Credit Card Interest Singapore

 The words ‘credit card’ and ‘interest rate’ go hand-in-hand. After all, the only lure to the issuers is the extra interest they can earn by making money easily available to the people.

However, for a discerning consumer, the interest rate is really the basis of judgment and helps in identifying the most economical credit card among many. Especially, in countries such as Singapore, which is the tenth most expensive country for expatriates in the world, picking a credit card with low interest becomes an imperative.

 The words ‘credit card’ and ‘interest rate’ go hand-in-hand. After all, the only lure to the issuers is the extra interest they can earn by making money easily available to the people.

However, for a discerning consumer, the interest rate is really the basis of judgment and helps in identifying the most economical credit card among many. Especially, in countries such as Singapore, which is the tenth most expensive country for expatriates in the world, picking a credit card with low interest becomes an imperative.

Picking Singapore Credit Cards with Low Interest

The first step to get a credit card with low interest is good credit history. As credit card issuers consider consumers with good credit scores to be more reliable with credit and regular with payments, they willingly offer attractive rates and quick approval. However, when you do not get a credit card with low interest rate issued for yourself. If such cases, follow the simple strategies of compensation given below to compensate for the high interest rate:

• Pick a credit card that compliments your shopping habits and rewards you for the same. Pick credit cards that offer cash rebates and credit balances. Use the reward points to offset the balance.
• Make payments in full or more than the minimum payments
• Use cash transfers, in case you are stuck with payments that you cannot make, if cash transfers are in the introductory period. This avoids the hefty interest.

Remember that you might not get the most economical card at the start, however, make regular payments and then ask the issuers to reconsider the interest rates.

Even if you manage to get the least interest rate credit card, do not commit the mistake of ignoring the finer details. Keep an eye on the following points while reading the fine print:

• Default penalties
• Balance transfer rate
• Cash advance rate
• Finance charges
• Upfront charges at various cash activities, such as withdrawal
• Grace period and its conditions
• Minimum payment percentage
• Payment options, whether online, phone or mail

Credit cards with low interest rate in Singapore, as anywhere else, may come with hostile terms and conditions to increase interest collections. Therefore ensure to go through the finer print and escape financial shocks.

Get more information about Singapore Credit Cards on EconomyWatch below.