If you’re a credit card enthusiast, you might be wondering what the hardest card to get in Singapore is. While there are many credit cards available in Singapore, some are more exclusive and harder to obtain than others. These cards offer exclusive benefits, rewards, and perks, but they also require a higher income and stricter eligibility criteria.
Understanding the requirements and application process for these exclusive credit cards is key to getting approved. You need to have a high income, excellent credit history, and a good relationship with the bank. Some of these cards also require you to be invited to apply, making them even harder to get. In this article, we’ll explore what makes a credit card exclusive and hard to get, and which cards are the most difficult to obtain in Singapore.
Key Takeaways
- Exclusive credit cards in Singapore offer a range of benefits and perks, but they are harder to obtain than regular credit cards.
- To be eligible for an exclusive credit card, you need to have a high income, excellent credit history, and a good relationship with the bank.
- Some of the hardest credit cards to get in Singapore require you to be invited to apply, making them even more exclusive.
Understanding Credit Cards in Singapore
If you’re looking to get a credit card in Singapore, it’s important to understand the different types of credit cards available, the credit card providers, and how to compare credit card features.
Types of Credit Cards
There are several types of credit cards available in Singapore, including Visa, American Express, and Mastercard. Each type of card has its own unique features and benefits, so it’s important to choose the one that best suits your needs. Some credit cards offer cashback rewards, while others offer travel rewards or discounts on dining and entertainment.
Credit Card Providers
In Singapore, there are many credit card providers to choose from, including local, regional and global banks. Some of the most popular credit card providers in Singapore include DBS, OCBC, UOB, and Citibank. Each provider offers a range of credit cards with different features and benefits, so it’s important to compare the options before choosing the right one for you.
Comparing Credit Card Features
When comparing credit card features, it’s important to consider the interest rates, annual fees, and rewards programs. Some credit cards offer low interest rates, while others have high annual fees but offer generous rewards programs. It’s also important to consider the credit limit and any additional perks, such as travel insurance or concierge services.
Overall, credit cards can be a great way to manage your finances and earn rewards on your spending. However, it’s important to choose the right card for your needs and to use it responsibly to avoid accumulating debt.
Eligibility and Application
If you’re wondering what the hardest card to get in Singapore is, you’ll need to know about the eligibility and application process. There are a few things you need to consider when applying for a credit card in Singapore.
Income Requirements
One of the most important things to consider when applying for a credit card in Singapore is your income. Most banks in Singapore require a minimum income of S$30,000 per annum for Singaporeans and Permanent Residents, and S$45,000 for foreigners. However, some credit cards may require a higher income, depending on the benefits and rewards offered.
Credit Score Considerations
Another important factor that banks consider when assessing your credit card application is your credit score. Your credit score is a reflection of your creditworthiness and is based on your credit history. A good credit score can increase your chances of getting approved for a credit card, while a poor credit score may result in your application being rejected.
Application Process
The application process for a credit card in Singapore is straightforward. You can apply for a credit card online or in person at a bank branch. You’ll need to provide personal and financial information, such as your income, employment status, and credit history. The bank will then assess your application and let you know if you’ve been approved or rejected.
Overall, the hardest card to get in Singapore will depend on your individual financial situation and creditworthiness. However, by understanding the income requirements, credit score considerations, and application process, you can increase your chances of getting approved for a credit card that suits your needs.
Rewards and Benefits
When it comes to credit cards, the rewards and benefits are often the main selling point. Depending on your spending habits and lifestyle, you may prefer a rewards credit card that offers miles and points, cashback and rebates, or exclusive perks.
Miles and Points
If you are a frequent traveller, a rewards credit card that offers miles per dollar spent may be the most valuable to you. With miles, you can redeem flights, hotel stays, and other travel-related expenses. Some rewards credit cards also offer travel insurance and complimentary airport transfers.
Cashback and Rebates
If you prefer to receive cashback or rebates on your spending, a cashback rewards credit card may be the best option for you. You can earn cashback on a variety of categories, including dining, groceries, and shopping. Some cashback rewards credit cards also offer savings and discounts at selected merchants.
Exclusive Perks
For those who value exclusive perks and privileges, there are invitation-only rewards credit cards that offer a range of benefits. These may include access to airport lounges, concierge services, and other luxury experiences. However, these cards often come with a high annual fee and strict eligibility criteria.
No matter which type of rewards credit card you choose, it is important to compare the rewards points, miles per dollar, and other benefits to find the one that best suits your needs.
Spending and Savings
When it comes to credit cards, one of the most important factors to consider is how you can optimise your spending and maximise your savings. Here are some tips to help you get the most out of your credit card:
Optimising Local Spend
To make the most of your local spending, look for credit cards that offer cash rebates or rewards points for everyday purchases such as groceries, dining, and utilities. Some cards also offer additional perks for petrol purchases.
For example, the UOB One Card offers up to 5% cash rebate for all spend categories, including petrol, groceries, and utilities, as long as you meet the minimum spend requirement.
Maximising Online Purchases
With more and more people shopping online these days, it’s important to have a credit card that rewards you for your online purchases. Look for cards that offer cash rebates or rewards points for online transactions.
