3 Must-Know Facts About Singapore Credit Cards in 2025
Credit cards can feel like a double-edged sword to the unsuspecting individual. On one hand, they’re your ticket to big savings, gifts & luxury travel experiences. On the other, they can quietly drain your wallet with hidden fees and confusing terms. But here’s the good news: You can make 2025 the year you level up your financial game. So, grab a cup of coffee, and let’s break down three must-know facts that’ll help you navigate the curves & make smart use of the benefits.
Fact 1: Your Credit Card Knows You Better Than You Think
A big thank you to AI, for making your card become basically a financial BFF that knows your spending habits inside out. Thanks to data analytics, banks now offer rewards tailored to your lifestyle. This works both ways. Banks now also know what promotions attract people to sign up to new and shiny credit cards. While using our credit card tool to find a great current promotion, you should also keep in mind to pick a card that matches your spending habits. Why ? Because after you are done with collecting the bonuses, you will now have a card in your handy arsenal that will provide great accrual of miles months & months into the future. This is why our handy credit card tool also has a “best for” filter option.
Here’s a little insider tip: There is no one-card-fits-all solution, so mix and match to maximize rewards across different categories. Think of it as building your own rewards dream team.
Fact 2: Contactless Payments Have To Work For You, Not Against
If you’ve ever found yourself saying “where’s my damn UOB preferred platinum credit card?!”(you know who you are.) Well, this is for you. In 2025, contactless payments are the undisputed king of convenience. With Samsung and Apple Pay, you don’t need to fumble around to find your credit cards. With just a tap of your card or phone, you’re done—no more awkward moments at the checkout counter. But it’s not just about speed. Cards like the UOB Preferred Platinum Mastercard NEED to be used digitally (from a phone) to earn bonus miles for Contactless payments. You’d be amazed how many people didn’t know this. It’s really something that’s burried in the long terms & conditions.
Fact 3: Don’t Let Hidden Fees Sneak Up on You
Alright, let’s talk about the part that people easily miss - fees. Yes, credit cards come with them, and they can really eat into the savings of the unsuspecting Tom. In 2025, banks tend to be more transparent about these fees, but let’s face it—most of us don’t read the fine print until you see a $300 annual fee charge and start panicking. (Yes, most of them can be waived)
Here’s the lowdown on the usual suspects:
• Annual fees: These can range from $100 to $5000, but mostly in the $300 range. Many banks will waive them if you hit a certain spending threshold. This is usually done in app, via automated chatbots or automated phone options.
• Foreign transaction fees: If you’re a globetrotter, these can add up fast. Some cards charge up to 3.25% per transaction. Ouch… Though this is somewhat balanced with an increased miles earning.
• Late payment fees: Miss a payment, and you could be hit with a hefty charge—plus a ding to your credit score, always pay your credit card a few days before the due date !
The good news? There are ways to dodge these fees. For instance, the HSBC Revolution Card is a great option for travelers, as it doesn’t charge foreign transaction fees. And if you’re worried about missing payments, set up automatic payments or reminders. Your future self will thank you.
