1.Will I get charged any additional fees by GoBear if I select and click on a plan?
You don’t buy anything at all from us. We just show you all the great deals, you compare them, and then you choose what’s right for you. Once you’ve made that choice, we hook you up with the insurance provider or the bank for you to finalise the deal. Those providers pay us a small referral fee – and that’s how we bring home the bacon. Get it? Easy peasy.
Remember you do not buy the insurance from us. We only compare! You always buy directly from the insurer, broker or agent.
2.Do you compare all insurances?
We work with most of the key players in insurance, but not all of them. Of the ones we work with, we don’t play favourites.
3.How can I save money by using GoBear?
You can save money by comparing insurance plans – and their fine print. By using your smarts (and our comparison tool), you can see which deal is cheapest but, more importantly, which deal is really the best value for money.
4.How updated is the data on your site?
Our website updates 24/7 with the latest insurance data. However, bear in mind that this is dependent on the input given by the insurance companies and banks, information from their respective websites as well as brokers' time of informing.
5.Can I also compare GoBear on my mobile device?
Yes! GoBear is first and foremost designed for mobile, because on-the-go solutions fit perfectly into your busy life.
We are constantly innovating to ensure that you can compare insurance plans 24/7 on any of your devices.
Real-time data means that the insurance details are constantly updated.
6.How can I make sure that I don’t only get the cheapest quote but also the best quote for my needs?
GoBear searches in a smart way, which enables you to make better choices. You'll enjoy greater transparency when you filter by quotes, ratings and peer reviews. The filtering system ensures that you find the best deals to meet your needs.
7.Can I save my quotes somewhere?
Yes, you can.
Simply create an account with us and enjoy added functions like being able to come back later and compare pre-selected policies side by side.
You can find the sign up info at the top of the website or in the menu on your mobile device.
8.Can I talk to a Customer Service agent to help me with the comparison of my insurance?
We don't sell insurance. That is why we are unbiased. We are not an insurance company, broker, agent or intermediary, and we do not advise on the suitability of the products.
This means that we do not have agents on hands to discuss insurance policies and give you value judgments. If you have any questions about a particular policy, please contact the insurer directly. You will find their telephone number once you click through to the insurer’s website.
9.Can I share my search results with my friends and family?
Yes. You can send the comparisons to yourself, your friends and family by email.
10.How much can I borrow?
For your first home, you can borrow up to 80% of what your house is selling for or what the bank says your house is worth. But this percentage drops to 60% if you choose to repay your loan over more than 25 years (for HDB) or 30 years (for private housing or executive condos).
For your second home loan you can borrow up to 50% and, for your third, (and any more after that) you can borrow up to 40%.
But if you’re refinancing, you can borrow the full outstanding amount. That’s pretty handy!
Bear in mind, for home loans and refinancing, you can’t use any more than 60% of your income on loan and debt repayments (banks call this your Total Debt Servicing Ratio or TDSR in banking jargon). For HDB and executive condos, you can’t spend more than 30% of your income on your home loan repayment (in bank lingo this is your Mortgage Servicing Ratio or MSR).
11.How long can I take to repay the loan (called “loan tenure” in banking jargon)?
Well, you’re in luck! No need to rush to pay off that loan, you can take up to 30 years for HDB apartments and up to 35 years for private properties. Bear in mind, the amount of time the bank will give you to repay the loan is different from bear to bear - the bank will take your age (and other factors) into account when working out how long you can take.
12.Can I use my CPF to make my monthly loan repayments?
Yes, you can use your CPF Ordinary account to pay for your monthly loan repayments.
13.Why do I need fire insurance?
Every bear needs fire insurance on their den. Even if you are super careful, things like fires are often out of your control, so the banks want you to have fire insurance on your property to be eligible for a home loan. Usually banks have insurance partners they prefer to work with and might charge you a fee for choosing your own insurer, so be sure to read the fine print before you get your fire insurance.
14.What can I do if I can’t afford the down payment?
Well, you have a few options… You might want to look for a home more in your price range. But if you’ve found your dream home and you want it no matter the cost, you might be able to get a personal loan to help with the down payment. This is something to think seriously about because you can end up paying a lot more money in the long run once you factor in the interest on the personal loan.
