What Makes a Great Credit Cards?
Want to find the best credit card for you? With EnjoyCompare, you can easily compare the best cards available – all in one place. Our comparison service can provide you with all the information you need about travel, Air Mile and Reward cards available in Singapore, allowing you to make an informed comparison from the comfort of your own home.
With EnjoyCompare, you can easily filter your results in order to find the best credit card without any fuss. Search by card brand, card type, or both. Our easy-to-use comparison engine can help you navigate to a selection of cards, providing you with all the information you need to find your ideal credit card seamlessly.
Compare credit cards
The comparison service we offer is extensive and includes all the major credit card brands, from American Express and Citibank to HSBC, 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 the information you need to make the best decision.
To help you find the best credit card deal, 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 on the best promotion or exclusive rewards available in Singapore. So if you’re looking for the best cashback or the best AirMiles card, then EnjoyCompare can help.
Frequently Asked Questions
You can find a guide to Singapore credit card here
- How do credit cards work? A credit card offers is effectively a short-term loan on any purchases made. Therefore you will get a bill at the end of the month, which you can either pay in full or allow the debt to roll over and you pay a relatively high interest on your outstanding debt.
- Which is the best credit card? There is a range of different credit cards, including cashback card, travel cards, rewards card and more. All of these credit cards offer credit on your purchases, but each comes with a different financial or promotional benefits. The best credit card is unique to your needs and natural spending patterns. However, a credit card that comes with an annual fee waiver, low monthly interest and a promotional benefit that suits your needs is usually a good pick. We recommend shortlisting a few credit cards then read the fine print.
- Do all cards come with a fee waiver? The majority of credit cards in Singapore offer a fee waiver. However, this is usually offered in exchange for the promotional gift.
- What is the cost of having a credit card? There are many costs associated with a credit card and when borrowing money, including late fee payments annual fees and monthly interest payments on your purchases. However, if you pay off your outstanding debt each month and select a card with an annual fee waiver, then you can maintain a credit card with no annual costs.
- How do I apply for a credit card? Apply for a credit card is relatively straightforward, simply complete an application online or in a bank branch and submit the required documents and proof of income, age and address. Then wait to see if you have been accepted and what credit level you have been given (typically $500 to $25,000 a month).
Basic credit card fees
Credit cards come with a lot of fine-print and associated fees. It is very important to understand that when using a credit card, you are effectively borrowing money on a short-term basis and this credit system comes at a cost. Therefore it’s important to manage your finance effectively and seek help if you are struggling to meet your financial obligations.
- Balance Transfer Fee is a charge for moving an outstanding balance from one credit card to another. The fee is usually a percentage ( 3%) of the total outstanding debt or a minimum fee of $10, whichever is greater.
- Annual Fee is a yearly charge for having access to a credit card and its credit facility. This is usually in the range of $80 to $400 a year.
- Cash Advance Fee is a charge for taking cash or similar transaction from an ATM and is usually 5% of the amount of the advance or $10, whichever is greater.
- Foreign Transaction Fee is a charge when you make a transaction in a foreign currency. Most credit cards don’t charge a foreign transaction fee, but those that do, typically charge 3% of the transaction amount.
How does it work?
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 payday. Don’t worry! You can put the purchase on a credit card.
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.
No annual fee credit cards
If you’re looking for a credit card with no annual fee, then your options are very limited and even the cards that do offer a no-fee service, offer limited features and finical incentives. It’s therefore, recommended to apply for a for a credit card that offers a fee waiver, that way you get the best of both worlds.
Best credit cards in 2018
Finding the best credit card can be hard, as each credit card offers different promotional offers and financial incentives. What’s more, each credit card has slightly different fees, charges and financial costs that can greatly affect the cost of borrowing. It’s important to shortlist the right credit cards that match your natural spending habits, then read the fine print to understand the financial cost of borrowing when using the credit card to make purchases locally and abroad.
|Best for||Credit Card||Eligibility Criteria|
|Earning Air Miles||Citi PremierMiles Card||Singaporean S$30,000
|Earning Cash Back||Citi Cashback Card||Singaporean S$30,000
|Earning Reward Points||Standard Chartered Rewards Plus Credit Card||Singaporean S$30,000
|Promotions & Discounts||American Express Platinum Card||Singaporean S$50,000
Credit card types
Selecting the best credit cards is complex and there are literally hundreds of different credit cards in Singapore, with most credit cards being offered from a handful of providers, including VISA, MasterCard and American Express. The most popular types of credit cards in Singapore are Cashback cards and Miles cards (also known as travel credit cards), these make up the majority of credit cards issued and are popular due to the rewards offered for every dollar spent. However, There are over five common credit card types in Singapore as follows.
- Cashback credit cards offer a rebate or credit on your next month’s statement, derived from a percentage of the total spend on your card over a given period (usually a month).
- Travel credit cards offer reward miles that can be exchanged for airline frequent flyer miles, derived from the total spend on your card over a given period e.g. 1 air mile for every $1 spent.
- Rewards credit cards offer reward points derived from the total spend on your card over a given period e.g. 1 reward point for every $1 spent.
- Student credit cards offer basic credit services to students that usually have limited or no income and a low credit score.
- Business credit cards offer credit services to employees of a business and the borrowed amount is usually the responsibility of business.