Best Credit Cards for Beginners in Singapore

In a 2022 survey by the Institute of Policy Studies and Talking Point, 35% of participants admitted to spending more than they earned, with over 60% stating they used to subscribe to “buy now, pay later” (BNPL) schemes. How serious is the prevalence of these schemes? According to the Monetary Authority of Singapore, BNPL transactions reached around S$440 million in 2021. With the growing popularity of BNPL, navigating credit card ownership has become trickier, especially for younger generations.

If you’re a Gen Z, a younger millennial, or a guardian looking for the right credit card for a young adult, consider this guide to credit card recommendations and tips.

START WITH THE ELIGIBILITY

While requirements vary between financial institutions, these are the most common requirements:

a. Minimum Annual Income: typically S$30,000 for Singapore citizens/PRs or S$45,000 for foreigners
b. Minimum Age: at least 21 years old
c. Good credit history: Certain cards may require a solid credit record of several years

IDENTIFY THE RIGHT CREDIT CARD FOR YOU

Identifying the right credit card can feel overwhelming because of the variety of options in the market today. A good place to begin is by examining your lifestyle. Are you a frequent traveler or do you spend more money on groceries? After identifying the factors that matter to you the most, you can shop around and compare each credit card’s features.

On that note, here are some of the best credit cards for beginners in Singapore:

#1: FOR AVID TRAVELERS: KRISFLYER UOB CREDIT CARD

The KrisFlyer UOB Credit Card allows you to earn 3 miles per S$1 spent on Singapore Airlines, Scoot, KrisShop, and Kris+ purchases. Additionally, you can earn 3 miles per S$1 spent on dining, food delivery, online shopping, travel, and transport. For all other spending, you’ll earn 1.2 miles per S$1.

What’s more? From now until 30 Sep 2024, you can take advantage of a promotion offering up to 31,000 miles and a first-year annual fee waiver (worth S$196.20, including GST) when you spend a minimum of S$2,000 within 60 days of approval (T&Cs apply). Apply for KrisFlyer UOB Credit Card at uob.com.sg.

#2: FOR TRANSPORT AND SHOPPING REWARDS: DBS LIVE FRESH CARD

If you are looking for a credit card that rewards you for transportation and shopping, look no further than the DBS Live Fresh Card. It offers up to 6% cashback on transportation and shopping, along with 0.3% unlimited cashback on every eligible purchase. Keep in mind that a minimum spend of S$800 is required, with a cashback cap of S$70.

Best of all? There’s a promotion of S$150 cashback when you spend a minimum of S$800 within 60 days of card approval (T&Cs apply). This promotion is valid until 30 Sep 2024. Learn more about the DBS Live Fresh Card at dbs.com.sg.

#3: FOR ONLINE & IN-STORE SHOPPING: CITI REWARDS CARD

The Citi Rewards Card allows you to earn 10x points or 4 miles per S$1 on online and shopping purchases. You can also earn 1x point for all other spending. Additionally, you can redeem your points for every purchase via the Citi Mobile App. You will get S$1 with every 440 points.

If you’re interested in applying now, you can receive up to S$450 in cash rewards or 5,540 SmartPoints, plus a chance to win a Rolex Submariner Date 126610 (T&Cs apply)! Hurry, as the promo runs until 13 Sep 2024. Sign-up for Citi Rewards Card at citibank.com.sg.

READ THE ANNUAL FEES

Much like the benefits, annual fees vary across credit cards. Some cards offer no annual fees, while others may waive the fee for the first year. However, don’t automatically choose a no-fee card as you need to compare the features before deciding what suits you best.

Pro tip: Sometimes, you can get the annual fee waived simply by requesting it from your bank. It doesn’t hurt to try!

FINAL THOUGHTS

Getting your first credit card is an exciting milestone, but it also brings new responsibilities. As a newbie, it is important to do your research first before committing to a credit card application. Then, always monitor your spending and stay within your credit limit to avoid financial stress. Lastly, make sure to pay off your balance on time to build a solid credit history.

Image Credits: unsplash.com

Disclaimer: All data provided is accurate as of 10 September 2024. Promotional details are subject to change at the discretion of the respective banks. Please conduct your own due diligence when comparing credit cards and their offers before signing up, as individual lifestyles and needs may vary. Use this article as a guide only. Thank you.

Sources: 1 & 2

 

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Good reasons why you should go Dutch from courtship to marriage

couple figurines on top of coins

Ever felt the tension when the bill comes on a date or wondered if you’re being taken advantage of financially in your relationship?

