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Best credit cards
Compare Singaporean credit cards side by side to find the right card for you.
What is the best credit card in Singapore? With so many products available, there isn’t one card that’s right for every person. But thinking about the features you want, your spending habits and financial history can help you compare your options and find a good card for you.
In this guide we outline how to choose the best credit card for your needs. Plus, compare available cards here and apply for a new deal fast.
Best for
Cashback
Best for
Groceries
Best for
Air Miles
Compare some of the best credit cards
What's in this guide?
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 or rewards cards. Or if you want a card to help you manage your day-to-day expenses, you could compare 0% purchase or balance transfer cards.
What type of cards will I benefit from if I pay off my balance each month?
A key factor in choosing the best credit card for you will be the way in which you pay off your debt. If you are disciplined and like to clear your balance in full each month, then a card which offers rewards or cashback (or both) while you spend could be a great option. Such benefits can be valuable to the right person, especially once any introductory or bonus offers are factored-in, such as free luggage. Or, bonus air miles like a credit card linked to a KrisFlyer account.
Reward credit cards offer points or cash based on the amount you spend points or cash based on the amount you spend. They can be a useful way to get extra value from your purchases, by offering savings at places you love to shop or through discounts at a later date, such as for flights or upgrades. Read more about how rewards credit cards work. Just be aware that the ‘earn rate’ of these cards varies according to where you use the card. Plus, they sometimes come with a higher rate of interest. So, any benefits will be wiped out if you have any outstanding credit balance that’s left to accrue more interest.
Back to topHow to find the ‘best’ credit card in each category.
Rewards credit cards offer reward points based on the amount you spend. You can redeem your points for shopping, travel, gift vouchers and many other rewards. Reward programs differ greatly in the variety of rewards they offer, from flights to shopping, gift cards and experiences. Make sure the rewards available are of interest to you. Also ask yourself: is there a bonus on account opening? Rewards cards very often come with an introductory sweetener, like a lump sum of reward points or an enhanced earn-rate for a limited period.
Check how many points your card offers per S$1 spent. This is known as the ‘earn rate’ and it’s an important factor to consider when you’re comparing credit cards. Many rewards credit cards also have point’s caps that only allow you to earn a specified amount of points during a statement period, so check for this limitation too. Also, consider the other features of the card, such as complimentary insurances or balance transfer offers, as well as rates and fees.
Cashback credit cards, as the name suggests, reward users with cash back to the tune of up to 10% of spending on the card. Some cards may require a minimum spend, or put a cap on maximum cash back allowed each month. Most credit cards also specify whether it is applicable on only local purchases or includes overseas spending too. The cards would generally offer cash back both on retail and online purchases. Look out for additional perks and discounts the whole year round.
When it comes to cashback cards, ask yourself: Do you actually earn cashback (account credit) or vouchers? Watch out for cards billed as offering cashback, that actually issue vouchers (with restrictions on where they can be redeemed). Finally, if there is a promotional rate of cashback, make sure you do the sums, as you might find that the “best” cashback option will only be the best for a certain period of time…
If you love eating out or ordering in, dining credit cards could be your credit card of choice. Not only do the cards make your meals more affordable – through coupons, 1-for1 discounts and other perks – but many also come with extra perks such as cashback.
Credit card providers typically specify which restaurants and joints are eligible for discounted payment. These may include both local and overseas outlets. Dining credit cards usually offer an array of rewards and discounts, not only on dining but for grocery shopping, at petrol stations and more.
Grocery credit cards or supermarket credit cards are cards that reward the user for shopping for groceries or at the specified supermarket. Generally, they provide a percentage of actual spending on the card as cash back, reward with discounts and offers to stretch your dollar more. If you head to the supermarket every few days to stock up on your groceries, the grocery credit card could be for you.
Look for the annual fee component of your card, the interest payable, the cap on cash backs and if there is a minimum monthly spend required to trigger the rewards. Also, check for the validity of the card as some grocery cards tie up with other retailers, dining outlets, petrol stations and even offer cash back and discounts on taxi rides.
Air miles credit cards help you earn air miles on everyday purchases, either directly or by transferring card reward points to your chosen airline loyalty program. Anyone who wants to maximise their air miles to enjoy free flights and other benefits. To find the best miles card for you, consider the following:
- Which air miles program is available? Some credit cards are tied directly to a specific airline rewards scheme. Others allow you to transfer credit card reward points to partner air miles programs, such as American Express Membership Rewards.
- Compare the earn rate. The earn rate is the number of points you earn per S$1 spent. Also check whether there’s a cap on how many points you can earn each month or each year.
