With most of us leaning more toward cashless transactions, it makes sense to use credit cards to pay for bills and lifestyle expenses. The right credit card not only enhances your spending experience but also brings a host of benefits such as cashback, reward points, discounts, and exclusive perks tailored to your lifestyle. Card features like low interest rates, waiver of annual fees, and compatibility with mobile payment platforms further elevate the cardholder experience.
Want to enjoy these perks by applying for a new credit card? You may want to watch out for credit card promotions offered by credit card providers to entice cardholders to apply. These promotions aim to provide additional incentives such as bonus reward points, cash credits, vouchers, or even fee waivers.
To help you shop for the right credit card, we’ve curated some of the best credit card promotions in Singapore. We’ll look into the benefits, annual fees, and unique features so you can take advantage of these promotions.
What Are Credit Card Promotions?
Banks or any credit card provider use attractive sign-up welcome rewards to entice customers to apply for a credit card. This is one of the many types of credit card promotions that help them stand out from their competition. These promotions may include special offers, incentives, or limited-time deals.
Some credit card providers may also offer additional benefits, discounts, or rewards, making the credit card more appealing and competitive in the market. You might also come across promotional rates which are a lower interest rate offered on your credit card balance for a certain time period. Promotional rates are often called introductory interest rates which are offered during the first few months after you open the credit card account.
That said, these credit card promotions not only entice new users but also encourage existing cardholders to utilize their cards more frequently.
Types of Credit Card Sign-Up Promotions
In Singapore, credit card issuers offer various types of sign-up promotions to attract new customers and stay competitive in the market. These promotions often require new cardholders to meet specific criteria, such as:
- A minimum spend requirement
- Meet a certain number of transactions within a specified period.
- Being qualified as a new-to-bank customer
Here are some common types of credit card sign-up promotions
- Sign-up Bonus or Welcome Gift: These are incentives offered to new cardholders for signing up and meeting certain requirements, such as a minimum spend within a specified period. Sign-up bonuses can come in the form of cash credits, reward points, air miles, or vouchers.
- Cashback Offers: Banks may offer boosted cashback rates for specific categories or merchants during a promotional period, allowing cardholders to earn a higher percentage of cashback on their spending. Check if there is a minimum spend or other eligibility criteria before you grab the chance to get free money!
- Reward Points or Air Miles Multipliers: Promotions may include increased (or doubled) reward points or air miles earning rates for certain categories or during specific periods. With this promotion, cardholders can accumulate points or miles at a faster pace. However, this typically comes with minimum spend requirements.
- Exclusive Discounts and Perks: Cardholders can enjoy exclusive discounts, deals, or perks at partnered merchants or establishments, such as dining, shopping, or travel deals.
- Annual Fee Waivers: Credit card issuers may offer to waive annual fees for new cardholders for the first year or for a certain period, making the card more attractive to potential users.
- Balance Transfer Offers: These promotions involve lower interest rates or waived fees for balance transfers. This is a good option if you plan to consolidate your credit card debt with the promoted card.
- 0% Interest Installment Plans: Credit card issuers may provide 0% interest installment plans for big-ticket purchases at select merchants, making it easier for cardholders to manage their spending.
Best Credit Card Promotion Sign-Up in Singapore May 2023
|
Credit Card |
Best For |
Rewards |
Minimum Income |
Annual Fee |
|
Citi PremierMiles Card |
Frequent Travelers |
|
|
S$194.40 |
|
Standard Chartered Smart Credit Card |
General Spending; including public transportation, and digital streaming |
|
|
S$0 |
|
HSBC Revolution Card |
Online spending and dining out |
|
|
S$0 |
|
Citi Cash Back+ Mastercard |
Online shopping and lifestyle spending |
Flat 1.6% cashback rate on eligible purchases across all online shopping and lifestyle categories |
|
S$194.40 |
|
CIMB Visa Signature Card |
Dining, online purchases, and beauty spending |
|
S$30,000 yearly (Singaporean/Singapore PR) |
S$0 |
|
UOB One Card |
Individuals with consistent monthly spend |
|
|
S$194.40 |
|
DBS Altitude Visa Signature Card |
Individuals who are looking for more flexibility in their rewards |
|
|
S$194.40 |
1. Citi PremierMiles Card
The Citi PremierMiles Card is a popular travel rewards credit card offered by Citibank in Singapore. It is designed to cater to frequent travelers and those who wish to earn air miles on their everyday spending. It provides priority pass lounge access in airports and travel insurance. Best of all, you don’t have to worry about the miles rewards expiring!
