Just graduated, got your first job and trying to decide what is the best credit card to get? This can be a challenging task with a lot of things that come into consideration – fees, minimum spend, earn rates and much more. As fresh grads doing some research on our own, we have come up with a couple of credit cards that are attractive for its benefits and their practicality. Here are a few credit cards that you may consider as well:
1. UOB EVOL
A very notable 8% cashback on all Online spend and Mobile contactless spend (which includes the majority of our transactions considering the shifts in spending patterns). This includes Dining, Entertainment, Shopping, all Apply Pay, Google Pay, Samsung Pay and much more!
The cashback cap is at $60 per statement month ($20 online, $20 on mobile contactless and $20 on other spend) while cardholders need to spend minimally $600 per month. They also offer some deals that might vary for different periods. This is a great card for users interested in discounts and additional perks on lifestyle, entertainment and spending.
2. DBS Live Fresh
This is probably the most ideal card for fresh graduates who are adept at using mobile wallets and prioritise convenience. Cardholders enjoy 5% cashback on Online and Visa Contactless Spend which include mobile wallets. As such, consumers who frequently use mobile wallets for payments are able to enjoy this benefit on almost all spend.
Additionally, users can enjoy a further 5% Green cashback that includes Eco-Transport services like SimplyGo and BlueSg. Nevertheless, there is a minimum spend of $600 and an annual fee of $194.4. This card is great for users looking for simplicity and a straightforward cashback while tapping on convenience.
3. OCBC Frank
OCBC Frank offers its users a no-fee credit card with a great 6% cashback rate on FX transactions, online transactions and contactless mobile transactions. This spans a lot from hotels, to overseas spending and an extra 2% cashback on Green Merchants like SimplyGo and Scoop Wholefoods.
The annual fee is $194.4 from the 3rd year or it is automatically waived if the minimum spend is above $10,000 in a year ($833.33/month). This is definitely the card for anyone who does a lot of online/overseas spending and wants to save on annual fees.
4. Citi SMRT
The best part of this card is that it has no minimum spend requirement unlike most of the other credit cards. This card can be used as an Ez-Link and cardholders can enjoy 5% rebate on Auto Top-Ups (an excellent transaction consideration which represents a good portion of a fresh grad’s monthly expenses that is neglected by most cards). More than that, this card offers 5% savings at all supermarket and grocery stores, online purchases and taxi/public transport rides.
There is, however, an annual fee of $194.40 with the first 2 years waived. For fresh graduates looking to save on transport and earn rebates on everyday spend without having to worry about a minimum, this is a great choice.
5. HSBC Revolution
Are you someone who prefers earning miles over rebates for your online and social spend? This is the perfect card for you. There is no annual fee for both Principal and Supplementary cards (removed on 1 August 2020) – one of the few cards that do not have a fee. Enjoy an unlimited 4 miles per $1 spend on online and contactless payments (Garmin Pay, Fitbit Pay and Samsung Pay not supported). Additionally, the rates are the same for both weekdays and weekends – earn points immediately.
So if you’re looking for an entry-level card that rewards miles at a pretty good rate on everyday spend, this is the card – it doesn’t hurt to keep it in your wallet since there are no fees!
Sources:
https://www.valuechampion.sg/best-credit-cards-young-adults
https://www.thefrugalstudent.com/the-best-high-cashback-credit-card-for-fresh-grads-2021/
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