There are hundreds of credit cards in Singapore from so many different banks. Sure, you can simply sign up for the one that you've seen advertised in the mall underpass, but will that card be right for you? To ensure you maximize the best use of your credit cards, you should get one that best suits your lifestyle and personal preference.
In Singapore, credit cards are mainly divided into these categories: Cashback, Rewards, Travel, Student and Business.
- Do you like to get cash rebates (they are also known as cashback) when you spend? If yes, you should consider a cashback card.
- Do you like to earn reward points on your spending which you can later redeem for a wide variety of rewards such as shopping vouchers? If yes, a rewards card might suit you best.
- Are you an avid traveler who likes to earn miles on your spending so that you can later redeem them for free flights or hotel stays? If so, you should consider getting a travel card.
- Are you a tertiary student with no income, but want a credit card? You can only qualify for a student credit card.
- Do you own a small or medium-sized business and want a line of credit which is separate from your personal credit card? A business credit card is the way to go.