According to data released by Credit Bureau Singapore (CBS), many consumers continue to spend more using their credit cards. In 2013, the average balance rose 4.17%, as compared to the previous year. However, CBS says that this is relatively low compared to the growth in 2010 and 2011. This is because consumers are finding it difficult to make a choice in a saturated credit market. So, how do we choose the best credit card in Singapore?
Factors to Consider
On December 4, 2014, CBS released its Enhanced Consumer Credit Report, which displays data elements with the aim of aiding consumers manage their indebtedness and credit standing. Here are five basic ways to choose the best credit card in the country.
- Look at your Rating: It is important to look at your own worthiness. The impression that your lenders get is more important than how you see your standing. This will also help you figure out the card range available to you and the options you can pick out without hampering your credibility.
- Start with Introspection: What do you want out of your finances? If you are looking to consolidate your debt, then your best credit card will be one with a low-interest rate. Take advantage of the 0% introductory offers, after checking the rate hike.
- Ask more: Many banks and financial institutions have attractive offers. However, find a card that has a spending analysis. This will ensure that you get alerts when you exceed pre-set amounts; some of the best credit cards come with that service.
- Increase your field: Plastic money comes with many rewards offers, such as 0% rates, and cash back. Narrow down the categories that suit your needs before ascertaining the most important requirements. Once you start doing your research, you will see that the difference mainly lies in areas like return protection, extended warranty benefits and purchase protection.
- Use the World Wide Web: There is a variety of related information online that lets you sift through the hundreds of options in just a couple of minutes. Many sites offer comparison tools to help you make the choice. Once you have decided on the best credit card, visit the bank’s site for more information regarding promotional offers. For instance, the Maybank DUO Platinum MasterCard offers great rebates and exclusive membership privileges. Also remember, it isn’t just owning plastic money that you need to focus on, learn how to best use it so that you can get the most out of your card.