Looking for the best USD accounts in Singapore? Read more here about what USD accounts can you open in Singapore
Singapore has a huge number of local, regional and global banks vying for your attention - which can make finding the best credit card in Singapore a bit of a minefield.
Our simple credit card comparison for Singapore is here to help. We’ll walk through 10 popular credit cards we’ve selected from different providers and compare them across 5 key metrics. Our focus here is on credit cards meant for daily use, so we’ve picked cards with reasonably accessible minimum income requirements, low (or no) annual fees, and good cashback and reward options.
We’ll also quickly touch on the Wise card. It’s not a credit card - but it can help you get the mid-market rate and low conversion fees, so you save money when you’re spending abroad. More on that later.
|Minimum annual income / eligibility||Annual fees||Cashback / rewards||Interest rates||Foreign transaction fees|
|OCBC® 365 credit card¹||Age 21 or older Singapore citizens and PR: 30,000 SGD Foreigners: 45,000 SGD||194.40 SGD||Up to 6% cash back based on spend type||27.78% p.a on purchases||3.25%|
|UOB® One²||Age 21 or older Singapore citizens and PR: 30,000 SGD Foreigners: 80,000 SGD||194.40 SGD||Up to 15% cash back based on spend type||27.8% p.a on purchases||3.25%|
|HSBC® Revolution³||Age 21 or older Singapore citizens and PR: 30,000 SGD if employed Foreigners: 40,000SGD If you can’t meet these requirements you can apply with a 10,000 SGD deposit||No annual fee||Up to 10x rewards, which can be the equivalent of 2.5% cash back depending on spend type||26.9% p.a on purchases||3.25%|
|OCBC FRANK¹||Age 21 or older Singapore citizens and PR: 30,000 SGD Foreigners: 45,000 SGD||194.40 SGD (waived for 2 years)||Up to 10% cash back depending on spend type||27.78% p.a on purchases||3.25%|
|HSBC Visa Platinum³||Age 21 or older Singapore citizens and PR: 30,000 SGD if employed Foreigners: 40,000 SGD If you can’t meet these requirements you can apply with a 10,000 SGD deposit||194.40 SGD||Up to 5% cash rebate based on spend type||26.9% p.a on purchases||3.25%|
|DBS® yuu Card⁴||Age 21 or older Singapore citizens and PR: 30,000 SGD if employed Foreigners: 45,000 SGD||194.40 SGD||Up to 5% cash rebate on daily spend; add an extra 13% rebate when shopping with partner merchants||27.8% p.a on purchases||3.25%|
|POSB® Everyday Card⁵||Age 21 or older Singapore citizens and PR: 30,000 SGD if employed Foreigners: 45,000 SGD||194.40 SGD||Up to 10% cashback on essentials, plus over 20% cashback on fuel at SPC||27.8% p.a on purchases||3.25%|
|Amex® CapitaCard⁶||Not disclosed||172.80 SGD||Up to 5% rebate in Star$ which can be used in Capita malls; free parking in malls subject to meeting eligibility requirements||Not disclosed||3.25% w.e.f October 2023 (2.95% to that date)|
|Standard Chartered® Smart Credit Card⁷||Age 21 or older Singapore citizens and PR: 30,000 SGD if employed Foreigners: 60,000 SGD||No fee||Up to 6% cashback, plus option to pay for shopping over instalments interest free for up to 3 months||Differentiated interest based on creditworthiness||3.25%|
|Citibank® Rewards Card⁸||Age 21 or older Singapore citizens and PR: 30,000 SGD if employed Foreigners: 42,000 SGD||194.40 SGD||10x rewards for on and offline shopping, 1x rewards for all other spending||27.9% p.a on purchases||3.25%|
The credit card market in Singapore is huge. However, cards are usually designed with a specific customer need and profile in mind, so not all card options will suit you. Doing a bit of research based on how you’re likely to transact and what’s important to you is essential.
Here are some important things to think about:
Minimum income and eligibility rules - generally minimum income and age requirements apply if you want to apply for a credit card. Income varies based on whether you’re Singaporean or PR, or a foreign resident - and the usual minimum age for a primary card holder is 21.
Annual fee - in our comparison we’ve not picked out any cards with very high annual fees. Instead we’ve found some with no annual fee, and others with an annual fee around the average of just under 200 SGD. There are also often smart ways to waive this fee which are worth looking out for based on the card you pick.
Interest rate - if you don’t pay back your bill in full every period you’ll pay interest on the balance. Check the rates that apply to your card. While most Singapore credit cards offer similar interest rates, some do have differentiated rates which means you might be offered a lower rate (costing you less) if you have a better credit score.
Cash back and rewards - it’s common to choose a credit card based on the opportunity to earn cash back or rebates, rewards, airmiles, or other benefits. If you pick a card that offers benefits you’ll actually use, this can mean you earn great perks on purchases you’d be making anyway.
Foreign transaction fees - when you spend with a credit card in a foreign currency, either when you travel or when you shop online with overseas retailers, there’s usually an extra fee called a foreign transaction fee. This is usually set at 3.25%, which means every time you spend abroad, your purchases cost that much more. Getting an international debit card from Wise can be a good way to avoid this charge. More on that later.
Here’s a look one by one at each of the top Singapore credit cards we profiled above.
OCBC 365 Credit Card - best for annual fee waiver for 2 full years
The OCBC 365 Credit Card⁹ is a good pick for a day to day card, particularly if you’re not sure whether or not a credit card is right for you. There’s a 194.40 SGD annual fee, but as it’s waived automatically for the first couple of years you can test out whether or not this card is right for you, more or less risk free as long as you remember to pay your bills on time.
