Credit Card

We’re straight up telling you best practice for financial justice.

  1. Never sign up for a new card over a cold call. You can be sure it’s not the best deal you can get. And you don’t need really need that flimsy travel luggage they’re giving out with every new application, right?
  2. Don’t play favourites with your card – You’re in a game, my friend, so make like a polygamist and play the field. Using one card for every purchase won’t earn you the best returns (in rewards).
  3. And right now, there are 110+fish in the sea. And the average Singaporean is “dating” 2.1 of them. Don’t let fate bring you and your best card together. Make sure you get out there and see all that is on offer. 
  4. Read the small print. Every card has one but it’s not the same for each of them.  Read it with a magnifying glass if you have to. But do it.
  5. Pay on time. Every month. Every year. Don’t build a debt. Don’t even go there.
  6. Know what you spend on cards. Everyone’s different and so is their budget.
  7. That said, it’s also essential know how you prefer to be rewarded.
  8. The combination of #6 and #7 will ultimately determine the card you should apply for next.
  9. Don’t fall for the introduction offer.  They never last.
  10. Be wary of brochure-speak – recognize brochure copy even when you’re browsing third-party sites or blogs.
  11. Know the market rate for rewards – for example, in Singapore, it’s normal to earn about 1.3 airline miles for every dollar you spend on a card.
  12. Compare rewards on the same scale; miles for miles, cashback for cashback, reward dollars for reward dollars. Have a spreadsheet and map out a singular measurement for all the cards you’re considering.

Or you could use a tool to help you do all the above: a Credit Card Comparison Engine.

These new-fangled search engines make quick work of the cards you can apply for, dive deep into their reward structure and surface the most important benefits for you. Sometimes in as fast as 0.35 seconds.

A good engine will give you a clear and uncluttered comparison chart, break down the rewards based on your spending habits, highlight the fine print and even give you the industry average for rewards and cashback.