More Singaporeans are making travel plans for 2023 as the COVID Pandemic is getting more contained. And when everyone is traveling, making overseas purchases is a given. Additionally, since everyone is moving to cards, it won’t be long before people no longer make international purchases using cash. However, many may ask which SG Travel cards are more suitable for international purchases?
Whether you’re looking for cash back rewards, no foreign transaction fees or other perks that make spending abroad easier. To decide on the right SG Travel cards, we first need to understand how these different cards charge. These charges will affect the conversion rate that you are paying. Hence, it is important to understand all the different charges to identify the best conversion rate for overseas purchases.
Finally, we will also share some of our best overseas debit card recommendations for traveling. We will also be sharing how they operate, and whether they are suitable for Singaporean users. Get ready to plan your next vacation knowing that you’ll have one of these amazing cards in hand!
Popular SG Travel Credit Cards in 2023
When traveling overseas, it’s important to understand the credit card transaction fees. Below we have listed a couple of popular miles credit cards that are adored by Singaporeans. Typically it would seem that most credit cards are charging an extra 3-5% on every purchase.
The best cards for traveling and spending overseas are ones that also offer rewards, such as cash back or miles. Some credit cards even offer special benefits like free travel insurance or lounge access. If you’re a frequent traveler, these perks can be very valuable.
However, because of the high costs, it is advisable to use these credit cards under the following circumstances. Ideally for users making big purchases abroad, the miles or cash back gained do make up for the additional 3-5% fees that are charged. Another case would be using these cards to make travel hotel and flight reservations. These reservations are often made in SGD and do not incur international transaction fees. Hence, customers are also able to receive rewards in the form of cash back or miles.
| Popular Credit Cards | Benefits | Fees to Note |
|---|---|---|
| Standard Chartered Rewards+ Credit Card | 2.9 miles per $1 spent overseas | Subject to 3.5% SCB and Card Scheme fees of the converted SGD amount |
| Citi PremierMiles Card | Up to 4 Miles per $1 spent overseas till June 2023 | Subject to 4.25% Citibank and Mastercard fee of the converted SGD amount |
| DBS Altitude Visa Signature Card | Up to 2 miles on overseas spend | Subject to 3.25% DBS and Card Scheme fees of the converted SGD amount |
Given the hefty credit card fees, some users may seek alternative card options that can support overseas spending. This is where Travel debit cards like Revolut, YouTrip and Trust Card come in. We will deep dive into some of these strong contenders and understand their pros, cons and charges.
Best SG Travel Cards in Singapore: Instarem Amaze
Similarly to Revolut and YouTrip, Instarem’s amaze is a multi-currency debit card. However, where it stands out from the rest is where it allows users to link up to five Mastercard debit or credit cards. User can then decide on the primary card for where their payments are charged.
In addition, users can stand to receive up to 0.5 – 1% in rewards every quarter. However, do be aware that here is a minimum cap of S$10 transactions and cap at $500. Each dollar spent will allow you to receive 1 InstaPoint. These points can then be redeemed in blocks of 2000 points or S$20 per quarter.
The only slight downside for Instarem Amaze is that its exchange rate is slightly poorer to Mastercard official rates. Do check out Milelion article as he did a detailed comparison of exchange rates between Instarem Amaze and Mastercard.
Nonetheless, it is definitely still one of the top travel card given its 1% rebates and no foreign transaction fees.
Follow 3 steps, receive for the Instarem Amaze card for your next overseas holiday:
- Click here to signup for the latest Amaze card
- Do include the following Referral Code: 78RphO
- Apply for the virtual Instarem Amaze card
Best SG Travel Debit Cards in Singapore: Trust Bank Card
This may come as a surprise for many as Trust Bank is a new entrant in the market. However, Trust Bank stands out because it does not currently impose any annual or foreign transaction fees. Do note that there are several conditions to achieve the 5% discount. This includes a monthly spend of S$200 and this has to be met for three consecutive months. For more details of its cash back as well as Trust credit card details, you can refer here.
Furthermore, with just a click of the button, the Trust Bank card will now be available to use overseas.
With 5 simple steps, you can stand to receive $25 NTUC vouchers. If you are keen to sign up, do sign up here.
2nd Best SG Travel Debit Cards in Singapore: YouTrip
YouTrip is Singapore’s first multi-currency mobile wallet which holds over 10 currencies. With this card, users can pay in over 150 currencies with no additional fees or markup. Currently, users can register for a YouTrip account in under 3 minutes and receive a YouTrip card for free within 7 business days. It would seem that YouTrip’s current business model is by earning a small commission of each purchase from the merchant. Hence, they do not impose any commission or markup on users which is unique as compared to other
If you are keen to sign up, do sign up here.
3rd Best SG Travel Debit Cards in Singapore: Revolut
Revolut offers both a premium and free account plans for users to choose from. All accounts come with both a physical and virtual card that is accessible from the Revolut app. Currently, with the Revolut account, one can hold up to 30+ different currencies. With the free plan, users can enjoy up to SGD 350 fee-free withdrawals. For fee-paid premium plans, users can get to enjoy higher withdrawals from ATMs worldwide.
If you are keen to sign up, do sign up here.
Overall, the travel debit card charges relatively lower fees from 0% to 1%. However, the downside is that for these travel debit transactions, users are usually unable to earn cash back or miles rewards.
Conclusion
With so many great cards for traveling overseas for 2023, we hope these recommended cards are useful for you. In conclusion, for short getaways, we will recommend using the above travel debit cards. However, for long family holidays, the banks’ credit cards could be a good consideration due to the hefty amount spent. Consider where you will be traveling and what type of spending you plan on doing when choosing a card that meets your needs. Don’t forget to look at features such as foreign transaction fees before making your final decision. Do also remember to see if these cards need to enable overseas spend before you can use them. With this information in hand, it should not be too difficult to find that perfect travel card!
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If you are keen, check out our articles on other analysis: Trust Bank Referral, 101 Investing Series and Standard Chartered Credit card deals.
Disclaimer: The information provided by LearnToInvest serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any stock.