Getting a credit card is one of the most important financial decisions you will make in your adult life. It may seem insignificant for some, but choosing the right one can help you become a responsible credit card owner. It can also help you manage your finances and recurring expenses better.
Each bank will have different offerings, perks, fees, and uses that are fit for specific lifestyles. If you are looking to get your first credit card, or maybe you want to get hold of another, knowing your options will come in handy before you apply.
This article will discuss some of the most popular credit cards in Singapore and compare each one, plus go through the process of applying for a card. Hopefully, by the end of this post, you will have a clearer idea of what to get.
- HSBC Revolution Credit Card
Travelers, rejoice. If you want to have a credit card that earns miles for you, you have stumbled upon a gem. The HSBC Revolution Card thrives on rewards points that their users can redeem for travel miles or even rebates, depending on what they want.
Income requirements:
- Singaporean/PR Minimum Income - S$30,000
- Non-Singaporean Minimum Income - S$40,000
Highlights:
- Get ten times more rewards points or four air miles per S$1 spent on online purchases and contactless payments
- You get one reward point for all other transactions
- There is no minimum spend, and you can earn as many rewards points as you can
- The first two years of your annual fees are waived; subsequent years can also be waived with a minimum spend of S$12,500 per year
Wireless payment terminals: Visa Contactless and Apple Pay
- Standard Chartered Unlimited Credit Card
This credit card's best quality is that you can get a digital credit card approved in an instant. It also has cashback features, which is excellent if you need some rebates after all of that spending. However, it is worth noting that there might be better ones in this list for cashback purposes. Another great perk is you get two years of your annual fees waived instead of just the usual one year.
Income requirements:
- Singaporean/PR Minimum Income - S$30,000
- Non-Singaporean Minimum Income - S$60,000
Highlights:
- You get 1.5% cashback on all eligible spending
- There is no cashback cap, and no minimum spend
- Your annual fees are waived for two years
- Get up to more than 20% of fuel savings at Caltex
Wireless payment terminals: MasterCard PayPass, Google Pay, Apple Pay, and Samsung Pay
- Citibank Cash Back+ Mastercard
If you love to shop, then this is an excellent option for you. The cashback system applies to anything you spend your card on, which is excellent if you use it for a lot of things.
Note: If you only use your card for specific purchases, Citi offers another version of this card called Citi Cash Back Card for higher cashback (8% with minimum S$888 monthly spend) for dining, groceries, and petrol.
Income requirements:
- Singaporean/PR Minimum Income - S$30,000
- Non-Singaporean Minimum Income - S$42,000
Highlights:
- You get 1.6% cashback on eligible spending
- Unlimited cashback cap—keep earning forever
- The money you earn does not expire, and it is easily redeemable
- No minimum credit card spend per month required
Wireless payment terminals: MasterCard PayPass, Google Pay, Apple Pay, and Samsung Pay
These three are just some of the best ones available for most Singaporeans, but there are many other excellent credit cards you may want to check out depending on your need.
If You Want to Apply Online
Applying for your credit card online is easy. You will be requested to provide information relevant to the processing of your card. If you are a SingPass holder, some of your details will be pre-filled out for you, making the application process more manageable. Here are the details that you need to provide:
- Full name as stated in NRIC/FIN
- Contact details such as your mobile number and email address
- Citizenship
- NRIC/FIN number
- Birthday
- Employment status and contact information
- Monthly Income in Singaporean Dollars
- Address
Aside from the ones above, you will also need to submit other documents such as:
- A copy of your NRIC/FIN or Passport
- Any of the three: latest original computerized payslips, Income Tax Notice of Assessment, or the last 12 month's CPF statements
If you are a foreigner and you want to apply for a credit card in Singapore, you will have to provide the requirements above, including the following:
- Copy of your passport
- A work permit with a minimum of six months validity
- Any of the following, as long as it has your full name and address: utility, telephone bill, or other financial statements
- Latest original computerized payslips or Income Tax Notice of Assessment
Start Swiping Soon
Applying for a credit card takes a lot of consideration. Do not rush your decision, and try to look for deals online that can help you settle on one with the best returns. Good luck!
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