Top 6 Credit Cards for Fresh Grads in Singapore
You’ve just graduated university in Singapore and you’re heading out into the world of work. You’ll soon be receiving your first salary from your brand new job and you’re looking for banking that offers the best benefits and perks for someone of your age and stage in life. Your first step should be to make sure you’ve got the right current account and that your salary is routed there when payday rolls around.
Next up, you’ll want a credit card. They are a great way to gain access to awesome perks and benefits that regular debit cards don’t offer. Whether it’s reward points, cash back or discounts on some of your favourite activities, credit cards are a great way to earn from the money you’d be spending either way.
It’s worth waiting three months after you started your new role before applying for a credit card so that your credit rating has been adjusted to take into account your new financial position. This will allow you access to the appropriate credit limit for your salary and ensure you don’t end up with any annoying black marks on your credit history. Keep in mind that for most credit cards you’ll need to be aged 21 or over and have a salary of over S$30,000 to qualify.
Recent surveys have shown that Millennial graduates spend their money on a few key areas: eating out, monthly subscriptions, eating in, clothes and shoes, electronics, entertainment, beauty and travel. So we’ve picked out cards that will reward you for this kind of spending.
We’ve rounded up the best credit cards for fresh grads in 2019 right here so that you can enjoy more time spending your first paycheck!
Standard Chartered Unlimited Cashback Credit Card
Cash Back 1.5%
Cash Back Cap Unlimited
Min. Spend S$0
This card rewards you for spending money by giving you 1.5% cashback on eligible purchases. So for every S$1000 you spend, you’ll receive a handy S$15 back. There’s no cap and no minimum spend, so in theory, you could make some decent returns if you use it for large payments you were going to make anyway.
There’s normally a S$200 fee for this card, however, there is currently a two-year waiver making this a great value first card for a fresh grad.
Citi Cash Back Card
Cash Back 8%
Cash Back Cap S$25 per category
Min. Spend S$888
With a more substantial 8% cashback offer on all your dining, Grab rides, grocery and petrol spending up to a value of S$100 per month, Citi require that you hit a minimum spend of S$888 in order to qualify.
If you drive a lot, this is the card for you, as the card also earns you a 20.88% discount at Esso and Shell.
American Express Singapore Airlines KrisFlyer Credit Card
Local Spend S$1 = 1.1 Miles
Overseas Spend S$1 = 2 Miles
Grab & Uber Rides S$1 = 3.1 Miles
If you’re a jet setter who’s always hopping in an Uber to the airport this is the card for you. Every time you spend you earn air miles redeemable on any flights. Spending at home will earn you 1.1 mile per S$1 spent, but spending abroad will earn you 2 miles per SGD. Your Uber and Grab rides will really help you rake in the miles, offering 3.1 miles per S$1 spent on the services. You’ll also receive 5,000 bonus miles for your first spend, and 7,500 miles when you spend $3,000 in your first three months. So if you’ve got a big trip in mind, this card could really help you out. With the fee waivered in the first year, this card is for the regular travellers out there.
Citi Rewards Card
Apparel S$1 = 10 points
Other Spend S$1 = 1 Point
1 Point = 0.4 miles
For the shopaholics, this card pays you to spend! For every SGD spent on clothing, bags or shoes either online or in store anywhere in the world, you will earn 10 points, and with 1 point equivalent in 0.4 miles, you’ll soon be racking up the air miles and jetting off somewhere fabulous in all your new clothes.
What’s more, you’ll enjoy 50% off at Foodpanda, Lazada, Zaolra, Reebonz and many more. So whether you’re indulging in more retail therapy or ordering food to go, you’ll need this card by your side.
UOB YOLO Credit Card
Cash Back 8%
Cash Back Cap S$80
Min. Spend S$600
The aptly named YOLO card really allows you to live your very best life. Offering up to 8% cash back on your online shopping, Grab receipts, dining and entertainment, you’ll be saving whilst you spend. The card also scores you up to 28% discount at major fashion outlets, up to 18% off at online travel agencies including Expedia and Agoda and free travel insurance when you buy your trip with your card.
We also love this card because the minimum spend is a little lower, and the cashback cap a little higher, making it a great deal for the fresh grad who enjoys a fun-filled life.
HSBC Advance Credit Card
Cash Back 3.5%
Cash Back Cap S$125
Min. Spend S$0
With a S$0 minimum spend, this card is awesome if you are going to be a sporadic credit card user, meaning you aren’t going to use it every month. You’ll still get 3.5% back on your purchases when you do spend on it. You’ve also got 75% off when you book hotels with Agoda, and 10% off hotels booked with Expedia, so if you love to travel this card can save you some serious cash.
The annual fee is waivered for the first year, or if you’re an HSBC Advance banking customer, this card is totally free.
Whichever card you select, be sure to understand the cost if you do not repay the balance straight away, to avoid amassing a debt that is hard to clear.
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