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Best credit card for online shopping in Singapore (2024): OCBC, DBS, UOB, Citi and more
Credit Card Hacks: Find out which credit card – from OCBC and DBS to UOB and Citi – works best for regular online spenders in Singapore.
SINGAPORE — From cashback rewards to air miles, the perks of using a credit card make it an almost must-have when making online purchases. Credit cards also offer an added layer of protection for online transactions.
However, with so many credit card options, navigating through all the choices can be daunting. To help you shop online like a pro, Yahoo Finance Singapore has put together a list of the top credit cards in Singapore for online shopping.
Which credit card is best for online shopping in Singapore?
Given that each individual spending preferences are unique, there is no one-size-fits-all credit card when it comes to shopping online. Choosing the right credit card for online shopping involves considering your spending habits, preferences, and the additional perks that align with your lifestyle. Each card brings its own unique advantages.
Do note that credit card terms and promotions are up to date as of January 2024 and are subject to changes by credit card issuers.
BOC Qoo10 World Mastercard
If you regularly shop online on Qoo10, then the BOC Qoo10 World Mastercard is definitely the credit card for you. This niche card is unique for earning rebates in the form of Qmoney, which can be used to offset the purchases you make on Qoo10. Meeting the minimum spend will also allow cardholders to enjoy discounts on public transport and selected categories.
Minimum spend: Spend a minimum of S$400 per statement month to receive a three per cent Qmoney rebate or a 0.3 per cent Qmoney rebate on all other spend. A minimum of S$800 spent will enable cardholders to receive a 10 per cent Qmoney rebate, a 15 per cent Qmoney rebate on public transport, and a three per cent Qmoney rebate on selected categories, including cinemas, pubs, karaoke, fast food, and online purchases made outside of Qoo10.
Eligibility: 21 years old and above with a minimum annual income of S$30,000.
Annual fee and waiver: S$205.20, waived for the first year.
Benefits cap: There is a cap of S$70 Qmoney per calendar month, which is broken down into a maximum of S$30 Qmoney for Qoo10 transactions and a maximum of S$40 Qmoney for all other transactions, including selected categories.
Best for: Shopping on Qoo10.
Also read: Best credit card for public transport in Singapore (2023)
Also read: How to decide on the best cashback credit card in Singapore for your needs (2023)
Also read: Best air miles credit card in Singapore (December 2023)
Citi Rewards Card
For those who prefer collecting credit card reward points from their online purchases, the Citi Rewards Card offers attractive reward points with no minimum spend requirement. Earn 10X Citi ThankYou points, the equivalent of four miles per S$1, on all online spending regardless of platform, except travel and mobile wallet-related transactions. Qualifying online categories include online shopping, taxi/ride-hailing apps, food delivery, and online groceries. Furthermore, users can also earn 10X rewards 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.
Eligibility: 21 years old and above with a minimum annual income of S$30,000.
Annual fee and waiver: S$196.20, waived for the first year.
Benefits cap: Base reward points are not subjected to a cap (one point per S$1 of a qualifying transaction). However, the bonus reward points (nine points per S$1 of a qualifying transaction) are subject to a cap of 9,000 bonus points per statement month (S$1,000). Points are rounded down to the nearest S$1.
Best for: Earning rewards on online spend.
Promotions: You can receive 40,000 bonus Citi ThankYou Points when you spend S$800 within the first two months of signing up. This promotion is valid until 31 January 2024.
CIMB Visa Signature Card
Shoppers who prefer straightforward cash rebates may find it hard to resist the CIMB Visa Signature Card's 10 per cent cashback rate. The card offers one of the highest cashback rates on the market on expense categories such as online shopping, groceries, cruises and beauty and wellness. Pet lovers will be glad to know that the 10 per cent cashback can also be earned when spending at pet shops and veterinary services.
Minimum spend: Spend a minimum of S$800 per statement month to enjoy 10 per cent cashback on online shopping, groceries, beauty and wellness, pet shops, veterinary services and cruises. For all other retail purchases, cardholders will enjoy unlimited 0.2 per cent cashback with no minimum spend or monthly cap.
Eligibility: 21 years old and above with a minimum annual income of S$30,000.
Annual fee and waiver: No annual fees for life.
Benefits cap: The 10 per cent cashback is capped at S$100 per statement month and up to S$20 per category. The cashback rate of 0.2 per cent applies once the cap is exceeded.
Best for: Earning cashback on online spend.
Promotions: Receive complimentary travel insurance coverage of up to S$500,000 for you and your family.
