10 Best Credit Cards in Singapore - 2023 Comparison

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%

What to consider when choosing a credit card

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.

Visa® card for global acceptance Minimum earning requirements of 30,000 SGD as a Singaporean or PR, or 45,000 SGD or more for foreign residents 6% cash back on petrol, 5% on dining and 3% on several other eligible categories Cashback capped at 160 SGD a month between all cards on the account

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.

Visa® card for global acceptance Up to 15% cash back for new customers Up to 3.33% cash back for regular spending Access preferential interest rates if you also save with UOB

Learn more here about the best UOB credit cards

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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.

Order your Wise card today! 💳

Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information

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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.

Visa® card for global acceptance Up to 15% cash back for new customers Up to 3.33% cash back for regular spending Access preferential interest rates if you also save with UOB

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%.

Visa network - widely accepted around the world Up to 100 SGD/month cash back - different categories earn at different rates, to a maximum of 10% Annual fees automatically waived for 2 years, can be waived in subsequent years by meeting minimum spending levels Budgeting and tracking tools built into the card app

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.

Visa network card which can be used globally Up to 5% cash back on family spending across major categories Cash back capped at 1,000 SGD/year 85%+ recycled plastic used for cards

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.

Visa network card 5% cash rebates - no minimum spend and no maximum earning cap Extra 13% rebate when spending in any of 1,000+ partner merchants Gojek partnership for card holder perks

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.

Mastercard® network card Up to 10% cash back on essential spending, and over 20% back on some fuel spend Rebates available on recurring utilities and bills

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.

American Express® network card Lower annual fee compared to many cards 3% to 5% rewards you can use in Capita malls Complimentary 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.

Visa network card No annual fee Up to 6% cash back on spending Pay for your shopping across several months with interest free instalment plans

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.

Mastercard network card 10x points for on and offline shopping (including food delivery and ride hailing) 1x rewards on all other eligible spending

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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.

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Sources:

1. OCBC card fees
2. UOB card terms
3. HSBC card fees
4. DBS rates and fees
5. POSB rates and fees
6. Amex CapitaCard agreement
7. Standard Chartered pricing agreement
8. Citi Rewards Information Sheet
9. OCBC 365 Credit Card
10. UOB One Credit Card
11. HSBC Revolution Credit Card
12. OCBC Frank Credit Card
13. HSBC Visa Platinum Credit Card
14. DBS yuu Card
15. POSB Everyday Card
16. Amex CapitaCard
17. Standard Chartered® Smart Credit Card
18. Citibank® Rewards Card
19. Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information