Singapore Credit Cards
While it may only have a fairly small population for a country, the bustling city state of Singapore has a very competitive credit card industry with a number of Singapore, Asian and international institutions offering a range of cards such as the RBS Switch Platinum Card. It’s hard to get around Singapore without exposure to credit card offers, there are posters and promotions everywhere and many of the major stores or restaurants have alliances with certain card issuers.
When looking for Singapore credit cards, here are some of the main things to know;
Rates/APR: While the market is competitive it differs significantly from markets such as Europe and the USA where interest rates (APR) play a big factor in decision making. In Singapore the default purchase rate is offered at the same 24% APR on the vast majority of cards. This means there is often little to compare when it comes to purchase rates but you should check what the grace period is (if any) from when you purchase goods to when interest starts getting charged. At the rate of 24% APR you will pay a lot of interest each year if you use credit cards as a long term way to pay goods off - try and keep your sepnding in check so you can afford to pay the bill off each month.
Annual Fees: Singapore credit cards have a nominal annual fee but it is normal for this to be waived for a number of years to new card holders. Before you apply make sure you know how many years fee waiver the card provides and make a note of what the annual fee will be once the waiver ends. It may end up that with other offers you never actually end up paying a fee.
Rewards: Rewards are key to credit card offers in Singapore and finding the best credit card is all about finding a card that offers the best rewards to suit your spending pattern and lifestyle. Some cards offer traditional rewards schemes such as points or frequent flyer points while others offer extra discounts and rebates with partner retailers and restaurants in Singapore. Premium cards such as Platinum credit cards normally offer special privileges such as extra service or access at Singapore venues or travel and product insurances.
While in other countries a rewards scheme may be something tacked on to a credit card, in Singapore the rewards and privilages are the key point of difference for most cards.
Funds Transfer: Finally, one more thing to check if you have outstanding debt on other credit cards is if they allow a credit card funds transfer where you move the balance of other cards to your new card at a lower APR. Not all cards offer this facility but it becoming more common.
Applying for a credit card can be done quickly and easily online with most banks although many will require some extra information before they will approve and send out your credit card. If you are not a Singapore citizen then you can still apply for most cards but you will find the lending criteria is a little stricter.
Finance article by R Greenwood of creditcardapr.com.sg which compares credit cards in Singapore including credit card fund transfers for Singapore consumers.
Mail this postPopularity: 31% [?]
Tags: credit card rewards, credit cards, platinum credit cards, privilages, singapore, singapore credit cards
Print This Post
Posted in
0 Responses to “Singapore Credit Cards”