Sick of the hassle, you start browsing “no annual fee credit card” articles. However, most articles lead you to credit cards with 2 or 3 year annual fee waivers. Umm… that’s not exactly a “no annual fee credit card”. Show
When times are bad, banks may tighten their belts and start charging users annual fee despite good banking relationships and prompt and full payments. (See the recent POSB Everyday Card annual fee waiver rejection saga that unfolded on Hardwarezone here.) If you don’t want to be at the mercy of the banks’ whims and fancies, here is a list of the real, true blue credit cards with no annual fees – for life. Contents
1. Credit Card with No Annual FeesThere are few credit cards in Singapore with straight up no annual fees. CIMB is best known for their no annual fee credit cards. Otherwise, your next best option includes digital bank credit cards such as Trust credit card, and digital provider credit cards such as Revolut, GrabPay cards etc. You’ll also find an assortment of debt consolidation or credit line credit cards with no annual fees such as the Citi Double Cash, Citi Diamond Preferred etc. The majority of these cards don’t come with attractive rewards, miles, or cashback programmes. We will skip those unless they have some kind of benefits for you. Of course, the trusty old debit cards charge no annual fees as well. No Annual Fee Credit Cards Annual Fee Minimum Spend CIMB World Mastercard $0 $500 (for base 1% cashback) CIMB Visa Signature $0 – CIMB Visa Infinite $0 $2,000 (for bonus 2% cashback) CIMB AWSM Card $0 – Standard Chartered Smart Credit Card $0 – DBS Treasures Black Elite Card (for DBS Treasures clients) $0 – DBS SAFRA Card (for SAFRA members) $0 – HSBC Revolution Card $0 – HSBC Premier Mastercard $0 $600 (for 5% cash rebates) UOB Professionals Platinum Card (for profession associations) $0 – OCBC Premier Visa Infinite (for OCBC Premier Banking) $0 – GrabPay Mastercard $0 $1,000 (to get deposit for physical card back) Trust Credit Card (Visa) $0 $450 2. CIMB No Annual Fee Credit CardsThere are 4 CIMB credit cards in Singapore with no annual fees. They are namely: Story continues
CIMB World Mastercard is a pretty basic and entry-level cashback credit card suitable for everyday use. The amount of cashback you get depends on how much you spend:
Bonus 2% cashback is offered on wine, dine, online food delivery, movies, digital entertainment, taxi, automobile, and luxury goods – kind of a weird mix of categories, actually. This CIMB World Mastercard replaces the well-loved CIMB Platinum MasterCard (ceased 31 May 21) which offered 10% cashback (capped at $100 a month and $20 per category) with $800/month minimum spend. Annual fee is free for life, which saves you from having to call them up and beg them to waive annual fees!  CIMB logo MoneySmart Exclusive CIMB World MastercardUp to 2%* Unlimited Cashback on the following categories (Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods)Up to 2%*Min. spend per monthS$0Cash Rebate capUnlimitedMoneySmart Exclusive: Sign up for a CIMB Credit Card and spend up to S$988 to receive a free a Sony WF-1000XM4 Noise Canceling True Wireless Earbuds (worth S$379) or Titan V1 7 Speed Foldable Bike (worth S$399) or $250 Cash via PayNow. T&Cs apply. Valid until 30 Sep 2022 Apply Now More Details Key Features
See all card details CIMB Visa SignatureCIMB Visa Signature offers a very generous 10% cashback (capped at $100 a month and $20 per category) on beauty and wellness, online shopping, groceries, pet shops, vet services and cruises. Almost anyone can benefit from the grocery and online shopping cashback, and if you often go to spas or have a pet, the card becomes even more attractive. The main drawback is that the minimum spending requirement of $800 is quite high. On the bright side, the card charges no annual fees indefinitely, so it is truly free to use. CIMB logo MoneySmart Exclusive CIMB Visa SignatureCash Back on Beauty & Wellness, Online Shopping, Groceries10%Min. spend per monthS$800Cash Back CapS$100MoneySmart Exclusive: Sign up for a CIMB Credit Card and spend up to S$988 to receive a free a Sony WF-1000XM4 Noise Canceling True Wireless Earbuds (worth S$379) or Titan V1 7 Speed Foldable Bike (worth S$399) or $250 Cash via PayNow. T&Cs apply. Valid until 30 Sep 2022 Apply Now More Details Key Features
