Mastercard is a trusted payment processor that’s widely accepted in hundreds of countries and territories globally. Many credit card issuers in Singapore provide Mastercard-ready cards – but which one is right for you?
Use this guide to learn everything you need to know about MasterCard credit cards.
Mastercard is accepted in hundreds of countries and millions of locations around the world. You can use your Mastercard wherever the Mastercard symbol is displayed, including at ATMs, EFTPOS terminals and online.
Just about all newly issued Mastercard credit cards make use of this technology that enables cardholders to make contactless payments for purchases of up to S$250.
You can contact Mastercard’s customer service team at any time on 800 1100 113 within Singapore. This service can help you with the reporting of lost or stolen cards, it can provide emergency replacement cards and cash advances, it can help you find the nearest Mastercard or Cirrus ATM, and it can provide information related to your account.
With Mastercard World, cardholders can take advantage Mastercard wine privileges at participating restaurants, complimentary meals at partnered hotels plus exclusive dining and travel experiences.
Mastercard Priceless Cities
Mastercard Priceless Cities offers cardholders access to a variety of unique and exclusive experiences ranging across realms like dining, shopping, entertainment, travelling, and golfing.
When you use your Mastercard overseas, you don’t have to worry about making confusing currency conversion calculations. When you use your Mastercard to make a payment, it pays the merchant in the local currency, and bills you in Singapore dollars.
- Easy access to funds. While you can use your Mastercard to make in-store, online, and over the phone purchases, you can also use it for cash advances at ATMs and supporting financial institutions.
- Mastercard SecureCode. This online program provides additional security when your credit card details make it to the online marketplace, minimising the possibility of unauthorised usage. Many hundreds of thousands of online merchants support transactions made using SecureCode.
- Zero Liability. Mastercard’s Zero Liability policy protects cardholders from unauthorised and fraudulent charges made using their cards. You can receive protection though this policy if you meet certain criteria, which include exercising due diligence in keeping your card safe, and reporting theft, loss, or unauthorised use as soon as you find out.
- Fees. The fees you end up paying depend on the credit card issuer you choose to go with as well as the card you get. While a basic no-frills Mastercard might require you to pay little or no annual fees, you might have to pay a noticeably higher annual fee if you get a platinum Mastercard.
- Interest rate offers. As well as standard purchase or cash advance rates, you can also compare Mastercard products based on any promotional interest rates that can help you cut costs with 0% purchase and balance transfer offers.
- Credit card issuer. Mastercard products are available through a variety of Singapore credit card issuers. As they determine many of the features and fees that come with the card, it’s important to consider which company issues the card when comparing your options.
- Rewards. While Mastercard does not provide a rewards program, you can find several Mastercard credit cards linked to various rewards and frequent flyer programs. This is something you should consider if you’re looking to earn points as you spend.
- Complimentary insurance covers. Some Mastercard products offer complimentary insurance covers including transit accident insurance, interstate flight inconvenience insurance, international travel insurance, purchase cover insurance, and extended warranty insurance.
While Mastercard products offer a variety of benefits, it’s important to compare the different products offered by Singapore issuers to find the right card for you. For more, read our guide that compares Mastercard with Visa.
History of Mastercard
Mastercard began operations in the late 1940s, at a time when a number of American banks gave their customers specially issued paper that they could use in the form of cash at local establishments. Mastercard issued its first batch of credit cards in California, to serve as direct competition to the Bank of America card that later went on to become Visa.
With time, a number of franchises evolved in several cities, and in 1966, one such group formed the Interbank Card Association (ICA). No single bank dominated the running of this organisation and member committees came into effect for this very purpose. ICA went on to become Mastercard in 1979.
History of Mastercard in Singapore
By the late 1960s, ICA started spreading its wings outside the US, and its initial affiliations were with Banco Nacional in Mexico and the European Eurocard. Japanese members entered the picture in the same year. By the late 1970s, it had members from Japan and Africa. A further expansion in the 1980s saw it entering Australia, Latin America, and Asia.
As of now, Mastercard has over 30 offices around the world, with a particularly strong presence in the Asia-Pacific region. Its Singapore headquarters is located in 3 Fraser Street DUO Tower, Level 17, Singapore 189352. Most major Singapore banks offer credit cards affiliated to Mastercard.
How can I apply for a Mastercard credit card?
You can apply for Mastercard credit cards through the issuing institutions online, or in-branch. Just make sure you’ve compared your credit card options and confirmed you meet the eligibility requirements before apply.
How long does it take to apply and how soon will I receive my card?
If you begin the application process with all the required information nearby, the application should take no more than 10 to 15 minutes to complete. After the card issuer approves your application, it can take up to 10 business days for you to receive your card.
What eligibility criteria to I have to meet to apply for a Mastercard?
You should be at least 21 years old, a citizen or permanent resident of Singapore or a foreigner with a valid work permit. You will also need to have a good credit history.
How can I make repayments?
This depends on the credit card issuer, and your options can include direct debits, cash, cheques, AXS stations, and Singapore Post outlets.