The HSBC Revolution Card is a great option for online shoppers, offering 5x rewards points for online transactions and contactless payments, as well as dining and entertainment spend.
Foreign Currency Expenditure
If you frequently travel overseas or make purchases in foreign currencies, it’s important to look for a credit card that offers low foreign transaction fees and competitive exchange rates.
The DBS Visa Debit Card is a good option for foreign currency expenditure, as it offers low foreign transaction fees and competitive exchange rates.
Overall, finding the right credit card to optimise your spending and maximise your savings requires careful consideration of your spending habits and financial goals. By doing your research and comparing different cards, you can find the card that best fits your needs.
Card Usage and Management
Managing your credit card usage is an essential part of maintaining a good credit score and avoiding debt. Here are some factors to consider when managing your credit card:
Credit Limit and Utilisation
Your credit limit is the maximum amount you can borrow on your credit card. It is important to keep your credit utilisation ratio below 30% to maintain a good credit score. This means that you should not use more than 30% of your available credit limit.
For example, if your credit limit is £1,000, you should not use more than £300 of your credit limit. If you exceed this limit, it can negatively impact your credit score.
Interest Rates and Fees
Interest rates and fees are important factors to consider when choosing a credit card. The interest rate is the amount of money you will be charged for borrowing money on your credit card. Some credit cards offer low-interest rates, while others have high-interest rates.
Annual fees are another factor to consider when choosing a credit card. Some credit cards charge an annual fee, while others do not. It is important to consider the annual fee when choosing a credit card, as it can add up over time.
Risk and Security
Credit card fraud is a risk that you should be aware of when using your credit card. It is important to take steps to protect your credit card information, such as keeping your credit card in a safe place and not sharing your credit card information with anyone.
Credit card companies also offer security features, such as fraud alerts and zero-liability policies, to protect your credit card from fraudulent activity. It is important to choose a credit card with good security features to protect your credit card from fraud.
Exclusive and Hard-to-Get Cards
If you are looking for the most exclusive and prestigious credit cards in Singapore, you will need to meet certain criteria. These cards are not available to everyone and require a certain level of income, credit score, and reputation. Here are some of the most exclusive and hard-to-get cards in Singapore.
By Invitation Only
Some of the most exclusive credit cards in Singapore are available only by invitation. The Ultima Card by American Express is one such card that is available only to a select few. This card is known for its high credit limit, exclusive benefits, and personalised service. To qualify for this card, you need to have a private banking relationship with American Express and a high net worth.
High Annual Fees and Benefits
Another category of exclusive credit cards in Singapore are those with high annual fees and benefits. The DBS Insignia Visa Infinite Card is one such card that offers exclusive benefits such as a priority pass membership, access to airport lounges worldwide, and a dedicated concierge service. The annual fee for this card is S$3,210, but the benefits are worth it if you travel frequently and value luxury.
Private Banking Cards
Private banking cards are another category of exclusive credit cards in Singapore. These cards are available only to clients of private banks and offer exclusive benefits such as access to private banking lounges, personalised service, and exclusive events. The American Express Centurion Card, also known as the “Black Card”, is one such card that is available only to a select few. This card is known for its high annual fee, exclusive benefits, and personalised service.
In conclusion, if you are looking for the most exclusive and hard-to-get credit cards in Singapore, you will need to meet certain criteria and have a high net worth. These cards offer exclusive benefits, personalised service, and access to luxury services.
Card Extras and Partnerships
When it comes to credit cards in Singapore, it’s not just about the rewards and benefits you earn from spending. The card extras and partnerships can make all the difference in choosing the right card for you. Here are some of the top shopping, dining, travel, and lifestyle perks you can expect from the hardest cards to get in Singapore.
Shopping and Dining Partners
If you love to shop and dine, then the hardest credit cards to get in Singapore have got you covered. From online marketplaces like Lazada and Qoo10 to supermarkets like Sheng Siong, these cards offer exclusive discounts and cashback rewards that can save you big bucks. For instance, the OCBC 365 card gets you up to 6% cashback on dining, groceries, and online shopping, while the Citi Prestige card offers up to 10% off at selected restaurants.
Travel and Insurance Tie-ins
If you’re a frequent traveler, then the hardest credit cards to get in Singapore can help you save on flights, hotels, and travel insurance. Many cards offer partnerships with travel booking platforms like Kaligo and Expedia, allowing you to earn bonus miles or cashback on your bookings. Some cards also offer complimentary travel insurance, such as the Citi Rewards card which provides up to $1 million in coverage for you and your family.
Lifestyle and Entertainment Offers
Finally, the hardest credit cards to get in Singapore also offer a range of lifestyle and entertainment perks that can enhance your overall experience. For example, the Citi Prestige card offers access to exclusive events and experiences, while the OCBC 365 card gets you discounts on movie tickets and other entertainment activities. Some cards even offer gift vouchers or collateral rewards, such as the Citi Rewards card which lets you redeem points for a wide range of products and services.
