As a student in Singapore, managing finances effectively is crucial for a balanced academic life. A student credit card can be a really helpful tool. They’re made just for students, so they come with cool benefits like cashback rewards and are easier to get approved for.
In 2024, several credit cards stand out for their exceptional benefits tailored to students. This article will delve into Singapore’s best student credit cards, highlighting their features, benefits, and why they are ideal for students.
1. Citi Clear Car
The Citi Clear Card is popular among students due to its straightforward rewards system and lenient approval criteria. Here are some key features:
Rewards and Cashback: The Citi Clear Card offers 1% cashback on all retail spending with no minimum spend required. This is particularly beneficial for students who have varied monthly expenses.
Dining Discounts: Students can enjoy up to 20% discounts at selected dining outlets, making it easier to manage food expenses.
Annual Fee Waiver: The card offers a waived annual fee for the initial year, and with reasonable spending, you can easily secure waivers for subsequent years.
Eligibility: Students aged 18 and above with a minimum annual income of S$18,000 or a guarantor are eligible to apply.
2. DBS Live Fresh Student Card
The DBS Live Fresh Student Card is another excellent option for students looking to manage their finances smartly. Its attractive benefits include:
Eco-friendly Rewards: This Card offers 5% cashback on online spending and Visa contactless transactions, encouraging sustainable practices.
Student-friendly Perks: Students can enjoy 0.3% cashback on all other spending and special deals on Grab rides and food delivery services.
Annual Fee: You don’t have to worry about the yearly fee for the first five years, which makes it a smart and budget-friendly option for students.
Eligibility: Available to full-time students aged 18 to 27 from recognized universities and polytechnics in Singapore.
3. Maybank vibes Card
The Maybank Vibes Card is tailored specifically for students, providing a range of benefits that suit their lifestyle:
Cashback: Cardholders enjoy 1% cashback on all spending with no minimum requirement, which is ideal for students with unpredictable expenses.
Entertainment Perks: The Card provides exclusive offers and discounts on entertainment choices like movie tickets and online streaming services.
Annual Fee Waiver: You won’t have to pay the annual fee in the first year, and getting waivers for it afterwards is easy.
Eligibility: Students aged 18 and above with a minimum annual income of S$18,000 or with a guarantor.
4. OCBC FRANK Credit Card
The OCBC FRANK Credit Card caters to tech-savvy and fashion-conscious students, presenting many rewards.
Cashback on Essentials: Enjoy 6% cashback on online and mobile contactless transactions and 0.3% on other spendings.
Customization: Students can personalize their cards with various trendy designs, adding a touch of individuality.
Annual Fee Waiver: You won’t have to pay the yearly fee for the first two years, and you can keep getting waivers for it by spending regularly.
Eligibility: Full-time students aged 18 and above from recognized institutions in Singapore.
5. Standard Chartered Manhattan $500 Card
The Standard Chartered Manhattan $500 Card is an excellent option for students who prefer straightforward cashback rewards:
Simple Cashback: This Card offers a flat 0.25% cashback on all spending, with no minimum spend required, making it perfect for students.
Annual Fee Waiver: The initial year’s annual fee is exempt, and ongoing waivers are achievable through regular usage.
Eligibility: Students aged 18 and above with a minimum annual income of S$18,000 or with a guarantor.
6. UOB YOLO Student Card
The UOB YOLO Student Card is geared towards young adults who enjoy dining and entertainment, offering substantial benefits in these areas:
Dining and Entertainment: Earn up to 8% cashback on weekend dining and entertainment, including movies, bars, and cafes.
Online Spending: Enjoy 3% cashback on online shopping and weekday dining.
Annual Fee Waiver: Guess what? You get a break on the annual fee for the first year! And hey, keeping that fee waived in the following years is a breeze with our user-friendly waiver system.
Eligibility: Available to full-time students aged 18 and above from recognized institutions in Singapore.
7. HSBC Revolution Credit Card
The HSBC Revolution Credit Card is ideal for students who frequently shop online and use contactless payments:
Reward Points: Earn 10X Reward points (equivalent to 4 miles per dollar) on online spending and contactless payments, and 1X points on other spending.
Annual Fee Waiver: You won’t have to pay the annual fee for the first year. After that, you can easily avoid it by using the service regularly.
Eligibility: Full-time students aged 18 and above from recognized institutions in Singapore.
8. POSB Everyday Card
The POSB Everyday Card offers practical rewards for daily essentials, making it a great choice for students:
Cash Rebates: Up to 6% cash rebates on groceries, 3% online shopping, and 1% on all other spending.
Utility Savings: Special rebates on utility bill payments help students manage living expenses efficiently.
Annual Fee Waiver: For the first year, you won’t have to worry about the annual fee. And after that, getting waivers is a piece of cake!
Eligibility: Full-time students aged 18 and above from recognized institutions in Singapore.
Why Choose a Student Credit Card?
Student credit cards offer several benefits that can help manage finances effectively:
Building Credit History: Using a student credit card responsibly is key to establishing a positive credit history. This is crucial for future financial endeavours, like applying for loans or upgrading to higher-limit credit cards.
Financial Discipline: With set credit limits and rewards for spending wisely, student credit cards teach financial discipline and budgeting skills.
Convenience: Credit cards offer convenience in managing expenses, making online transactions, and accessing emergency funds.
Rewards and Discounts: Tailored rewards and discounts on dining, entertainment, and online shopping help students save money on regular expenses.
Key Considerations for Selecting a Student Credit Card
When choosing a student credit card, keep these factors in mind to find the best option for your needs:
Annual Fees: Look for cards with low or waived annual fees, especially if you’re on a tight budget.
Rewards and Cashback: Choose a card that offers rewards and cashback on categories you frequently spend on, such as dining, groceries, or online shopping.
Eligibility Requirements: Make sure you meet all the requirements, such as age, income, and enrollment in a recognized school, before applying for a student credit card.
Interest Rates: Keep an eye on the interest rates and try to pay off everything you owe each month. This helps you dodge those pricey interest fees.
Additional Perks: Consider additional perks such as entertainment, dining, and travel discounts that align with your lifestyle.
Responsible Credit Card Use Tips for Students
While having a credit card can provide numerous benefits, it’s crucial to use it responsibly to avoid falling into debt. Here are some recommendations for responsible credit card usage:
1. Pay Your Balance in Full: Make sure to pay all of your credit card debts every month. This will save you money and improve your credit score
2. Track Your Spending: Monitor your spending to avoid going over your budget. This will help you stay in control and prevent spending too much.
3. Set Up Alerts: Your bank will send you phone alerts to remind you when your payments are due. These alerts will also keep an eye on your account to catch any unpaid transactions. This will help you stay on top of things and keep your money safe.
4. Avoid Cash Advances: Steer clear of using your credit card to take out cash because it comes with hefty fees and high interest rates.
5. Use Rewards Wisely: Take advantage of the rewards and cashback offers, but don’t overspend just to earn rewards. Only spend what you can afford to pay back.
Conclusion
In 2024, Singapore students can choose from various credit cards tailored to their needs, offering benefits like cashback, rewards, and discounts on dining and entertainment.
Options include the Citi Clear Card, DBS Live Fresh Student Card, Maybank eVibes Card, OCBC FRANK Credit Card, Standard Chartered Manhattan $500 Card, UOB YOLO Student Card, HSBC Revolution Credit Card, and POSB Everyday Card.
When selecting a card, consider annual fees, rewards, eligibility, and interest rates. Choose one that matches your spending habits and financial goals. Use your card responsibly by tracking spending and paying off the balance monthly to build a strong financial future.
