A Credit Card to use for every occasion. Find out the the Ultimate Guide to Credit Cards in Singapore that allows you to maximize your expenditure, points and cashback rebates.
Best Credit Card Singapore: Preamble
I am a credit card fanatic. I always try to maximize my usage of credit cards usage such that I can get maximum benefits – I am the “Maximizer” shown below. The downside is that I have to carry more credit cards in my wallet but I don’t mind this extra hassle. I understand this may be an issue for some. As such I have catered for different “solutions” for different requirements if you have below. Before we go into the details, do keep in mind the 3 points below.
- The suggestions below are meant for working adults and not students. The income requirements for some of the cards may be higher than your current salary but still don’t hold back applying because of this. Most credit card companies are not that strict with regards to the income requirements and generally are able to accept a certain level below their listed income requirements.
- Only apply / use the credit cards that meet your personal needs. For example, if you don’t have a car, you may not require a petrol card; if you don’t eat at the Feed at Raffles group of restaurants, don’t apply for a American Express Platinum card. In short, only apply for the cards that you require and will use. For that you will need to customize the recommendation below based to your own spending habits and own needs.
- That being said, always applying for a Petrol Card if you pump petrol for your card. The potential savings that you lose out by using another card is extremely high. Please look here for the Best Petrol Credit Card Singapore.
- There is significant rationale in consolidating your expenses to a couple of credit card companies. The benefits are (a) ability to gather enough points (as compared to small quantum over different card companies) to exchange for something useful before they expire, (b) Economies of scale when exchanging for miles as the exchange of miles usually requires a processing fee for about $25 regardless the number of miles exchanged. Hence, rather than exchanging miles across different card companies where you will be charged multiple processing fees, it is cheaper to exchange miles with a single credit card company; (c) For me, less statements is also less of a hassle and allows me to monitor my expenses better.
- I personally prefer to consolidate my expenses primarily to Citibank, DBS, UOB cards. I would like to emphasize though that this is my preference and may not be yours. Please do choose a different credit card from (a) Best Credit Card for Miles / Points, (b) Best Cashback Credit Card Singapore, and (c) Best Petrol Credit Card Singapore that may meet your needs better if you want to consolidate your cards to only certain credit card companies.
- Suggestion would be to exchange one of the recommended cards below with a similar credit card by one of your preferred credit card company.
I can assure you that this (in my view) is the BEST WAY to use your credit cards in Singapore and is also exactly how I use my credit cards personally and not due to some affiliate marketing that I am earning.
The Minimalist: I only want to use 1 Credit Card
If you only want to use 1 Credit Card and don’t want the hassle of multiple credit cards, then use the UOB Privi Miles card. You can use this card for all local expenditure to earn 1.4 miles per dollar spent locally on anything. This is the highest miles you can earn from general expenditure. Additionally, overseas expenditure will give you 2.4 miles per dollar spent. The advantage of using this over the ANZ Travel Visa Signature Card (that also earns you 1.4 miles per dollar spent locally) is that you have the added option of changing your points earned to vouchers or miles should you require. UOB allows this option but ANZ converts your dollars spent directly to Travel$ that can only be converted to miles.
How to spend:
- UOB Privi Miles Card: Use the UOB Privi Miles Card for all expenditure (except for petrol, apply for a suitable petrol card)
The near Minimalist: I don’t want too many cards, just 3 Credit Cards
- First Card: Do you have an OCBC 360 account or UOB One account?
- Second Card: Choose your preference between cashback and points / miles cards and pick the category and hence the card you are most likely to use in terms of expenditure from the table above. Pick a different category if you have chosen the OCBC Frank Card – Online or OCBC 365 Card – initially. Note that the cashback cards typically have minimum expenditure. If you know that you are unlikely to hit the minimum expenditure regularly, choose the points / miles card instead.
- If you don’t have a UOB One Account or OCBC 360 Account, choose another card from the table above based on your 2nd most expected category of expenditure
- Third Card: Use the UOB Privi Miles Card for all other expenditure (except for petrol, apply for a suitable petrol card)
How to spend:
- Expenditure should be first focused to achieve the expenditure requirements for your UOB One Account or OCBC 360 Account
- Thereafter, use the card(s) (Themed Cards) should you have expenditure in the category(/ies) that you had chosen
- Use the UOB Privi Miles Card for all other expenditure (except for petrol, apply for a suitable petrol card)
The Maximizer: I want the maximum number of points – more than 5 Credit Cards (depending on your requirement)
- First Card (Similar to the above): Do you have an OCBC 360 account or UOB One account?
- Second Card (if required): Get a lifestyle card, only if you would like: American Express Platinum Card to enjoy the benefits of Feed at Raffles and Palate. Only use this card when dining at these restaurants.
- Third Card (if required): Get the best petrol credit card based on the petrol station you typically go to
- Forth / Fifth / Sixth / Seventh: Choose your preference between cashback and points / miles cards and pick one card from each category. Note that the cashback cards typically have minimum expenditure. If you know that you are unlikely to hit the minimum expenditure regularly, choose another cashback card or the points / miles card instead
- Eighth: Use the UOB Privi Miles Card for all other expenditure
- Others: Get other cards for specific discounts that you require. Watch movies at GV a alot? Get a HSBC card that allows you to get discounted movie tickets. Go to Starbucks often, remember to use a Citibank card that automatically gives you minimally a 10% discount.
How to spend:
- Expenditure should be first focused to achieve the expenditure requirement for your UOB One Account or OCBC 360 Account
- Thereafter, use the second card (Amex Platinum) if you ever have a meal at Feed at Raffles or Palate restaurants
- Use the third card (Petrol Card) should you need to fuel your car
- Use the forth to seventh cards (Themed Cards) for expenditure in their specific categories
- Use the eighth card: UOB Privi Miles (General Card) for all other expenditure