5 Best Credit Cards in Singapore for Exclusive Lounge Access

Who says air travel must be a stressful affair? With the right credit card in hand, you can glide into exclusive airport lounges, sip on fine beverages, and relax in plush chairs.

Start with this roundup of Singapore’s best credit cards offering lounge perks.

#1: CITI PREMIERMILES CARD

For the occasional traveler, the Citi PremierMiles Card delivers. You get 2 complimentary visits per year to over 1,400 Priority Pass lounges worldwide. Need more? Additional visits are charged at just US$35 per person. Benefits include renewal bonus of 10,000 Citi Miles on your card anniversary and ability to earn points on payments made through Citi PayAll.

#2: DBS ALTITUDE VISA SIGNATURE CARD

With the DBS Altitude Visa Signature Card, you’re entitled to 2 free Priority Pass lounge visits annually. Perfect for those quick getaways. If you’re planning more visits, the cost is US$32 per person per visit.

#3: STANDARD CHARTERED VISA INFINITE CARD

Jet-setters will love the Standard Chartered Visa Infinite Card, which offers 6 complimentary lounge visits per year. Keep in mind that this card caters to high-income earners with a minimum annual income requirement of S$150,000.

#4: HSBC VISA INFINITE CARD

For true luxury, the HSBC Visa Infinite Card stands out with unlimited access to over 1,100 airport lounges worldwide via LoungeKey. This includes both primary and supplementary cardholders. Guests can tag along for US$32 per visit, but you’ll need to meet the S$120,000 income threshold to qualify.

#5: UOB PRIVILEGE BANKING CARD

With the UOB Privilege Banking Card, you can enjoy access to over 1,000 airport lounges worldwide, including those in Singapore. In addition to lounge access, the card offers exclusive benefits such as travel insurance, dining privileges, and more, making it a great choice for those seeking a luxury experience.

WHY DOES LOUNGE ACCESS MATTER?

Airport lounges aren’t just about luxury as they’re about convenience. Whether you need a quiet space to work, indulge in gourmet snacks, or freshen up during a long layover, lounge access turns your journey into an experience worth savoring.

Ready to upgrade your travel game? Choose the card that fits your lifestyle and income, and let your next trip start in style.

Image Credits: unsplash.com

Disclaimer: Please note that credit card benefits and terms are subject to change. It’s advisable to verify the latest information directly with the respective banks or their official websites before making any decisions.

Sources: 1, 2, 3 & 4

 

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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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7 Purchases to Always Charge to Your Credit Card

Using a credit card can be a savvy move for various purchases, thanks to the added security and potential perks. Beyond building a strong credit history, some purchases are best made with a credit card to maximize these benefits.

Many cards offer rewards like points or cashback, which can accumulate over time, essentially giving you “free money” if you consistently pay off your balance without incurring interest fees. Remember to use your credit card wisely!

SCORING EVENT TICKETS

Credit cards often offer special access to event tickets. Many card companies have partnerships with event promoters or venues, giving cardholders the chance to buy tickets for concerts, sports events, and other activities before the general public. Sometimes, there are even exclusive events just for cardholders.

For instance, when Taylor Swift’s concert tickets in Singapore went on early sale, UOB cardholders had the advantage of grabbing tickets before others.

PURCHASE BIG-TICKET ITEMS

When buying big-ticket items like refrigerators, laptops, or other electronics, using a credit card is a great idea. Not only can you earn significant rewards points, but many credit cards also provide additional insurance on these items.

This might include extended warranties that double the manufacturer’s warranty or price protection if the item’s price drops shortly after purchase.

MAKE TRAVEL ARRANGEMENTS

Booking travel with a credit card can offer substantial benefits. Many cards provide travel-related perks such as trip cancellation or interruption coverage, lost luggage insurance, and even emergency medical coverage. These benefits can save you from purchasing separate travel insurance.

Travel-themed credit cards typically offer higher rewards points for travel-related expenses. Plus, a credit card is often required to secure bookings for flights, accommodations, and car rentals.

SECURE OVERSEAS PURCHASES

Credit cards are generally more widely accepted than debit cards when traveling abroad. They are also safer to carry compared to large amounts of cash, as lost or stolen credit cards can be cancelled easily. Some credit card companies offer favorable exchange rates, providing additional savings.

Before traveling, notify your credit card provider of your itinerary to avoid any security issues or hindrances with your card while overseas.

ADD TO CART

Using a credit card for online shopping offers several advantages. Credit card transactions are easier to trace and often come with protections against fraudulent charges. Many cards also provide insurance for items lost or damaged in transit.

Always ensure that you never send your credit card information over email or text to safeguard your details.

CHARGE YOUR BUSINESS PURCHASES

For business owners, using a credit card to manage expenses can simplify accounting and help build business credit. Many business credit cards offer cash-back rewards or statement credits for purchases like internet services, cell phone plans, and office supplies, which can aid in tracking and managing cash flow.

Using a dedicated business card for recurring expenses can also help with tax deductions.

PROTECT PHONE PURCHASES

If you enjoy buying products via home shopping channels or infomercials, always use your credit card. This provides protection if you don’t receive the item or if it doesn’t match what was advertised. Credit card protections can save you from potential scams or disappointments from phone orders.

Image Credits: unsplash.com

Using your credit card for these types of purchases can provide additional security, rewards, and peace of mind, making it a smart choice for managing your finances.

