Every year, an annual fee gets charged to your credit card. You'll try to call the bank hotline to get a credit card annual fee waiver. Sometimes, you succeed without a hiccup. Sometimes, frustratingly, you get directed to press a button and the fee doesn’t get waived. 

The good news is, there are some cards on the market that charge no annual fee so you can bypass that torturous process. There are also cards that offer long periods of annual fee waiver, up to three years. 

We’ve analysed the best no annual fee credit card ones in the market so you can see which might be suitable for you. 

Top credit cards with no annual fee in Singapore (2020) 

Credit card 

Annual fee waiver 

Great for 

Maybank Friends & Family Card 

3 years 

Groceries, transport 

ICBC Global Travel MasterCard 

3 years 

Unlimited cashback on local spend

ICBC Chinese Zodiac Credit Card 

3 years 

Unlimited cashback on all spend 

CIMB Visa Signature 

N/A (free) 

Online shopping, beauty & wellness, groceries, pet shops/vets, cruises 

CIMB Platinum Mastercard 

N/A (free) 

Dining, transport, travel in foreign currency, health and medical expenses, electronics and furnishings

There aren't any DBS, POSB or UOB credit cards with no annual fee, but there are some come annual fee waivers for a year or two. 


Maybank credit card with no annual fee (3 years)

Maybank credit cards that offer 3-year annual fee waiver are Maybank’s DUO Platinum Mastercard (for drivers), Maybank Family & Friends Card, Maybank Horizon Visa Signature Card (air miles) and Maybank Platinum Visa Card (rewards). 

Maybank Family & Friends Card 

However, the best Maybank credit card with a 3-year fee waiver is the Maybank Family & Friends Card. It offers 8% for popular categories, including groceries, transport as well as shopping done at certain retailers, such as Popular Bookstore, Guardian, Watsons and McDonald’s. 

The card also doesn't have split caps which means it is easy to hit the minimum spend of $800 and enjoy the 8% cashback rate. If you hit $500 minimum spend in a month, you still get 5% cashback. 


ICBC credit cards with no annual fee for 3 years

ICBC also offers a three-year fee waiver on their credit cards. The two most popular ones are ICBC Global Travel Mastercard and ICBC Chinese Zodiac Credit Card. 

ICBC Global Travel Mastercard 

The ICBC Global Travel Mastercard offers 1.5% unlimited cashback on local expenditure. It also provides 3% cashback on overseas spending (which, I guess, is only useful if you can actually travel). 

The advantages of this card, aside from having a 3-year fee waiver, are that there is no minimum spending requirement. Even though travel has been severely restricted due to the pandemic, it’s a good card to have on hand when travelling in the future as it has complimentary VIP lounge passes at railway stations and airports. 

ICBC Chinese Zodiac Credit card 

The next card in ICBC’s arsenal is the Chinese Zodiac credit card. It offers 1.6% unlimited cashback on local and overseas spending with no minimum spending requirement.


CIMB credit cards with no annual fees 

CIMB is perhaps the only bank that offers credit cards with completely no annual fees. They aren’t half-bad, but the split categories are a little bothersome. 

CIMB Visa Signature 

At face value, the cashback rate of the CIMB Visa Signature card seems very high at 10% a month. However, there is a category cap of $20 across five categories: groceries, beauty and wellness, online shopping, groceries, pet shops & vets and cruises. 

Although this card has no annual fee, it has a minimum spending requirement of $800, which is pretty steep given the split caps. Essentially, you can only spend $200 per category. Anything more is not entitled to further cashback. But hey, there is no annual fee so it is free to use. 

CIMB Platinum MasterCard 

Another card that is free to own is the CIMB Platinum MasterCard. It also offers 10% cashback capped at $20 per category. The categories are wining/dining, transport & petrol, travel in foreign currency, medical expenses as well as electronics and furnishing. 

In terms of mechanics, the CIMB Platinum MasterCard is really similar to the CIMB Visa Signature card, so it’s all about which categories you spend more in. 

Banks charge annual fees to keep your account open and offer you benefits in the form of cashback, air miles and rewards. But if you have a card with no annual fee or at least a 3-year automatic credit card annual fee waiver, you can still enjoy cashback without needing to worry about the annual fee too much. 



GoBear team

Brought to you by GoBear Insurance Broker (SG) Pte. Ltd., a registered insurance broker with the Monetary Authority of Singapore