Best Credit Card in Singapore
Singapore Credit Cards
Want to find the best credit card for you? With Enjoy Compare, you can easily compare the credit cards available to you - all in one place. Our comparison service can provide you with all the information you need about credit cards available on the market, allowing you to make an informed decision from the comfort of your home. With EnjoyCompare, you can easily filter your results in order to find the best credit card for you without any fuss at all. Search by card brand, card type, or both. Our easy-to-use service can help you easily navigate to the selection of cards best suited to you, providing you with all the information you need to find your ideal credit card seamlessly.
Compare Credit Card in Singapore
The comparison service we offer is extensive and includes all the major brands of credit card, from American Express and Citibank to HSBC, ANZ, Standard Chartered and more. From each card’s annual fee to fee waiver offers and key details on the specific rewards each card offers, we provide you with information you need to make the best decision. To help you find the best credit card deal on the market, we have attributed a star rating to each of the credit cards on our website. In addition to this, we offer a featured deal which draws superb offers directly to our clients attention, ensuring they never miss out on a great deal because they were never told about it.
For all the information you need on the latest developments affecting the credit card industry, take a look at our blog. From changes in regulation to advice on how to get the most out of your credit cards, our easily-digestible blog posts can offer you interesting and informative insights. Get searching today to find your perfect credit card with EnjoyCompare.
Credit Card Guide in Singapore
Looking to find out more about credit cards in Singapore, still unsure about the terminology or the best ways to manage your debt. Find out more in our credit card guide, here at EnjoyCompare we hope to save you time, money and make help you make an informed financial comparison.
Finding the Best Credit Card is Easy with EnjoyCompare, Whatever you’re looking for in a credit card, we at EnjoyCompare are here to help you find the best one. Compare card benefits side-by-side and discover promotions you might have missed. Compare card benefits side-by-side and discover promotions you might have missed. Credit cards in Singapore can be a quick and easy way to borrow money to pay for things. Let’s say you are shopping and spot a must-have handbag. You have no physical cash to hand, but it doesn’t matter. You can simply pay with your Singapore credit card. Or maybe you need a new TV or computer, but it’s still a long way to pay day. Don’t worry! You can put the purchase on a credit card.
How does it work?
You start by giving some information about yourself to the banking provider, and they use this to find your credit score. The banking provider will then match your credit file to the credit card criteria, and they then use this show how likely you are to be accepted for each card. Don’t worry, the banks don’t leave a footprint on your credit file, so your credit score won’t be affected.
Credit Card Frequency Asked Questions
Am I eligible for a credit card?
The eligibility criteria for various banks differs but most require the card applicant to be at least 21 years old and above, and require a minimum annual income of at least $30,000 for Singapore Citizens/PRs, while foreign applicants would need a minimum annual income of S$45,000 and above.
What are the advantages of using a credit card?
With the advent of e-commerce and mobile-commerce, credit cards present its owner an easy way to pay online. Not only that, credit cards typically come with various types of rewards, such as air miles, reward points and cashback, allowing the user to not only pay conveniently, but also earn benefits and discounts.
How do I choose a credit card for me?
Take a look at your spending patterns and choose a credit card that complements your lifestyle. For instance, if you are a frequent traveller, getting an air miles card could be advantageous for you since you can exchange the miles you earn for flight upgrades, free air tickets and even enjoy complimentary travel insurance. Cashback cards help you save on everyday spending, such as groceries, petrol, and dining. Rewards cards let you earn points for every S$1 you spend, which you can redeem for vouchers.
What types of fees and charges do I need to pay for a credit card?
On a monthly basis, you may be charged a late payment fee if you missed the cut-off date for payment, as well as incur interest charges if you do not pay off the entire bill in full. The interest rates charged on credit cards are usually within the range of 24 to 26% p.a. Credit cards also typically charge an annual fee, but some banks may waive the fees if you use the card frequently. Do call up the bank to ask for a waiver if you see the fees being charged to your card.
What is the minimum payment?
The minimum payment for a credit card bill is usually 3 to 5% of the outstanding balance or $50, whichever is higher. If you do not pay the entire amount of the bill, interest charges will apply for the outstanding balance. If you fail to pay the minimum amount, a late payment fee will be charged to you, on top of the interest on the outstanding balance. It is always a good habit to pay off the entire amount on your credit card bill every month so that you do not incur these charges. Additionally, it will also help you keep a good credit score so that any future loans or credit that you apply for will be granted on easily.
Can I withdraw cash with a credit card?
A credit card works differently from a debit card. Essentially, the latter allows you to draw upon funds you already have in your bank account, whereas a credit card is essentially money that you are borrowing from the bank. Withdrawing cash from an ATM with your credit card is allowed but it is considered a paid service called Cash Advance. A Cash Advance fee of 6% of the amount withdrawn or S$15.00, whichever is greater, will be levied for each Cash Advance transaction made on your card account. In addition, Cash Advance prevailing interest rates are around 28% p.a. (subject to compounding if the charges are not repaid in full) on the amount withdrawn, chargeable on a daily basis from the date of withdrawal until receipt of full payment (minimum charge of S$2.50) will apply. So it is not advised to use it due to its higher charges, except when you absolutely need it.
Can I have more than 1 credit card?
Yes, you can apply for more than 1 credit card to suit your needs but try to ensure that you optimise the usage of both cards since you may be liable to pay for the annual fees of the cards even if you do no use them.
How do banks decide on my credit limit?
Most credit card issuers look at your income to set the credit limit on your credit card. Banks usually grant a credit limit of 4 times your monthly income, but this is dependent on credit card issuers and your credit score.
What happens if I lose my credit card?
If you lose your credit card, you need to inform the card issuer immediately. If your card is stolen, make a police report and inform the card issuer immediately. Once you report the loss, your maximum liability for unauthorised charges prior to reporting the loss to the card issuer will be capped at $100. This cap applies provided you have not acted fraudulently, or considered grossly negligent.
How can I prevent credit card fraud?
Due to the prevalence of credit card usage, scammers are increasingly targeting credit cards as a way to commit fraud. As a card user, there are many ways in which you can take precaution to protect your card and its misuse.
- - Keep an eye on your card during every transaction.
- - Only shop at reputable and legitimate merchants. When shopping online, ensure that the sites are secure by checking that their URL starts with https.
- - Update firewall, anti-virus and anti-spyware installed in your computer on a regular basis to minimise chances of malicious viruses being loaded into your computer.
- - Always shred old charge receipts, credit card billing statements & expired cards.
- - Make use of transaction alerts to keep track of any usage on your cards
- Ensure that you provide your bank with your current particulars, such as mobile phone number, email address and mailing address.
- - Inform your card issuer when you go overseas to allow card issuers to better identify fraud
- - Never send credit card or payment information via emails
- - Monitor and review your monthly statements, especially after an overseas trip. Check through all transactions and report suspicious activity to prevent any possible additional fraud before it occurs.
- - Minimise the performance of online transactions on shared computers
- - Never lend your credit card to anyone