Best for
Cashback
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The best credit cards of 2021
Our top picks for cashback, no annual fee, rewards and more.
The best credit cards are ones that have excellent introductory offers, reasonable APRs and a bunch of perks to make the annual fee well worth it. Here are a few of the latest and best credit cards to grab our attention in October 2021.
Best credit card for cashback
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.
Winner: American Express True Cashback Card
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.
- Cashback bonus. 3% cashback with no limits on the total amount of cashback with the American Express True Cashback Card, with cashback automatically credited to your account.
- Unlimited cashback. Earn 1.5% cashback after your welcome bonus rate, with no minimum spend and no earn cap.
- Dining benefits. With American Express Selects, you can benefit from a wide array of special discounts and benefits at dining establishments around the world.
- Cashback on foreign currency spend.
- Complimentary insurance. Stay protected with American Express’s travel inconvenience and travel accident insurance, up to S$350,000.
- Annual fee. This card will cost S$171.20 (inclusive of GST) p.a. after the first year annual fee waiver.
- Low cashback rate. Since the bonus 3% cashback is only applicable for up to $5,000 spend in the first six months, the cashback rate will revert to a low 1.5% after that.
- Registration required. To unlock a further 1% cashback on foreign currency spending, you’ll need to register for this benefit every year.
- Annual fee. Your first year’s card membership will be free, but subsequent years will be subject to a S$171.20 (inclusive of GST) annual fee.
- Introductory bonus. Receive 3% cashback as an introductory bonus offer upon S$5,000 spend in the first six months.
- Sign-up bonus. New members can get up to S$120 CapitaVouchers upon S$500 spend within first month of membership when they apply. T&Cs apply. Ends 31 January 2022.
American Express True Cashback Card
Best no annual fee credit card
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.
Winner: HSBC Revolution Credit Card
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.
- No annual fee. Benefit from perpetual annual fee waiver.
- 10X rewards for selected spend. Earn 10X reward points (or 4 miles) per dollar spent when on online shopping, food delivery or future travel bookings. Contactless payments through Visa payWave and Apple Pay are also eligible for this accelerated earn rate.
- 1X rewards. All other eligible spend will earn you 1X rewards, with no minimum spend or maximum cap.
- Balance transfer perks. New cardholders are entitled to a one-time preferential rate of 1.68% p.a. for 6 months, with zero processing fee.
- Petrol discounts. Save on your fuel spend with a host of petrol discounts – 21.15% discount at Caltex stations (ends 31 Dec 2021) and 14% discount at Shell stations (ends 31 Dec 2021).)
- Reward cap. 10X reward points are capped at 10,000 points per calendar month.
- Point expiry. Points are only valid for 3 years after they are earned, so make sure to redeem them before that.
- Annual fee. This is a free-hold card with no annual fee.
- Interest-free days. Take advantage of up to 20 days interest-free on purchases when you pay your balance in full by the due date on each statement.
- Complimentary travel insurance. Travel with a peace of mind with up to S$300,000 overage when you charge your travel expenses to the card.
- Additional cardholders. Add up to five additional cardholders to your account free of charge and earn reward points for every eligible transaction charged to the card(s). Supplementary cardholders must be at least 18 years of age.
- Sign-up gift. New cardholders will be awarded with up to S$200 cashback, S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$60 cashback. T&Cs apply. Ends 31 Oct 2021.
Best rewards credit card
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.
Winner: Citi Prestige Card
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.
- Welcome offer. Receive 62,500 ThankYou Points (25,000 Miles) or Gadget Welcome Gift. Terms and conditions apply. Valid until 31 Dec 2021.
- Referral bonus. Receive S$120 per successful referral and up to S$1,200 bonus for further successful referrals. T&Cs apply. Ends 31 Dec 2021.
- Complimentary hotel stays. Take advantage of a free night’s stay when you book a minimum of four consecutive nights at any hotel or resort.
- Accelerated reward earn rate The Citi Prestige Card allows you to earn 5 ThankYou points (2 miles) for every dollar spent overseas and 3.25 ThankYou points (1.3 miles) for every dollar spent locally.
