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If you’re one of the millions of people out there whose money seems to be draining out from your bank account much faster than it flows in, it could be time to change your credit card. Or apply for a few more.
Contrary to popular belief, credit cards don’t raise your debt, they actually help you save money, if you know which ones to choose.
In fact, you can even make a profit if the cash rebates and discounts attached to your card add up to more than the annual credit card fee, writes Mark Hall of EnjoyCompare.com, a financial website which compares credit cards, personal loans and insurance policies in Singapore.
In Singapore, few take full advantage of the multitude of credit card benefits available though. According to a recent EnjoyCompare.com survey, at least 90% of Singaporeans still use the first credit card they applied for, with just 40% now using three or more credit cards.
If you’re one of the 90% who has never changed cards, chances are you’re missing out on a bevy of good deals offered by other credit card companies.
That’s because as your earning power and spending commitments increases with age, banks can actually offer you better cards with lower rates and improved benefits that are more suited to your lifestyle.
For example, some cards offer free travel insurance and airport lounge access designed for frequent travelers, while others offer generous fuel discounts for car owners. And if you happen to be a high-flyer who drives around in Singapore often, you can also save a lot by having both cards.
“One card for shopping, one card for petrol-pump discounts, and another card for foreign travel discounts. As long as you pay off the balance in full every month, they can literally save you thousands of dollars every year,” Hall of EnjoyCompare.com writes.
Make sure you choose a card with an annual fee that you can earn back from the discounts and cash rebates offered though, and remember not to overspend just for the sake saving few a dollars. Be realistic.
Here are 6 Singapore credit cards listed on EnjoyCompare.com that you may find useful:
For frequent travellers – Available for an annual fee of S$256.80, the American Express KrisFlyer Ascend Credit Card offers travellers free travel accident insurance worth up to S$1 million, free access to airport lounges worldwide as well as stays at Millennium Hotels and Resorts. You also earn one KrisFlyer mile for every S$1.20 spent and double the number of miles whenever you fly with Singapore Airlines.
There is also the ANZ Travel Visa Credit Card, which lets you earn up to 2.8 air miles for every S$1 spent and an additional 10,000 air miles when you renew your card. It also gives you free travel insurance coverage of S$1 million as well as free airport limo services and access to airport lounges worldwide. The annual fee is S$200.
For those living it up in Singapore – For an annual fee of S$160, the ANZ Platinum Credit Card enables you to save up 18.77% when you refuel at all Caltex service stations in Singapore.
You will also enjoy other local benefits including a 5% cash rebate every time you make recurring payments with Starhub or M1 and enjoy dining discounts and rebates at Swensen’s and the Paradise Group of restaurants. For online shoppers, there are also rebates of up to S$1,200 to be had when you buy merchandise from selected websites like Groupon.sg and Asos.
There’s also the HSBC Visa Platinum Credit Card, which offers a 14% instant discount plus a 5% cash rebate at all Shell and Caltex service stations in Singapore. It also offers a5% cash rebate at Cold Storage, Jason’ Market Place, Giant Supermarket and Guardian. The annual fee is S$180.
For those who want low fees – If you’re happy leading a simple lifestyle without the need for fancy frills, the Standard Chartered MANHATTAN Credit Card, with its S$30 annual fee, could be the card for you. You’ll get to enjoy 1,000 shopping, travel and lifestyle deals island-wide, and still receive a 3% cashback whenever you purchase something using your card.
Meanwhile, for just S$38.52 a year, the POSB Bank Everyday Credit Card gives you cash rebates on groceries, personal care items, daily transport, recurring utility and telephone bills as well as flights purchased on AirAsia.com and overseas expenditures.
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