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Offer ends 30 April 2021
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No annual fee credit cards let you enjoy a range of features and perks without having to pay a yearly account fee. Depending on the type of card you choose, you’ll pay no annual fee for the life of the card or a S$0 annual fee for a promotional period (such as the first year). Other cards are fee-free if you meet certain spending goals.
Use this guide to learn how no annual fee credit cards work. Plus. how to compare the features, benefits and costs so you can find a credit card to suit your needs.
A no annual fee credit card doesn’t charge you for yearly account maintenance, which could save you anywhere from S$30 to thousands of dollars per year. This type of credit card can be ideal if you want to keep your costs low or if you don’t use your card regularly and can’t justify paying high fees.
In Singapore, annual fee waivers on credit cards are typically offered on a 12-month, two-year or ‘for life’ basis. Just be aware that no annual fee for life credit cards usually include higher standard purchase rates than other options.
While some no annual fee credit cards are pretty basic, others offer a range of additional features and benefits. If you want to get access to other credit card features while paying a S$0 annual fee, you can use the table above to compare credit cards that combine a S$0 annual fee with a variety of other benefits. These could include rewards, air miles and complimentary extras such as luggage.
These cards have no annual fees and earn reward points for every S$1 spent. Depending on the card, you could also enjoy thousands of introductory bonus points when you meet specific spending requirements. For example, a card may give you 30,000 points if you spend S$3,000 in the first 3 months from when your application’s approved. This can help you get even more value from the card when you first get it.
Want to save on interest costs as well as annual fees? A card with no annual fee and an introductory 0% purchase rate gives you a way to make interest-free purchases during the promotional period. For example, you could get a S$0 annual fee card that offers 0% p.a. on purchases for the first 6 months. After the introductory period, the 0% interest rate reverts to a standard variable rate that will apply to any balance remaining from your purchases. So this type of offer is usually popular for people who have a lot of spending to do in a short amount of time, such as around the holiday season.
Platinum credit cards offer more premium perks than regular ones, such as complimentary travel insurance, purchase insurance, S$0 overseas transaction fees, airport lounge access and concierge services. Depending on the card you choose, you could also get a higher rate of points per S$1 spent. Most platinum cards have annual fees that offset the value of these perks, so getting one that has a S$0 annual fee will help you get more from all the benefits on offer.
Air miles credit cards give you a way to earn more points through your everyday spending but usually come with high annual fees – especially if there are other travel benefits on offer. But there is a selection of air miles flyer credit cards that offer no annual fee for the first year. Depending on the card and offers available, you can also get air miles cards with a reduced or low annual fee in the first year, which helps you save on costs in the short-term.
While most credit cards charge between 2% and 3.5% for transactions made in a foreign currency, some travel credit cards waive this cost and also have no annual fee. Since you’re likely to only be using a travel credit card during your holiday, you could save on your costs by choosing one with a low or S$0 annual fee.
Many credit cards offer a number of interest-free days on purchases when you pay your account balance in full by the due date on your statement. This gives you a way to make interest-free purchases on an ongoing basis.
When comparing credit card deals, it’s important to consider your financial situation and how you intend to use a card in order to help you find the best no annual fee credit card for you.
Back to topIf you’re interested in getting a no annual fee credit card now, ask yourself these questions to help compare your options:
How often do I use my credit card? If you rarely use a credit card but still want one for unplanned expenses or emergencies, a no annual fee option will give you the features that you need without burning a hole in your pocket while you’re not using it.Pictures: Shutterstock
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