How to choose a credit card in Singapore

Singapore has nearly 20 credit cards issuers and there are more 100 credit cards available in the market!

I have recently found a website called SGRate contains all up-to-date singapore credit card information

Please consider these factors when applying a credit card in Singapore:

1) Annual income:

• minimum annual income requirment for Local residents (Singaporean, PR) is $ 30,000,


• minimum annual income requirment for non-residents (such as EP) is $ 60,000.


• Some high class credit cards request higher annual income.For example, the minumum annual income requirements for DBS Altitude Card and Citi PremierMiles Card is $ 80,000 the minumum annual income requirements for Maybank Platinum Card is $ 120,000


• Some credit cards don't have the annual income requirement. however, credit limit for those cards is only $ 500.

2) Ease of use

• Annual fee waiver - usually 1 year, the longer the better


• Points expire points (Points Expiration) - usually 1 year, the longer the better


• Repayment period (Grace Period) - usually 22 days, the longer the better


• Penalty (Late Fee) - usually S $ 45, the smaller the better


• Foreign exchange fees - usually 1.5%, the smaller the better


• Means of repayment (Repayment) - for local banks (DBS, UOB, OCBC) you could pay your credit card bills by ATM card or online bank accounts. Foreign banks' credit cards bill could be paid by AXS or SAM machine.
  

3) Award Scheme

• Reward Credit Card - accumulated points for gifts


• Shopping Credit Card - discount at shopping mall


• Cashback Credit Card - cash rebate


• Travel Credit Card - flight mileage accumulation


• Car Credit Card - a discount of motor vehicles and refueling


• Club Credit Card - only for club member
  

Recommendations:
If you are a shopaholic, shopping credit card is the best choice:

• DBS Takashimaya American Express Card


• OCBC Robinson Card


• UOB Metro Card

If you could don't spend a lot, you could apply for cashback credit cards, like:

• Citi SMRT Card


• POSB Everyday Card


• Maybank Family & Friends Card


• Citi Dividend Card


• UOB ONE Card

Some Reward Credit Cards provide 4 times or 2 times bonus points:

• American Express Platinum Card


• DBS Black Card

More Sinagapore Credit Card&Promtion information is at: SGRate.com