15.What is the minimum loan amount I can borrow?
Oooh good for you, you’ve either won the lottery, got some good savings or found a bargain new home! Well, usually banks will loan a minimum of $100,000 for both HDB properties and private properties. This varies between banks so be sure to look around for a deal that suits you.
16.What’s the deal with fixed and variable rates?
It’s up to you (and how much risk you want to take) as to whether you choose a fixed or variable interest rate. In a nut shell, fixed rates stay the same for a certain number of years regardless of what happens in the market. A variable rate changes based on the market conditions – so it could go down (yay!) but it could also go up (boooo) - and whether it changes is up to your bank.
17.What are TDSR and MSR?
TDSR stands for Total Debt Servicing Ratio.
TDSR restricts how much of your income you can spend on debt repayment (up to a maximum of 60%). This means that you’ll always have some money for essentials, rather than every penny you make going towards repaying your loans.
MSR is short for Mortgage Servicing Ratio.
For HDB and executive condos, it means you can’t put more than 30% of your monthly income towards your housing loan payments.
While these rules might seem annoying when you’re trying to buy a home, they really are in your best interest to make sure you are borrowing responsibly.
18.What’s the deal with SIBOR and SOR?
Lots of people like SIBOR and SOR because they’re calculated by multiple banks interacting with each other - so they’re more transparent and secure than rates determined by just one bank. SIBOR (Singapore Interbank Offered Rate) is the average of how much banks would charge each other to borrow money. SOR (Swap Offer Rate) is based on the exchange rate with the US dollar and fluctuates based on the US economy. Only two banks in Singapore offer SOR for home loans. You can find out which ones by using GoBear’s handy comparison tool and filtering by interest rate type.
19.Refinance vs re-pricing. What’s the difference and which is better?
You’ll change provider and get new rates. You might have to pay some costs like valuation fees or switching fees, especially when you are still in the lock-in period.
You’ll stay at your current loan provider or bank, but you’ll get a new package. This only makes sense if you’ll be paying less interest so be ready to negotiate for a better deal. Some banks won’t let you re-price and most of the time you will have to pay a re-pricing fee so be sure to factor that in to see if it’s worth it.
It’s up to you to examine the costs that come with refinancing and re-pricing and weigh them up against the savings from the new loan package and interest rates. You can then compare which one saves you the most money overall.
20.When can I refinance or re-price my current home loan?
Good for you, you’re always looking for the next best deal… that’s smart! You can refinance any time after your lock-in period for your current home loan expires. But if you refinance or re-price during the lock-in period you’ll often be charged hefty bank fees. Be sure to check your new rates versus your old and take into account any costs of switching providers.
21.What kind of info will I need to show the bank?
The bank will want to see:
- A copy of your NRIC/Passport
- Your payslips from the last three months
- Your latest Income Tax Notice Assessment (last 2 years if you are self-employed or taking commission-based work)
- Your CPF contribution history
- Your ‘option to purchase’ or ‘sale and purchase’ agreement
22.How does the bank figure out the property value, and what happens if there’s a difference between the valuation and what I paid for the property?
The bank uses special calculations to figure out the market value of your property at a particular point in time – and they’ll charge you between $150 and $700 to do the valuation, depending on size and value of your home. The valuation will be based on things like your property’s location, condition or structure. If the bank’s valuation is lower than your purchase price, then you’ll have to pay the difference from your own pocket before they’ll approve any loans.
For example, if the property you want to buy is selling for $300,000 but the bank values it at $250,000, then the bank will loan you a maximum of 80% of $250,000 (that’s $200,000). You’d have to come up with the $100,000 balance in cash or from your CPF Ordinary Account.
23.What is Legal subsidy and how can I get it?
Legal subsidy is when refinancing your loan, the bank pays for the legal fees associated with switching providers. While previously almost all banks subsidised the legal fees for home loans, at the moment only a few banks do. Legal subsidies vary in size and can depend on the loan amount and type of property you’re buying. Bear in mind there can be a clawback period with the legal subsidy you receive.