Maybe it’s time to consider or reconsider “going Dutch”.

Some people might think it’s unromantic, but going Dutch (where costs are split equally) from dating to marriage can actually save you down the road.

Why should you go Dutch while dating?
  • Avoiding financial friction

Very simple – avoid potential arguments over who owes what.

By agreeing to split costs, you remove the awkwardness of one person feeling like they owe the other.

This can prevent resentment over time, especially if you’ve got some income disparity between partners.

  • Establishing equality

This practice shows that both parties are invested both financially and emotionally.

  • Building financial independence

Splitting expenses encourages both partners to maintain their financial independence, which can be very empowering for people who value their autonomy.

By managing your finances, you’re better prepared to make joint decisions about money when the relationship gets more serious.

But it’s good to note that going Dutch doesn’t mean you can’t treat each other sometimes.

It’s up to you and your generosity!

  • Reducing financial pressure

By splitting expenses, neither partner bears the full weight of financial obligations.

Going Dutch also lets you both enjoy date experiences together without one person feeling the strain on their wallet.

As your relationship progresses, this habit can smoothly transition into married life, in the area of managing household expenses per se.

Encouraging mutual investment in the relationship

Going Dutch doesn’t always mean a half-half-split.

Find a % that works for both of you based on your circumstances.

two cups of coffee on a tray

Image Credits: unsplash.com

Modern relationship dynamics
  • Shifting gender roles

Come on, it’s 2024.

As societal norms change, traditional gender roles are being redefined, especially in terms of financial responsibilities.

You may have noticed that the expectation for men to always pay is becoming less common.

  • Financial equality in partnerships

When you choose to split expenses, you’re acknowledging that both individuals in the relationship CAN contribute financially.

  • Empowerment and independence

By deciding to go Dutch from dating to marriage, you’re adopting a modern mindset that values individual financial independence.

This practice can help both partners maintain autonomy while building a life together.

In a nutshell, it allows you to:

  • Preserve your financial status
  • Contribute equally to shared goals
  • Avoid potential resentment over money woes

It’s not about being stingy ya; going Dutch offers an approach that can strengthen your bond. By sharing financial responsibilities, you’re working on equality, respect, and open communication. This practice contributes to a lasting partnership built on support and understanding. So, be it future dates or planning your wedding, why not go the Dutch way?

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iPhone 16 and iPhone 16 Pro will be available for pre-order this Friday, 13 Sep 24

iPhone 16 and iPhone 16 Plus

Apple has introduced the iPhone 16 and iPhone 16 Plus, designed with Apple Intelligence, a personal system that understands user context to provide helpful, relevant insights while maintaining privacy. These new models feature Camera Control, making it easier to capture moments and access visual information about objects or locations more quickly. The advanced camera system includes a 48MP Fusion camera with a 2x Telephoto option, essentially giving users two cameras in one, and a new Ultra Wide camera for macro photography. Users can also enjoy next-generation Photographic Styles for personalized photos, and spatial photo and video capture to relive memories with incredible depth on Apple Vision Pro. Powered by the A18 chip, the iPhone 16 lineup offers improved performance, supports demanding AAA games, and delivers longer battery life.

iPhone 16 and iPhone 16 Plus will be available in five bold colours: black, white, pink, teal, and ultramarine. Pre-orders begin Friday, September 13, with availability beginning Friday, September 20.

Pre-order here

iPhone 16 Pro and iPhone 16 Pro Max

Apple has also unveiled the iPhone 16 Pro and iPhone 16 Pro Max, showcasing larger displays, enhanced camera features, and immersive gaming graphics, all driven by the new A18 Pro chip. A standout feature is Apple Intelligence, which brings powerful generative models to iPhone, offering a personal intelligence system that provides relevant, privacy-protected insights based on user context. The new Camera Control feature allows for seamless interaction with the advanced camera system, including a 48MP Fusion camera with a faster quad-pixel sensor, capable of 4K120 fps video recording in Dolby Vision, marking the highest resolution and frame rate on an iPhone. Both models feature a 48MP Ultra Wide camera for high-resolution shots, a 5x Telephoto camera, and studio-quality microphones for realistic audio recording. With a lightweight yet durable titanium design, these models also boast larger displays, the thinnest borders yet on an Apple product, and the best battery life ever on the iPhone 16 Pro Max.

iPhone 16 Pro and iPhone 16 Pro Max will be available in four stunning finishes: black titanium, natural titanium, white titanium, and desert titanium. Pre-orders begin Friday, September 13, with availability beginning Friday, September 20.

