Having the best credit cards in your wallet can be fun yet dangerous. It is like a double edge sword which you need to know and understand how it work to your advantage.
Singapore is one country that has progressed a lot ever since its inception. Thanks to the uncompromising-work ethic of its inhabitants as well as zero tolerance attitude towards crime and corruption. Singapore is right now one of the leading nations in Asia and is well on its way to fulfilling its destiny as a global power.
Living in such a country, it is but obvious that there will be a lot of financial options for Singaporeans such as credit cards. In the modern world, credit card is a man’s best friend but one also needs to know how to use it judiciously.
Use Cash Back Credit Card
The HSBC Visa Platinum Credit Card is one of the leading cash back cards in Singapore. It has been awarded 4.8 stars. It comes with a standard interest rate of 24% per annum and its annual fee is 180 Singapore dollars. However, in the first two years the fee is waived off. In order to avail this card your income should be at least 30,000 Singapore dollars. When you sign up for this card you will receive vouchers worth 200 Singapore dollars of Resorts World Sentosa. The OCBC 365 Visa Credit Card is also one of the leading names in this regard. Its rating is similar to the HSBC Visa Platinum Credit Card. Its standard interest rate is 25.92% per year.
In this card too, the fee, which is 160.50 Singapore dollars, is waived off for the first couple of years. Along with regular cash back rewards it provides gas-related benefits. In order to avail this card one must earn at least 30,000 Singapore dollars. The Citibank Rewards Card MasterCard has been awarded 4.8 out of 5 stars as well and is regarded as one of the top cash back cards in Singapore. Cardholders get an introductory interest rate of 0% for 6 months of balance transfers. It comes with a standard interest rate of 24% per annum and its annual fee is 192.60 Singapore dollars, which is inclusive of GST as well. It provides rewards in the forms of points. In case you want to avail this card your minimum yearly income should be 30,000 Singapore dollars.
Make Full use of the Credit Card rReward Points
The most convenient way to make the most of reward points on a credit card offer is to choose one where the reward points are going to be of some use to you as a consumer. If you are a middle-class person then you should look for cards that offer reward points for shopping at your preferred stores. In case you are a young entrepreneur who is more often than not living out of a suitcase you can look for credit cards that offer frequent flyer mile programs. It is also important to make sure that cashing your rewards does not mean that you have to spend even more money. Before choosing a card it is also important to compare the rewards on offer with other cards.
People often make a major mistake by opting for a credit card just because they feel like doing so. It is important that you put a lot of thought into it before you buy one. A proper comparison helps you understand if it is really worth having the card. There are plenty of aggregator sites where such information regarding rates and fees can be made. You should also keep in mind that these could go up or come down depending on your credit history and score. It is always better to beware of cards that charge hefty annual fees because that fee may as well reduce your benefits to nothing. This is why cash back cards without any or very little annual fees are the best way to go.
For a better understanding of this issue, please read the article 5 Easy Ways to Plan Your Spending & Increase Your Saving.
Consolidate your Spending in One Credit Card
In this age of high incomes and equally high spending as a consumer it is hard to keep a tab on which card is being used to pay which expense. This may seem to be trifling to start with but soon you understand that you have built up a mountain of debt that you are finding very hard to deal with. In order to pay that debt you have to incur more debt and the situation only spirals out of your control to such an extent that after a point you are forced to sell off your property and announce yourself bankrupt. Now you would not want such a situation to be in, right? The question is how you avoid such a serious pitfall.
The first thing that you need to do is have only one credit card and even if your income and your supposed needs – hammered on to your head by capitalist propaganda – increased you should always be parsimonious with your expenses. The lure will always be there but you need to be able to ignore it at will. With only one card you will be able to keep a proper track of your expenses as well. Try and buy as much you can with cash and limit your expenses. You may or may not acknowledge but you always need not flash the latest consumer goods to depict how much you have achieved in life. A debt-free life is also a good indicator of how well you are doing in life.
Decide Which Credit Card is Best for You
A country such as Singapore, which is synonymous with progress in so many ways, is awash with cards. There are different cards that can be availed in this country for a wide variety of purposes and it is for you to decide which one is going to be good enough for you. Cards such as OCBC, Citibank and POSB are good for activities related to EZ-Link. For buying petrol the best companies would be the American Express Platinum Credit Card, the POSB Everyday Card, and the UOB PRVI Miles Platinum Card. In case you are interested in buying products and services and pay in installments you can try the UOB One Card.
Do share with us your credit card strategies and how you choose them to your advantage.