Frequently asked questions

Q: Why should I get a credit card?

Credit cards, are no doubt, one of the basic financial tools we all need to get through the tough times. Whether you are looking for a card that will reward you of dining, travel, air miles and petrol rebates, it is best to check all available options and make sure that your choice will match your needs and lifestyle.

Convenient and safe, this card allows you to make purchases from online and physical stores without having to prepare a huge amount of cash on hand. Moreover, a credit card can empower anyone to purchase a rare offer even without a ready cash on hand available. So, if you want to have something to rely on in times of financial trouble, check the best credit card you can avail of now.

Q: What are the different types of credit cards?

There are heaps of options, depending on your needs. Do you have debt you wish to consolidate? Well there are balance transfer credit cards for that. Or you can consider even balance transfer virtual credit cards! You can get prepaid credit cards if you don’t wish to go into debt, or a secured credit card if you don’t have a high enough income for a regular line of credit. 

No matter which credit card payment method you’re loyal to be it Visa, MasterCard or others, you can take your pick when you compare with GoBear. 

Unlike a debit card, these cards offer a reward for spending. Depending on which type of rewards you want, certain cards might make more sense for you than others. Here are the three most common credit card rewards in Singapore. 

Rewards cards
Reward cards earn you points that are specific to your card issuer – for example, CitiDollars. These rewards are collected while spending money on your credit cards and can be exchanged for either vouchers, cash or air miles.

Cashback cards
Cashback cards offer you a percentage of your total spending in cold hard cash. Depending on what you spend your money on, you could earn up to 5% cashback on your credit card.

Air miles cards
Air miles cards earn you air miles, which can be exchanged for flights at selected airlines. Most Singaporean banks have deals with Krisflyer Miles and Asia Miles.

When comparing these three credit card types, bear in mind that rewards cards may not instantly give you ‘miles’ or ‘cash’ and sometimes a conversion rate applies when redeeming these rewards. However, this does give you the option to choose whether you want cashback or air miles at a later date. Air miles and cashback sometimes don’t give you this flexibility but often offer better conversion rates. 

Q: How can I get a credit card?

Well, getting a credit card depends on who you are and how much money you make. We’ve laid it bare for you:  

Singaporeans and permanent residents
To apply you’ll need to earn at least SGD30,000 per year for the entry-level cards. The basic annual income requirement can go up to hundreds of thousands for the most exclusive cards. GoBear helps you to sort these cards based on your annual earnings so you can select the card that is best for your income level. 

We will cut to the chase: It can be quite difficult for you to get a credit card and often you will be subjected to stricter rules. Bear in mind you will need a higher income than Singaporeans and you will also need to prove you have lived in Singapore for a certain amount of time – and that you intend to stay. 

It is tough being a student because you’re usually not earning enough income to get your own card independent from your parents. Regardless, there are a few credit cards just for students that allow you to apply without any income. You can find those by filtering by ‘annual income’ on our comparison page. 

Young working adults
If you are under 21 and already working, you can usually apply for a student credit card, so long as you earn at least SGD18,000 per year

Q: How does GoBear compare credit cards?

Our goal is simple: to show you the most transparent and unbiased comparison that suits your needs, not anyone else’s. Here's how:

1. Search by reward types
Card rewards are what you are looking for and GoBear gets it! Start your search by selecting your preferred reward type: cashback or air miles.

2. Calculate annual rewards based on your spending needs
To help you find your best credit card, simply input your monthly spending amount with an option to break them down into categories like: dining, entertainment, fuel, groceries, online shopping, shopping, etc. For details of shopping categories, refer to 'what is the definition' of each spending category and 'what is included in your rewards calculation?'. 

With your input plus our unique GoBear Rewards Converter, we will calculate your estimated annual earnings on cashback and air miles based on your monthly spending over a period of one year. We convert the different credit card reward points based on average cash values or actual air miles you can redeem. Please refer to 'Which airline miles do you use in your total air miles calculation?' for more details on air miles.  

3. Compare reward earnings vs other benefits, features and fees
To give an all-rounded comparison, we also showcase a directory of other features, including benefits and fees of each credit card.

Q: Anything else I should consider before getting a credit card?

Credit cards come with pros and cons. It’s worth considering these points before signing up. 

There’s no free lunch
‘Free’ gifts that come along with your new credit card aren’t exactly free. Always read the fine print and understand what you need to spend within a certain timeframe to get your freebie. Think twice before chalking up unnecessary bills, or worse get into debt, for that free lunch. 

Little things count
That ‘small’ annual card fee is really the biggest fee of all. Call the bank and ask nicely if they can waive the charges. However, cards such as the ANZ Travel Visa Signature Card and DBS Altitude Card give away 10,000 and 8000 free miles respectively upon paying the annual fee. Whether it’s worth it? It’s your call. 

That free travel insurance cover
Thinking of getting covered by the complimentary travel insurance that comes with your credit card? It usually means you foot the bill for your holidays with that very same card. It’s useful to bear in mind, the cover may not be up to snuff when stacked against proper travel insurance plans. It’s worth noting credit cards such as the Citibank PremierMiles card and ANZ Travel Visa Signature Card do offer outstanding coverage. Compare on GoBear before you sign on to any card. 

Miles conversion
If you rely on your plastic to chalk up air miles for that next holiday to paradise, be sure to check the miles reward system. A dollar for a mile vs a dollar for 1.2 miles, which is better? Seriously, it’s not rocket science. 

The Late Fee Charge
Heads up, do you often forget to pay your credit card bill on time? Be careful because you can rack up some big late fees. Check the terms and rates, which can change at the bank’s discretion. 

We currently cover the largest range of credit cards and credit card companies so you don’t need to shop around. No other comparison site has that. Fill out your details in the form above to compare credit cards with GoBear. Find which credit card is best for you.  

Q: How accurate are the total air miles or cashback calculations?

At GoBear we put in our best to ensure our calculations are accurate. Firstly, we constantly update our calculation engine and data collected from the credit card issuers. Secondly, your input on your monthly spending breakdown will further improve our calculation. Having said that, there are certain personal spending patterns, specific merchant deals or rewards that we do not include in our comparison because our goal is to give you an apple-to-apple comparison. GoBear’s advice to you is to treat the total annual cashback and total air miles earned, as one of the considerations during your comparison process. Click on More Details to learn more about the limitations and benefits of each individual card.