24.What are cancellation, early repayment and partial repayment fees?
This is the fee you’ll have to pay when you cancel your loan before the bank has transferred the money to you.
Early repayment fee
If your loan is for 25 years, but you repay it in 10, the bank will charge you an early repayment fee. This might be a fixed amount or a percentage of your loan amount, depending on the bank. You should take this fee into consideration if you decide to pay off your loan early, because sometimes it might not make financial sense to pay off your loan sooner than planned.
Partial repayment fee
When you make extra payments on top of your agreed monthly payments, the bank might charge you a fee. This can be a fixed amount or a percentage of your loan amount.
25.How will I know if my insurance still meets my needs?
It is always a good time to reassess your current insurance plans. GoBear will help you to find the latest prices, best insurance deals and added benefits available.
26.What is Standard Excess? How will it affect my premium?
Standard Excess refers to the amount of money you are required to pay (eg. first $600) before the car insurer pays (eg. from $601 onwards) when you claim for accidental damage. Some car insurers offer the option to increase your excess to reduce your premium. This excess may double in amount. The motivation for insurers to offer this feature is based on the assumption that with a higher excess, a driver is likely to be more conscientious when driving on the road. The likelihood for such drivers to make a claim is lower.
27.What is waiver of excess?
Some insurers will cover your standard excess while your car is being repaired at one of their authorised workshops. Under "waiver of excess", sub-section “own damage”, you are able to check if an insurance plan offers this benefit.
28.What if I sell my car in the midst of my insurance policy period?
Please check with your car insurer as the procedure varies with each car insurer. The common procedure would involve these following steps:
1. Inform your car insurer in writing that you would like to cancel the policy.
2. Enclose your original auto certificate of insurance, a photocopy of your sales agreement/de-registration letter from LTA and a letter from you, stating that you would like to terminate the policy.
The termination is usually effective from the date the car insurer receives your termination request and confirms that all necessary documentations are in order.
29.When should I consider renewing my car insurance?
Ideally 1 – 2 months before your car insurance expires. This will give you enough time to renew your road tax and car inspection should you need one. It would also be useful to compare car insurance plans on GoBear to ensure that you have the right car insurance plan. Insurance companies often update their product offerings that may be of interest to you and you could benefit from some savings from these new products.
30.What does the insurer need to know about me?
The profiles of a driver forms the main determinant in accessing premium levels. Here are some questions that are often asked:
1. Have you made any claims? (up to 3 years ago)
2. Has your vehicle been modified?
3. Who will be driving the vehicle?
4. How long have you been driving?
When GoBear calculates your premium we assume that you didn’t make any claims and your vehicle is not modified. If this is the case, please expect actual premiums to be higher.
31.How does the insurance company set my premium?
Most insurance companies have a “risk factor rating system” when setting your premium. It is like a score card where certain factors have higher weightage than others. Some factors are:
1. Car make, model and age of vehicle
2. Car engine capacity
3. Age, gender, occupation of drivers (Indoor or outdoor)
4. Driving experience of drivers
5. Claim history of drivers
6. Type of cover
7. Excess level
8. Peak or Off-Peak Car (OPC)
9. No Claim Discount (NCD)
32.If I settle the claim privately, do I have to report the accident to my insurance company?
Yes, you are required to do so. If you do not report an accident to your insurer within 24 hours or by the next working day and/or do not provide your car to the insurer for inspection in accordance with the terms of the insurer, the insurer may reduce your No Claim Discount upon renewal of your policy. And no NCD protector can cover that.
33.What is Young and Inexperience Driver Excess?
Young and Inexperience Driver Excess
This is someone who is below a certain age (determine by the insurance company) and/or has less than 2 years of driving experience. Young and inexperience drivers normally pay an additional excess on top of the standard excess (this varies from insurance companies) in the event of an accident claim.
Find out the different Young and Inexperience Driver excess across various insurance companies by using our compare function!
34.What is No Claim Discount (NCD)?
NCD stands for No-Claim Discount.
This is a discount offered by car insurers for those car owners who have not made any claims within a year or more. The longer the car owners do not make any claims, the better the discount they may be eligible for.
