What Do Millennials Applying for their First Credit Card Need to Know in Singapore?

With the adaptability to get now, as well as pay later, having a credit card to cash your expenditures brings you a wide range of benefits.

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Obtain Rewarded While Costs

Every person loves obtaining rewards while spending. Depending on the type of credit card that you apply for, the incentives you stand to enjoy will vary. Usually, most credit card businesses offer the complying with incentives:

  • Cashback
  • Compensate Factors
  • Air Miles

Cashback, or rebates, can be gathered in your card which can be utilised to counter your next costs, permitting you to save when spending!

For credit cards that enable you to gain air miles for every buck you spend, such miles can be utilised to retrieve air tickets and upgrades for your following travelling journey.

As for cards that permit you to collect benefit factors, such points can be utilised to retrieve vouchers or items from participating sellers. From eating to fuel incentives offered for redemption, you can be sure to locate one that attracts you!

Higher Investing Limitation

Rather than debit cards, credit cards provide you with a better cost restriction. No more confined to drawing down from your savings account, you will be released a maximum card limitation which is essentially a limitation that you are not enabled to invest past. Because of this, you will be able to buy anything that is within your credit line with an easy tap on your bank card.

While this may sound interesting, you must spend responsibly. Only then you will be able to develop your credit history, eventually helping you to secure funding, as well as get some credit cards in the future.

Minimum Criteria to Obtain a Credit Card in Singapore

For most financial institutes in Singapore, the age requirement related to being the main cardholder for a credit card is 21. However, there are also credit cards for students that are offered in the marketplace. For such cards, the minimum age needed is normally 18.

Of course, do inspect the terms and conditions for the card before using it.

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Which Kind of Credit Card is the Best for You?

Depending upon your way of living, as well as costs, various cards will benefit you to various degrees. Thus, before selecting your credit card, do take time to evaluate your spending practices and lifestyle in order to increase your financial rewards and savings.

  • Cashback Credit Cards

Basically, a cash-back card allows you to gain discounts while spending. Many credit cards provide flat-rate cashback over all acquisitions. Contrarily, others supply greater percentages of cashback relying on your expenditure.

  • Air Miles Credit Cards

For serious tourists, air miles credit cards are the most effective cards for you! As nations resume their borders, travel will resume, albeit not to pre-covid degrees. An air miles credit card will permit you to gain miles for every buck invested.

  • Student-Friendly Credit Rating Cards

Accommodating the younger audience with reduced budgets, student-friendly credit card generally has reduced charges, as well as credit line in addition to no revenue need.

Mastercard vs Visa vs American Express

The majority of digital payments in Singapore are done through Mastercard, Visa, and American Express. Yet, just American Express provides debit, as well as credit cards.

Between Mastercard and Visa, there is no considerable distinction. Both Mastercard and Visa have similar rates of acceptance in Singapore, as well as overseas as many merchants, offline, as well as online, accept both modes of repayment.

However, the main distinction hinges on its loyalty program. Mastercard normally provides extra payment network-wide promos and better advantages for those having higher-tier cards.

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