Find The Best Credit Cards in Singapore 2025

How to Choose The Best Credit Cards For You

Choosing the best credit card is vital for your finances and lifestyle. Consider your spending habits, goals, and preferences to optimise your reward. It's a crucial step towards finding the best credit cards for yourself.

• Identify your goals: Determine your primary purpose for getting a credit card, whether it's earning miles, cashback, rewards points, obtaining travel perks, or optimising your current spending habits.
• Compare rewards and benefits: Look for credit cards that offer rewards and perks that align with your spending habits and lifestyle in Singapore. Do also take note of the minimum spend required, if any, and any bonus cap the card might have.
• Check annual fees and interest rates: Consider the costs associated with the credit card, including annual fees and interest rates, and ensure they are reasonable and manageable.
• Assess sign-up bonuses and promotions: Look for attractive sign-up bonuses and ongoing promotions to boost your rewards and savings further.
• Research customer reviews and ratings: Read reviews from other Singaporean cardholders to gauge customer satisfaction and experiences with the credit card and its provider.
• Consider the card's acceptance: Ensure the credit card is widely accepted in Singapore and internationally, especially if you plan to use it during travel.
• Align with lifestyle and spending habits: Choose a credit card that complements your daily expenses and activities. If you frequently dine out, consider a card that offers dining discounts or rewards on dining expenses. If you travel often, choose a card with travel rewards and benefits. A card that aligns with your lifestyle and spending patterns will help maximise your overall credit card strategy.

Visa vs Mastercard vs Amex

Regarding payment networks in Singapore, Visa, Mastercard, and American Express (Amex) are the three leading global payment networks. Understanding their differences can help you choose the best credit card for your needs. Here's a quick comparison:

Visa and Mastercard

These are Singapore's most commonly used payment networks, accepted by most online and offline merchants. Under both Visa and Mastercard networks, various credit card options are available, catering to multiple spending habits and lifestyle preferences, making them highly convenient for day-to-day transactions in the country and during overseas travel.

American Express (Amex)

While less prevalent than Visa and Mastercard, Amex still holds a significant presence in Singapore, particularly among premium cardholders. Amex cards often have exclusive benefits, such as access to luxurious airport lounges, travel perks, and concierge services, appealing to frequent travellers and those seeking elevated privileges. Although Amex is not a bank, it does issue its own credit cards like the Amex Platinum Card and Amex KrisFlyer Ascend Credit Card,

Reward Programmes for Visa, Mastercard and Amex

Each network offers its own rewards programme, providing cardholders with opportunities to earn cashback, loyalty points, or airline miles on their spending. It's essential to compare these rewards programmes and choose the one that aligns best with your spending habits and lifestyle.

Guide to Credit Cards

Learn more about annual fees, credit card charges, transaction fees, cash advances, balance transfers, and minimum payments. These fees may impact your daily spending, so be sure to learn about them to avoid paying additional fees.

Annual Fees

Annual fees are a fixed charge imposed by credit card issuers each year for card membership. They vary depending on the type of credit card and its benefits. Some cards may offer a first-year waiver or promotional offers on annual fees. In most cases, premium cards with exclusive perks often have higher annual fees. Not all credit cards have annual fees; some may be free of any annual fees. It's essential to consider the annual fee's cost relative to the card's benefits and your usage to determine if it's worth paying. Some credit card issuers offer annual fee waivers as promotional incentives for new cardholders or based on spending thresholds and good credit history for existing customers.

Other Credit Card Fees & Charges

Besides annual fees, credit cards may have additional charges that vary between issuers and card types. They are as follows:

• Foreign Transaction Fees: Most credit cards impose a foreign transaction fee whenever you spend overseas or shop on a foreign website. Foreign Transaction Fees typically range from 2.5% to 3.25% on top of the current foreign exchange rate.
• Cash Advance Fees: If you use your credit card to withdraw cash from an ATM, a cash advance fee will apply, often accompanied by higher interest rates. Fees range from 6% to 8% with a minimum of S$15 per transaction.
• Balance Transfer Fees: When transferring balances from one credit card to another, a balance transfer fee may be charged, usually between 2% to 4% of the amount transferred.
• Late Payment Fees: If you fail to make the Minimum Payment Due on or before the Payment Due Date, a Late Payment Charge of S$100 will typically be levied.
• Overlimit Fees: If you exceed your credit card's approved credit limit, an overlimit fee of S$40 may be incurred for each billing cycle in which the overlimit status persists.
• Returned Payment Fees: A fee between S$20 to S$30 may be charged in the event of a bounced or returned payment.
• Finance Charges: If you carry a balance on your credit card, finance charges (interest) will be applied to the outstanding amount, varying based on the card's interest rate and the balance carried.

Understanding Credit Card Minimum Payments

• Credit Card Minimum Payments: The minimum payment is the lowest amount you must pay on your monthly credit card bill to remain in good standing with the issuer. Do note that unpaid credit card debt may snowball out of control.
• Calculation: It is typically a percentage of your outstanding balance (e.g. 27.9% p.a.) or a fixed amount, whichever is higher.
• Purpose: The minimum payment ensures you meet your obligation to the card issuer and avoid late payment fees and negative impacts on your credit score with credit bureaus.
• Risks: Paying only the minimum may lead to accumulating high-interest debt over time, extending the time required to pay off the balance, and incurring additional interest charges.
• Best Practice: To avoid credit card debt escalation, strive to pay your credit card bill in full and on time to save on interest costs. Do note that the longer you owe the bank, the more interest you will incur.

How To Apply For A Credit Card in Singapore

Check Eligibility

Review the eligibility requirements of the chosen credit card to ensure you meet the age, income, and employment criteria if you are a foreigner.

Gather Documents

Prepare the necessary documents, including identification (e.g., NRIC/passport), income proof (e.g., payslips, tax documents), and residency proof (e.g., utility bill).

Online Application

Simply apply for your credit card through SingSaver to receive your promotion or sign-up gift. You will be directed to the bank’s online application form, where you must enter your details accurately and submit your credit card application through their website.

In-Person Application

If preferred, visit a bank branch to apply in person. Bring the required documents and complete the application with the assistance of a bank representative.

Verification

The credit card issuer will verify your information and creditworthiness. This may include checking your credit history and contacting your employer for income verification.

Approval Process

Wait for the bank's approval decision. The processing time varies, but it is usually within a few business days. Some banks provide instant credit card approval, during which time a digital card will be issued to you, which you can use once activated.

Activation of Credit Card

If approved, you will receive your credit card by mail. Activate the card as per the issuer's instructions before using it.

Credit Card Eligibility

• Age Requirement: Generally, the minimum age for credit card applicants in Singapore is 21 years old.
• Income Criteria: Most credit card applications require a minimum annual income, which varies depending on the card type. Common income thresholds in Singapore are between S$30,000 to S$80,000 for basic cards and higher (S$120,000) for premium or exclusive cards.
• Employment Status: Credit card issuers typically require applicants to be employed with a stable source of income. Some issuers may accept applications from self-employed individuals or freelancers with proof of income.
• Credit History: A good credit history is crucial for credit card approval. Lenders assess an applicant's creditworthiness based on their credit score and credit report, considering factors like previous loan repayments and credit card usage.
• Debt-to-Income Ratio: Lenders may also evaluate an applicant's debt-to-income ratio to ensure they have sufficient income to manage potential credit card debt.
• Citizenship/Residency: Applicants must be Singaporean citizens, permanent residents, or holders of a valid work permit or employment pass.
• Financial Obligations: When assessing creditworthiness, credit card issuers may consider an applicant's existing financial obligations, such as outstanding loans or other credit card balances.