The No-Claim Discount or NCD is meant to reduce the premium that car owners will have to pay the following year with regards to their car insurance plan. This way, the insurers will be able to recognize those car owners who have been pretty careful on the roads. The table as shown below illustrates more about how the car insurers out there determine the NCD.
PERIOD OF INSURANCE WITH NO CLAIM -- NCD
1 Year -- 10%
2 Years -- 20%
3 Years -- 30%
4 Years -- 40%
5 years or longer -- 50%
Every year, if no claim made against your car insurance, you will be entitled 10% premium discount (accumulated up to a maximum of 50%) for your car insurance. This discount will take effect on your next policy year. If you are a named driver on somebody else policy you will not receive a NCD discount.
35.Is NCD transferable to another person?
No. Your NCD relates only to you. It can only be transferred when you switch vehicles, eg. When you change from your old vehicle to your new purchase vehicle, assuming you get your new car within a certain time period.
36.Can I insure against loss of my NCD
If you have a 50% NCD (ie you haven’t had a claim in five years), you could explore the option some insurers offer to protect against the loss of the discount. Certain insurer even provide a NCD protector with 30% NCD. This could come with an incremental premium but this means you can make one claim during the year, and still have your NCD fully protected. Check if your insurer has this benefit on GoBear.
37.Insurance Lingo - Car Insurance
This is the person who drives the vehicle most often and earns a NCD.
Named driver are additional drivers you declare on your policy who frequently drive your vehicle.
Authorized driver is anyone you give permission to drive your vehicle but who is not declare in your car insurance. A named driver shares the same excess as you whereas an authorised driver receives higher excess. This though could vary from insurer to insurer.
Excess (also called a ‘deductible’) is the money you pay out of your own pocket before an insurance company covers the rest of a claim. How much you pay depends on the policy and the company. Usually, though, car insurance deductibles are between $0 and $1,500.
Keep in mind that deductibles and premiums are related. A high deductible means a low premium. Also, a low deductible means a high premium. To put it another way, a high deductible can save you money every month. You’ll have a big bill to pay, though, if you file a claim.
Waiver of Excess
Some insurers will pay your standard excess when your car is being repaired at one of their authorized workshops. You can check if the Insurer has this benefit under the chapter “own damage” under the name “waiver of excess”.
This offers the widest coverage in terms of repair or replacement of your vehicle if it gets damaged or lost as a result of accident, vandalism, theft or weather-related damage. It also covers accidental loss or damage to your vehicle, and most of the time all its accessories and spare parts and lastly It also covers liability claims from third parties. A comprehensive cover is mandatory when you finance your car if you are financing your car.
Third Party, Fire and Theft Cover
This covers injury and damage caused by your vehicle to someone else’s vehicle or property. It also covers your vehicle if it’s stolen or damaged by fire.
Third Party Cover
This covers liability from third parties for damage and injury to their vehicle or property caused by your vehicle. Your own damage when you are at fault due to an accident is not covered.
This is the amount you pay to an insurer so it will provide coverage and pay claims.
38.What does the car insurer need to know about me?
The profiles of the drivers are important when accessing premium levels. The following are some questions that may be asked:
1. Have you made any claims? (up to 3 years ago)
2. Has your vehicle been modified?
3. Who will be driving the vehicle?
4. How long have you been driving?
39.When should I consider renewing my car insurance?
Ideally 1 – 2 months in advance. That will give you enough time to renew your road tax and car inspection should you need one, or compare car insurance plans before deciding to renew with your present insurer or switch to a new car insurer.
40.What type of motor insurance coverage should I buy for my car?
Insurers normally offer 3 main types of motor insurance policies.
1. Comprehensive cover: This offers the widest coverage in terms of repair or replacement of your vehicle if it gets damaged or lost as a result of accident, vandalism, theft or weather-related damage. It also covers accidental loss or damage to your car, all its accessories and spare parts as well as liability of claims from third parties for damage to people and property.
2. Third Party, Fire and Theft Cover: Covers injury and damage caused by your vehicle to someone else’s vehicle or property. It also covers your vehicle if it’s stolen or damaged by fire.
