Best Credit Cards in Singapore 2025

Credit cards in Singapore work on a simple principle: you're borrowing money to pay for something now, with the agreement to repay it later. This borrowed amount, along with any applicable interest and fees, is reflected on your monthly statement. Choosing the right card is crucial because different cards cater to different needs and spending habits. Whether you're looking to earn rewards, save on interest, or build your credit, selecting a card that aligns with your financial goals can make a significant difference in your financial well-being.

Here's a breakdown of the typical credit card transaction process:

1. Card Usage

You use your credit card to make purchases at merchants.

2. Authorisation

The merchant requests authorisation from your credit card issuer.

3. Payment Processing

The issuer pays the merchant, and the transaction is recorded.

4. Repayment

You receive a statement and repay the amount due, either in full or in instalments.

>> READ MORE: How does a credit card work? 

Credit card rewards come in various forms, offering different ways to earn and redeem benefits based on your spending habits.

Cash back

Earn a percentage of your spending back as cash, typically redeemable as a statement credit or direct deposit.

Points or miles

Accumulate points or miles redeemable for travel, gifts, or other rewards, offering flexibility for various redemption options.

Flat rate

Earn the same rewards rate on all purchases, providing a consistent return on every dollar spent.

Bonus rewards

Earn higher rewards rates in specific spending categories, allowing you to maximise earnings by strategically using your card.

>> READ MORE: Cashback or rewards credit cards: Which is better?

Singapore's credit card market offers a variety of cards designed to meet diverse needs. If you're a frequent spender who pays off your balance regularly, rewards cards with cashback or miles can be beneficial. For those who occasionally carry a balance, interest-saving cards with low APRs can help manage costs. And if you're new to credit or rebuilding your credit history, credit-building cards provide a starting point. Each type of credit card caters to specific financial situations, so understanding your needs is crucial in making the right choice.

These cards reward you for your spending, offering cashback, miles, or points that can be redeemed for various benefits. If you're a frequent spender who pays off your balance in full and on time each month, rewards cards can provide significant value. Explore different types of rewards credit cards based on your preferences:

• Cashback cards: Earn a percentage of your spending back as cash.

• Travel cards: Accumulate miles or points for flights and travel perks.

• Air miles cards: Earn air miles for flights and travel redemptions.

• Hotel rewards cards: Enjoy hotel discounts and perks for your stays.

These cards offer low interest rates or 0% introductory periods on purchases and balance transfers, making them ideal for managing debt or financing large purchases. If you tend to carry a balance or need to consolidate high-interest debt, interest-saving cards can help you save on interest charges. Consider these options:

• Low-interest cards: Benefit from consistently low APRs on your outstanding balance.

• Balance transfer cards: Enjoy 0% interest on transferred balances for a promotional period.

These cards are designed for individuals with limited or no credit history, helping them establish or rebuild their credit score. Responsible use of a credit-building card, including on-time payments and low credit utilisation, can pave the way for accessing more rewarding credit cards in the future. Look for options like:

• Secured credit cards: Require a security deposit that typically matches your credit limit, minimising risk for the issuer.

• Credit cards for no credit score: Help those with no credit history build credit and access other financial products.

• Student credit cards: Designed for students with limited credit history, offering lower credit limits and easier approval requirements.

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Finding the best credit card in Singapore requires careful consideration of your individual needs and financial situation. Use our credit card comparison tools to help you compare credit cards Singapore has to offer.

Know your creditworthiness. In Singapore, your credit score is crucial for credit card applications. Obtain your credit report from the Credit Bureau Singapore (CBS) to understand your standing and improve your chances of approval for the best offers.

Align your choice with your financial behaviour. If you're a high-spender who pays in full each month, explore rewards cards. If you carry a balance, prioritise interest-saving cards. For those new to credit, opt for credit-building cards.

Use SingSaver's comparison tools to evaluate cards based on your needs. Compare interest rates, fees, rewards, and perks to find the ideal card for your spending habits and financial goals.

Select the card that best suits your requirements and apply securely online through SingSaver. Ensure you meet the eligibility criteria and have the necessary documents ready for a quick and easy application process.

Each credit card comes with its own set of features and benefits, catering to different needs and priorities. Understanding these features and how they align with your spending habits is crucial in finding the right card for you. While some cards offer attractive rewards, they might come with higher interest rates or annual fees. Others may prioritise low interest rates but offer limited perks. Finding the perfect balance depends on your individual requirements and financial goals. 

