Why should I care about credit card rewards?

Earning rewards points as you spend can put the icing on the cake when doing things you love (entertainment, dining, travel, shopping) and ease the burden of paying for the things you absolutely need (groceries, petrol, transportation, utility bills). That’s because you can redeem your rewards points for shopping, dining or travel vouchers, movie tickets and more. While it’s never a good idea just to spend for the sake of earning points, you may as well derive some benefit from the spending you would be doing in any case. The card that is best for you will be the one that delivers the best return: that is, the value of points earned plus other benefits, less the amount of the annual fee and any other costs. So you need to consider your spending habits in order to determine which kind of card suits you best. Some cards give more points per dollar for specific spending categories, such as dining, entertainment, or online purchases. If most of your spending falls into a particular category, choose a card which gives you more points per dollar for that type of spending. Low-to-moderate spenders will probably be better off choosing a card with a low annual fee, or even no annual fee. Although the rewards points given per dollar spent will be lower, the risk of not earning enough points to recoup the annual fee is minimised. More affluent cardholders will earn a greater number of points simply because they habitually spend more, and they can afford to look for a card with a higher fee, and consequently a faster points earning rate and more attached perks. If you do not plan to pay off your total card account balance every month, or if you intend to transfer a balance from another card to take advantage of a zero interest period, a rewards credit card is probably not a good choice. That’s because the interest cost on purchases will far outweigh the value of any rewards points you could earn.

What are the main types of rewards cards?

Rewards card fall into three main categories: air miles cards, cashback cards and in-house proprietary rewards program cards. This latter category includes such programs as HSBC Rewards and Citi Rewards. Air miles and cashback cards are listed elsewhere on this website, so this page will concentrate on in-house proprietary rewards programs.

What can I do with my rewards points?

Typically, you can redeem them for vouchers or gift cards (for yourself, or to give to someone else) to be used for shopping, entertainment, travel or accommodation. You may also be able to exchange your points for merchandise from an online catalogue. Many rewards programs allow you to exchange points for air miles with a chosen airline.

What are bonus points?

There are two types of bonus points: sign-up or first purchase bonuses, and promotional bonuses. Sign-up or first purchase bonuses are points given to you by the card issuer when you first get the card. You may get the points simply for applying for the card and being approved, or you may need to make at least one purchase first. Alternatively, you may be required to meet a set spending target, such as $2,000 in the first three months, in order to qualify for the bonus points. These upfront bonus points are usually numbered in the thousands – anywhere between 10,000 and 50,000 or more – and can be a very valuable benefit as well as a great boost to kickstart your points collecting adventure. Promotional bonus points are earned by directing your spending towards a particular merchant. Your card may permanently offer three times the normal points earning rate for shopping at a particular department store. Or your card issuer might send you a message advising that, for the next 30 days only, you will earn 10 times the normal rate for dining at a specific restaurant.

How much is a rewards point worth?

This depends very much on the type of redemption you choose. Air miles usually deliver the best return, followed by shopping, entertainment or travel vouchers and conversion to cashback on your card, with merchandise redemptions usually trailing a long way behind in dollar value. To find out how much a point is worth for a specific redemption, work out the cost of the item if you had to buy it, and then divide by the number of points. For example, if a $50 retail voucher costs you 10,000 points, then each point is worth 0.5 cents. Also consider how much you need to spend to earn those points. Card A may give you one point per dollar spent and charge 10,000 points for a $50 voucher. So you need to spend $10,000 to get $50 back. Card B may give you two points per dollar spent, but charge 22,000 points for a $50 voucher, requiring you to spend $11,000 for the same $50 return. Card B appears better on the surface, but it only takes a quick calculation to work out that Card A gives greater value.

Do credit cards rewards points ever expire?

Although there are some types of rewards points which never expire, most do have a limited life. So you need to remember to use the points you have, and if you are saving up points for a big reward, calculate at the outset how long it is likely to take you to accumulate the required total, otherwise the older points may disappear before you can redeem them.

Is there any limit to how many points I can earn?

Some cards (usually those with a higher annual fee) have no limit on the number of points you can earn in a month or a year. Less expensive cards may have a cap on the number of points you can earn in a given period.

What other benefits can I expect to receive with a rewards points credit card?