3. Third Party Cover: Covers liability from third parties for damage and injury to their vehicle or property caused by your vehicle. Your own damage when you are at fault due to an accident is not covered.
41.Why do I need to buy travel insurance?
A travel insurance may cover the high costs that can be incurred from any unforeseen circumstances such as luggage loss, cancellation of your trip, serious illness, accidents, etc. It provides you with peace of mind and pocket.
42.What are the different types or categories of travel insurance?
The most commonly used categories are:
1. Single trip: A short term policy that covers a specific trip, usually always commencing from and returning to Singapore.
2. Individual Plan: It covers the policy holder or an individual person.
3. Annual Cover: A policy issued for a 1 year period covering trips commencing from and returning to Singapore. This insurance will cover the insured person only.
4. Family Plan: A policy insurance covering the policyholder and his immediate family i.e. his legitimate children and his legal spouse. Some insurers put a cap on the number of insured persons under this plan.
43. What do I have to take into consideration before choosing a specific travel insurance plan?
For specific advise you should always liaise with an insurance company or broker (which we are not) but in general it's recommendable to check certain needs and expectations you have before taking a decision such as:
1. Do you travel alone or with your family? How frequently do you travel?
2. Which country are you travelling to? Do they have access to good hospitals, medical facilities? Will you be travelling to more remote areas where there could be malaria, natural disasters, etc.?
3. Are you travelling for pleasure or business?
4. What sort of activities will you be undertaking? Skiing? Diving? Adventure?
5. What is your budget?
6. What are your expectations? Do you only require personal accident and medical expenses benefits, or do you also need coverage for repatriation, delayed departure, trip cancellation, loss of baggage or travel documents, etc.
44.Insurance Lingo - Health Insurance
This is the amount you pay your insurance company for your coverage plan. Most premiums are paid annually, but some plans are also paid monthly, quarterly, or semi-annually.
The cost of your premium varies on many factors such as, type of plan, age, country of residence, family members whom you would like to cover, deductible and copay options. Premiums can increase as the years go by to reflect the rising cost of healthcare.
These include the costs that you pay befire your insurance start paying your claim. Out-of-pocket expenses include the following:
● Deductible: Also known as excess. This is the amount you will pay per year when making eligible claims. After you have paid the deductible, the insurer will pay the remaining amount of your claim.
● Co-payment/Co-insurance/Co-share: This is a fixed percentage or amount that you will pay for every claim.
● Out-of-pocket maximum: The amount you have to contribute can be capped by this maximum.
Type of insurance plan and the network of the medical provider
Some types of plans allow you to see almost any doctor or medical facility. Others limit your choices to a network of doctors and facilities, or require you to pay more if you use providers outside the network.
Benefits are listed per plan, per insurer.
Choose the essential benefits, which are most relevant to you.
● Inpatient coverage
Inpatient cover will pay for your medical expenses during hospital stay including hospital room, surgery, medicines and diagnostic tests. These benefits are in every health insurance plan and therefore are not specifically mentioned in our top 6 which includes annual limit, area of cover, outpatient, evacuation/repatriation, dental and wellbeing.
● Outpatient coverage
Outpatient cover will pay for medical treatment outside the hospital or treatments that do not require an overnight stay. This will take the form of services such as GP, specialist or therapist visits. Some plans offer these benefits without additional premium, while others may feature an additional fee for such benefits to be included.
● Evacuation & Repatriation
When you need medical treatment and the local hospital is not able to address your condition, the (emergency) evacuation benefit on your plan will pay for your transport cost to the nearest medical facility where you can receive the medical treatment you require.
The repatriation benefit means that you will be taken home when you are not in your country of residence.
In the event of:
1. Medical repatriation, after being medically evacuated to receive the needed medical care, you will be repatriated back to your country of residence or in some cases your home country.
2. Repatriation of mortal remains. One has the benefit for mortal remains to transported to the home country or the country of residence of the deceased.
This includes benefits of routine dental treatment such as dental check-up, simple fillings, and even more complicated dental treatment like gum disease treatment and orthodontia.
● Wellbeing and Optical
This includes routine check-ups such as annual check-ups, pap-smear or mammogram.
