SINGAPORE — From cashback rewards to air miles, credit cards offer perks that make them almost a must when making purchases online. Credit cards also provide an additional layer of protection for online transactions.
However, with so many credit card options out there, it can be difficult to navigate them all. To help you shop online like a pro, Yahoo Finance Singapore has compiled a list of the best credit cards for online shopping in Singapore.
Which credit card is best for online shopping in Singapore?
There’s no one-size-fits-all credit card when it comes to online shopping, as everyone has different spending preferences. To choose the right credit card for online shopping, you should consider additional benefits that suit your spending habits, preferences, and lifestyle. Each card has its own benefits.
Please note that credit card terms and promotions are current as of January 2024 and are subject to change by your credit card issuer.
BOC Qoo10 World Mastercard
If you regularly shop online with Qoo10, the BOC Qoo10 World Mastercard is definitely the best credit card for you. This niche card features the ability to earn rebates in the form of Qmoney, which can be used to offset purchases on Qoo10. Cardholders can also receive discounts on public transport and selected categories once the minimum spend is met.
Minimum spend: Spend at least S$400 per statement month and get a 3 percent Qmoney rebate, or a 0.3 percent Qmoney rebate on all other spending. With a minimum spend of S$800, cardholders can enjoy a 10 per cent Qmoney rebate, a 15 per cent Qmoney rebate on public transport and a 3 per cent Qmoney rebate on cinemas, pubs, karaoke, fast food and other selected categories. You can receive it. Online purchases other than Qoo10.
Qualifications: Must be 21 years of age or older and have a minimum annual income of S$30,000 or above.
Annual fees and exemptions: S$205.20, free for first year.
Benefit limit: There is a cap of S$70 Qmoney per calendar month, broken down to a maximum of S$30 Qmoney for Qoo10 transactions and a maximum of S$40 Qmoney for all other transactions including the selected category.
Perfect for: Shop at Qoo10.
Citi Rewards Card
For those looking to collect credit card rewards points on online purchases, Citi Rewards cards offer attractive rewards points with no minimum spend requirements. Earn 10x Citi Thank You Points (equivalent to 4 miles per S$1) on all online spend, excluding travel and mobile wallet related transactions, regardless of platform. Online categories covered include online shopping, taxi/ride-hailing apps, food delivery, online grocery, and more. Additionally, users can earn his 10x points on offline fashion shopping and department stores. Reward points can also be redeemed for cash rebates (4,400 points = S$10 cash rebate) or air miles (25,000 points = 10,000 miles).
Minimum spend: none.
Qualifications: Must be 21 years of age or older and have a minimum annual income of S$30,000 or above.
Annual fees and exemptions: S$196.20, first year free.
Benefit limit: There is no cap on base reward points (1 point for every S$1 of eligible transactions). However, bonus reward points (9 points per S$1 of eligible transactions) are subject to a cap of 9,000 bonus points (S$1,000) per statement month. Points are rounded down to the nearest SGD 1.
Perfect for: Earn rewards for your online spending.
promotion: Receive 40,000 bonus Citi Thank You points when you spend S$800 within the first two months of signing up. This promotion is valid until January 31, 2024.
CIMB Visa Signature Card
Shoppers who prefer simple cash rebates may have a hard time resisting the CIMB Visa Signature Card’s 10% cash back rate. This card offers the highest cashback percentages on the market for spending categories such as online shopping, groceries, cruises, and beauty and wellness. A pet lover will be happy that he will also get 10% cashback when making payments at pet stores and veterinary services.
Minimum spend: Enjoy 10% cashback on online shopping, groceries, beauty and health, pet stores, veterinary services, and cruises when you spend a minimum of S$800 per statement month. For all other retail purchases, cardholders can enjoy unlimited cashback of his 0.2% with no minimum spend or monthly cap.
Qualifications: Must be 21 years of age or older and have a minimum annual income of S$30,000 or above.
Annual fees and exemptions: Free annual fee for life.
Benefit limit: The 10% cashback is capped at S$100 per statement month and up to S$20 per category. If the limit is exceeded, a cashback rate of 0.2% will be applied.
Perfect for: Earn cashback on your online spending.
promotion: We provide you and your family with up to S$500,000 of free travel insurance.
DBS Women’s World Card
The DBS Woman’s World Card is designed for people who spend money online frequently. This also includes men, as long as they meet the minimum annual income criteria, which is higher compared to most cards on this list. This card earns you up to 10x her DBS Points for every SGD 5 you spend online, and you can offset your bill with cashback, redeem for air miles, and get vouchers and movie discounts. can be used to Additionally, the card comes with free e-commerce protection for online purchases and can be purchased in monthly installments for up to 24 months.