Pre-order here

COMPARISON & PRICING

 

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Public transport fares to increase in Singapore from 28 December 2024

Singapore bus and tain track

Public transportation fares are set to increase in December, from the 28th.

Adult commuters will see a 10-cent hike per trip on buses and trains while students, seniors, and those with disabilities will pay 4 cents more per journey.

Monthly passes remain unchanged. 

Overall fares will rise 6%, down from 7% last year.

The good news is that lower-income households can get $60 transit vouchers, up from $50 last year.

More people now qualify for the vouchers, with the monthly income limit per person increasing to $1,800 from $1,600.

This means an additional 60,000 households will benefit from the vouchers.

Why the increase?

Regulator PTC cited inflation, wage growth, and past deferred increases as reasons for the hike.

While energy prices dropped from 2022 peaks, core inflation and strong wage growth factored into the 3.3% increase under PTC’s formula.

An additional 15.6% was deferred from prior years, allowing for up to 18.9% in total.

However, PTC chose a more modest 6% to cushion costs for commuters.

Chairperson Janet Ang noted the deferred amount accumulated due to spiking energy prices and inflation in 2021 to 2022.

This marks the second review under PTC’s new formula aimed at stabilizing fares.

The nitty gritty

Singapore’s public transport fare formula has five components: core consumer price index (cCPI), wage index (WI), energy index (EI), productivity, and network capacity. 

For 2023 to 2027, productivity and capacity factors now have fixed values for stability.

Productivity contribution is minus 0.1%, while network capacity is 1.1%.

This year, the indexes increased cCPI by 2.1%, WI by 2.1%, and EI dropped 1.9%.

With fixed productivity and capacity, fares can rise by 3.3%. 

Adding the 15.6% carried-over allows an 18.9% maximum increase.

However, the Public Transport Council approved only a 6% hike, leaving 12.9% for next year/future reviews.

Finding a win-win solution for all

The upcoming 6% fare increase will lower the deferred amount to 12.9% for the next review.

This helps narrow the gap between cost and fares, said Ms. Ang from the PTC, adding that the PTC will balance financial sustainability with affordability. 

Meanwhile, the PTC encourages monthly passes to cap expenses.

Extended concession fares for graduating students

Singapore students crossing the road

In addition to the abovementioned news, starting 28 December 2024, graduating students in Singapore can continue enjoying discounted transit fares for four months after finishing school.

Currently, secondary and post-secondary students receive concession fares.

However, some faced paying full price before enrolling in another school.

In response to parent and student feedback, our Transport Minister requested the PTC to extend fares.

PTC agreed to the request, granting graduating students concessions for four months post-graduation, which will start this year.

Around 75,000 students annually will benefit.

To extend validations, this year’s graduates can tap cards at any ticketing machines located in MRT or bus stations from 1 October to 31 December 2024.

They can also visit a ticketing counter for more assistance.

Future graduating classes will get extension details from their schools.

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Get up to S$500 cash with DBS/POSB with your salary crediting & card spend

What’s better than payday? Free cash! With DBS/POSB, you can now get up to S$500 in cash rewards just by crediting your salary and spending with your POSB/DBS Credit or Debit Cards.

Here’s how it works:

Step 1: Start with S$300 Cash Reward

Register for the promotion from 7 August to 31 October 2024 and credit your salary of at least S$1,600 for three consecutive months to your DBS account. Once that’s set, you’ll be rewarded with S$300 cash! Just contact your HR department to make the switch.

Step 2: Unlock an Additional S$200

After your salary is credited, spend a minimum of S$500 monthly for three consecutive months on your DBS/POSB Credit or Debit Cards, and you’ll receive an additional S$200 cash reward—bringing your total to S$500!

New to DBS/POSB Credit Cards?

If you’re new to DBS/POSB Credit Cards, apply now with the promo code SCAUG and receive an extra S$100 cash reward when you sign up! It’s the perfect way to kickstart your journey toward more rewards.

Reward Payout

Eligible Customers will receive the Cash Reward according to the schedule below:

Don’t miss out—register and credit your salary by 31 October 2024!

Terms and conditions apply.

Switch, spend, and get rewarded with DBS/POSB—because it’s time your money worked harder for you!

Click here to find out more about this offer.

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