- Relationship bonus. Depending on the tenure of your banking relationship, you can stand to gain up to 30% additional ThankYou Points
- Complimentary green fees. Enjoy six complimentary golf games per year at courses across Singapore, Malaysia, Indonesia and China.
- Travel perks. Unlimited free access to hundreds of Priority Pass airport lounges and eight complimentary one-way airport limousine transfers.
- No expiry for reward points. Since there’s no expiration for Citi ThankYou Points, you can take your time to accumulate them.
- Annual fee. This card comes with a hefty annual fee of S$535. This amount is subject to change and cannot be waived.
- High income requirement. You’ll need a minimum annual income of S$120,000 to qualify for this card.
- Annual fee. The Citi Prestige card costs S$535 p.a.
- Complimentary travel insurance. You’ll be automatically covered for up to S$1,000,000 when you charge your full travel fares to the card.
- Round-the-clock concierge. The global Citi Prestige Concierge team is available 24/7 to answer any enquiry or request.
Honourable mentions
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:
HSBC Advance credit card
- For cashback, annual fee waiver and attractive rewards
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.
Key features:
- Annual fee waiver. The card attracts a S$192.60 annual fee after the first year. The fee is automatically waived if you charge at least S$12,500 for eligible purchases on the card within a year. The annual fee is perpetually waived for HSBC Advance customers.
- Cashback. Earn up to 3.5% cashback on all purchases (no minimum spend required). Cardholders can earn either 1.5% cash rebate for monthly spendings below S$2,000 or 2.5% cash rebate for monthly spendings above S$2,000. HSBC Advance banking customers can reap an additional 1% flat rate cash rebate. Take note that the monthly cashback is capped at S$70 for non-HSBC Advance customers, and no cashback cap for HSBC Advance customers.
- Earn reward points on eligible purchases. Earn reward point per dollar charged to your HSBC credit card for eligible purchases made locally and overseas. Points can be redeemed for merchandise, vouchers, travel and accommodation and other rewards listed in the HSBC Rewards Catalogue. Alternatively, you can convert your reward points to Asia Miles or KrisFlyer miles.
Citi PremierMiles card
- For air miles, travel perks and exclusive deals
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.
Key features:
- Citi Miles. Earn 2 Citi Miles for every S$1 overseas spend and 1.2 Citi Miles for every S$1 local spend. There’s also no expiry for Citi Miles.
- Welcome gift. New cardholders can earn up to 45,000 Citi Miles as a welcome bonus if the S$9,000 minimum spend requirements are met within three months from date of card approval. Alternatively, cardholders can opt for a first-year annual fee waiver and earn up to 18,000 Citi Miles if the S$4,000 minimum spend requirements are met within three months from date of card approval. T&Cs apply. Ends 31 Oct 2021.
- Annual fee. This card charges a standard annual fee of S$192.60. You may also opt for a first-year annual fee waiver and forgo the welcome gift offer.
- Airport lounge passes. Cardholders gets Priority Pass membership and will receive two complimentary visits every year to airport lounges worldwide.
How we select the best credit cards
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.
Credit card ratings
★★★★★ — 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.
How do I compare the best credit cards?
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. |
Compare some of the best credit cards
What features are in the best credit cards?
Before signing up for a credit card, make sure to review and compare some of these key features:
Signup bonus
Many rewards cards offer bonus points to new customers to help you kick start your rewards cache.
Earning categories
Does the card earn points on all purchases or just some purchases? And do some categories offer more points than others?
Transfer opportunities
Big name rewards cards allow you to transfer your points to travel rewards programs. This flexibility is highly valuable when used correctly.
Perks
Rewards cards can come with a terrific selection of additional benefits. These can prove valuable provided they suit your needs.
Annual fee
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.
0% balance transfer
Transfer debt to a 0% transfer card to save on interest while paying off your debt.
Bottom line
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.
- Why trust us? Here at Finder, we have an experienced team of credit card experts who are passionate about helping you learn about credit cards and find the right card for you. We’ll let you know if a card has high fees and poor rewards compared to other cards in the industry. We aim to educate readers how to identity a great card that will benefit their finances. After all, we have thousands of hours of credit card research under our belt and we’ve pledged to write unbiased and accurate content in our editorial guidelines.
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