Singapore’s Best Credit Card?
I had wanted to do a post on credit cards. But discovered that there are existing posts by other people, banks and bloggers about the world of credit cards in Singapore.
So here are the links to the sites that references on the credit card:
1. Top Credit Cards in Singapore by Compare.sg
2. Find Me a Credit Card by DBS
3. Credit Cards in Singapore compares the HSBC and ANZ offerings by applycreditcard-online.com
4. Credit Card- Movie Discount- by SGsearchsite.com talks about offers for movies
While checking for sites, I found an interesting statistic that the total card billings for 2008 is S$25.66 billion with rollover balance of S$3.38 billion. Rollover balance is the amount that card holders do not pay and choose to carry forward to the next month.
That is about 13% who choose to be like some government and live in deficit. At 24%, the banks earn $0.8112 billion on the $3.38 billion.
The total card billings for 2009 is at S$26.03 billion, with rollover balance of S$3.70 billion. That is an increase to 14.2%.
Bad debts written off for Singapore credit and charge card in 2008 is S$115 million. In 2009 the bad debts written off increased to S$184 million. Around a 60% increase, so this is likely to be the effect of some in Singapore who choose to use their credit card as a last resort with the worldwide financial crisis.
So the best credit card is your own, provided you don’t rollover your balance. If you do, it become’s your bank’s best credit card. They earn S$812 million off you. So do yourself a big favor and pay in full.
I have only one card which is the ANZ credit card and it has been good so far. Which card do you have?
June 15, 2010 at 11:17 AM
UOB One Card. It gives a cash rebate of $30 for every $900 spent, which is effectively a 3.33% rebate. It's my one and only credit card and I always, always pay in full.
Cheers,
Musicwhiz
June 16, 2010 at 10:24 PM
Hi Musicwhiz,
That seems like a great deal :) Getting back 3.33%
I must go find those cash back credit card to see which has the best rate.
Regards,
lemiz
June 23, 2010 at 9:48 PM
It really depends on your requirements. There are many credit cards available for different customer requirements. I’ve been using DBS Live fresh credit card since it offers contact less payment through Visa paywave and dining deals of up to 50% off. They have different credit cards suitable for frequent travelers, shoppers and personal vehicle owners.
Post a Comment