Here are the key factors to consider when comparing credit cards:

While some credit cards come with annual fees, others are free. Weigh the cost of the annual fee against the benefits offered by the card, such as rewards, perks, or introductory offers. If the value you gain from the card outweighs the fee, it might be worth considering. However, if you prefer to avoid annual fees altogether, there are plenty of no-annual-fee credit cards available in Singapore that still offer competitive features.

Other fees to consider:

• Foreign transaction fees: If you travel frequently or make international purchases, be mindful of foreign transaction fees, which can add up quickly.

• Balance transfer fees: If you plan to transfer a balance from another credit card, compare balance transfer fees and introductory APR periods to find the most cost-effective option.

• Cash advance fees: Cash advances typically come with high fees and interest rates, so it's best to avoid them unless necessary.

• Late payment fees: Always pay your credit card bills on time to avoid late payment fees, which can be substantial.

Many credit cards in Singapore offer attractive introductory interest rates on purchases and balance transfers for a limited time. Take advantage of these offers to save on interest charges, especially if you plan to make a large purchase or transfer a balance from a high-interest card. However, remember that these rates are usually temporary, so factor in the ongoing interest rate after the introductory period expires.

The ongoing interest rate, or APR, is the rate you'll be charged on outstanding balances after any introductory period ends. This rate can vary depending on the card and your creditworthiness. If you tend to carry a balance, look for cards with lower ongoing APRs to minimise interest charges. However, if you consistently pay your balance in full and on time, the ongoing interest rate becomes less of a concern.

Credit card rewards programmes allow you to earn cashback, points, or miles on your spending. Evaluate the earn rate, redemption value, and redemption options of different rewards programmes to find one that aligns with your spending habits and preferences. Consider whether you prefer cashback, travel rewards, or other benefits like shopping vouchers or discounts.

Many credit cards offer attractive sign-up bonuses to entice new cardholders. These bonuses can come in cashback, points, miles, or vouchers. Factor in the sign-up bonus when comparing cards, especially if you can easily meet the spending requirements to earn it. However, don't let the sign-up bonus be the sole deciding factor, as the card's long-term value and suitability to your needs are equally important.

Think of perks as the extra benefits you receive simply for holding a particular credit card. These can significantly enhance your overall experience and provide added value beyond the rewards you earn. Travel-focused cards often offer perks like airport lounge access, travel insurance, and priority boarding. Premium cards may include benefits like concierge services and exclusive event access. Here are some common perks to look out for:

• Travel benefits: Airport lounge access, complimentary travel insurance, priority boarding, and free checked bags.

• Lifestyle benefits: Exclusive discounts at partner merchants, concierge services, and access to events.

• Shopping benefits: Purchase protection, extended warranties, and price protection policies.

• Security benefits: Free credit monitoring, fraud protection, and the ability to lock your card instantly if it's lost or stolen.

If you're new to credit or working to improve your credit score, consider these factors when choosing a card:

• Reporting to credit bureaus: Ensure the card reports your payment activity to all three credit bureaus in Singapore (CBS, Experian, and TransUnion) to build a positive credit history.

• Secured card options: If you have limited or no credit history, a secured credit card that requires a security deposit can be a good starting point.

• Credit limit increases: Look for cards that offer opportunities to increase your credit limit over time as you demonstrate responsible credit usage.

• Educational resources: Some cards provide access to educational resources and tools to help you learn about credit management and improve your financial literacy.

The ideal number of credit cards varies from person to person. It depends on your needs and how well you manage your finances.

• No set limit: You can have multiple credit cards as long as you manage them responsibly. Each lender evaluates your creditworthiness individually.

• One card is sufficient: You don't need multiple cards for a good credit score. One card used responsibly can build a positive credit history.

Maximising rewards

Different cards offer various rewards programmes, such as cashback, air miles, or points, often with bonus rewards for specific spending categories like groceries, petrol, and restaurants. By strategically using different cards, you can optimise your rewards earnings and enjoy greater benefits.

Increased flexibility

Multiple cards provide backup options if one card is lost, stolen, or declined. They also offer greater flexibility when travelling or making purchases from merchants with specific card acceptance networks.

Improved credit utilisation

Spreading your spending across multiple cards can help lower your overall credit utilisation ratio, which is the percentage of available credit you're using. A lower credit utilisation ratio can positively impact your credit score.

Difficulty tracking spending

Managing multiple cards can make it challenging to track your overall spending and stay within budget. This can lead to overspending and accumulating debt.

Risk of missed payments

Juggling multiple credit card accounts with different due dates increases the risk of missing payments, which can result in late payment fees and negatively affect your credit score.