Best Rewards Credit Cards 2018

With so many cards offering cashback, points, miles and other perks, picking a credit card can be very difficult. To help you navigate this complex market, we have compared over 100 cards in detail, and selected the best credit cards that Singapore has to offer.

Table of Contents

Our Picks For the Best Cashback Credit Cards in Singapore

To help narrow down your search for the best credit card, we've compiled our list of the best cashback credit cards of 2018. The following cards, in our opinion, represent the best deals currently available for people in Singapore. Read our detailed reviews for each card to see which one best fits your daily needs.

Best Cashback Rewards Credit Card: Citi Cash Back Card

Consider this if you spend mostly on food and transportation

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000

Formerly known as the Citibank Dividend Card, the Citi Cash Back Card is one of the best cash rebate credit cards in Singapore because it has one of the best set of rewards for food and transportation, easily two of the highest spending categories for an average consumer. For instance, this is the only cashback card in Singapore that offers 8% cash rebate on both dining and grocery. Not only that, Citi Cash Back Card now also provides an 8% rebate on your Grab spend as well! For people who like to eat out at restaurants just as much as they like cooking at home, Citi Cash Back is a superb way of getting great savings on all of their meals.

Though its cashback program does not include benefits for entertainment, shopping and utility expenses, Citi Cash Back Card still comes with a 20.88% fuel saving plus a S$120 of cash welcome gift. It also has a relatively high cap on monthly cash rebate of S$100, so you can earn up to S$1,200 of savings every year on food & transportation. If you are looking for a way to save money on all your meals in and out of home, Citi Cash Back Card could be an excellent choice for you.

Highlights

  • Annual fee: S$192.6, first year waived
  • 8% cash back on grocery, dining and Grab spend
  • 20% cashback with selected merchants (rotating)
  • Up to 20.88% off on petrol at Esso and Shell
  • Promotion: S$120 cash rebate welcome gift
  • Read Our Full Review

Unlimited Cashback & EZ-Link: Standard Chartered Unlimited Cashback Card

Consider this if you want unlimited amount of cash rebate and can spend more than S$5,000 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

Standard Chartered Unlimited Cashback Card is an excellent choice for people who are looking for a simple flat rate card to use. Not only does it offer a flat rate of 1.5% cash rebate on everything, its cash back is unlimited so you can earn as much rebate as you spend. It also provides various other benefits like petrol discounts (up to 24%). Lastly, Standard Chartered Unlimited Cashback Card further simplifies your life by doubling up as an EZ-Link card.

Highlights

  • Annual fee: S$192.6, 2 Year Waiver
  • 1.5% unlimited cash back on all your expenditure
  • Foreign exchange transaction fee: 3.5%
  • No minimum spend requirement
  • Up to 24% discount on petrol at Caltex
  • EZ-Link compatible
  • Promotion: Up to S$100 in cashback + Up to S$150 in Prime Now credits, 10% cashback & free Amazon Prime
  • 15% discounts & more on all Grab rides, GrabRewards Platinum Tier Status
  • Read Our Full Review

Best No Annual Fee Cashback Credit Card: OCBC 365 Credit Card

Consider this if you want to avoid high annual fees and spend at least S$800 monthly

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000

For people who want to avoid paying an annual fee, OCBC 365 Credit Card could is one of the best cashback cards you can find. OCBC 365 card is quite ideal for daily use because it covers a wide variety of reward categories. For instance, OCBC 365 provides 6% rebate on dining, 22% on petrol, and 3% on groceries and monthly bill. Not only that, OCBC 365 card is also a very cheap card to use because its annual fee is easily waived: first two years of fees are automatically waived, and subsequent years are waived as long as you maintain an annual spend of only S$10,000 on the card (less than S$1,000 a month). In summary, OCBC 365 presents a cheap and convenient way of earning rewards on daily necessities of any average person or family.