Optical benefits can cover eye examinations and prescribed corrective eye wear to include lenses, spectacle frames and contact lenses.
● Maternity coverage
This typically covers the cost during routine pregnancy and childbirth. Insurers can also provide cover for newborn care, complications and check-ups with the obstetrician for pre- and post natal check-ups. When purchasing health care, insurers often feature a waiting period, which could vary between 10 to 24 months during which the insurer will not pay any cost related to pregnancy within this period.
This benefit will pay for all necessary vaccination and the associated consultation fees. Some insurers cover child immunisations under a separate benefit.
45.Why do I need health insurance in Singapore?
A short stay at the hospital can cost thousands of dollars, even more so for foreigners. Having a health insurance means that you need not be responsible for the entire bill.
Already have a corporate medical plan? Most corporate medical plans only allow for lower limits and do not cover medical bills on an ‘as charged’ basis. A personal health insurance plan will help eliminate uncertainties you may have with your corporate plan.
Also, If you wish to apply for a long-term pass, health insurance is one of the requirements of Immigration and Checkpoints Authority of Singapore (ICA).
Comprehensive health insurance is available at an affordable rate, giving you a greater peace of mind while you work and play in or outside of Singapore.
46.Am I qualified for a health insurance plan?
GoBear’s comparison of health insurance plans are especially useful if you are:
1. A foreigner holding a valid immigration pass.
2. A foreigner who is a dependent (i.e. spouse / parent / grandparent / child of a Singapore Citizen or Permanent Resident)
3. A Singaporean who is working or studying abroad or living in Singapore and looking for a more comprehensive health insurance plan.
47.What should I look out for when choosing my health insurance plan?
Before you select a plan, you should consider these six factors:
I. What does my plan cover?
All health plans entitle you to the following:
● Emergency services;
● Surgery, organ transplant, and diagnostic during your hospital stay.
A more comprehensive medical plan will entitle you to more benefits and medical coverage.
II. How much will it cost?
Generally, if you pay a higher premium upfront, you will pay less when you receive medical care, and vice versa. Health insurance is paid for in these ways:
1. Premium that you pay to purchase your plan.
2. Out-of-pocket medical expenses that are deductible, co-insurance, co-pay, or a combination.
III. Can I get healthcare from any doctor or hospital?
That depends. Most local focused plans, have their own network of medical providers. The bill may not be covered fully or at all, if the doctor is not in your plan’s network.
International policies, however, give you the full freedom to seek medical treatment from your doctors or hospitals that are not in the network.
IV. Are my routine examinations covered?
Most preventative check-ups such as mammograms, pap smear tests, and other routine check-ups are usually not included unless specified by the insurer. These tests are usually featured under the section Wellbeing.
V. How will my pre-existing medical condition affect my health insurance coverage?
If you or someone in your family has a pre-existing medical condition or chronic condition, do declare them before taking up the policy as it will affect your insurance coverage.
The policy may not cover the medical costs related to the condition or even exclude these conditions from your health insurance plans.
There are instances when insurers are willing to cover these pre-existing conditions. You will need to find out if the insurer will provide coverage for the pre-existing condition before the policy commences.
Additional premiums are often offered by the insurance companies to cover pre-existing conditions or the benefits will be capped. Common pre-existing conditions include hypertension, high cholesterol, asthma, and diabetes.
VI. Am I covered when I am away from home?
It depends on the plan you have chosen and the geographical area it covers. We recommend finding out if it covers you when you are traveling. Enquire on the type of coverage you will get and if you will be reimbursed.
In most cases, only emergency treatments will be covered when you are traveling outside your policy’s area of cover. A cough or flu are less likely to be covered.
48.How do I know which plan best fits my needs?
Most people consider these several important factors such as, your current state of health, your financial situation, the types of coverage you are looking for, and also, the likeliness of relocating to another country.
If you are in the pink of health, you might want to consider taking a deductible or co-pay, and pay a lower premium, because chances are that your medical costs will not be as high. Of course, in the unfortunate event when you fall sick or get injured, you might need to fork out more on your part.
If you have a pre-existing medical condition, consider a plan with a higher premium that covers more of your costs and will also include coverage for the pre-existing condition.
