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Smart Spender’s Guide: 5 Best Credit Cards in Singapore for 2024

best credit card singapore
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Singapore’s movement towards a cashless society has resulted in a significant surge in the use of credit cards for both point-of-sale and online transactions. In 2022, credit cards accounted for 36 percent of all point-of-sale transactions, according to the findings from the FIS Global Payments Report 2023. It also captured 42 percent of e-commerce transactions, indicating its dominance in the financial landscape.

With Singaporeans holding more than three cards on average, it’s clear that card payments play a vital role in everyday expenditure. This convenience and the ability to track spending make credit cards a valuable tool in your financial arsenal. That said, the importance of credit cards in managing your personal finances cannot be overstated. 

Our guide compares Singapore’s top five credit cards for 2024, focusing on rewards, fees, and interest rates for various needs. Get tips to match the right card with your spending and financial goals, covering air miles, cashback, and low-interest options for smart financial management.

Key Features to Consider in Credit Cards

In a report by the Strait Times, Vantage Markets’ global payment manager, Mr Edward Ong, said, “Everyone uses credit cards. (They know) which card to use when shopping for groceries and which one gives you the best cashback…”

When choosing the best credit card for your needs, consider the benefits that align with your shopping habits and lifestyle. Whether maximizing cashback, collecting air miles, or enjoying other rewards, selecting the right card can enhance your purchasing power and provide significant savings over time. Here are a few features to consider:

Annual Fees and Fee Waivers

Some credit cards, like the CIMB World Mastercard, offer no annual fee. This can be a significant advantage for cardholders who prefer not to have additional yearly charges. Other credit cards, such as the OCBC 365 Credit Card, offer fee waivers for the first year. 

This means that the cardholder does not have to pay any annual fee for the first year of usage, which can be an excellent way to try out a credit card without incurring immediate costs. After the first year, the annual fee applies unless waived under specific conditions, such as meeting a minimum spend requirement.

More importantly, consider if you get more value back for paying the annual fee. For instance, If you’re paying S$196 annual fee but the value of the cashback, rewards, or perks you are enjoying doesn’t equal or exceed S$196, then the annual fee may not be worth it for you.

Cashback and Rewards Programs

The cashback and rewards you earn on purchases can make a significant difference. Look for cards that offer higher cashback rates or more points in categories where you frequently spend. However, it is important to consider that most cashback and rewards are earned when you spend a certain amount annually. 

Tara Falcone, a Certified Financial Planner and the founder of the financial literacy program ReisUp, shared in a report by CNBC: “People approach rewards credit cards from the perspective of ‘how much should I spend to get this perk?’ And that’s the wrong way to approach it,” 

Remember, the best rewards programs are tailored to your spending patterns, providing more value for your purchases.

Interest Rates and Charges

Interest rates are a critical aspect, especially if you tend to carry a balance. Cards with low introductory rates or competitive ongoing APR (Annual Percentage Rate) can help minimize the cost of borrowing. Be mindful of other charges such as late payment fees or penalties that can add up.

Minimum Income Requirements

Credit cards have varying minimum income thresholds that must be met for approval. This ensures that the credit extended is in line with your financial capacity. Consider this factor to find a card that’s accessible based on your income level.

Foreign Transaction Fees

If you travel abroad or make purchases in foreign currencies, foreign transaction fees can be an additional expense. Some credit cards offer lower fees or even waive them entirely, making purchases more affordable when you’re overseas.

Top Credit Cards in Singapore

At a Glance

Credit CardEligibilityKey FeaturesAnnual FeeInterest RateForeign Transaction Fee
OCBC 36521+ years; S$30,000 (S’porean/PR), S$45,000 (Foreigner)5% cashback on dining/food delivery, 2x cashback up to S$160, 3% on pharmacy/EV chargingS$196.20 (first 2 years waived)27.78% p.a.3.25%
UOB One21+ years; S$30,000 (S’porean/PR), S$40,000 (Foreigner)Up to 15% cashback, up to 22.66% fuel savings, up to 7.8% p.a. interest with UOB One AccountS$196.20 (first 2 years waived)27.80% p.a.3.25%
HSBC Revolution21+ years; S$30,000 (S’porean/PR), S$40,000 (Foreigner)10X Reward Points on online/contactless, no minimum spend for rewards, 1X Point on other spendsNo annual fee26.9% p.a.3.25%
DBS Yuu21+ years; S$30,000 (S’porean/PR), S$40,000 (Foreigner)5% cash rebate, 0.5% per yuu Point, Additional 13% rebate for S$600 spendS$196.2027.8% p.a.3.25%
POSB Everyday21+ years; S$30,000 (S’porean/PR), S$40,000 (Foreigner)Up to 10% cashback on dining/groceries/online, up to 50% off attractions, 20.1% savings at petrol stationsS$196.20 (first year waived)27.8% p.a.3.25%
OCBC365 credit card

OCBC 365 Credit Card

As a savvy spender, you’ll appreciate the range of cashback rewards offered by the OCBC 365 Credit Card, especially with recent enhancements that include even more opportunities to save on your everyday expenses.

