Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a. with a fee of £3 per month, your representative rate is 24.7% APR (variable).
Tourism is a massive contributor to the economy of Singapore. Tens of millions of people visit the country from overseas every year, keen to experience the fun attractions, island resorts and pleasant temperatures all year round.
It’s one of the most economically developed countries in the whole of Asia, meaning tourists should have little to no problem spending money on a credit card.
The three main credit card networks to choose from are Visa, Mastercard and American Express. These should all be accepted by most retailers, restaurants, attractions and hotels.
Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
There are millions of cash machines across Singapore. You’ll find them in all districts, at train and bus stations, petrol stations, shopping centres and popular tourist destinations. Bank-affiliated ATMs don’t usually impose additional fees to those your bank may levy.
It’s recommended to carry a few Singaporean dollars on the off chance you come across a vendor that doesn’t accept credit card, particularly smaller independent newspaper vendors, cafes, restaurants, bars and retailers.
However, you can expect to be able to complete most transactions by credit card if you prefer.
Find a great deal on your travel money for Singapore
Chip and PIN is commonly used in Singapore. In the switching of technology, some retailers falsely believe that they can no longer accept magnetic-stripe cards while some others will not let you use them, to do their bit in reducing credit card fraud. All they need you to do is swipe your card instead of inserting it into the machine, and then get you to sign for the purchase.
If you use a chip-and-signature card, it’s likely you’ll be able to use it in Singapore. However, some businesses are hesitant in accepting them because they are not sure if it’s allowed and some others don’t accept them to cut down on credit card fraud. If you’re getting tickets from a machine, you’ll need to enter a PIN, in which case your chip-and-signature card won’t work.
Singapore is well-known for having one of the world’s lowest crime rates. By exercising some caution when using your credit card in Singapore, you’ll have a relatively trouble-free experience.
In spite of the low crime rate, tourists can be a target of certain criminals. Instances of theft at airports are not uncommon, so stay vigilant while arriving and departing. There have been numerous instances of thefts from hired cars so don’t leave your wallet or purse in a parked car.
Credit card fees can leave a noticeable dent in your pocket when you’re travelling overseas, so know what you’re up against well in advance and choose a card with no or low fees.
British credit card issuers typically charge a fee equivalent to 1% to 3% of your transaction, so carefully review your card’s fine print to avoid statement surprises. Some cards designed for travel come with no foreign transaction fees, so this could be a good time to switch.
Learn more about cards designed for overseas spending
If a retailer offers to bill your credit card in sterling, dynamic currency conversion comes into play. While this might sound like a good deal, you’ll actually end up getting a worse exchange rate, and you might also end up paying currency conversion fees. Whenever you’re presented with an option, choose to pay in the local currency.
Using your credit card to withdraw money from an ATM may not make sense unless it’s a bona fide emergency. Each time you withdraw funds from an ATM, you’re likely to pay a cash advance fee. Your APR for cash advances is normally higher than your purchase APR, and you’ll typically get no grace period on interest – instead, you start paying interest immediately. Again, some cards designed for overseas spending will waive this fee.
The table below serves as an example of how much extra you may pay to use your credit card in Singapore.
Additionally, you can get an idea of costs by using these online currency conversion tools from Mastercard and Visa.
Ask yourself these simple questions before you leave so your spending in Singapore does not hit any roadblocks.
When you’re in Singapore, you don’t have to worry about where and when you can use your credit card. Just keep some cash handy to pay for small purchases.
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