Best Rewards Credit Cards
Find the right rewards credit card isn’t easy, that’s why the team here at EnjoyCompare are here to help. We have shortlisted what we think are the best reward-based credit cards in Singapore.
Reward credit cards offer reward points in exchange for the amount of money you spend on your card. These points can be redeemed for products, services or swapped with other reward-based schemes i.e. Air Miles. Each credit card provider offers their own points, which have different associated values, in other words, not all points are equal.
|Card Name||Reward Points||Bonus Reward Points
|Standard Chartered Rewards+||1 Point for S$1 spend locally.||10x Reward points for every S$1 spend in foreign currency.|
|HSBC Revolution Card||1 Point for S$1 spend locally.||5x Reward points for online, Dining and entertainment spends.|
|Citi Rewards Card||1 Point for S$1 spend locally.||10X Rewards on your shopping all year long.|
|HSBC Platinum Card||1 Point for S$1 spend locally.||Earn 2% to 5% cash back on purchases.|
Reward Card Basics
Banks offer three main rewards-based cards from VISA, MasterCard and American Express. Although the core card features may be the same, the reward points earned and the value of these reward points will be different. It is therefore important to understand how many rewards points you get for every dollar spent and then the value of these reward points in exchange for products, services or cash.
The following chart shows the value of each reward point for every dollar spent.
What’s the value of each Reward Point?
Most banking providers have branded their rewards program, below you will find the name of each bank rewards program and the points needed to redeem $100 SGD.
- Citi offers Citi Dollars and it takes 40,000 to redeem $100 SGD.
- UOB offers UNI$ points and it takes 10,000 to redeem $100 SGD.
- DBS offers DBS Points and it takes 12,000 to redeem $100 SGD.
- Maybank offers TREATS and it takes 35,000 to redeem $100 SGD.
- OCBC offers OCBC$ and it takes 36,000 to redeem $100 SGD.
- Standard Chartered offers Points and it takes 32,000 to redeem $100 SGD.
- HSBC offer HSBC Reward points and it takes 40,000 to redeem $100 SGD.
But how many Singapore dollars must you spend to get these points? Below you will find the earning ratio for each credit card provider. For the basis of comparison, we have ignored promotional offers and multipliers across spend categories.
How much do I need to spend to get $100 in rewards?
- Citi offers 1 Citi Dollar for every SGD$1 spent on the card. Therefore you would need to spend SGD$40,000 dollars to get a $100 reward (based on the Citi Rewards Card).
- UOB offers 1 UNI$ point for every SGD$5 spent on the card. Therefore you would need to spend SGD$50,000 dollars to get a $100 reward (based on the Prefered Platinum Card).
- DBS offers 1 DBS Point for every SGD$5 spent on the card. Therefore you would need to spend SGD$50,000 dollars to get a $100 reward (based on the DBS Black Credit Card).
- OCBC offers 1 OCBC$ for every SGD$1 spent on the card. Therefore you would need to spend SGD$36,000 dollars to receive a $100 reward (based on the OCBC Titanium Credit Card).
- Standard Chartered offers 1 Point for every SGD$1 spent on the card, Therefore you would need to spend SGD$32,000 dollars to receive a $100 reward (based on the Rewards+ Credit Card).
- HSBC offer 1 HSBC point for every SGD$1 spent on the card. Therefore you would need to spend SGD$40,000 dollars to receive a $100 reward (based on the HSBC Revolution Credit Card).
Therefore the most valuable reward point is as follows.
Which reward point is worth the most?
- Standard Chartered rewards points are worth SGD$0.0031 each
- OCBC$ are worth SGD$0.0027 each
- Citi Dollars are worth SGD$0.0025 each
- UNI$ are worth SGD$0.002 each
- DBS Points are worth SGD$0.002 each
- HSBC Points are worth SGD$ 0.0025 each
Most banks offer an incremental number of reward points for every dollar spent across particular categories (Travel, Online purchases, Dining, Entertainment etc). Therefore it’s important to choose the right credit card that matches your natural spending patterns. For example, a credit card provider might offer 10x reward points on all online purchases. This dramatically increases your total reward points, plus it gets you to your goal much quicker.
Reward Point Redemption
Bank allow you to redeem your reward points across a huge range of product services, vouchers and cash or credit. This means you can get a better exchange for your points. For example, an S$20 Ladurée voucher will cost you 7,200 OCBC$ points, which are worth $19.44. However, watch out as some banks then charge an administration fee.