Understanding Credit Cards: Key Features and Costs in Singapore

How Credit Cards Work

Credit cards charge up to 29% interest per annum — knowing exactly how your card works is important. The key features of credit cards include various aspects that determine how you use them and what they cost. You will also sometimes see credit cards offered at roadshows and shopping malls.


Eligibility and Responsible Use

While you may meet the eligibility criteria for a credit card, you will also be subjected to the rules on unsecured credit limits from the Monetary Authority of Singapore. It’s wise to limit the number of credit cards to your needs and repayment ability, and to cancel cards that you do not use. Understanding credit card interest and charges is essential for managing your finances responsibly.