See all card details The CIMB Visa Infinite card requires you to have an annual income of $120,000. CIMB AWSM Card, on the other hand, is an entry-level credit card with annual income of $18,000 onwards (under 35 years old). 3. Standard Chartered Smart Credit CardStandard Chartered Smart card is marketed as a cashback card. However, it actually is a rewards credit card with 1.6 points per $1 spend. You will then need to redeem the points for cashback via the rewards redemption portal. Sponsored Standard Chartered logo MoneySmart Exclusive 6% cashback* on everyday spend Standard Chartered Smart Credit CardCashback from Netflix, Spotify, fast food joints and more. *T&Cs apply.6%*Interest 3-month EasyPay with no processing fee. Earn Rewards Points on your instalments0%Minimum SpendS$0MoneySmart Exclusive: Apply and spend S$500 to get S$320 Cash via PayNow OR The Morning Machine (worth S$510) OR Everdesk+ Lite, Lily White (worth S$599). T&Cs apply. Valid until 30 Sep 2022 Apply Now Apply Now image image More Details Key Features
See all card details 4. DBS No Annual Fee Credit CardThere are two DBS credit cards with no annual fees:
The DBS Treasures Black Elite card has no annual fees for DBS Treasures clients. The card’s benefits are not explicitly stated online, but its a reward points card essentially that allows you to earn DBS points. It reportedly allows you to earn up to 3.2 miles per $1 spend. Otherwise, the DBS SAFRA card charges no annual fee – as long as you are a SAFRA member. DBS logo SAFRA DBS CardCash Rebate on eligible spendUp to 3%Min. Spend per monthS$500Spend to SAFRA Points ConversionS$1 = 1 SAFRA PointApply Now More Details Key Features
See all card details 5. HSBC No Annual Fee Credit CardYou may not know this, but the HSBC Revolution credit card best known for its 10X reward points no longer charges annual fees! You can earn the 10X bonus points from travel, departmental and retail stores, supermarts, dining, food delivery, transportation, and membership clubs. HSBC Premier Mastercard gives you 5% cash rebate (capped at $150) on dining, groceries, petrol, transport when you spend a minimum of $600 per month. HSBC logo Online Promo Earn Points for Everyday Spending HSBC Revolution Credit CardRewardsS$1= 10 PointsRewardsS$1= 4 MilesMin. SpendS$0Online Promo: Get Samsonite Prestige 69cm Spinner Exp with built-in scale (worth SGD670) or SGD200 cashback for new HSBC cardmembers. Existing HSBC cardmembers receive $50 cashback. Min. spends of S$500 upon card approval required. T&Cs apply. Valid until 31 Dec 2022 Apply Now More Details Key Features
See all card details 6. UOB No Annual Fee Credit CardThere’s only one card in the entire UOB credit card universe that doesn’t charge annual fees… the UOB Professionals Platinum Card. It’s largely unheard of, but the UOB Professionals Platinum Card is reserved for members of professional associations such as:
You get dining discounts, fuel discount, and UOB$ cashback at selected merchants and retail outlets. 7. OCBC No Annual Fee Credit CardAs with the DBS Treasures Black Elite credit card, the OCBC Premier Visa Infinite is an exclusive credit card for OCBC Premier Banking customers and doesn’t charge its members annual fees. Benefits include 16 OCBC$ reward points per $5, and 28 OCBC$ reward points per $5 foreign currency spend 8. Grab Pay Card – MastercardIf none of the above bank-issued credit cards tickled your fancy, you’ll find no annual fee cards with digital finance and bank providers such as the GrabPay Card. While you don’t get the conventional dining, shopping, or travel benefits like you would with usual credit cards, you get to earn Grab Reward points. 9. Trust Credit CardFounded in collaboration by Standard Chartered Bank and NTUC, the new Trust credit card doesn’t charge you any annual fees. Key benefits currently includes a $25 Fairprice voucher upon sign-up and first transaction. Otherwise, it’s been quite confusing to use so far. You get:
Do you call in to get your credit card annual fee waived yearly? Share your tips with us in the comments! The post 13 Best No Annual Fee Credit Cards in Singapore (2022) appeared first on the MoneySmart blog. MoneySmart.sg helps you maximize your money. Like us on Facebook to keep up to date with our latest news and articles. Is cashback on a credit card worth it?If you pay your credit card bill off in full every month, then cashback credit cards can be a great idea. This is because you're getting rewarded for spending money you would have spent anyway. If you don't always pay off your credit card bill in full, then cashback credit cards are not a good choice.
Is it better to have no annual fee?Paying an annual fee on a credit card can be worth it. But in many cases, credit cards that don't charge annual fees offer better long-term value than those that do. No-annual-fee credit cards make it easy to come out ahead, regardless of your spending.
Is it better to get cash back or rewards?A cash back credit card might work well for you if you're looking for simplicity in capitalizing on your spending. A credit card with reward points, on the other hand, might work better if you're a frequent traveler and want to use your rewards for money off airfare and hotel accommodations.
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