Benefits
- Citi Miles card rewards never expire
- 2 complimentary visits every year to airport lounges worldwide.
- Up to S$1 million in insurance coverage.
- Enjoy the freedom of redeeming your miles with Citi Pay with Points or redeem for a Citi cash back card rebate through SMS
- Renewal bonus of 10,000 Citi Miles on your card anniversary
Annual Fee:
- S$194.40
Minimum Income:
- S$30,000 (Singaporean/PR)
- S$42,000 (Foreigner) a year
Promo/Bonus:
- (MoneySmart exclusive promo period until12 Jun 2023) Apply and Spend S$500 to get:
- Apple iPad 10.2-inch 64GB, 9th Gen (worth $503.65) OR
- Nintendo Switch OLED (worth S$479) OR
- Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth S$575) OR
- S$300 Cash via PayNow
- (SingSaver Promotion valid until 15 Jun 2023) Receive any of the following when you activate or make a minimum spend of S$500 within 30 days of card approval:
- Apple iPad 9th Gen 10.2″ WiFi 64GB (worth S$503.65) or
- Nintendo Switch OLED (worth S$549) or
- S$400 CapitaVoucher or
- S$300 Upsized Cash via PayNow
- Additional 2 Citi Miles per S$1 qualifying spend in foreign currency while overseas (promo between 1 March and 30 June 2023)
2. Standard Chartered Smart Credit Card
The Standard Chartered Smart Credit Card is a versatile rewards card designed to cater to a wide range of spending categories. It offers accelerated reward points for spending in areas such as dining, shopping, and travel, allowing cardholders to maximize their rewards accumulation.
Additionally, the Smart Credit Card provides promotional offers, such as an annual fee waiver, sign-up bonuses, or exclusive discounts at partner merchants, enhancing its overall value proposition.
Benefits
- No annual fee
- No cash advance fee
- 6% cashback in 360 Reward Points on your everyday spend (no minimum spend)
- 3-month interest-free instalments with no processing fee
- S$250 cashback upon activation (no minimum spend required)
Annual Fee:
- S$0
Minimum Income:
- S$30,000 per year (Singaporean/PR)
- S$60,000 (foreigner)
Promo/Bonus:
- S$250 cashback upon activation (no minimum spend required)
- (SingSaver Promotion valid until 2 Jul 2023) Receive any of the following when you activate or make a minimum spend of S$500 within 30 days of card approval:
- Apple AirPods Pro Gen 2 (worth S$362.35) or
- Xiaomi Robot Vacuum S10 (worth S$379) or
- S$300 Upsized Cash via PayNow
- (MoneySmart Exclusive valid until 30 Jun 2023) Receive any of the following when you apply and spend S$500:
- S$250 Cash via PayNow OR
- Apple AirPods 3rd Generation (worth $271.50) OR
3. HSBC Revolution Card
The HSBC Revolution Card is a no-frills rewards card that provides HSBC Rewards Points for online spending, contactless payments, and local dining. It is perfect for individuals who enjoy online shopping, use contactless payment methods frequently, and frequently dine out.
With its competitive reward rates and no minimum spend requirement, the HSBC Revolution Card makes it easy for cardholders to accumulate reward points that can be redeemed for various items, including air miles, vouchers, or cash rebates. However, bonus Rewards Points are capped at 9,000 a month.
Benefits:
- No annual fee
- No minimum spend required
- Complimentary access to ENTERTAINER with the HSBC app (with over 1,000 1-for-1 deals on dining, lifestyle, and travel worldwide)
- Use the HSBC Singapore app to offset your spending with Reward Points or split your purchases into monthly instalments
Annual Fee:
- S$0
Minimum Income:
- S$30,000 per year (Singaporean/PR)
- S$40,000 (foreigner)
Promo/Bonus:
- Choose either a Samsonite Prestige 69cm Spinner Exp luggage worth S$670 or S$150 cashback, when you spend at least S$1,000 and give marketing consent upon applying. (valid until 31 August 2023)
- Existing cardholders are eligible for S$50 cashback.
