. What’s a good first-time credit card to apply for? That’s really up to you to decide. After all, the right card is one that’s matched to your circumstances. If you’ve just started further education, then a student credit card can offer you a great start in terms of credit accountability, while allowing you to benefit from relevant card perks during your studies. Find out more about how student credit cards work. If I pay off my balance each month, what types of card should I consider? If you’re careful with managing you spending and can commit to paying off your credit card balance in full, then you may find a credit card that offers rewards is a good option to consider. Such cards offer a range of deals, from discounts on petrol to shopping perks at your favourite store or dining out. Also, you could maximise the benefits of cashback on your purchases as this type of card may benefit you each time you spend. Is everyone offered the same rate of interest? No, you may have to pay a higher rate of interest if you’re seen as a high-risk borrower. Every card issuer has a different criteria for the rates they offer, and it’s no different when it comes to fees and charges. We encourage you to read the terms and conditions carefully before choosing a credit card, in order to get a clear picture of the cost of your borrowing. What’s the minimum credit score for a credit card? Unfortunately, there’s no hard and fast rule. Generally speaking, most Singapore credit card issuers may turn down applicants who have a bad credit history. That’s why it can be helpful to order a copy of your credit report before you apply. The score set by the Credit Bureau of Singapore ranges between 1,000 and 2,000. The higher your score, the lower your lending risk is likely to be. Those who score close to 2000 – which equates to the highest possible credit score risk grade of AA – will have the very best chance of approval. Can I withdraw cash on a credit card? You can, but that doesn’t mean you should. In Singapore, this may be around 5% of the amount of the advance, or S$10 (whichever is greater). Typically, you’ll have to pay interest starting on the day you take out a cash withdrawal. Plus, you could face extra charges for borrowing cash on a card. This is especially true if you take money out while you’re overseas. If you’re planning to travel, look for a card that offers low or 0% fees on foreign transactions.Understanding APR
How am I charged for using a credit card?
6 credit card application tips
Understanding your credit score
Pros and cons of credit cards
How to apply
Credit card eligibility
Frequently asked questions
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