The OCBC 365 Credit Card caters to those seeking to maximize cashback on daily spending. It is lauded for its expansive cashback benefits across various spending categories. An appealing aspect of this card is the cashback available on essential and frequent expenditures such as dining out, ordering food deliveries, and everyday online purchases.

Features

  • You receive a generous 5% cashback on dining and food delivery, facilitating savings every time you dine out or order in.
  • Enjoy 2x more cashback of up to S$160, which doubles your cashback earnings on a variety of spends.
  • If you’re spending on pharmacy needs, streaming services, or electric vehicle (EV) charging, you benefit from a 3% cashback, adapting to more aspects of modern life.

Check out more perks at OCBC 365 Credit Card’s official website.

Eligibility

  • Minimum Age: At least 21 years old
  • Minimum Annual Income Requirement:
    • Singaporean or Singapore PR: S$30,000
    • Foreigner: S$45,000

Fees

  • Annual Fee: S$196.20 (waived for the first two years)
  • Foreign Transaction Fee: 3.25%
  • Interest Rate: 27.78% p.a.
UOB One credit card

UOB One Card

The UOB One Card is designed for individuals who seek high cashback rates and additional savings on their expenditures. It is a popular choice among credit card users in Singapore due to its competitive cashback offerings and the ability to accrue extra savings interest. As a cardholder, you’re positioned to optimize your spending in various categories including bills, groceries, and more.

Features

  • Earn up to 15% cashback on daily spend
  • Enjoy fuel savings of up to 22.66% at participating petrol stations.
  • Earn up to 7.8% p.a. Interest on savings with a UOB One Account when you spend on a UOB One Card
  • Sign-up promotion: Get S$350 Grab Vouchers when you apply now

Eligibility

  • Minimum Age: At least 21 years old
  • Minimum Annual Income Requirement:
    • Singaporean or Singapore PR: S$30,000
    • Foreigner: S$40,000

Fees

  • Annual Fee: S$196.20 (waived for the first two years)
  • Foreign Transaction Fee: 3.25%
  • Interest Rate: 27.80% p.a.
HSBC Revolution credit card

HSBC Revolution Card

The HSBC Revolution Card offers reward points on online and contactless purchases with no annual fee, fitting modern spending habits seamlessly. The HSBC Revolution Credit Card is tailored for digitally-savvy consumers who prefer to make transactions online or via contactless methods. 

It’s designed to reward these spending patterns more generously than traditional purchasing methods. With its focus on catering to the digital era, this card positions itself as an essential tool for those who prioritize convenience and rewards when shopping or dining.

Features

  • Earn 10X Reward Points on online and contactless payments through Visa payWave, Apple Pay, or Google Pay. (Equivalent to 4 miles or 2.5% cashback per dollar spent)
  • No minimum spend required for earning rewards.
  • Accumulate 1X Reward Point for all other types of spending without any cap.
  • No annual fee.

Eligibility

  • Minimum Age: At least 21 years old
  • Minimum Annual Income Requirement:
    • Singaporean or Singapore PR: S$30,000
    • Foreigner: S$40,000

Fees

  • Annual Fee: No annual fee
  • Foreign Transaction Fee: 3.25%
  • Interest Rate: 26.9% p.a.
DBS YUU credit card

DBS Yuu Card

The DBS Yuu Card is designed to maximize your savings with competitive rebates on daily expenses, especially at partner merchants. It is a reward-centric credit card that caters to your everyday spending needs. It’s a tool crafted to blend seamlessly with your lifestyle, offering you a way to earn significant cash rebates on your day-to-day purchases.

Features

  • Enjoy a 5% cash rebate on purchases without a minimum spend and no cap on the cashback earned.
  • Each yuu Point you earn is equivalent to 0.5% in cash rebates
  • If you hit S$600 total qualified spend in a calendar month, you can earn an additional 13% in cash rebates.
  • Sign-Up Promotion: New cardmembers enjoy S$150 cashback

Eligibility

  • Minimum Age: At least 21 years old
  • Minimum Annual Income Requirement:
    • Singaporean or Singapore PR: S$30,000
    • Foreigner: S$40,000

Fees

  • Annual Fee: S$196.20
  • Foreign Transaction Fee: 3.25%
  • Interest Rate: 27.8% p.a.
POSB Everyday credit card

POSB Everyday Card

The POSB Everyday Card is a staple for many in Singapore, offering a multitude of rebates and cashback opportunities on daily essentials, utilities, and fuel, ensuring savings on common expenses. By targeting common expenditure categories, cardholders are able to receive significant rebates on utilities and other essentials. This makes the card an efficient tool for managing household budgets and maximizing returns on routine spending.

