If you are still scratching your head over the choice of credit cards, we’ve got your back!
New to adulting? It is so easy to get lost in the multitude of information about credit cards online. If you are still scratching your head over the choice of credit cards, we’ve got your back! In this list, we have compared 5 different credit cards that suit the needs of young working adults. So whether you are looking for one that gives you the most travel miles or the best shopping deals, here are 5 that will give you the most bang for your buck.
1. HSBC Revolution Card
HSBC’s Revolution Credit Card is a rewards-based credit, and you get to earn 5X rewards points on local dining and entertainment, online transactions and 1X rewards points for all other transactions- no minimum spending required. You can then redeem your points for hotel dining vouchers, movie passes and vacation vouchers! Other exclusive promotions with this card include 1 for 1 offers on various retailers, 7% off bookings on Agoda, and discounts on Zalora and Cashback, amongst others.
You do not need a prior account with HSBC to apply for the Revolution Credit Card. This also means that normal credit card fees apply – an annual fee of S$150. This fees is waived off for the first two years and you also get attractive joining gifts.
Do note that you need to be above 21 years of age and earn a minimum annual income of S$30 000 if you are a Singaporean or PR, or S$ 40 000 if you are self-employed or a foreigner. If you do not meet the above income requirements, you can still apply with a minimum fixed deposit of S$ 10 000.
With one of the best rewards points system and a lower annual fees than most other cards out there, the Revolution Credit Card is a pretty good starter credit card.
2. The FRANK Card by OCBC
If you like to chill with your friends over a cuppa or frequently treat yourself to shopping sprees, this card maybe your kinda thing. Made specifically to suit the needs of young adults, the FRANK Card has a great range of rebates and discounts on retailers that millennials tend to gravitate towards. Think: Benjamin Barker, The Flagship, Apple Store and the likes.
With the lowest annual fee and a low minimum spending of S$400, it is one of the cards that is easy to upkeep as well. The FRANK card also allows you to use the online banking tool to understand your spending habits, set budget limit alerts and manage your money better – which makes it an ideal first credit card.
To be eligible to apply for this card, you need to be at least 21 years old, with a minimum yearly income of S$ 30 000, if you are a Singaporean or PR or S$ 45 000, if are a foreigner.
3. UOB Yolo Card
With a motto like ‘Eat, Drink, Play, Repeat’, you know this card is made with young professional in mind. If you travel once in awhile and, you may want to consider the UOB YOLO card. This card has one of the best insurance coverage and also provides numerous discounts on travel sites like Agoda (up to 75% off), Expedia (10% off hotel bookings) and Eva Air (5% additional discount). For those who enjoy the nightlife, you’ll be pleased to know that the UOB YOLO card also gives you a place in exclusive priority queues and drinks at special rates! This is a good all-rounder card to cater to your travel, lifestyle and nightlife needs.
To be eligible to apply for this card, you need to be at least 21 years old, with a minimum yearly income of S$ 30 000, if you are a Singaporean or PR or S$ 40 000, if are a foreigner.
4. DBS Altitude Visa Card
If you travel a fair bit, either for work or leisure, DBS Altitude Visa Card is the credit card for you. On top of the 1.2 air miles you get for every S$1 you spend in Singapore, you also get 3 miles for every S$1 when you book your flight through selected airlines such as Qatar Airways, Cathay Pacific and Singapore Airlines and hotels through portals like Expedia, Agoda and Airbnb. This card also comes with premium perks like a Butler Service and 2 complimentary access to Global Airport Lounge. It is definitely worth getting the DBS Altitude Card if you are a frequent flier to get the most out of your spendings!
To qualify for this card, you need to be at least 21 years old, with a minimum yearly income of S$ 30 000, if you are a Singaporean or PR or S$ 45 000, if are a foreigner.
5. Citibank Rewards Visa Card
For all my fellow shopaholics out there, this card is exactly what you are looking for – excellent cash back and rebates for every S$1 spent. On top of the lucrative rebates at over 500 locations, it also has a rewards-based system where you can earn reward points or miles for every dollar that you spend. All the points that you chalk up can be exchanged for vouchers at your favourite stores, as additional rebates or for travel vouchers – helpful in making us feel slightly less guilty for that recent purchase, yes? Citibank Rewards Visa Card also gives you exclusive offers on travel sites like Hotels.com, Agoda and Emirates and dining places as well!
Note that you need to be at least 21 years old, with a minimum yearly income of S$ 30 000, if you are a Singaporean or PR or S$ 42 000, if are a foreigner.
If you are still looking around for more cards to compare, do check out GoBear which will churn out credit card suggestions depending on your specific needs and preferences!