Highlights

  • Annual fee: S$192.6, waived for 2 years and subsequently waived for annual spend of only S$10,000
  • Rebates: up to 6% on dining, 3% on online shopping, groceries and recurring monthly bills
  • Up to 22.2% off on petrol
  • Annual income requirement: S$30,000 (S$45,000 for foreigners)
  • Promotion: S$50 cashback when you apply for 2 OCBC credit cards online
  • Read Our Full Review

Best Cashback Card for Affluent Consumers: HSBC Advance Credit Card

Consider this if you either make S$3,500 per month, have S$30,000 of cash savings or have a home loan with HSBC

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

For people who are wealthy enough to qualify for HSBC's Advance Banking status, HSBC Advance Credit Card is likely the best no-fee cashback card they can find. For them, this card combines a flat rate cashback of 3.5% with a perpetual waiver of its annual fee, making it an effective way to rack up savings over time. For high spenders, this card is especially rewarding because of its high cap on monthly rebate of S$125 vs. S$50-70 for most other cards. However, this card is not as effective for non-Advance customers, so we highly recommend that you read our detailed review to see if you can qualify for HSBC Advance Banking status.

Highlights

  • Annual fee: S$192.6, waived for Advance Customers
  • Rebate: Up to 3.5% of cash rebate for HSBC Advance Customers (1.5% for non-Advance customers)
  • 16% discount on petrol at Shell and Caltex
  • Welcome Bonus: A Samsonite Astra 55cm luggage (worth S$350) or S$100 cash back for new customers (S$50 for existing customers)
  • Promotion: Save up to S$10,000 with 1,000 Entertainer 1-for-1 deals
  • Read Our Full Review

Best Cashback Card for Low Income Consumers: Maybank Platinum Visa Credit Card

Consider this if you spend S$300 to S$1,000 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

Maybank Platinum Visa Card is one of the best no-fee cashback cards for low-income consumers. First, it has an annual fee of S$0 that is free of any spending requirements, unlike many other "no-fee" cards. Furthermore, as long as you spend S$1,000 per month (or S$300 per month), you can earn up to 3.33% in cash rebate for every dollar you spend in Singapore. Though is total rebate is capped at S$100 per quarter (S$400 per year), Maybank Platinum Visa Card yields some of the highest levels of cash rebates in the market for modest spenders with a monthly budget of around S$1,000 (or S$300).

Highlights

  • Annual fee: S$0, S$20 quarterly servicing fee waived if you use the card at least once every 3 months
  • Up to 3.33% cash rebate on all expenditures (max S$100 per quarter)
  • Travel insurance coverage of up to S$500,000
  • Promotion: Receive a complimentary Samsonite Orfeo 69cm Spinner worth S$420 when you apply for 2 Maybank Credit Cards and CreditAble
  • Bonus: Up to 3% cash rebate on foreign currency transactions
  • Read Our Full Review

Our Picks For the Best Air Miles Credit Cards in Singapore

To help you maximise rewards on your spending, we've compiled our list of the best airline miles credit cards of 2018. The following cards, in our opinion, represent the best deals currently available for people in Singapore. Read our detailed reviews for each card to see which one best fits your daily needs.

Best Airline Miles Credit Card: Citibank PremierMiles Visa Card

Consider this if you are an average consumer who wants a balance of generous mile awards and other travel perks

Annual Income Requirement S$30,000
Foreigner Income Requirement S$42,000

Citi PremierMiles Visa Card is our favorite travel card for the average consumer. First, it has a very decent set of mile awards that includes 1.2 miles for S$ spent locally and 2 miles for S$1 spent overseas. Not only that, it has other generous features like welcome cashback gift, complimentary lounge access and travel insurance, and access to Citi Privileges globally. When you pay the annual fee of S$192.6, you can also receive 10,000 miles every year as you renew your card.