4. Citi Cash Back+ Mastercard
The Citi Cash Back+ Mastercard is a cashback credit card perfect for individuals who value simplicity and high cashback rates on their spending. The card provides a flat cashback rate of 1.6% on all eligible purchases. It is a great option for cardholders who prefer straightforward rewards without having to keep track of various spending categories.
With no cap on the cashback amount and no minimum spend requirement, the Citi Cash Back+ Mastercard allows cardholders to maximize their savings effortlessly.
Benefits:
- No minimum monthly spend
- No cap on cashback earned
- Flat 1.6% cashback rate on eligible purchases across all online shopping and lifestyle categories
- Earn 0.4% bonus cash back on your spend if you are a Citi Plus customer and a Primary Account Holder of a Citi Interest Booster Account
- Up to S$1 million travel insurance coverage when you charge travel tickets to your Citi Cash Back+ Credit Card
Annual Fee:
- S$194.40
Minimum Income:
- S$30,000 (local/PR)
- S$42,000 (foreigner)
Promo/Bonus
- (MoneySmart Exclusive valid until 12 Jun 2023) Receive the following when you apply and spend S$500:
- S$300 Cash via PayNow + S$50 CASH BONUS OR
- Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth $575) OR
- Nintendo Switch OLED (worth S$479) OR
- Hinomi H1 Pro Ergonomic Chair (worth S$559)
- (SingSaver’s Exclusive valid until 15 Jun 2023) Receive any of the following when you apply and spend at least S$500 within 30 days of the card approval date:
- Hinomi H1 Pro Ergonomic Office Chair (worth S$599) or
- Nintendo Switch OLED (worth S$549) or
- S$400 CapitaVoucher or S$300 cash via PayNow
- 2% cashback on all qualifying spend with this card, plus a total of up to S$450 cash when you join Citi Plus
5. CIMB Visa Signature Card
The CIMB Visa Signature Credit Card is a cashback card for individuals seeking high cashback rates in specific spending categories. It offers 10% cash back on online shopping, beauty, and wellness-related purchases, groceries, and cruises. Have a pet? Cardholders who are fur parents can also enjoy 10% cashback when they spend on pet shops and veterinary services.
The catch? There’s a cashback cap of S$100 per month (S$20 per category). As such, it is best to use it together with high-rebate cards.
Benefits:
- No annual fee for life
- Can be used for bus and train rides with SimplyGo
- 10% cashback on beauty & wellness, online shopping, groceries, cruises, pet shops, and veterinary services
- Unlimited 0.2% cashback on all other spend
- Up to S$500,000 complimentary travel insurance when you charge your airline tickets to this card
- Over 1,000 CIMB Deals & Discounts across dining, retail, and lifestyle outlets in Singapore, Malaysia, and Indonesia
Annual Fee:
- S$0
Minimum Income:
- S$30,000 yearly (Singaporean/Singapore PR)
*Applicants who don’t meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000
Promo/Bonus:
- (MoneySmart Exclusive valid till 24 Jun 2023)
- Apply and spend S$988 to receive S$280 Cash via PayNow
6. UOB One Card
Perfect for those with consistent monthly spending, the UOB One Card is a popular cashback credit card ideal for individuals who can spend a minimum of S$2,000 per month. Featuring a unique tiered cashback structure, it provides higher cashback rates when cardholders meet specific minimum spending requirements across consecutive months.
As such, the UOB One Card is an attractive option for individuals who can consistently spend within the card’s defined tiers. For instance, if you find yourself spending on Grab, Giant, Shoppe, or on bus and train rides via SimplyGo, then this cashback card is a good option.
Benefits
- Get up to 10% cashback on daily essentials, online food delivery such as GrabFood, online shopping, and more.
- Up to 3.33% cashback on all retail spend – when you spend a minimum of S$500, S$1,000, or S$2,000 per month for over 3 months, you’ll get cash rebates of S$50, S$100, or S$200 respectively per quarter.
- Fuel savings of up to 22.66% at Shell and SPC.
- Earn up to 7.8% p.a. interest on savings with UOB One Account when you spend using this card.