As well as earning rewards points for your spending, you could also receive some of the following benefits: Sign-up or first purchase bonus points Sign-up or first purchase cash or merchandise gift One or more years annual fee waiver Complimentary insurance policies to protect your purchases Membership of dining, hotel or golfing privilege programs (preferred seating, discounts, room upgrades, complimentary green fees, etc.) Cash rebates on some categories of spending, e.g. groceries, petrol or dining

How much does it cost to have a rewards credit card?

Annual fees usually fall in the range $100 to $350, possibly with an additional charge for a supplementary card. Some cards will waive the fee for the first one or two years, and may waive the fee in any year where you reach a target amount of spending, e.g. $12,500. There may be other fees involved, such as foreign currency transaction fees, late payment fees or a lost card replacement fee. Also, credit cards charge high interest rates on balances left unpaid after the due date.

What happens if I don’t meet spending requirements?

If you are unable to meet the minimum spending requirement, you may not earn the points for what you charged to the card in that statement period.

Compare the Best Rewards Credit Cards in Singapore

Best rewards credit cards

Compare credit cards that reward you whether you spend on entertainment and dining out with friends or on everyday purchases at the supermarket and filling station. Save money and get something back with a rewards credit card.

Updated 7 May 2025 |

What are rewards credit cards?

Credit card rewards are an incentive to get shoppers to use their credit card regularly. Cardholders can earn rewards points by spending on eligible purchases.

All rewards credit cards adhere to a different structure in the way that users earn and redeem points, but they will usually work to your financial benefit as long as you use the card to spend at least $5,000 a year and avoid paying interest charges.

If you’re a frequent traveller or simply want to be rewarded for your everyday purchases, credit card rewards are the way to go.

Types of credit card rewards

Most credit card rewards programs fall under one of three categories: general rewards points-earning cards, frequent flyer points-earning cards, and cashback-earning cards.

General rewards points

Often linked with a bank, examples of these include credit cards that earn Amex Membership Rewards, DBS Rewards, UOB Rewards, Citi Rewards, and OCBC Rewards.

Frequent flyer points

In Singapore, KrisFlyer credit cards are the prime example of a credit card that earns frequent flyer points.

Depending on the credit card, users have lots of points redemption options, including:

Offsetting the cost of flights and seat upgrades
Converting points to airline frequent flyer points
Merchandise from an online catalogue
Retail gift cards
Travel and accommodation
Using points as dollars to spend at a bank's partner retailers

Cashback rewards

There is also a third category of rewards cards – cashback cards – which will be mentioned here but are also discussed in more detail on the cashback credit cards page.

Maximizing your credit card reward points

Some card issuers might offer a sign up bonus for new cardholders who spend a target amount using the card within the first few months of account approval (e.g. 20,000 points for spending $750 in the first three months). This is a great way to get your points account off to a flying start.

Points value varies

Cards with a higher annual fee will normally earn points at a faster rate than less expensive cards. But the value of credit card rewards points can vary depending on the card provider. It's easy to understand the value of points expressed in dollar terms, where each dollar or 100 points earned can be spent as one Singapore dollar. But it's more difficult to compare the value of points like Amex Membership Rewards, where points may be exchanged for frequent flyer points, merchandise, travel and retail gift cards.

Who are rewards credit cards suitable for?

Points hackers. Want to sit at the pointy end on your next flight, or to put it more accurately, lie flat? Credit card rewards points could come in handy for that.
Financially savvy. Credit card rewards is a strategic game. You'll need to manage bonus categories to maximise your earn rate, keep your finances under control, pay off your credit card, and stay on the lookout for offers.
Proactive shoppers. These cards are designed for people who like to shop, dine out, or travel. If you are a low earner, then you probably won't be able to put enough on the card to earn a meaningful number of points.
Stackers. Besides points earned with a credit card, you can earn additional points per dollar by clicking through to the store from your rewards program's online shopping portal. Alternatively, you can shop via a cashback shopping portal or register your cards for in-store cashback in addition to credit card points.

Who are rewards credit cards not suitable for?

People who value cash. The value of a rewards point is hard to ascertain, whereas a dollar is worth a dollar. If you don't want to play the points game, earning cashback might be the better option.
People who want simplicity. Unless you get a credit card with an earn rate that applies to all spending, you'll find yourself managing spending categories and playing the game to maximise points per dollar spent.

Rewards credit card features to consider

Other than the rewards points structure, there are other factors to consider when comparing rewards credit cards.