Minimum spend: none.
qualification: 21 years or older, minimum annual income of S$80,000 or above.
Annual fees and exemptions: S$196.20, first year free.
Benefit limit: The 10x DBS Points benefit is capped at S$2,000 of first online spend per calendar month. DBS points are also only awarded for every S$5 spent.
Perfect for: People who frequently shop online.
OCBC Frank Credit Card
With the OCBC Frank credit card, you can earn up to 10% or S$100 cashback every month in several categories. This includes both local and foreign currency purchases, making it ideal for shoppers who regularly make online purchases in foreign currencies. Earn an 8% monthly rebate when you use this card to make international payments, both online and in-store. The same applies to online and contactless mobile transactions made in Singapore dollars. Earn an additional 0.3 percent cash back each month on all other types of spending, and an additional 2 percent cash back on spending at select green merchants like SimplyGo, BlueSG, and Scoop Wholefoods.
Minimum spend: To qualify for the 8% cashback rate, you must spend at least SGD 800 per calendar month. If you spend less than the required amount, you will only get a flat 0.3% cashback.
Qualifications: Must be 21 years of age or older and have a minimum annual income of S$30,000 or above.
Annual fees and exemptions: S$196.20, waived for first two years.
Benefit limit: The cashback limit is S$100 per month. This includes a foreign currency spending limit of S$25 and a domestic spend limit of S$25.
Perfect for: International and domestic online spending.
UOB ladies credit card
If air miles are your favorite form of credit card rewards, look no further than the UOB Lady’s Card. Similar to the DBS Woman’s World Card, the UOB Lady’s Card is also available to men. With this card, you can choose from 7 different spending categories and earn 15x her UNI$, or 30 Miles for every S$5 spent. This equates to 6 miles per dollar (mpd), making it one of the highest miles per dollar rate cards on the market. This card gives you the flexibility to choose where you want to maximize your benefits. Cardholders can only choose one category to earn rewards, but the options range from fashion and dining to transportation and entertainment, and you can change to a new category every quarter. Additionally, the UOB Lady’s Card also comes with free e-commerce protection for online purchases.
Minimum spend: none.
Qualifications: Must be 21 years of age or older and have a minimum annual income of S$30,000 or above.
Annual fees and exemptions: S$196.20, first year free.
Benefit limit: The maximum bonus points awarded from selected spending categories is S$1,000 per calendar month. You can only select one spending category. The card’s top entry, the UOB Lady’s Solitaire Credit Card, extends the bonus point limit to S$3,000 per calendar month for her and allows her to choose up to two categories.
Perfect for: Earn Air Miles.
Is it better to use a credit or debit card for online purchases?
Deciding whether to use a credit or debit card to shop online can impact your overall experience. Both have their benefits, but it tends to be better to use a credit card.
reward
Debit cards usually don’t come with perks, but they can help you avoid impulse purchases you can’t afford. Credit cards, on the other hand, offer the opportunity to turn regular online purchases into rewards, cashback, discounts, air miles, and more.
Fraud prevention
Credit cards often have enhanced fraud protection compared to debit cards. If an unfortunate transaction occurs, the credit card user is usually not responsible. Additionally, if you use a debit card, given that the funds are taken directly from your account, all your money could be vulnerable if your card is compromised. With a credit card, your money is relatively protected.
credit score
Choosing a credit card allows you to build a credit history that will help you with future financial endeavors, such as applying for a loan or mortgage. Remember to pay your credit card bills every month to maintain a positive credit score. In contrast, debit cards do not affect your credit score.
Other benefits of using credit cards for online shopping
In addition to having many advantages over debit cards, there are other benefits to using credit cards when it comes to online payments.
E-commerce protection
Some credit cards offer e-commerce protection through security measures for online transactions. These measures include protecting your online purchases from shipping damage, loss, and theft. This added layer of security gives you extra peace of mind, especially when purchasing expensive items.
Exclusive promotions and discounts
To attract customers, credit card issuers often partner with various online merchants and e-commerce platforms to offer exclusive discounts and other forms of benefits. To make the most of the benefits you get from shopping with the platform or merchant you usually choose, keep an eye out for your card’s promotional offers.
extended warranty
Certain credit cards extend warranties on eligible purchases and provide additional coverage beyond the manufacturer’s warranty. This is especially advantageous for electronic devices and household appliances.
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