Features

  • Earn up to 10% cashback on dining, groceries, and online shopping, putting money back into your pocket where it counts.
  • Enjoy up to 50% off top family attractions and other exclusive deals
  • Enjoy 20.1% savings and cashback when you fill up your vehicle at partnered petrol stations.

To learn more about the benefits, visit the POSB Everyday Card website.

Eligibility

  • Minimum Age: At least 21 years old
  • Minimum Annual Income Requirement:
    • Singaporean or Singapore PR: S$30,000
    • Foreigner: S$40,000

Fees

  • Annual Fee: S$196.20 (annual fee waiver for the first year)
  • Foreign Transaction Fee: 3.25%
  • Interest Rate: 27.8% p.a.

Other Notable Cards

When considering a variety of credit cards in Singapore for your financial arsenal, look beyond the most advertised offers to uncover some equally competitive options.

  • Amex CapitaCard: This card aligns well with frequent shoppers at CapitaLand Malls. You earn STAR$® rewards across various shopping and dining establishments, further extending your savings and rewards potential. Plus, it offers a lower annual fee of S$172.80 than the credit cards listed above.
  • Standard Chartered Smart Credit Card: Perfect for digital natives, this card offers up to 6% cashback on eligible online and contactless spending. It also offers S$0 annual fee and a 3-month interest-free instalment.
  • Citibank Rewards Card: If your expenditures are fashion and shopping-centric, you’ll find value in the Citibank Rewards Card. You can enjoy 10x points for online purchases as well as in-store shopping. 
young woman use credit card

Choosing the Right Credit Card

Matching Credit Card Features With Personal Spending Habits

Your spending habits are crucial in determining the best credit card for you. If you dine out or shop frequently, a card offering higher cashback for these categories could be beneficial. On the other hand, frequent travelers might prefer a card that earns air miles for every dollar spent.

For example: Sara is a young professional who primarily spends her money on dining and food delivery, and frequently purchases maintenance medication. She hardly ever shops in physical stores and rarely travels overseas. 

With this spending pattern, Sarah should look for a credit card that offers the best rewards for her specific expenses, such as OCBC 365 Credit Card. With this card, she can earn up to 5% cashback as well as benefit from 3% cashback for pharmacy spending.

Evaluating Benefits Versus Costs

The benefits a credit card offers should outweigh its costs. Consider cards that provide a net gain, factoring in annual fees, interest rates, and how much you need to spend to earn rewards. Assess if the rewards and cashback justify any fees.

Tara Falcone, a Certified Financial Planner, also advised: “If it’s a cash-back percentage, look at how much you spent on groceries, then multiply that by the percentage and see how much you’ll get back on groceries.”

Considering Additional Perks and Privileges

Besides basic rewards, look for cards that come with perks that fit your lifestyle. This may include airport lounge access, complimentary travel insurance, or special deals with partner merchants. Evaluate if the additional benefits provide a significant value to your lifestyle preferences, such as exclusive travel privileges.

FAQs

1. What Is the Number 1 Best Credit Card?

The title of the number 1 credit card can vary based on criteria such as rewards, interest rates, and special perks. However, a card like the UOB One Card is often highlighted for its generous cashback offers, making it a strong contender for the top spot. 

2. Which Credit Card Has No Annual Fees in Singapore?

From the list above, the HSBC Revolution Card offers zero annual fee. However, several credit cards in Singapore waive the annual fee, particularly for the first year. An example is the UOB One Card which is known to periodically offer promotions that include an annual fee waiver. 

3. Which Credit Card Is Best for Big Purchases Singapore?

Based on the list above, the UOB One Card is the best choice for big purchases in Singapore for 2024, offering up to 15% cashback on daily spending. This card is ideal for large expenditures, providing substantial savings and additional benefits like fuel savings and interest on UOB One Account savings. The added incentive of S$350 Grab Vouchers as a sign-up promotion further enhances its appeal for significant purchases.

Conclusion

Your journey through the various credit card options has highlighted the importance of matching a card’s benefits to your spending patterns. Whether seeking cashback rewards, travel perks, or simply starting with a basic card as a beginner, the choices in Singapore are abundant.

Key Takeaways

  • The choice of credit card should be based on individual spending habits and lifestyle needs
  • When choosing a credit card, consider factors like cashback rewards, annual fees, interest rates, and specific spending categories like dining, groceries, or online purchases.
  • Cards like the UOB One Card and HSBC Revolution Card offer attractive benefits tailored to specific spending patterns, such as high cashback rates or no annual fees.

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