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How to Choose the Best Credit Card?

Choosing a credit card can feel overwhelming when there are so many credit card options in Singapore. While not all credit cards are created equal, each credit card has its pros and cons. Ultimately, finding the best credit card is dependent on numerous factors, but especially your spending habits and lifestyle. Before committing to a card, here are four simple steps to guide you through choosing the best credit card: 

1. Lifestyle and spending habits: Evaluate your current lifestyle (e.g. income, disposable income, financial commitments etc.), preferences, and spending habits. This is a key step in determining what type of credit card will be of greatest value to you. 
2. Credit card rewards: Are you a frequent traveler? Do you have a predictable and consistent spending habit? Can you identify a particular category (e.g shopping, dining, grocery) which you spend more in? Familiarising yourself with credit card reward structures will better allow you to identify the right card to complement your needs.  
3. Understand the fees and check terms: It is imperative to check all the fees, terms, and conditions of your credit card before committing to it. While it is possible to waive the annual fees, evaluate if the benefits of the card is worth paying for, especially if you will not be using your card frequently. 

Find out more about credit card features, perks and benefits.

If you’re looking for product specifications on credit card features, perks and benefits, here are some of the more popular credit cards for you to familiarize yourself with before applying for one.

• UOB One Card - Find Out More About The UOB One Card
• POSB Everyday Card - Find Out More About The POSB Everyday Card
• UOB Absolute Cashback Card - Find Out More About The UOB Absolute Cashback Card
• UOB Lady's Card - Find Out More About The UOB Lady's Card
• OCBC 365 Credit Card - Find Out More About The UOB 365 Card
• Citi Cash Back Card - Find Out More About The Citi Cash Back Card
• Citi Prestige Card - Find Out More About The Citi Prestige Card
• HSBC Advance Credit Card - Find Out More About The HSBC Advance Credit Card
• DBS Esso Card - Find Out More About The DBS Esso Card
• DBS Live Fresh Card - Find Out More About The DBS Live Fresh Cashback Card
• DBS Woman's Card - Find Out More About The DBS Woman's Card
• UOB EVOL Card - Find Out More About The UOB EVOL Card

What is The Difference between Visa, Mastercard, and Amex?

Have you ever wondered if there is any difference between a Visa, Mastercard, and American Express (Amex) card? These three companies are network payment processors that manages credit card transactions. 

An important factor to consider when choosing between payment networks is the acceptance rate of the card. You would want to avoid a situation where the merchants you frequent do not accept the payment network system of your card! Both Visa and Mastercard are widely accepted. They also offer contactless payment systems that is also widely accepted in Singapore. While Amex are implemented in most large retailers, they are relatively less widely accepted compared to Visa and Mastercard. 

However, when it comes to card benefits, Amex is often known for offering the best deals amongst the three companies. This is especially so if you qualify tier cards.

How to Apply for A Credit Card?

Here is a step-by-step guide on how to apply for your credit card

1. You can apply for your credit card either through your chosen bank’s website or in person at their nearest branch.
2. Ready supporting documents. Different banks may require different sets of documents. Typically, you will need to prepare the following documents: NRIC, Proof of Income/Computerised Payslips, Letter of Employment, CPF Statements etc.
3. Complete application form, and submit application form together with supporting documents. 
4. Await confirmation and processing of your application. Once your credit card application is confirmed and approved, you will receive a letter enclosed with your new credit card. Activate your credit card through SMS, phone call, your bank’s mobile app, or at the ATM. 

Other Related Credit Card Guides

Still have questions about credit cards? Apart from user reviews on the plethora of credit cards offered, check out these ultimate guides about all things credit card! No matter your spending habits, these guides are an excellent segue into the world of credit cards. 

• Here’s Why You Should Own at Least 1 Credit Card in Singapore
• Introduction to Cashback Credit Cards: What You Need to Know And Which is Best?
• Best Cashback Credit Card 2022
• Best Cashback Credit Cards in Singapore With No Minimum Spend
• How to Get Credit Card Rewards for Paying Your Insurance, Mortage, Taxes, And More
• Best Cashback Credit Cards in Singapore With No Minimum Spend
• Guide to Visa Credit Card Surcharge Fee
• Ultimate AMEX Credit Card Comparison: Which Should You Own And Hacks to Maximise Rewards
• Best Credit Card for Students
• The Ultimate Cheatsheet: Best Credit Cards for Working Adults
• Best Grocery Credit Cards in Singapore
• Best Credit Cards for MRT/Bus Rides

Frequently Asked Questions

What is the best credit card in Singapore?

There is no such thing as a best credit card in Singapore. However, it is more likely that there is a best credit for a specific individual - this is due in part to the varying spending habits and needs of a person looking to apply for a credit card. So be sure to do your due diligence and research before applying for a credit card.

How do I apply for a credit card?

For Singaporeans in order to apply for a credit card, you will have to of age 21 years old (18 years old for student card applications). Additionally, you will have to meet a minimum annual income requirement of S$30,000 (S$40,000 for foreigner) or possess total net personal assets worth at least S$2 million or total net financial assets worth S$1 million. The application of the card can be done either online via the card issuer's website or on-site.

What's the difference between debit cards and credit cards?

When you make make a transaction or a purchase with a debit card, the funds required to complete the transaction comes from your savings or checking account. For credit cards however, the amount is charged to your credit issuer (in most cases, a bank) and it becomes your balance of which payment will have to be made at a later time - including interests.

How to pick the best credit card for you?

To pick the best credit card for you, you need to first determine what you need a credit card for. It could be for a number of reasons which might include, bill payments, online shopping, holiday spending or to manage your cash flow. Based on what you've determined are the reasons, you can then start researching on cards that provide the most benefits and perks that match your spending habits. Be sure to be pay extra attention to the fine details such as the annual fee and also on any minimum spend required in order to unlock the various perks and benefits of a card.

Does cancelling credit card affect credit score?

A credit card can be cancelled without affecting credit score, however ensure that all credit card balances are paid first.

How many credit card should you have?

The number of credit card a person should hold differs. It should depend on an individual's ability to manage their finances and also their spending habits. There are plenty of factors to look at such as annual fees, billing cycles, minimum spend for activating perks or benefits, interest rates and many more. Sometimes having too many credit cards means some credit cards get underutilized while still having to pay for the annual fees. Failing to properly manage credit card billing and payments might end up with a person's credit score being affected.

What are the disadvantages of using a credit card?

There are disadvantages of using credit cards because unlike a debit card, you are essentially owing money to the card issuer every time you make a transaction. If credit cards are not managed properly, you might end up overlooking important things such as billing cycles, interest charges, annual fees and you might end up further in debt. Also, it is easy to overspend with credit cards causing you to end up accumulating a credit card balance that you are unable to pay off completely and you will be charged with high interests causing further problems for you in settling the credit card balance.

How do I increase my credit card limit?

There are a few ways for you to increase your credit card limit. Regular use of your card and paying the balance on time is a good way and easy to increase your credit card limit. You can also increase your credit limit temporarily by applying for a temporary increase in credit limit. You can also apply for a credit limit increase by proving to the issuer that you have increase in income. Failing that, if you are eligible, you can just apply for a credit card with a higher limit.

What is the minimum salary for credit card?

In Singapore, most credit card application requires a minimum annual income of a t least S$30,000.

Is only paying the minimum credit card balance bad?

The problem with paying only the minimum amount for your credit card bills means you will stay in debt longer and your interest will keep building up.

Seedly's Product Comparison Page Listing Guidelines
For Credit Cards products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

• Monetary Authority Singapore (MAS) Licensed Bank
• Offers either cashback, miles or reward points for online or offline payments