- Other valuable features. What other features do you want from your card? Are there any bonus points on offer, complimentary insurance, airport lounge passes or an annual fee waiver?
Student cards are low-cost credit card options that are available for students who want to get the most out of their spending while they study. They’re a good way to build credit history and understand the responsibilities of debt. Plus, students can take advantage of a range of added benefits such as Grab discounts and 1-for-1 meal savings.
In Singapore, student credit cards have a minimum age requirement of 18 years and also require parents’ consent for the card.
What else should I know to help me choose the best credit card?
Keep the following factors in mind when you’re comparing credit cards so that you can find the best options for your needs:
Limited-time offers. Promotional offers that give you bonus points, 0% interest rates and other introductory perks usually run for a limited time. So if you have seen an offer you like, make sure you check the date that it ends before you apply. You can use the comparison tables above to compare the latest credit card offers and click on either the card name or “Go to site” to find out more about the introductory offer and ongoing features.
Variety of rewards. The ‘best’ credit cards in Singapore will offer lots of different perks in a range of categories. Even within one category, such as travel, you’ll find perks ranging from complimentary insurance to free luggage and concierge services. Always weigh the card’s typical fees against any potential savings you’ll get from such offers.
Ongoing costs. Being fully aware of all ongoing costs will help you find a card that’s affordable for you beyond any introductory period or another special offer. Some key factors to compare include annual fees and the card’s rate of interest. Even if you’re looking at the best credit cards with low or no fees, there will be times when specific charges apply. For example, does a foreign transaction fee apply? If it does, you may want to shop around for a card with a lower fees on foreign transactions, or with a competitive exchange rate on overseas spending.
Terms and conditions. Credit cards feature a list of terms and conditions that apply for each individual feature or offer. Keep this in mind when you’re comparing credit cards; be sure to check the requirements for all the features, so that you can get the most of your chosen plastic while avoiding any nasty surprises.
Application eligibility. Each credit card has a set of eligibility requirements you need to meet before you can apply, such as age, income and residential status. These requirements vary, so we’ve included specific details on our credit card review pages.
Keep in mind that a provider also bases their decision on factors such as your credit score, your income and how likely they see you as being able to meet the repayments.
Bottom line
In truth there isn’t a single “best” credit card on the market in Singapore. However, comparing a wide range of cards can be a great way to help you find a credit card that meets your needs. By spending a little more time on your research, you could find a card that suits how you like to spend, helps you meet your financial goals and ultimately saves you money.
Back to topFrequently asked questions
How do I apply for a credit card?
Once you’ve chosen the best credit card for you, based on your specific needs, you can apply online. If your chosen card is offered by a provider in the table above, start by clicking on the green ‘Go to site’ button. Alternatively, you can apply in-person at a bank branch.
If you’re approved for a credit card, the bank will post you a card which you will have to activate and sign on the back side of the card. They’ll also let you know your credit limit. This figure is how much you can borrow, and it’ll appear on any credit card statement which you receive.
What information will I need to share during the application process?
This varies between credit card providers, but typically includes:
- Your contact details, including an email address
- Employment and income information, such as recent payslips
- Details of your regular expenses, debts and assets.
- A copy of your driver’s licence or other identification.
If you’re applying online, you may need less paperwork as a lender can verify some of your details online through a credit reference agency.
How does a credit card differ from a debit card?
A credit card lets you borrow money from a card provider up to a set limit in order to purchase items on credit, both online and in-store. Therefore, the money you spend on them is a debt which needs to be paid back later. Debit cards, on the other hand, don’t typically involve any borrowing. Any purchases that you make on your debit card is paid for by a deduction in your funds.
How can I pay my credit card bill?
Most providers offer a few different options. These include via online banking, at an ATM, a SAM kiosk or AXS machines. You can usually also settle your bill in-person at your bank. It’s worth keeping in mind that paying off your bill in full each month is the best way to avoid additional charges. You may want to set up a direct debit payment to ensure you do this in a timely manner.
How many credit cards should one person have in Singapore?
That’s really up to you and the answer will depend on your personal circumstances. Some may feel that holding no more than one or two credit cards is all they are comfortable with managing. For instance, the more cards you have could just increase the chances that you forget about a bill payment and are hit with a late payment charge.
What can I do if my credit card application gets rejected?
You may want to take care before lodging a new credit card application. That’s because multiple applications, particularly in a short period of time, can negatively impact your credit score. It could be best to try and find out exactly why you’ve been turned down. Start by contacting the lender to ask why you were unsuccessful in your application.
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