Credit Cards

Do You Have the Right Credit Card, or Some Piece of Plastic Junk?

credit cards singapore

Peter Lin

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When I got my first credit card, I was pretty pleased with myself. I had picked the best of the best, I told myself. This credit card had everything! It had a cashback feature, shopping discounts, petrol discounts and even allowed me to consolidate my utilities, mobile and insurance premiums payments. What more could I ask for? The answer, as it turns out, is I should have asked for a few more credit cards.

You see, the problem with that one credit card being “good” in everything, was that it was actually “best” in nothing. And with so many different credit cards available in Singapore, there’s really no reason NOT to apply for credit cards that suit your exact lifestyle.

Here are 3 quick steps to make sure you start this New Year 2015 with the right set of credit cards.

 

1. Get Rid Of Credit Cards That You Don’t Use

Finding an annual fee charge on your credit card bill is often all the reason you need to make some bank’s customer service officer wish they didn’t wake up that day. It’s even worse when you find an annual fee charged on a card you don’t even remember OWNING, let alone using.

Save yourself the trouble of a long, drawn-out phone call with your bank and just cancel cards that you haven’t used in a year. Trust me, if that piece of plastic has been residing in your drawer instead of your wallet for twelve months, it’ll probably NEVER get used.

Your credit rating will also improve if you possess less credit cards, and it’ll be easier to consolidate and keep track of your credit card spending.

 

2. Decide What Credit Card Benefits Would Suit You Best

If you are a jetsetter, you’ll definitely want to consolidate most of your spending on an air miles credit card that gives you a great conversion rate. In such cases, there’s often no reason to create a conflict of interest by holding on to a cashback credit card simultaneously.

If you’re a driver, you’ll probably have a preferred brand of petrol and the loyalty cards to go with it. Shell, Esso, Caltex and SPC all have various credit card promotions. Check out our articles for the petrol brand you favour and apply for the petrol credit card that gives you the greatest discount at those stations.

A lot of our shopping these days is done online, so give up your traditional shopping credit cards and pick the ones that give the largest rebates or discounts when used for online shopping. We’ve put together a list of the best credit cards for online shopping.

For foodies (aka most Singaporeans), you’ll definitely want to find that one dining credit card that gives you discounts or freebies at your favourite eating places. The other great thing about dining cards is that they also give you a great excuse to check out new restaurants!

 

3. Compare and select the best credit cards based on your preferences

Once you’ve decided what kind of benefits would suit you best, compare credit cards side-by-side and then pick the best credit card for your particular needs. Ideally, you’d have at least one for shopping, one for dining and one that earns cashback rebates or air miles for the bulk of your transactions.

Once you’ve picked your cards, check to make sure you meet their income requirements. Now, go ahead and apply for them, knowing that you’ll be starting 2015 with the right credit cards for you!

Do you have any other suggestions on how to pick the best credit cards for your lifestyle? Share them with us!

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Peter Lin

I am the poster boy for reinventing one's self. I've been a broadcast journalist, technical writer, banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.

  • JonnySazaki

    This is crap! You guys used to put out stuff I enjoyed reading. Now even the shitty times is better. I’m done with you moneysmart!

  • Jie Ming

    Almost all the credit cards benefit are the same. Its just managed by different banks. I don’t have any credit cards only debit card