Highlights

  • Annual fee: S$192.6, waived 1st year
  • 1.2 miles for S$1 spent locally, 2 miles for S$1 spent overseas
  • Up to 10 miles per S$1 spent on online travel booking sites like Kaligo and Agoda
  • Complimentary travel insurance and Priority Pass Membership for free lounge access
  • Access to Citi Privileges globally
  • 14% off petrol spend at Shell & Esso
  • Promotion: Spend S$7.5k in 3 months and pay annual fee to receive 21,000 miles
  • Bonus: 10,000 miles when you pay the annual fee and renew
  • Read Our Full Review

Best Miles Card Without Annual Fee: DBS Altitude Visa Card

Consider this if you a good miles credit card with an easily waived annual fee

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000

DBS Altitude Card is the best air miles credit card to use if your expenditures are spread evenly across different areas. You can earn 1.2 miles for every S$1 of local expenditure and 2 miles for every S$1 of overseas expense. Though this is quite similar to most other great miles cards in the market, DBS Altitude waives its annual fee of S$192.6 for those who spend more than S$2,000 a month (S$25,000). Hence, if you value saving on annual fee waivers over earning bonus mile awards, DBS Altitude could be a great option for you.

Highlights

  • Annual fee: S$192.6, waived when you spend at least S$25,000 a year
  • Option to earn 10,000 bonus miles when paying the annual fee to renew
  • 1.2 miles for S$1 of local spend and 2 miles for overseas spend
  • 3 miles for S$1 spent on online travel bookings
  • Up to 10 miles per S$1 spent on online travel booking sites like Kaligo and Expedia
  • 14% discount on petrol at Esso
  • Complimentary travel insurance: S$1mn in accident & death
  • 2 Complimentary Global Airport Lounge Access visits per year with Priority Pass Membership
  • Promotion: 10,000 miles welcome gift for Amex card if you spend S$2,000 per month for the first 3 consecutive months; 1 chance to win 2 SIA suites class tickets for every S$500 spend (5x for travel bookings)
  • Read Our Full Review

Best Mile Card for Young Adults: HSBC Revolution Card

Consider this if you spend mostly on shopping, dining and entertainment

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

We think HSBC Revolution Card is an ideal mile card for young people with active shopping habit or social life who are conscious about paying annual fees. While its flat rate award is relatively weak at 0.4 miles per S$1 spent, HSBC Revolution Card grants 2 miles for every dollar spent on dining, entertainment and shopping (online), which composes roughly 1/3 of an average person's monthly spending. Not only that, its annual fee of S$160.5 is waived for anyone who spends only about $12,500 on the card per year, roughly S$1,000 per month. As long as your spending is concentrated around having fun, HSBC Revolution Card provides one of the cost-effective ways of earning miles.

Highlights

  • Annual fee: S$160.5, waived for 2 years, and then waived in subsequent years for those who spend S$12,500 per year
  • 2 miles on online spend (shopping and travel bookings), dining, and entertainment
  • 16% off on petrol at Caltex & Shell & up to 10% off on travel bookings online
  • Welcome Bonus: A Samsonite Astra 55cm luggage (worth S$350) or S$100 cash back for new customers (S$50 for existing customers)
  • Promotion: Save up to S$10,000 with 1,000 Entertainer 1-for-1 deals
  • Read Our Full Review

Best Miles Card for Dining: Maybank Horizon Visa Signature Card

Consider this if you want to maximise miles earned on dining and petrol

Annual Income Requirement S$50,000
Foreigner Income Requirement S$60,000

Maybank Horizon Visa Signature Card is an awesome miles credit card that comes with an easy annual fee waiver. For those who drive and dine out a lot, this card can be particularly valuable as it awards 3.2 air miles for every S$1 you spend on dining or on petrol. You can also earn 2 to 3.2 miles per dollar on your travel bookings and on foreign currency transactions. Last but not least, its annual fee of S$180 can be easily waived if you spend just S$1,500 on the card every month (S$18,000 per year). By providing great mile award rates for your travel expense as well as your daily needs, Maybank Horizon Visa Signature Card helps you build up miles while saving up on the annual fee you would otherwise have to spend with other cards.

