Using credit cards in Singapore needs no introduction. Long gone are the days when cards were only really used for paying big ticket purchases because of the sheer convenience of not having to carry around a wad of cash. Nowadays cards are used for just about any type of purchase, big or small. The usage has also definitely increased with the advent of online shopping and mobile commerce.
Although some may eye credit cards as an easy temptation to make us spend more than we should, those who are able to control their impulses to splurge will find many great reasons to use a credit card for everyday purchases. Here we at GET.com have put together 5 reasons why you should use a credit card for everyday purchases.
5 Reasons You Should Use A Credit Card For Everyday Purchases
The number one reason to use a credit card is obviously its convenience. With one card, you can probably pay for most of the expenses you require on a daily basis, which means carrying less physical cash with you in your wallet. Although some ladies may not feel this if they tend to use handbags, guys will tell you how important it is to carry a slim wallet with them so that they can easily fit it into their pants without side creases!
These days with the launch of Visa payWave and MasterCard PayPass, paying with a credit card has become even easier. These systems allow you to just tap your card (you don't even need a signature) on the card reader at the cashier and you are good to go! It also allows card users to be able to use their cards with more merchants like supermarkets and drugstores.
2. Earn Useful Rewards
One of the best ways to optimise the use of your credit card is to earn rewards. There are different types of rewards credit cards, some let you earn cashback (here you can see our pick of the best cashback credit cards), others let you earn air miles (see the best travel credit cards here) and with some you earn points.
Different cards also offer higher rewards in different spending categories, like groceries or petrol. So if you know your spending habits, you can be sure to find a card that fits like a glove.
To help you out with this, we've put together a selection of different cards for different types of spending, here you can find our pick of the best credit cards for petrol savings, the best credit cards for groceries, the best credit cards for families, and the best all-round cashback credit cards.
3. Special Discounts And Privileges
Other than earning rewards, a big benefit of using credit cards is the amount of discounts you get with the bank's exclusive merchants. I'm a happy woman when I go to a restaurant and realise I have the related bank card to qualify for a 20% discount.
The banks in Singapore work pretty hard to get great merchant partners in the hope that consumers like us will choose their cards based on the discounts offered by their partners. In fact, you'd find such an extent of discounts available, from hotel bookings, dining discounts and spa treats that if you search through your cards you might just find one that gets you a discount wherever you go!
4. Credit Card Apps
With the number of discounts each credit card has to offer, it means that we quickly lose track and may miss out on some of them when we pay at the cashier. That's where a credit card app can help.
For instance, GET.com's free GETdeals™ app shows you all deals and discounts from all banks in one simple app. Imagine this – you are meeting your friends for dinner but you aren't sure where to go. You can simply open the app to find deals near you and look for a restaurant that gives you discount based on the credit card you have in your wallet!
This makes using your credit card on a daily basis a breeze by taking advantage of the ease of using such great apps.
5. Tracking Your Spending Becomes Fuss-Free
If you are the type of person who manages your finances religiously by following a monthly budget and tracking your expenses, using a credit card to pay for your daily purchases is probably one of the best ways to keep a detailed record of what you spend on.
No more manual recording of your expenses or using complicated tracking apps, just spend on your card and let the bank send you your monthly statement later!
Here is our pick of the best credit cards that can help you save money on everyday purchases:
|Credit Card||Features||Intro Interest p.a.||Standard Interest p.a.||Annual Fee||Minimum Income||We least like||Related links|
The American Express® Singapore Airlines KrisFlyer Credit Card
|24.99% per annum||$176.55 (waived 1 year)||$30,000 for Singapore Citizens and Permanent Residents ($60,000 for expatriates)||Related Links Read our review of The American Express® Singapore Airlines KrisFlyer Credit Card or view more details of The American Express® Singapore Airlines KrisFlyer Credit Card. See more American Express credit cards.|
The American Express® True Cashback Card
|24.99% p.a.||S$171.20 (inclusive of GST) First Year Fee Waiver||For Singapore Citizens and Residents, you have earnings which provide an income of over $30,000 p.a.||Related Links Read our review of The American Express® True Cashback Card or view more details of The American Express® True Cashback Card. See more American Express credit cards.|
Citi Rewards Card
|Transfer your outstanding balances on any other bank's credit card or credit line to Citibank at 0% nominal interest rate for 3/6/12 months with an upfront service fee from 1.58%. Eligible for new Citibank customers who apply for Citibank Ready Credit account with minimum $500 loan||26% p.a.||$192.60 waived the first year||S$30,000 per annum (Singaporeans and PRs); S$42,000 per annum (Foreigners)||Related Links Read our review of Citi Rewards Card or view more details of Citi Rewards Card. See more Citibank credit cards.|
Citi Cash Back Card
|Transfer your outstanding balances on any other bank's credit card or credit line to Citibank at 0% nominal interest rate for 3/6/12 months with upfront service fee from 1.58%. Eligible for new Citibank customers who apply for Citibank Ready Credit account with minimum $500 loan.||26% per annum||$192.60 (first year annual fee waiver)||For Singaporeans and PRs, minimum annual income of $30,000, for foreigners $42,000.||Related Links Read our review of Citi Cash Back Card or view more details of Citi Cash Back Card. See more Citibank credit cards.|
HSBC Advance Credit Card
|1.68% p.a. for 6 months* on balance transfers||25.9%||$192.60, Waived for HSBC Advance Customers||S$30,000 p.a. (Singapore Citizens and PR) S$40,000 p.a. (Foreigners and Self Employed)||Related Links Read our review of HSBC Advance Credit Card or view more details of HSBC Advance Credit Card. See more HSBC credit cards.|