Best Credit Card in Singapore

Last updated on 2023-01-01

1. Types of Credit Card in Singapore

2. Credit Card Eligibility and Minimum Annual Income in Singapore

3. How can I get my Annual Credit Card Fee Waived?

4. Credit Card Spending Patterns

5. What is the Best Credit Card to Apply For?

 

Types of Credit Card in Singapore

Credit Cards in Singapore are issued by financial institutions and are usually MasterCard, Visa, American Express, JCB, UnionPay or Diners Club Cards. MasterCards and Visa Cards are the most commonly accepted credit cards and will offer the greatest ease in payment at most merchants. American Express Cards have excellent tie-ups with many luxury brands and can potentially offer many discounts and rewards at these merchants. JCB, UnionPay and Diner Club Cards are the least widely accepted but they usually offer discounts and rewards at specialty merchants.

 

Credit Card Eligibility and Minimum Annual Income in Singapore

Credit cards in Singapore require a mandatory minimum income of $30,000 per annum to be eligible. Banks are given the discretion to set minimum income requirements for their credit card products for anything beyond that. American Express Credit Cards and Visa Infinite Credit Cards are usually branded as the higher end cards and could require annual income of as high as $150,000 per annum. Naturally, they also come with greater benefits for the consumer.

 

How can I get my Annual Credit Card Fee Waived?

Higher end credit cards with high annual fees usually require a high minimum spend in order for the annual fees to be waived. When the minimum spend is not met, it is unlikely for the fees to be waived. In all other credit card cases, the industry norm is for the issuing bank to have the annual fees waived upon request by cardholders. The request can be made online or by phone call.

 

Credit Card Spending Patterns

The best credit card for you depends on your spending pattern. It is advisable to gather your spending on one credit card to yield the most benefits and have other credit cards on backup to provide benefits for specific purchases. The questions below will help you pick the best credit card for you.

 

- Tight Credit Limit

1. Are you a student or working adult that is looking for only $500 credit limit a month so as to control your spending?

If yes, you should look through our Credit Cards for Student section.

 

- Discounts and Rebates

2. Are you looking for credit cards that offer discounts for petrol?

If yes, you should look at our review for the Best Credit Card for Petrol.

3. Are you keen on credit cards that offer discounts and rebates for online shopping?

If yes, you should look at our review for the Best Credit Card for Online Shopping.

4. Are you checking out credit cards for cash rebates for dining?

If yes, you should look at our review for the Best Credit Card with Dining Promotions.

 

- Rewards

5. Are you interested in credit cards that offer specific discounts and rebates for specific shopping centres, departmental stores, pharmacies or electronics?

If yes, you should look through our Credit Cards for Shopping section.

6. Are you looking to chalk up air miles so you can redeem for free air tickets to destinations of your choice?

If yes, you should look at our review for the Best Credit Card for Air Miles.

 

- Cash Back or Cash Rebate

7. Are you most concerned with offsetting your credit card bill with cash back or cash rebates?

If yes, you should look at our review for the Best Credit Card for Cash Back.

 

- Credit Card Promotions

8. Are you simply just checking out credit card promotions so as to get the free gift or cash credits for signing up?

If yes, you should look through our Credit Card Promotions section.

 

What is the Best Credit Card to Apply For?

Still unable to decide which credit card suits you the best? Feel free to use our Lobangs Smart Search which will narrow your choices down to a list of credit cards that are most suitable for you according to your income, spending pattern and preferred rewards.