Highlights

  • Annual fee: S$180, waived with S$18,000 of annual spend
  • 2 miles for S$1 spent on air tickets, travel packages and foreign currency transactions
  • 3.2 miles for every S$1 spent on petrol, dining, taxi fares and hotel bookings via Agoda
  • Complimentary access to selected VIP airport lounges & travel insurance
  • Promotion: Receive a complimentary Samsonite Orfeo 69cm Spinner worth S$420 when you apply for 2 Maybank Credit Cards and CreditAble
  • Read Our Full Review

Best for Bonus Mile Award: American Express Singapore Airlines KrisFlyer Card

Consider this if you want an easy to use miles card and fly mostly on Singapore Airline's various brands

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

American Express Singapore Airlines KrisFlyer Card provides some of the best welcome bonus rewards for an average consumer. First, it provides up to 16,000 KrisFlyer miles as a bonus for new customers who meet certain conditions like expenditure amount and getting supplementary cards. Secondly, it also provides a great reward of 1.1 mile per S$1 spent locally, 2 miles per S$1 spent overseas or with Singapore Airlines and 3 miles per S$1 spent on Grab rides. Annual fee is S$176.6 and is waived for the first year.

Highlights

  • Annual fee: S$176.55, first year fee waived
  • 1.1 miles per S$1 of local spend, 2 miles per S$1 spent with Singapore Airlines and its subsidiaries
  • 2 miles per S$1 spent overseas in June and December
  • 3.1 KrisFlyer miles per S$1 spent on Grab and Uber rides
  • Access to American Express Selects
  • Promotions: Up to 20,000 bonus KrisFlyer Miles when you spend S$5,000 in the first 3 months
  • 1,500 KrisFlyer Miles each for the first two approved supplementary cards
  • S$150 Cashback for use with Singapore Airlines when you spend S$12,000
  • Read Our Full Review

Best Miles Card for Overseas Spending & Business Travelers: Standard Chartered Visa Infinite Card

Consider this if you travel overseas frequently for business or shopping

Annual Income Requirement S$150,000
Foreigner Income Requirement S$150,000

Standard Chartered Visa Infinite Card is an excellent travel card for frequent business travelers. Its highlight, in our opinion, is the 3 miles awarded for every S$1 spent overseas. In fact, Standard Chartered Visa Infinite Card is the best way to earn miles on your overseas spending. Not only that, Standard Chartered Visa Infinite card provides additional perks like HHonor Gold status and discounts for golf clubs, discounts on Grab rides globally, yacht rentals and private jet usages. Award on local expenditure is also one of the best in the market at 1.4 miles per S$1 spent. For business travelers who spend a great portion of their time abroad, SC Visa Infinite card is a great way of earning miles quickly.

Highlights

  • Annual fee: S$588.6
  • 1.4 miles and 3 miles for every S$1 spent locally and overseas, respectively.
  • Hilton HHonor Gold status, complimentary VIP lounge access, and Gold Class Infinite Experience Package (i.e. discounts for golf clubs, yachts and private jets)
  • Promotion: Welcome bonus of 35,000 miles (or 15,000 miles and a Samsonite 28" luggage)
  • 15% discounts & more on all Grab rides, GrabRewards Platinum Tier Status
  • Read Our Full Review

Best Air Miles Credit Card for Affluent Consumers: UOB PRVI Miles American Express Credit Card

UOB PRVI Miles American Express Card

Consider this if you want to maximise mile rewards without paying an extravagant annual fee