If you discover you love the card, no worries - the annual fee can also be waived for subsequent years with 10,000 SGD annual spend or more.
|Learn more here about the best OCBC credit cards|
UOB One - best for people looking to build their savings
The UOB One card¹⁰ is optimised for Singapore citizens and PRs who’ll only need to prove a 30,000 SGD minimum income. The minimum required by foreign applicants is far higher at 80,000 SGD. One unique feature of this account is that you can access a higher saving interest rate if you also have savings in a UOB One account. Have your salary paid to UOB and spend regularly with your card, to unlock the highest available rates on your savings.
|Learn more here about the best UOB credit cards|
Bring the Wise card - the most international debit card in the world - along with you when travelling or shopping abroad
Credit cards aren’t always the best choice. When you’re spending in a foreign currency you could save by using a Wise card.
The Wise card isn't a credit card - it’s a debit card, from non-bank specialist, Wise. That means there’s no minimum income requirement and no interest to pay on your spending. You can just top up and spend freely in 40+ supported currencies with the mid-market exchange rate and low conversion fees from just 0.43%¹⁹.
Using your Wise card alongside your credit card when you’re overseas can mean you avoid foreign transaction fees - plus, if you make cash withdrawals, pick Wise to get some fee free cash every month, with no cash advance charges to worry about.
HSBC Revolution - best for secured card options with no minimum income needed
The HSBC Revolution Credit Card¹¹ has a couple of unusual benefits. Firstly there’s no annual fee; and secondly if you can’t meet the minimum income requirements you can still apply with a 10,000 SGD deposit. That can be a handy way to start building a credit history if you don’t have the required income just yet. Plus, as with many of our other featured cards, you can earn rewards - in this case, uncapped rewards.
|Learn more here about the best HSBC credit cards in Singapore|
OCBC FRANK - best for students, and after graduation
FRANK is the OCBC offshoot marketed to students and executives, and offers digital and innovative ways to save and spend. While students can only get a debit card, the Frank Credit Card¹² is available for executives who earn 30,000 SGD if Singaporean or PR, or 45,000 SGD or more for foreign residents. Cash back is available which varies by category, but which tops out at an impressive 10%.
|Learn more here about the best OCBC credit cards|
HSBC Visa Platinum - best for family spending
The HSBC Visa Platinum Card¹³ has cash back options which have been selected to appeal to families, with up to 5% cash rebate on major categories like fuel, groceries and dining. This can make it a good all round card for your regular spending.
|Learn more here about the best HSBC credit cards in Singapore|
DBS yuu Card - best for boosting your yuu point earning
You can’t have missed the launch of yuu; the new and improved reward earning scheme which covers popular retailers like Cold Storage and 7-Eleven. If you shop in places that offer yuu points, getting this DBS yuu Card¹⁴ can mean you earn even more - the equivalent of up to 18% rebate in some cases.
POSB Everyday Card - best for 20%+ back on fuel
The POSB Everyday Card¹⁵ - as the name suggests - is great for everyday essentials. There’s varied cash back levels, from 3% to 10% on the things you buy every day, like food and groceries - and an impressive 10% when dining out. Even better if you have a car, you can earn over 20% cash rebate when you fuel up at SPC.
|Learn more here about the POSB Everyday Card|
Amex CapitaCard - best for free parking while you shop
The Amex CapitaCard¹⁶ is offered in partnership with Capita and therefore comes with lots of perks for people who shop regularly at Capita branded malls. There are reward earning opportunities which let you reclaim points on mall spending, and if you meet the eligibility criteria you could also get free mall parking.
Standard Chartered® Smart Credit Card - best for paying for things by interest free instalments
The Standard Chartered Smart Credit Card¹⁷ is a good all round card which you can get with no annual fee, to earn up to a healthy 6% cash back depending on how you spend. You’ll also be able to split the costs of some shopping across interest free instalments, which is an unusual feature.
Citibank® Rewards Card - best for shopping on and offline
The Citibank Rewards Card¹⁸ is optimised for those who love to shop. On and offline shopping earns higher rewards - but this also extends to a lot of things Sinaproeans take for granted in everyday life, like ordering food for delivery through an app, and ride hailing services.
There are so many credit cards to choose from, it can be a bit overwhelming. This guide will help you cut through the noise, with a summary of 10 different options for top Singapore credit cards which you can use to kickstart your research to find the best one for you.
- OCBC card fees
- UOB card terms
- HSBC card fees
- DBS rates and fees
- POSB rates and fees
- Amex CapitaCard agreement
- Standard Chartered pricing agreement
- Citi Rewards Information Sheet
- OCBC 365 Credit Card
- UOB One Credit Card
- HSBC Revolution Credit Card
- OCBC Frank Credit Card
- HSBC Visa Platinum Credit Card
- DBS yuu Card
- POSB Everyday Card
- Amex CapitaCard
- Standard Chartered® Smart Credit Card
- Citibank® Rewards Card
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
Whether you have a business and receive money from abroad or you make personal money transfers, we covered 6 best PayPal alternatives in Singapore
Wondering how to get a proof of address in Singapore? Read more here about acceptable proof of address documents.
We reviewed the benefits of POSB Everyday credit card: promotions, rebates, fees, limits, ATM withdrawals and more.
Looking for the best debit cards in Singapore? Read this to know what to consider when choosing the right card for all your needs
A review of Saxo Markets commission fees for stocks, ETFs, bonds and futures, plus withdrawal and currency conversion fees in Singapore.