If you are thinking of relocating to another country in the near future or travel out of Singapore often, consider taking up an international policy. This type of plan extends your coverage beyond Singapore as long as you stay in the area of cover stated in the policy’s rule. Do note that premiums may change.
In short, most insurance plans are categorized based on how you would like to share the burden of your medical expenses with the insurance companies. The categories have nothing to do with the amount or the quality of care you will receive.
49.Are these prices accurate? Do they reflect the final price?
As dedicated as we are to provide the most accurate premium cost, GoBear calculates premiums on specific perimeters and does not take into account any pre-existing conditions that need to be mentioned.
These prices serve as an unbiased reference and gives a fair overview of the available insurance plans that best meets your profile and needs.
Also, prices are subject to change without notice. Please contact the respective insurer or advisor for information on the final price.
50.How soon can I be covered?
This varies according to each insurer, but most health insurance plans will take approximately 14 days for the coverage to be effective after they received the signed documents.
51.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.
52.What is definition of each spending category and what is included in your rewards calculation?
Dining: weekend and weekday dining (if you get rewarded at different rates, the average applies)
Entertainment: ticketing for cinemas, bars or events (or either of them)
Fuel: includes card-specific rewards such miles or cashback accumulated from spending on fuel
Groceries: grocery spending at multiple outlets
Travel: 50% overseas spend and 50% travel-related spend such as flight or hotel
Online Shopping: all spending on online shopping
Shopping: all spending on retail shopping
General: all other spending (except cash advances)
To give a clear comparison, the followings is excluded:
- Nominal discounts for fuel
- Bank-wide discounts for fuel
- Bank deals with specific merchants
- Any ad-hoc promotions, unless they are quantifiable as an annual bonus related to a minimum spend in the first year.
53.There are other comparison sites, why should I use GoBear to compare credit cards?
We are transparent, unbiased, personalised and we have you covered.
GoBear credit card comparison results are based entirely on your personal spending pattern, based on your data input. There's no advertising, pre-ranking and highlights of the card listing. We don't tell you which card to pick, it's your choice.
We currently cover largest range of credit cards, view our sitemap to access the full list of the cards available.
54.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.
55.What should I look out for when comparing between rewards, cashback or miles cards?
Firstly, you must understand what each card offers:
Rewards Cards: Reward cards earn you rewards that are specific to your card issuer (e.g. CitiDollars). These rewards are collected when you spend money on 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 on this card. Depending on what you spend on, you could earn up to 5% cashback on your credit card.
Miles Cards: Miles cards earn you miles that are exchangeable for frequent flyer miles at selected airlines. Most Singaporean banks have deals with Krisflyer miles and Asia Miles.
When comparing these 3 card types, you should keep in mind that rewards cards may not instantly giving you “miles” or “cash” and sometimes a conversion rate applies when redeeming for these rewards. However, this gives you the option to choose your rewards or benefits at a later point of time.
Pure miles and cashback cards do not offer this flexibility but often offer better conversion rates. Cashback cards are loved by those who like instant “cash discount” from a bill.
56.Which airline miles do you use in your total air miles calculation?
GoBear has chosen Singapore Airlines Krisflyer miles as the basis for our total air miles calculation. Why Krisflyer? It’s one of the most popular frequent flyer programs and currently all different credit card miles can be redeemed for Krisflyer miles. For any card that has multiple redemption options, it is highlighted in More Details section.
57.Any difference when comparing as a local, foreigner and student?
Singaporeans and PR: In order to apply for regular credit cards you will 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.
Foreigners: Stricter rules apply to foreigners for credit card application. Before comparing, do take note that there is a higher requirement of minimum annual income and you will also need to be living in Singapore for a certain period of time and have proven your the intention to stay longer.
Student: Most students do not meet the standard requirement of minimum income level, hence it affects the success rate of card application. However, there are a few credit cards created specially for students that do not require any annual earnings.
Young working adults: If you are under 21 and already working, the student cards are also available, provided you earn at least SGD18,000 per year.
58.What can I use Personal Loan for?