Annual Income Requirement S$80,000
Foreigner Income Requirement S$80,000

The UOB PRVI Miles American Express Credit Card provides the most cost-effective way of earning miles for affluent consumers who care only about earning miles but not about other travel perks like lounge access. It offers one of the highest flat-rate mile awards in the country at 1.4 miles per S$1 spent locally and 2.4 miles per S$1 spent overseas, all while charging an annual fee of just S$256.80, which is waived for the first year; other luxury cards with similar award rates charge S$500 or more. Not only that, UOB PRVI Miles card provides 20,000 loyalty miles every year if you can spend at least S$50,000 on the card annually (S$2,500 per month). However, the savings do come at a price, with the card offering fewer perks compared to more expensive options. This card works well for people willing to forgo perks like free lounge access or hotel rewards in order to build up high mileage and dodge high fees.

Highlights

  • Annual fee: S$256.8, waived 1st year
  • 1.4 miles for S$1 spent locally, 2.4 miles for S$1 spent overseas, 6 miles on S$1 spent on travel
  • Welcome Bonus: 10,000 welcome bonus miles when you spend S$6,000 within 3 months of approval date
  • Promotion: 20,000 loyalty miles every year with at least S$50,000 of spend on the card (exclusive to American Express version)
  • Read Our Full Review

Compare the Best Rewards Credit Cards

In case you want a quick look at our picks, here are ValueChampion's best credit cards for 2018.

Rewards CardsBest For...Annual Fee
Citi Cash BackBest CashbackS$192.6Learn More
OCBC 365No Annual Fee, CashbackS$192.6 (waiver)Learn More
HSBC AdvanceNo Annual Fee, High IncomeS$0.0 for AdvanceLearn More
Maybank Visa PlatinumNo Annual Fee, Low IncomeS$0.0Learn More
SC Unlimited CashbackUnlimited Rebate of 1.5%S$192.6Learn More
Citi PMVBest Miles, Welcome GiftS$192.6Learn More
DBS AltitudeMiles, No Annual FeeS$192.6 (waiver)Learn More
SC Visa InfiniteOverseas Spend & Business TravelS$588.5Learn More
HSBC RevolutionOnline & EntertainmentS$160.5 (waiver)Learn More
Amex SIA KrisflyerWelcome Bonus Miles and GiftS$176.55Learn More
Rewards CardsBest For...Annual Fee
Citi Cash BackLearn MoreBest CashbackS$192.6
OCBC 365Learn MoreNo Annual Fee, CashbackS$192.6 (waiver)
HSBC AdvanceLearn MoreNo Annual Fee, High IncomeS$0.0 for Advance
Maybank Visa PlatinumLearn MoreNo Annual Fee, Low IncomeS$0.0
SC Unlimited CashbackLearn MoreUnlimited Rebate of 1.5%S$192.6
Citi PMVLearn MoreBest Miles, Welcome GiftS$192.6
DBS AltitudeLearn MoreMiles, No Annual FeeS$192.6 (waiver)
SC Visa InfiniteLearn MoreOverseas Spend & Business TravelS$588.5
HSBC RevolutionLearn MoreOnline & EntertainmentS$160.5 (waiver)
Amex SIA KrisflyerLearn MoreWelcome Bonus Miles and GiftS$176.55

Compare the Best Rewards Credit Cards by Dollar Value

Below, we prepared a visual illustration of dollar value of the best rewards credit cards in Singapore. By applying each card's unique set of rewards programs to an estimate of average monthly spend for consumers in Singapore, we can estimate the total dollar value of each card's rewards over 2 years.

A graph displaying how best rewards credit cards compare to one another in terms of their rewards
Best Rewards Credit Cards in Singapore by Estimated 2-Year Dollar Value

You should note that the dollar value can heavily depending on your spending habits, so make sure to read through each card's review and see if it fits your monthly budget. There are also other "intangible" benefits like complimentary travel insurance and free access to airport lounges whose values are difficult to quantify but nevertheless incredibly valuable to some consumers. You can read more about how to choose the best rewards card in our guide below.

