Credit Card Comparison Singapore

• *Disclaimer

  *The products compared here are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order for the products we list on our site, so we enable you to re-order and compare products. The initial display order is influenced by a range of factors including commercial partnerships, product costs and conversion rates, so please don’t interpret the listing order as an endorsement or recommendation from us. We’re happy to provide you with the tools you need to make better decisions, and we encourage you to make your own decisions and compare and assess products based on your individual needs, preferences and circumstances.

Best for

Rewards

HSBC Advance Credit Card

Best for

Cashback

UOB Yolo Card

Best for

Groceries

American Express CapitaCard

Best for

Air Miles

Citi PremierMiles Card

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.

What is the best credit card for me?

To choose the best credit card based on your circumstances, you need to compare benefits and features of various types of cards on the market. For example, if you want a credit card that offers benefits and perks, you could look at cashback cards, rewards cards or air miles cards. Or if you want a card with lower fees, you might consider a card with an annual fee waiver.

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

What type of credit card am I looking for?

• Rewards Credit Cards. Earn reward points as you spend and maximise the freebies and savings you can redeem with a rewards credit card.
• Cashback Credit Cards.Earn cashback as you spend and save on groceries, petrol, dining, travel and more.
• No Annual Fee Credit Cards. Enjoy a range of cardholder perks without having to pay a yearly account fee – with some cards, you could avoid the annual fee for the lifetime of the card.
• Petrol Credit Cards. Be rewarded with discounts on your fuel when you fill up the tank at certain stations.
• Air Miles Credit Cards. Compare Air Miles credit cards to earn points on everyday purchases to redeem for your next holiday with your favourite airline.
• Student Credit Cards. Manage your student expenses and establish your credit history by comparing a range of student credit cards.

Some of the brands we compare

How am I charged for using a credit card?

• Annual fee. This is the cost to own a credit card. The annual fee ranges from S$0 to hundreds of dollars depending on the credit card type. The credit card annual fee is deducted from your available credit and accrues interest at the purchase rate if it isn’t paid in the first statement period. Learn more about no annual fee cards.
• Interest rates. There are no interest charges levied on your purchases if you pay off the card balance within the grace period. Beyond that, credit cards here typically charge an interest of 24-28% per annum on your card balances. As the interest is compounded and charged on a daily basis, they can easily accumulate if you keep rolling over your balances month-on-month.
• Repayments. You’re free to repay as much as you like as often as you like. You’re required to make the minimum repayment when your statement is issued. The minimum repayment is usually 5% of your outstanding balance. You will pay a late payment fee if you don’t make the minimum repayment by the statement due date.
• Other fees. Other fees you may run into include late payment fees, overlimit fees for spending past your credit limit, foreign transaction fees, rewards program membership fees and cash advance fees.

Understanding your credit score

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 and cons of credit cards

Pros

• Convenience. When used smartly, credit cards offer a hassle-free way to pay for goods and services. They’re easy to use in-store, online and overseas both with plastic and through a smart device. They come with multiple layers of security and fraud protection, so if anything happens to your card details your money is still safe.
• Rewards. The Singapore credit cards market is a competitive one, and you can take advantage of generous sign-up bonuses and perks, ranging from free luggage to 10x cashback boosts and more.
• Using a credit card can give you “something for nothing” – as long as the rewards you earn are more valuable than the card’s overall costs. So, if you’re organised and you can pay off your balance in full each month, you can use card a bit like an interest-free loan as you’re effectively borrowing money for free.

Cons

• Debt. You could end up in a spiral of debt if you don’t manage your credit card account in the right way. On top of spending money you don’t actually have, the interest costs add up quickly if you don’t pay your balance back in full.
• Cost of borrowing. Compared to some other loan products, credit cards are relatively expensive. Always keep in mind that penalty charges and fees will apply if you miss repayments for any reason, or go over your agreed credit limit.

How to apply

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.

Credit card eligibility

Eligibility requirements for a credit card usually include:

• Age. Cardholders must be at least 18 years of age for student cards, 21 years old for regular credit cards. The minimum age for a supplementary cardholder is also at least 18 years old.
• Residential status. Most credit cards are open to application for Singaporeans, permanent residents(PR) and foreigners alike, subject to varying income requirements and additional documents.
• Minimum income. The minimum income requirement will vary between cards, but they usually start at S$30,000 p.a. for most basic credit cards and around S$80,000 or above for higher-tier products.
• Credit history. All credit card issuers require applicants to have a good credit history. A lender needs to assess how likely it is you will be able to meet your repayments.

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.

Frequently asked questions

• 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.