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When choosing this year’s top cashback card, we considered several factors, including cashback gained per dollar spent, available cashback categories, welcome offers and other card perks or benefits. We highlighted one that stood out above the others in a particular category.
The American Express True Cashback Card currently offers a 3% cashback as an introductory bonus offer upon S$5,000 spend in the first six months on your card. All other eligible transactions earn you 1.5% cashback, with no complicated spend category requirements, minimum spend and cashback cap. To top it off, AMEX computes and gives immediate cashback in the same month’s statement.
Your card includes additional benefits such as dining privileges with the American Express Selects, 24-hour customer care and global assistance.
When choosing this year’s top no-annual-fee card, we compared a number of factors among eligible cards, including welcome offers, reward opportunities, redemption options and other features a consumer might consider in a no-annual-fee credit card. We highlighted one that stood out above the others in this particular category.
Whether you’re looking to repay your debt faster, earn extra reward points or air miles from your recreational and discretionary spending, the HSBC Revolution credit card has it covered. Look forward to 10X bonus reward points from online, dining and entertainment expenses, plus a wide array of other perks – with no annual fee to worry about.
When choosing this year’s top rewards cards, we looked at a number of factors, including rewards gained per dollar spent, available rewards categories, welcome offers and other card perks or benefits. We highlighted one that stood out above the others in a particular category.
The Citi Prestige Card comes with an impressive array of privileges and perks – from unlimited lounge access to complimentary green fees and more. It offers a reward rate of 1.3 miles per dollar spent locally and 2 miles for ever dollar spent overseas, with no expiration or earn cap. Not to mention, you can also earn up to 30% rebate on your retail spend depending on your banking relationship.
There are two cards that didn’t rank among our top credit card picks, but may still be attractive to those looking for travel rewards or an all-rounder option. Here are two feature-packed credit cards that are worth mentioning:
Earn up to 3.5% cashback and pay S$0 annual fee for the first year with the HSBC Advance Credit Card. It features a broad range of benefits, including a cashback program, reward points, petrol discounts and welcome gifts.
If you’re looking to kickstart your travel rewards, the Citi PremierMiles card is definitely worth considering. Designed for frequent flyers, this card offers 2 miles per S$1 spent overseas, up to 45,000 bonus miles and a host of other benefits, including complimentary travel insurance and airport lounge passes.
To derive the true value of the credit cards and find the best one for each category, we’ve examine the details and compared 19 cards using a star rating system.
★★★★★ — Excellent
★★★★☆ — Good
★★★☆☆ — Average
★★☆☆☆ — Subpar
★☆☆☆☆ — Poor
Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.
Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.
No matter what type of credit card you’re looking for, it’s important to understand all the key terms so that you can get one that works best for you. So, here are the key features you should look at when you compare credit cards.
|Fee or feature||Description|
|Annual fee||The amount you’ll pay every year to keep the card and the account open (ranges from $0 to over $800).|
|Purchase interest rate||The interest rate charged for most purchases you make (usually 25% to 28% p.a.).|
|Interest-free period||The amount of days applicable to new purchases where interest isn’t charged (usually from 20 to 25 days).|
|Balance transfer rate||The interest rate that applies to the balance you move onto the new card (usually at a prevailing interest rate between 18% – 28% p.a.).|
|Balance transfer fee||If applicable, this one-time processing fee is charged when you move a debt to a balance transfer card. It’s usually 1% – 3% of the amount transferred or a flat dollar amount between $100 – $200.|
|Cash advance rate||This rate is charged when you make an ATM withdrawal or cash-equivalent transaction. It is usually around 29% to 30% p.a. and is charged from the date the transaction is made.|
|Cash advance fee||A one-time fee that’s charged when you make a cash-equivalent transaction. It’s usually 8% of the total transaction, with a minimum dollar amount between $10 – $15.|
|Foreign transaction fee||Applies when you make a transaction in a foreign currency – whether that’s online or when you’re overseas. It is usually 2% – 3.5% of the transaction value once it’s converted to Singapore dollars.|
|Other fees and charges||Keep an eye out for additional cardholder fees, printed statement fees, optional rewards program enrolment fees, card replacement fees or any other charges that you think will apply to you based on how you plan to use the card.|
|Introductory offers||Credit cards often come with promotional features and perks for new customers, such as welcome gifts, bonus points or waived annual fees in the first year. These types of deals can give you more value when you first get a new card, as long as you meet the offer requirements.|
|Rewards program||If you want to earn rewards for your credit card spending, pay attention to the type of rewards available. Some credit cards are linked to existing reward schemes, including the KrisFlyer and Asia Miles programmes. Others have their own rewards programs, such as Citi ThankYou Rewards or American Express Membership Rewards.|
|Insurance covers||Available insurance covers (if any) that are included with the card. Common types include international travel insurance, purchase protection insurance and extended warranty cover.|
|Other perks||Some of the most popular extras include airport lounge passes, flight and travel vouchers, gift cards, concierge services, ticket and event offers, hotel discounts and status credits, discounts with retail partners and complimentary subscriptions.|
|Lender or issuer||Credit card providers have different criteria when it comes to eligible purchases, debt you can transfer, packaged home loan products and more.|
Before signing up for a credit card, make sure to review and compare some of these key features:
Many rewards cards offer bonus points to new customers to help you kick start your rewards cache.
Does the card earn points on all purchases or just some purchases? And do some categories offer more points than others?
Big name rewards cards allow you to transfer your points to travel rewards programs. This flexibility is highly valuable when used correctly.
Rewards cards can come with a terrific selection of additional benefits. These can prove valuable provided they suit your needs.
Many cards offer decent rewards for no annual fee. Expect to pay a bit more, however, if you’re looking to get the highest rewards rate, the most generous welcome offer or a host of premium perks.
Transfer debt to a 0% transfer card to save on interest while paying off your debt.
When you’re looking at getting a credit card, know that there’s no one “best” credit card for everyone since the value you get depends on your personal spending habits and card preferences.
Before applying, make sure you compare cards based on their features and fees so to find one that suits your budget and needs.
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