How To Find The Best Rewards Credit Card

To help you best evaluate which card is best for you, we have prepared a list of things to consider. Every person has unique needs and circumstances to which different cards may best cater. Use this framework to guide your evaluation process for any credit card offers you come across to help you assess how each card might fit into your personal spending decisions.

Your Spending Habits

While most consumers shopping for a rewards credit card just want to find out "What is the best rewards card?", the answer unfortunately depends on many different factors. Which rewards card will be the best for you will depend entirely on your personal spending, travel and credit habits. Taking a moment to consider your personal preferences before searching for a card will go a long way in helping you find the best deal.

Do You Keep A Balance On Your Credit Card?: In exchange for giving you bonuses and rewards, rewards credit cards always charge an extremely high interest rates around 25%. If you're unable to pay off your monthly charges in entirety, additional interest wil easily exceed what you earn in rewards. Therefore, rewards card are only beneficial for consumers who pay off their credit card bills on time on a monthly basis. If you are having difficulty in doing this, you should consider getting a low interest credit card or sticking to using cash. You're much better off reducing your interest payments than trying to get few percentage points in rewards.

How Do You Use Your Rewards?: For you to benefit from rewards cards, you actually have to use them. People tend to rack up miles and points that are never used. Even worse, many miles and reward points expire within a certain time frame. For those consumers these rewards might as well be worth nothing. Since some rewards expire, you might want to consider whether you like save up towards one big redemption or want to be redeem rewards as frequently as possible.

Also, take inventory of what kind of rewards you actually will be likely to use. Do you travel frequently, and would like to get free air tickets? Or would you rather receive cashback for daily purchases?

Lastly, you should consider how much you value flexibility. While cashback rewards are often immediately awarded, redeeming miles often take weeks of preparation because of processing time, and it may be more difficult to earn a free trip than you would like.

How Much Money Can You Spend?: Cards with the highest rewards rates often come with a high annual fee and minimum spend requirements. With many no-fee rewards credit card options available, the decision to pay an annual fee will depend on the amount you will spend on the card. As a rule of thumb, you should plan to spend at least S$500 a month per card for a fee-based rewards card to be viable.

Below, we have prepared real life examples of how these factors can influence how each card works differently for individuals with varying preferences.

Example 1: Why Your Spending Pattern Matters

What credit card you should choose should depend first on how much money you spend. For example, my friend Robert makes S$50,000 a year, and spends about S$2,000 on his UOB One Card on a monthly basis. UOB One Card is a great cashback card that provides up to 5% cash rebate for all of your expenditures, plus some other benefits like discounts on petrol. Based on Rob's spending level, this translates to about S$1,200 of cash rebate annually, which nets out to S$2,207.4 in rebate over 2 years after subtracting S$192.6 of annual fee (which is waived for 1 year). While this may seem great, one should wonder: what if Robert spends less money?

Because UOB One Card requires at least S$2,000 of monthly spend to qualify for the 5% rebate, anything less would only earn maximum 3.33% of flat rate cashback. This means that my other friend Henry, who only spends S$1,000 on his card every month, can only earn S$607.4 in net cash rebate over 2 years if he uses the UOB One Card. In this case, Henry may have been better off by using a card like OCBC 365 Card, which earns cash rebate and waives the annual fee for anyone who spends S$10,000 per year on the card. To be specific, OCBC 365 earns 24% on petrol, 3% on online shopping, up to 6% on dining and 3% on groceries, among other things.

Comparing UOB One Card and OCBC 365 Card's Total Benefits In Terms of Cashback Earned Net of Fees Over 2 Years for Monthly Spending Levels of S$2,000 and S$1,000
Comparing UOB One Card and OCBC 365 Card's Benefits

Let's now assume that my third friend Tom is a foodie who loves to eat well. However, he doesn't care that much about traveling, shopping or entertainment (i.e. bars, karaokes, etc.). Therefore, he spends about 60% of his monthly budget on dining and groceries, while Henry only spends 35% of his spending on these two categories. In this case, Tom should prefer to use Citi Cashback Card over using OCBC 365 Card, since Citi Cashback card earns 8% cash rebate on all of his dining and grocery bills.