Sources: 1 & 2

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Driving Savings: Navigating the World of Petrol Credit Card Discounts

In the bustling rhythm of modern life, where every penny counts, finding ways to save money on essential expenses is a quest many embark upon. One such avenue that has gained prominence is leveraging petrol credit card discounts. As fuel prices continue to fluctuate, these discounts offer a glimmer of relief for motorists worldwide. But what exactly are petrol credit card discounts, how do they work, and are they worth it? Let’s dive into the world of fuel savings.

What are Petrol Credit Card Discounts?

In essence, petrol credit card discounts are incentives provided by credit card issuers to cardholders for purchasing fuel using their credit cards. These discounts typically come in the form of cashback, rewards points, or direct discounts on the fuel purchase amount. The idea is simple: the more you spend on fuel using your credit card, the more you save through a petrol credit card discount.

How Do They Work?

The mechanics behind petrol credit card discounts vary depending on the credit card issuer and the specific terms and conditions of the card. However, the basic premise remains consistent across most offerings.

When you use a petrol credit card to purchase fuel at a participating petrol station, the discount is applied automatically at the point of sale. This can be in the form of an instant discount where a percentage of the fuel purchase amount is deducted before you make the payment. Alternatively, some credit cards offer cashback or rewards points for every fuel purchase, which accumulate over time and can be redeemed later.

Are They Worth It?

The question on many minds is whether petrol credit card discounts are genuinely worth the hype. The answer depends on various factors, including your driving habits, the terms of the credit card, and the prevailing fuel prices.

For frequent drivers who cover significant distances regularly, petrol credit card discounts can translate into substantial savings over time. Even a modest discount of a few percent can add up to significant savings, especially considering the rising cost of fuel.

However, it’s essential to read the fine print before jumping on the bandwagon. Some petrol credit cards may come with annual fees or high interest rates, which can negate the benefits of the discounts. Additionally, the discount rates and redemption options may vary between different credit cards, so it’s crucial to compare offerings to find the best fit for your needs.

Tips for Maximizing Petrol Credit Card Discounts

If you’ve decided to take advantage of petrol credit card discounts, here are some tips to make the most out of your savings:

Choose the Right Card: Look for a credit card that offers competitive fuel discounts and aligns with your spending habits and financial goals.

Monitor Fuel Prices: Keep an eye on fluctuating fuel prices and plan your refueling strategy accordingly to maximize savings.

Pay in Full: To avoid accruing interest charges, make sure to pay off your credit card balance in full and on time each month.

Combine Discounts: Some credit cards offer additional rewards or cashback on specific categories of spending, such as groceries or dining. Consider using your petrol credit card for these purchases to stack up your savings.

Stay Informed: Stay updated on any promotions or special offers from your credit card issuer to capitalize on additional savings opportunities.

Conclusion

Petrol credit card discounts present a compelling opportunity for motorists to ease the burden of rising fuel costs. By understanding how these discounts work and implementing smart strategies, drivers can unlock significant savings on their fuel expenses. However, it’s essential to approach them with caution, considering factors such as annual fees, interest rates, and redemption options. With the right card and a bit of savvy, petrol credit card discounts can be a valuable tool in your financial arsenal, helping you stretch your budget further and keep your wheels turning smoothly.

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Why you’re better off with a debit card over a credit card

credit cards in Singapore

We’re sure you’ve seen the ads on those credit card offers.

They make it seem so appealing, like free money!

But before you get blinded by the “rewards,” ask yourself if you’re really ready for a credit card. 

Sure, they can be useful if used properly, but for most people, especially those still building financial stability, it’s probably not that wise.

So allow us to share with you why you’re better off with a debit card over a credit card.

Helps you avoid debt

A debit card is linked directly to your bank account, so you’re only spending money you actually have.

This means there’s zero chance of racking up debt or late fees since the funds are deducted right away.

Using a debit card also helps you budget better since you have a fixed amount of money to work with each week or month.

You can allocate funds accordingly and once it’s gone, it’s gone—so you avoid impulsive big purchases.

With credit, it’s easy to swipe now and worry about the bill later, so you’re less likely to feel the impact of each purchase immediately.

Encourages responsible spending
  • Keep within your budget

Using a debit card helps ensure you don’t go over budget since you have to keep track of your balances to avoid overdrawing.

This makes you think through each purchase and whether it’s necessary.

Credit cards, on the other hand, allow you to spend now and worry about paying for it later which often leads to poor spending decisions.

With a debit card, you develop better budgeting habits and financial discipline since overspending has immediate consequences.

  • Pay in full
a woman holding onto a credit card

Image Credits: unsplash.com

With a debit card, the money for your purchases is deducted right away from your available funds.

You don’t have to worry about interest charges or making monthly payments.

Everything is paid in full.

On the spot.

This can give you peace of mind knowing you don’t owe anything and your spending is kept in check.

Credit cards, however, allow you to pay over time with interest which ends up costing you much more in the long run.

Avoiding unnecessary interest charges

And lastly, there’s no interest applied and no bill to pay later (except maybe for selected BNPL schemes).

With credit cards, the amount you spend is essentially a loan that accrues interest if you don’t pay the full bill on time.

And when those interest charges accumulate, minimum payments barely make a dent in what you owe.

Stick with debit and avoid the stress of a revolving credit card debt.

All in all, a debit card is a better choice if you’re trying to keep your finances in check. Yes, credit cards come with perks, but those rewards aren’t worth it if you can’t pay your bill. A debit card helps you stick to a budget and avoid debt. You will sleep better at night knowing exactly what’s in your bank account rather than worrying if you can cover that next credit card payment. So go for the debit lane and avoid the credit card chaos.

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