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When it comes to traveling abroad or making purchases in foreign currencies, Singaporeans need a credit card that offers the best value for their money. Whether you're planning an overseas vacation, making online purchases from international vendors, or handling business expenses, the right credit card can help you save on foreign transaction fees, offer attractive rewards, and provide enhanced benefits for international use.
In this guide, we'll explore the best credit cards for overseas spending available in Singapore, helping you understand their features, fees, and benefits. We've compared various credit cards that offer low foreign currency transaction fees, no annual fees, and excellent rewards. Whether you're a frequent traveler or someone who makes occasional overseas purchases, we've found 42 credit cards that suit your needs.
Why Choose the Right Credit Card for Overseas Spending?
The foreign transaction fees on credit cards can significantly eat into your spending, especially if you travel often or make regular overseas purchases. These fees typically range from 1.5% to 3.5% of the transaction amount, but there are cards that can offer you much lower fees or even eliminate them altogether. In addition, some credit cards offer great rewards for overseas spending, which is another compelling reason to choose the best card for your needs.
Additionally, understanding the minimum spend requirements and whether a credit card has additional perks such as travel insurance, airport lounge access, or special promotions can make a huge difference when selecting the right card for your overseas purchases.
Factors to Consider When Choosing a Credit Card for Overseas Spending
Before applying for a credit card for overseas spending, here are a few key factors to consider:
# 1. Foreign Currency Transaction Fees
Foreign currency transaction fees can be one of the most important considerations when choosing a credit card for overseas spending. Some cards charge no foreign transaction fee, while others may charge anywhere between 1.5% and 3.5%. A card with no foreign currency fees can save you a significant amount of money, especially if you're making large purchases or traveling frequently.
# 2. Rewards on Overseas Purchases
Many credit cards offer rewards programs where you can earn points, miles, or cashback for your overseas spending. Some cards give higher reward rates for foreign transactions, meaning you can earn more for your overseas purchases. For frequent travelers, cards that offer airline miles or travel-related rewards can be particularly useful.
# 3. Minimum Spend Requirements
Some credit cards have minimum spend requirements that must be met in order to earn the rewards or qualify for certain perks. Make sure the minimum spending requirement is reasonable for your usage patterns. If you don't spend a lot overseas, a high minimum spend may not be ideal.best credit card for overseas spending singapore
# 4. Other Travel Benefits
Credit cards tailored for overseas spending often come with extra travel-related benefits, such as travel insurance, concierge services, and airport lounge access. These additional perks can add significant value, especially if you travel often.
# 5. Annual Fees
Credit cards with higher rewards or extensive benefits often come with annual fees. It’s important to consider whether the benefits you’re getting outweigh the cost of the annual fee. Some credit cards offer fee waivers for the first year or offer ways to offset the fee through rewards.
# 6. Card Type and Eligibility
Some cards are premium, designed for individuals with high annual income or spending capacity. Others are more accessible, with fewer eligibility requirements. Ensure that the card you choose matches your financial situation and spending habits.
Top Credit Cards for Overseas Spending in Singapore
Let’s dive into the best credit cards in Singapore for overseas spending, based on the criteria mentioned above.
# 1. Citi PremierMiles Visa Card
Key Benefits:
- 1.2 miles per S$1 spent on local purchases
- 2 miles per S$1 spent on overseas purchases
- No foreign currency transaction fee
- Complimentary travel insurance coverage up to S$1 million
- Access to 1,000+ airport lounges worldwide through Priority Pass (limited visits)
The Citi PremierMiles Visa Card is one of the top picks for overseas spending due to its low foreign currency transaction fee, excellent rewards structure, and extensive travel benefits. You earn double miles for overseas purchases, which is ideal if you're a frequent traveler. The card also offers a generous welcome bonus and provides complimentary travel insurance, making it a great all-rounder.
# 2. UOB PRVI Miles Visa Card
Key Benefits:
- 1.4 miles per S$1 spent on local purchases
- 2.4 miles per S$1 spent on overseas purchases
- No foreign transaction fees
- Complimentary travel insurance
best credit card for overseas spending singapore $1,201.15
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