Comparing OCBC 365 Card and Citi Cashback Card's Total Benefits In Terms of Cashback Earned Net of Fees Over 2 Years for Someone Who Spends S$1,000 per Month
Comparing OCBC 365 Card and Citi Cashback Card's Benefits

Example 2: Why How You Redeem Your Rewards Matter (Miles vs Cash Back)

There are many other factors besides your spending patterns that you must consider before choosing the right credit card. For instance, you may want to go for an air miles credit card instead of a cash back carf if you tend to travel frequently. This is especially so for people who like to redeem their miles for business class or first class seats. Our study has shown that 1 mile can be worth up to S$0.08 for longer and more expensive flights, compared to S$0.01 conversion rate for economy flights.

Let's consider our example of Robert again from the scenario above, who spends about S$2,000 per month on his card. If he used a Citi PremierMiles Card, he could be earning about 110,920 of miles over 2 years, plus additional savings on petrol, according to our calculations. This is because Citi PMV card awards 1.2 miles for every S$1 you spend locally, 2 miles for S$1 you spend overseas, 15,000 miles for customers who use the card within the first 3 months, and another 10,000 miles when you pay the S$192.6 of annual fee to renew your card. It can also earn 14-15% discounts on petrol in Singapore. If you were to convert the 111,000 miles you earn at a S$0.03 to 1 mile rate (i.e. short-haul business class seat), that's worth significantly more than the cashback Robert would earn on UOB One Card even after subtracting the annual fees. On the other hand, if Rob used his miles at a S$0.01 per mile rate, or never redeemed his miles at all, then UOB One Card would be the better deal.

Comparing UOB One Card and OCBC 365 Card's Total Benefits In Terms of Cashback Earned Net of Fees Over 2 Years for Someone Who Spends S$1,000 per Month
Comparing UOB One Card and OCBC 365 Card's Benefits for Someone Who Spends S$2,000 per Month

Understand How Each Card Is Different

In examining the different rewards credit cards, we looked at different factors that should influence your decision. Understanding all these different aspects can help you figure out just how good a card really is.

How Do the Rewards Work?: While most cards use the same set of terms (points, miles, cash back), the ways these rewards work will vary significantly. Some rewards can be applied as statement credits, as cashback, as reward poitns or as miles. Some cards will even allow for conversion between rewards points and miles. While cashback and statement credits are two best options for most people, miles can be highly valuable for those who redeem them for long-haul flights on business class or better. Some cards also allow you to transfer your rewards to other loyalty programs giving you another way to use what you've earned.

Rewards Rate: If your rewards card is going to be your primary card then the rewards rate for general spending is very important. For everyday spending you can expect to earn up to 5% of what you spend as rewards. As a rule of thumb, the more flexible the type of reward you get, the lower the rewards rate you can expect. Otherwise, you could pick a few cards that collectively offer high award rates on most of your expenditures.

Welcome & Renewal Bonuses Matter: The promotions offered to new card holders and renewal bonuses are major contributors of the value you can get from rewards cards. Most of these bonuses require you to either make a purchase on the card or spend a certain amount within a set time limit. Because the value of welcome bonuses and renewal bonuses can range from S$50 - S$500, you should make sure to fulfill the qualifications.

Footnotes

*ValueChampion calculates the dollar value of rewards based on S$2,000 of monthly spending. We sum the value of points, miles and cashback in dollar terms and subtract the annual fee over a 24-month period. The estimates here are ValueChampion's alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Duckju Kang

Duckju is the Senior Vice President of ValueChampion Singapore. He covers the financial services industry, consumer finance products, budgeting, and investing. He previously worked in the financial services industry, including at such hedge funds as Tiger Asia and Cadian Capital.

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