Annual Fee:
- S$194.40
Minimum Income:
- S$30,000 per year (Singaporean/PR)
- S$40,000 (foreigner)
Promo/Bonus:
- (MoneySmart Exclusive valid till 30 Jun 2023) when you successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 for 2 consecutive months
- Get up to 15% Cashback and S$350 worth of Grab Vouchers
- Singsaver Exclusive valid till 30 Jun 2023) apply and spend a minimum of S$1,000 for 2 consecutive months from card approval date
- Grab vouchers worth S$350 if you are one of the first 200 new-to-UOB Credit Card members
7. DBS Altitude Visa Signature Card
The DBS Altitude Visa Signature Card is perfect for individuals who are looking for more flexibility in their rewards. With a high-earn rate for both local and overseas spending, this credit card also allows cardholders to switch between miles and cashback. On top of that, the DBS Altitude Visa Signature Card comes with travel perks like complimentary airport lounge access and travel insurance coverage, making it an appealing option for regular travelers.
Benefits:
- Earn up to 10 miles per S$1 spend on your travel spend at selected online travel agencies
- Earn up to 2 miles per S$1 on your retail spend
- DBS points or miles that never expire
- Receive 10,000 bonus miles when you pay the annual fee
- Complimentary Digital Priority Pass membership (2 free lounge visits at over 1,300 airport lounges worldwide within each 12-month period)
Annual Fee:
- S$194.40
Minimum Income:
- S$30,000 and above per year (Singaporean and PR)
- S$45,000 and above per year (Foreigner)
Promo/Bonus
- Get up to 37,000 miles when you apply and spend a minimum of S$2,000 within 30 days from the card approval date. Valid till 30 June 2023.
- Get up to 80,000 miles when you sign up with promo code FLASHVTG and make a minimum spend of S$5,000 within 30 days of credit card approval. Valid till 06 June 2023.
- (MoneySmart & Singsaver Exclusive valid till 30Jun 2023) Make a minimum spend of S$800 within 60 days of card approval
- Get S$150 Cashback when you apply with promo code 150CASH
Tips and Factors to Consider
Sign-up promotions and welcome bonuses are always attractive. However, do not sign-up with the first credit card provider that offers enticing rewards. You need to consider several factors to ensure that you can maximize rewards and savings from these promotions.
- Take into Account Your Spending Habits: Choose a promotion that aligns with your spending habits. For instance, if you frequently dine out or spend online, a card that offers extra rewards or cashback for these categories will help you maximize the benefits.
- Check the Minimum Spend Requirement: Some promotions require you to spend a minimum amount within a specific period to qualify. For instance, to enjoy the CIMB Visa Signature Card’s sign-up bonus of S$188 cashback, you need to at least spend S$108 within 30 days of card approval.
That said, ensure that this aligns with your regular spending habits so that you can comfortably meet the requirement without overspending. - Evaluate the Reward Value: Look at the potential rewards and calculate their actual value. For instance, if you want to earn miles to save on Singapore airlines tickets, then compare the prices and the minimum spending required to determine if they are worth it.
- Consider the Long-Term Benefits: While sign-up bonuses are attractive, also consider the long-term benefits of the credit card. Look at the regular earn rates, annual fees, and other ongoing benefits to ensure the card remains valuable after the promotion ends.
- Read the Terms and Conditions: Promotions often come with specific terms and conditions, such as excluded categories for bonus rewards or cashback. For example, some credit cards only offer rewards for certain categories, such as veterinary services and cruises. So make sure to read these thoroughly to avoid any surprises.
- Check the Expiry Date: Some promotions are for a limited time. Make sure you apply before the promotion ends and understand when any bonus rewards will be credited to your account.
- Pay Attention to Annual Fees: Some cards waive the annual fee for the first year as a promotion. However, it’s important to consider whether the benefits of the card will outweigh the annual fee in the following years.
Closing
Ready to apply for a new credit card? The curated list of credit cards and their current promotions above should help you get started. However, to make the most of these promotions, it’s essential to take into account your personal spending habits and ensure that you can comfortably meet any minimum spend requirements.
Key Takeaways:
- Banks and credit card providers in Singapore offer enticing benefits that can provide significant value to cardholders which can range from discounts to cashback, to bonus miles rewards.
- Select a promotion that aligns with your lifestyle and financial goals, maximizing the rewards you receive from your credit card.
- Aside from the sign-up promotions, also take into account the long-term rewards and benefits as well as the annual fee to determine whether you can maximize savings with the chosen card.
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