Best Credit Cards with Low Interest in Singapore

To maximise the savings that you can receive as a credit cardholder, you should check out the credit cards that offer low interest rates. They are ideal for nearly all owners of credit cards for two reasons. Apart from raising the savings that you can get, these cards make borrowing money attractive!

So let’s say that you registered for a credit card’s 12-month instalment plan with 25% interest per annum, and you borrowed SGD $1,000. If you sum up the debt and the interest, you would be paying SGD $1,250 overall by the end of the year.

But, let’s say that a credit card’s interest (on a 12-month instalment plan) is down to 5%. If you borrowed SGD $1,000 and that comes with 5% interest, you would only be paying SGD $1,000 + SGD $50 (for the interest), which amounts to SGD $1,050.

So if you compare the two aforementioned amounts for the interest (SGD $1,250 and SGD $1,050), the difference is obvious. If you register for the credit card with relatively low interest, you get to avail of savings of SGD $200!

Here are 5 credit cards with low interest that are worth checking out.

1: UOB Lady’s Platinum

Highlight: Interest-free instalment plan (up to 12 months)

As a UOB Lady’s Platinum cardholder, you don’t exactly get low interest. Instead, you can avail of ZERO INTEREST.

The type of instalment plan that you want to avail of is up to you. Regardless of wanting a 6-month or 12-month plan, it’s fine. You won’t be charged an interest fee either way. To qualify, just spend a minimum of SGD $500 in a single transaction.

Other card features:

• 5x Rewards points for foreign fashion shopping
• Complimentary wine or beer (first bottle) at Concorde Hotel
• House wine (glass) 1-for-1 at Laugen Restaurant
• Instant cashback (UOB SMART $) at chosen merchants
  • Helen Accessories
  • bYSI
  • Singapore Zoological Gardens
  • Cathay Cinemas
  • EpiCentre
• Special perks at Thompson Well Women Clinic
  • SGD $111.28 service fee for medical aesthetics
  • SGD $695.50 for health screening package (comprehensive)
  • Discounts for facial therapy products and services

2: DBS Esso Platinum Card

Highlight: Interest-free instalment plan (for Road Tax & Motor Insurance)

With the DBS Esso Platinum Card, your journey on the road can be the best. Apart from the special perks, you can avail of ZERO INTEREST instalment plans.

So, while paying for Road Tax isn’t good news, you can lessen the load by signing up for an instalment plan to cover the expenses. The same thing applies when it’s an instalment plan for Motor Insurance. Rest assured that you won’t be charged interest fees.

Other card features:

• 17% instant savings at Esso stations island-wide
• 1-year fee waiver (SGD $85.60/year)

3: OCBC Cashflo Card

Highlight: Interest-free plan (up to 6 months)

The OCBC Cashflo Card can let you borrow money and be charged with ZERO INTEREST for plans of 3 months and 6 months.

Other card features:

• 1% rebate (minimum of SGD $1,000/month)
• 1-year fee waiver (SGD $160.50/year)
• Option to extend instalment term
• Discounts on shopping, fine dining, movies, travel, entertainment, and more!

4: Maybank Platinum VISA

Highlight: 15% interest instalment plans

As a Maybank Platinum VISA cardholder, you get to avail of 15% interest instalment plans. Compared to the previous credit cards on this list (UOB Lady’s Platinum, DBS Esso Platinum Card, and OCBC Cashflo Card), 15% interest is relatively high – much higher than 0% interest.

But, if you factor in the fact that you can receive special privileges as a cardholder, 15% isn’t too bad. And to compare, the interest fees that other credit card companies offer are at least 20%.

Being a cardholder of a Maybank Platinum VISA is a privilege. Just be sure to maintain a good credit standing. This means, you need to pay fees on time – and the correct amount. Otherwise, 15% interest will go up to 24%.

Other card features:

• Up to SGD $500,000 travel insurance
• 3.33% cash rebate on local spending
• 0.3% cash rebate on foreign spending
• Perpetual annual fee waiver

5: UOB One Card

Highlight: Interest-free instalment plans (up to 36 months)

The UOB One Card grants you the opportunity to buy more items than your current financial state allows — so long as you can re-pay these items within a 36-month period. Just apply for the credit card and register for the instalment plan.

Other card features:

• 3.33% cashback with SGD $1,000 monthly minimum spend (3 straight months), or 5% cashback with SGD $2,000 monthly minimum spend (3 straight months)
• 10% instant cash rebate (SMART$)
• UOB entertainment and dining privileges
• 1-year fee waiver (SGD $128.40/year)

The Bottom Line

These credit cards – all 5 of them – are among the top contenders in a roster of credit cards with low interest in Singapore. Especially if you’re thinking of registering for an instalment plan, doing so from a plan that comes with relatively low – and maybe even, zero – interest is advantageous.

By applying for these credit cards, you’ll be eliminating a bulk from your current load. Just think of the savings you can get. It’s about playing your cards wisely. You’re going to re-pay the money you borrowed, but that doesn’t always mean that you’re stuck with interest fees.

Alongside the main treat that these low interest credit cards offer, you can enjoy other benefits – some of which are exclusive benefits! Keeping up with regular payments for your instalment plan is important, but it doesn’t mean that your life is all about those regular submissions, right?

As mentioned, it’s about playing your cards wisely. It’s about going with the smarter alternative. If you do, grand rewards are headed your direction.

Well, what do you think? After reviewing these credit cards, which one do you think is the best fit for you?

To discuss your pick, or to raise any relevant concern, don’t hesitate to leave a comment below.