The 3 main considerations are: 

1. Interest rates: The interest charged on your outstanding card balance or balance that has been carried over from the previous month

What to look out for

• • • Which bank has the lowest rate?
    • Look out also for how the rates increase over time if you don’t make a payment on time

2. Annual fees: Fees that are charged every year

What to look out for

• • • Which credit cards have NO FEES?
    • Which cards have the LOWEST FEES?
    • Are there waivers or exceptions (e.g., if you spend above a specific amount)?

3. Rewards and benefits: Most cards come with bonus schemes like cashback, air miles, bonus points, privileges, discounts, and more

What to look out for

Find a card that meets your needs. Some of the rewards/ benefits available include cashbacks (some are tied to specific shops), petrol benefits, travel benefits, reward points 

Other considerations when choosing a credit card:

Cash withdrawal: The service to withdraw cash at an ATM using a credit card. Look out for which bank has the lowest fees and interest rate for cash withdrawals. But don’t do this unless you really need to as it’s very costly!

Easy/flexi payment plan and/or cash advance plans: Some cards offer special low interest repayment schemes for large purchases on the card (easy/flexi payment plans), and some offer a cash loan (cash advance plan) to the value of your existing card’s limit which is transferred to your savings/current account.

For these plans, look out for:

• • • What  the upfront fees are
    • Which bank has the lowest interest rate
    • What the minimum or monthly installment amount is
    • What  the installment period is  (Make sure you can pay-off the loan within this period)