A personal loan is an unsecured installment loan that you can use for pretty much whatever you want. You can use it to finance a medical emergency, a family holiday or even that new laptop you’ve been eyeing on. There are more specialised loan products available if you need to finance your renovation or education.
59.Who can get a personal Loan?
To qualify for a Personal Loan you need to be:
- A Singaporean/PR or foreigner.
- Aged between 21–65.
Also, you will need to earn at least
- $20,000 per year if you are a Singaporean or PR.
- $40,000 per year if you are a foreigner.
60.What documents are required for a personal loan application?
- Photocopy of your NRIC (both sides)
- If you are a salaried employee, you’ll need your latest e-statement, or your CPF contribution history statement for the last 12 months, or your latest Income Tax Notice of Assessment.
- If you are self-employed, you’ll need your latest two years of Income Tax Notice of Assessment.
- For education and renovation loans, you will need to provide extra documentation for verification of the loan purpose.
61.How much can you borrow with a personal loan?
You can borrow anywhere from 2–6x your monthly income, up to a cap of $200,000.
62.What is my Loan tenure?
The tenures for personal loans can range from one to seven years. Renovation loans are limited to five years and education loans can be up to 10 years. The length of the loan, or tenure in jargon, is an important determinant. The longer the tenure, the more interest you will pay.
63.Are there additional bank fees with personal loans?
Some banks charge a fixed processing fee and other banks charge up to 3% of the approved loan amount. In addition, you can also incur late payment fees or early repayment fees.
64.What is the lowest personal loan interest rate?
Banks revise their personal loan rates from time to time. Personal Loan rates usually range from 4%–10% per annum.
This is the Flat interest rate – more importantly, is the effective interest rate, which shows the actual cost of borrowing.
65.What is the Effective Interest Rate and why is it important?
The effective interest rate takes into account the fact that you are repaying your principal, but your total interest paid will not be reduced. Sounds complicated right?
We’ll give you a short example here.
Imagine you borrow $1000 for two years to buy a new mobile phone at a “flat interest rate” of 5%.
You will be paying $87.50 per month for one year (effective interest rate of 9.10%).
Why is the effective interest rate almost twice as high?
Let’s look at the two different calculations:
1. The loan balance is reduced every month.
((interest rate(%)/12) x loan amount) / (1-((1+interest rate(%)/12))(-loan tenure x 12)
2. The loan balance remains the same during the tenure
((Interest Rate x Years)+1)/(years x 12)) x Principal.
66.Why does GoBear not include the Effective Interest Rate?
The Effective Interest rate is introduced by moneysense to provide a clearer overview of the cost of borrowing. However, banks have some liberty in definition of effective interest rate and include or exclude certain factors to lower these rates. It is mandated by law for banks to notify you on the Effective Interest Rate.
When comparing loans of the same tenure, it is easier to look at the total payment you will be making on a loan. At GoBear we include all costs associated with the loan and break it down for you in easy categories so you can see what you are paying at a glance.
67.How does GoBear break down the costs?
When getting a loan, transparency about costs and repayments is often lacking. To provide you with a better overview, we have broken down all the costs that are associated with your loan:
Monthly payment: your monthly payment for the total duration of the loan (this includes interest payments and principal repayment.
Total Payment: Includes all interest paid, all principal repaid and loan servicing costs.
Interest Payments: All interest that you will pay during the duration of the loan
Servicing costs: All non-interest payments such as processing fee, servicing costs or annual fees.
The total payment includes all costs that you will pay when taking the loan plus the repayment of the loan.
68.Why should I create an account?
If you create an account, there are some useful benefits.
1. You save time by only entering your details once
2. You can save and retrieve quotes
3. We keep your personal details safe
4. You can control your preferences
69.Having trouble signing in or retrieving your quotes?
If you're having trouble signing into your account, please let us know so that we can help. You can reset your password online.
If you are still unable to sign in then please send an email to firstname.lastname@example.org
70.New to GoBear?
If you don’t have an account yet with GoBear, you can still get a quote.
71.Where is the GoBear office?
Our office (aka The Bear Cave) is located in a renovated shophouse in China town.
90B Amoy Street
Call us at +65 3159 0997