Top 3 Credit Card Issuers in Singapore
One of the things that Singaporeans will usually look for in a credit card will be the rewards that are available. In Singapore, credit card rewards such as rebates or cash backs are very popular. Thus, explains why there are so many credit card companies in the country. With a rather saturated market, credit card issuers have to be really creative in coming up with strategies that will allow them to surpass any competition.
Here is a list of the best credit card issuers in Singapore that give some of the best rewards.
Citibank offers its Citibank Dividend which happens to be one of the most popular credit cards in Singapore. This card offers a high 8% rebate when you spend on restaurants, groceries, and petrol. Of course, there is a catch to receiving such a high cash back. To get the 8%, you have to make sure that your total credit card bill reaches a minimum of $888 a month. If it doesn’t, you’ll still get some cash back, but it’ll be significantly lower. There is also a limit of $25 cash back that you can receive for each category per month.
2. UOB (United Overseas Bank)
UOB, one of the biggest banks in Singapore, also offers great cash backs with their credit card, UOB One Card. It is considered one of the most appealing and best credit cards in the country. This is perfect for those who don’t have big monthly bills because they can still get a huge chunk of their money back. It offers 5.55% rebate on every purchase you make with your card with the condition that your total spending for 3 months reaches $2,000. If it doesn’t, you’ll still get 3.33% rebates of whatever you spent in that 3 months.
3. POSB (Post Office Savings Bank)
POSB also has a really good cash back and discount programs that cover a lot of purchases. First up, there is a big 20.1% discount on petrol at any SPC branch. Second, you can get a 5% rebate at Sheng Shiong groceries and a 2% rebate on every top up on an EZ Reload card. POSB also offers a promo wherein you can have as much as 9% cash back when you eat at restaurants on weekends and 3% on weekdays. This promo lasts until October 31, 2016. One of the best perks of this card is that there is no limit to the cash backs that you may earn. The only condition is that your monthly spending reaches $700.
In developed countries like Singapore, credit card spending is a popular thing; hence, a lot of banks in the country try to make the most out of this demand. Choosing the best credit card service provider is a personal thing. It depends on the average credit you think you’ll consume per month and, of course, the amount of cash that flows in your pocket. Moreover, it depends on your spending habits, lifestyle, and your expectations of the rewards.
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