Points earn rate

Not every card is created equally, with the earn rate — sometimes referred to as MPD — varying between cards.

Points caps. Some cards may limit the number of points you can earn in a month or a year. If you think you're likely to hit a card's points cap regularly you may want to opt for a different one with a higher cap, or no cap at all. But you'll probably have to pay a higher annual fee.
Tiered vs fixed rate rewards. Tiered systems might offer more points per dollar for a specific category, such as supermarket shopping or petrol purchases. Fixed-rate setups, on the other hand, will pay the same level of points regardless of what you spend your money on. You may want to choose a card that offers the best rate for where you spend most of your money, or one that has a simple flat rate that's easy to understand and manage.

Annual fee

Not every rewards credit card will charge an annual fee. Where they do, an annual fee will typically range between $40 and $400 depending on how lucrative a credit card's rewards and complimentary benefits are, and it's possible to pay as much as $1,250 for a truly elite card.

To determine whether an annual fee is worth paying, work out how much you're likely to spend on credit card purchases per year and what the value of the rewards you earn will be.

Ideally, aim to recover at least a little more than the annual fee in rewards value, although you may also want to take into account the value to you of any other complimentary benefits attached to the card.

It's unusual for a rewards credit card to have no annual fee.

Also referred to as a welcome offer, a sign up bonus will reward you with extra points for meeting a specific spend requirement within a given period. The more valuable the bonus, the more you'll have to spend to earn it.

Redemption partners

Unlike a cashback credit card, it's typically possible to transfer points from a credit card reward program to a different rewards programs (unless the credit card directly earns into a program such a KrisFlyer). This gives you much more flexibility when redeeming for flights and upgrades.

Complimentary benefits

Many rewards cards come with free extras in addition to rewards points. These may include travel insurance, airport lounge access, purchase and price protection cover, extended warranty, a concierge service, and other useful benefits.

Spend requirements

Some cards require a minimum monthly spend, others don't. Make sure you are aware of this before applying.

Introductory offer on rates

If you're using a rewards credit card to facilitate a balance transfer, you may be able to get your hands on a 0% introductory APR or low interest rate for the first 6-12 months, or — in rare circumstances — even the life of the transferred balance. If a rewards credit card offers a lower interest rate than your current credit card, a balance transfer offers an appropriate solution.

Some cards also have an introductory zero or low interest rate on purchases balances, typically for six months. In this case you can get away with making only the minimum monthly repayments during the promotional period, without paying high interest on your balance. But be aware of high revert interest rates payable if you still carry either a transferred balance or a purchases balance once the promotional period expires.

Foreign transaction fees

Most rewards cards charge a fee on overseas transactions, usually between 1.5% and 2.5% of the amount spent after conversion to Singapore dollars. You'll pay this fee on purchases from any merchant whose processing centre is located outside Singapore, even if you paid in Singapore dollars, so this may cover many online purchases.

If you use your card a lot when travelling overseas or shopping online at overseas websites, you may want to look for a credit card with low foreign transaction fees.

How to compare the best rewards credit cards

Decide what rewards you want to earn. The primary filter at this stage is the rewards program.
Additional benefits. Apart from earning points per dollar, compare other useful features such as lounge access, concierge services, foreign currency fees, etc. You can ignore features you don't need.
Consider spending habits. Choose a card that matches your spending habits to earn maximum reward points. Make sure to factor in any minimum spending requirement.
Compare non-rewards features. Apart from points related features, sort by annual fee and interest rates.

How to stack rewards from credit cards and elsewhere

You can easily increase the rate at which you earn rewards points by double dipping. All this means is that you access your favourite online shopping sites via a loyalty portal, such as the KrisShop. Once you've signed up, you can click on links to partner retailers' websites (brands such as Apple, Samsung, and dozens more). Your spending will be tracked and you'll earn KrisFlyer miles on all your purchases, on top of any KrisFlyer miles or other rewards points you're earning from your card provider.

You can also earn extra points by paying at the supermarket with your rewards credit card while also swiping the supermarket chain's loyalty card before you pay.

Pros and cons

Pros

Earn points on daily buys.
Redeem your points for a variety of rewards such as shopping and dining vouchers, flights and upgrades, etc.
Some cards offer exclusive deals at select partners.

Cons

There may be a minimum monthly spend required.
High interest rates if you carry a balance.
Tend to have higher annual fees.

Best rewards credit cards

Comparing of 13 rewards credit cards