DBS Woman's World Card
The DBS Woman's World Card is designed for frequent online spenders – that includes men too, as long as they meet the higher minimum annual income criteria when compared to most cards on this list. The card earns up to 10X DBS points for every S$5 spent online, which can be used to offset your bill with cashback, redeem air miles, get vouchers and movie discounts. Additionally, the card comes with complimentary e-commerce protection for online purchases and allows purchases through monthly instalments of up to 24 months.
Minimum spend: None.
Eligibility: 21 years old and above with a minimum annual income of S$80,000.
Annual fee and waiver: S$196.20, waived for the first year.
Benefits cap: The 10X DBS points reward is capped at the first S$2,000 online spend per calendar month. DBS points are also only awarded for every S$5 spent.
Best for: Frequent online shoppers.
OCBC Frank Credit Card
The OCBC Frank Credit Card allows you to earn up to 10 per cent or S$100 cashback per month across several categories. This includes both local and foreign currency purchases, making it ideal for shoppers who regularly make online purchases in a foreign currency. Using the card for overseas spending, whether online or in-store, will earn you an eight per cent rebate per month. The same applies to online and contactless mobile transactions done in Singapore dollars. Earn an additional 0.3 per cent cashback per month for all other types of spending and an additional two per cent for spending at selected green merchants, including SimplyGo, BlueSG and Scoop Wholefoods.
Minimum spend: A minimum spend of S$800 is required per calendar month in order to unlock the eight per cent cashback rate. If you spend less than the required amount, you will only earn a flat 0.3 per cent in cashback.
Eligibility: 21 years old and above with a minimum annual income of S$30,000.
Annual fee and waiver: S$196.20, waived for the first two years.
Benefits cap: Cashback is capped at S$100 per month. This includes a S$25 cap for foreign currency spend and a S$25 cap for local spend.
Best for: Foreign and local online spending.
UOB Lady's Credit Card
If air miles are your favourite form of credit card rewards, then look no further than the UOB Lady's Card. Like the DBS Woman's World Card, applications for the UOB Lady's Card are also open to men. This card lets you pick from seven different spending categories and earn 15X UNI$, or 30 miles, for every S$5 spent. That's equivalent to an impressive six miles per dollar (mpd), making it the card with one of the highest miles per dollar rates in the market. This card gives you the flexibility to choose where you want to maximise your rewards. While cardholders can only select one category to earn rewards from, the options range broadly – from fashion and dining to transport and entertainment – and can be changed to a new one every quarter. To top it off, the UOB Lady's card also comes with complimentary e-commerce protection on your online purchases.
Minimum spend: None.
Eligibility: 21 years old and above with a minimum annual income of S$30,000.
Annual fee and waiver: S$196.20, waived for the first year.
Benefits cap: Bonus points awarded from selected spend category is capped at S$1,000 per calendar month. Only one spend category selection is allowed. The card's higher entry counterpart, the UOB Lady's Solitaire Credit Card, has an expanded bonus points cap of S$3,000 per calendar month and allows up to two category selections.
Best for: Earning air miles.
Is it better to use a credit or debit card for online purchases?
Deciding between a credit or debit card for online shopping can impact your overall experience. While both have their merits, using a credit card tends to be more advantageous.
Rewards
A debit card generally does not come with any perks, but it could help prevent you from making impulsive purchases that you can't afford. On the other hand, a credit card offers you opportunities to turn your regular online purchases into rewards, cashback, discounts or air miles, among others.
Fraud protection
Credit cards often offer enhanced fraud protection compared to debit cards. In the unfortunate event of unauthorised transactions, credit card users are generally not held liable. Furthermore, given that funds are taken directly from your account when using a debit card, a compromised card would leave all your money in a vulnerable state. With credit cards, your money is, comparatively, protected.
Credit score
Opting for a credit card allows you to build a credit history, which can be beneficial for future financial endeavours, such as applying for loans or mortgages. Just remember to pay off your credit card bill each month to maintain a positive credit score. Debit cards, in contrast, do not contribute to your credit score.
Other perks of using a credit card for online shopping
Aside from having more advantages compared to debit cards, there are other benefits to using a credit card when it comes to spending online.
e-Commerce protection
Some credit cards offer e-commerce protection through security measures for online transactions. These measures include safeguarding your online purchases against damage, loss, or theft when shipping. This added layer of security can provide you with extra peace of mind, especially when purchasing expensive items.
Exclusive promotions and discounts
To entice customers, credit card issuers often partner with various online merchants and e-commerce platforms to offer exclusive discounts and other forms of benefits. Keep an eye on your card's promotional offers to maximise the perks gained from shopping on your regular choice of platform or merchant.
Extended warranty
Certain credit cards extend the warranty period on eligible purchases, offering an extra layer of coverage beyond the manufacturer's warranty. This can be particularly advantageous for electronics and appliances.
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