Overall, the hardest credit cards to get in Singapore offer a wide range of extras and partnerships that can help you save money and enjoy a more rewarding lifestyle. Whether you’re a frequent shopper, traveler, or entertainment-seeker, these cards have got you covered.
Specific Card Highlights
POSB Everyday Card
If you’re looking for a credit card that offers cashback on everyday expenses, the POSB Everyday Card is an excellent choice. With up to 15% cashback on dining, groceries, and petrol, this card is perfect for anyone who wants to save money on their day-to-day expenses. Plus, you can earn up to 6% cashback on your online shopping, making it a great card for millennials who love to shop online.
HSBC Revolution
The HSBC Revolution Credit Card is one of the most popular credit cards in Singapore, and for good reason. With up to 5X rewards points on dining, entertainment, and online shopping, this card is perfect for anyone who loves to have fun and earn rewards at the same time. Plus, there are no annual fees, making it a great choice for anyone who wants to save money.
UOB One Card
The UOB One Card is a great choice for anyone who wants to earn cashback on their daily expenses. With up to 5% cashback on everything from groceries to petrol, this card is perfect for anyone who wants to save money on their day-to-day expenses. Plus, you can earn up to 10% cashback on your Grab and Gojek rides, making it a great card for anyone who uses these services frequently.
DBS Altitude
If you love to travel, the DBS Altitude Visa Card is a great choice. With up to 3 miles per dollar spent on online flight and hotel bookings, this card is perfect for anyone who wants to earn rewards while travelling. Plus, you can earn up to 1.2 miles per dollar spent on your day-to-day expenses, making it a great card for anyone who wants to earn rewards on all their spending.
Overall, there are many great credit cards available in Singapore, each with their own unique benefits and features. Whether you’re looking for cashback, rewards points, or travel perks, there is a card out there that is perfect for you. Just make sure to compare your options carefully and choose the card that best fits your needs and lifestyle.
Comparing and Choosing
Card Comparison Strategies
Choosing the right credit card in Singapore can be overwhelming. With so many options available, it can be hard to figure out which one is the hardest to get. To make the process easier, it’s important to have a strategy in place.
One strategy is to compare credit cards based on their rewards and benefits. Look for cards that offer rewards that align with your spending habits. For example, if you spend a lot on dining out, look for a card that offers cashback or rewards for restaurant purchases.
Another strategy is to compare credit cards based on their fees and interest rates. Make sure you understand all the fees and charges associated with the card, such as annual fees, late payment fees, and balance transfer fees. Additionally, look for a card with a low interest rate if you plan to carry a balance.
Understanding the Fine Print
When comparing credit cards, it’s important to read the fine print. Make sure you understand all the terms and conditions associated with the card. Pay attention to the interest rate, fees, and rewards program. Additionally, make sure you understand any restrictions or limitations associated with the card, such as blackout dates for travel rewards.
Making the Final Decision
Once you’ve compared credit cards and understand the fine print, it’s time to make a decision. Consider your spending habits, financial goals, and credit score when making your decision. Choose a card that aligns with your spending habits and offers rewards that you’ll actually use. Additionally, make sure you choose a card that you’re likely to qualify for based on your credit score.
Remember, the hardest card to get in Singapore may not be the best card for you. Take the time to compare and choose a card that meets your needs and aligns with your financial goals.
Frequently Asked Questions
What are the perks of owning a DBS Insignia Card?
The DBS Insignia Card is considered one of the most exclusive credit cards in Singapore. It is known for its exceptional privileges and rewards, such as access to private clubs, VIP airport lounges, and luxury hotels. The card also offers a dedicated 24-hour concierge service, complimentary limousine transfers, and exclusive dining experiences.
How does one become eligible for the UOB Reserve Card?
The UOB Reserve Card is one of the most prestigious credit cards in Singapore, and it is only available to UOB’s private banking clients. To qualify for the UOB Reserve Card, you need to have at least SGD 5 million in investable assets with UOB, and you must maintain the minimum balance to keep the card.
Which credit card is considered the ultimate status symbol in Singapore?
The American Express Centurion Card, also known as the “Black Card,” is considered the ultimate status symbol in Singapore. This exclusive credit card is available by invitation only, and it is known for its exceptional privileges and rewards, such as access to private jets, personal shoppers, and exclusive events.
What are the requirements to obtain a prestigious black card in Singapore?
The requirements to obtain a prestigious black card in Singapore vary depending on the card issuer. However, most black cards are invitation-only, and they are typically reserved for high-net-worth individuals who have a significant amount of assets under management with the bank.
Are there exclusive credit cards tailored specifically for students or foreigners?
Yes, there are exclusive credit cards tailored specifically for students and foreigners in Singapore. For example, the DBS Live Fresh Student Card is designed for students, and it offers cashback on online and contactless transactions. On the other hand, the HSBC Revolution Credit Card is tailored for foreigners and offers cashback on dining, entertainment, and online transactions.
Compared to others, which bank offers the easiest credit card application process?
The credit card application process varies from bank to bank, but some banks are known for their easy and hassle-free application process. For example, Citibank is known for its quick and easy credit card application process, and you can apply online or through their mobile app.
