While there are still some individuals who believe that credit cards are good for nothing plastics that will drag them to debts, there are many who believe that using it can bring convenience to everyday living.
The key is choosing the right card and using it with great discipline. Should you choose an ANZ Credit Card in Singapore?
ANZ offers five credit cards. We have listed them below with its benefits and limitations.
ANZ Credit Card for Singaporeans
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ANZ Optimum World MasterCard Credit Card
ANZ Optimum World MasterCard is offered to those with a salary of at least S$80,000 a year. With this card, you can get a 5% cash rebate on three categories. You can change these categories every quarter or three months. The category which was not chosen will give you 1% cashback.
There are four categories: Dining and Leisure, Travel, Shopping and Groceries in supermarkets. The cashback you can earn is actually unlimited the whole year round, however, you can only get up to S$30 rebates per transaction.
ANZ Travel Visa Signature Credit Card
ANZ Travel Visa Signature is offered for Singapore Citizens and Permanent Residents who are earning at least S$60,000 a year and foreigners with a yearly salary of at least S$90,000.
This card is known for easily acquiring free miles, especially when you usually travel in Australia and New Zealand. You can earn 2.8 air miles per S$1 spent on flight booking with Jetstar and Qantas airlines. For more miles, you can even charge you family’s tickets on your card.
You can also get 1.4 air miles per S$1 on any other purchases. Another perk is having a one-way airport transfer in a chauffeured Mercedes E-class.
This card is great for frequent flyers considering the way how miles can be easily accumulated in flight booking with specific airlines. Just take note that the miles will expire in 5 years. It would be such a waste if you do not use your miles on time.
Whenever you purchase something abroad, take note that you will always be charged a foreign transaction fee of 1.5%.
And just like any credit card, failure to pay on the due date will incur a late payment fee. With ANZ Travel Visa Signature, you will be charged with of $50 or 3% of your outstanding balance.
ANZ Platinum Credit Card
ANZ Platinum Card requires the cardholder to have at least a salary of S$30,000 per year for Singapore Citizens and Permanent Residents and S$60,000 for foreigners.
What benefits can you earn? You can get two points for every $5 you charge for online and overseas purchases. You can also get 14% upfront discount off your gross fuel purchase at any Caltex station island-wide. If you spend S$488 within 30 days after the card’s online activation, you can also get $100 cashback.
Just be ready to be charged with a foreign transaction fee of 1.5%. This fee seems to negate the purpose of cashback. Make sure that you pay your balance on time to avoid being charged a late payment fee.
ANZ Switch Platinum Credit Card
ANZ Switch Platinum Credit Card has the same eligibility with the ANZ Platinum Card, however, this card does not have any annual fee for life. The rewards are also not much compared to the previous cards.
ANZ Switch Platinum Credit Card only gives 1 Rewards Point for every S$5 spent. It has low-interest rate of 23% a year, however, it is best to settle your dues on time to totally avoid any interest rate on your purchases. Also, the late payment fee is S$60, which is higher than most of the ANZ credit card late payment fees.
ANZ Signature Priority Banking Visa Infinite Credit Card
Not every Singaporean can get an ANZ Signature Priority Banking Visa Infinite Credit Card. Just as the name suggests, only those with priority banking account will be invited to apply for this card.
This means that you need to have at least S$150,000 in your ANZ savings account. You can easily get rewards point with this card, however, there is still a debate whether this card is better than ANZ Travel Visa Signature Credit Card because the reward points can be converted to miles.
Note that you need to pay a S$15 administrative charge every time make a mile conversion request. You can only convert you pints in blocks of 5,000 miles. Aside from this limitation, bonus rewards point is capped at 20,000 Rewards Points a year.
ANZ Credit Card Features
- ANZ FlexiLoan has a loan tenure of up to five years with a promotional interest charge of up to 7.8%. However, failure to meet the repayments on time with revert the interest rate back to regular rates up to 14.37% aside from the additional late payments charges. This is a personal loan exclusive through ANZ credit cards.
- ANZ Balance Transfer has an exclusive rate at 0% per annum for six months. The regular interest rate will be charged afterwards.
- MoneyLine account will be automatically created for ANZ credit cardholders.
- 0% Interest Instalment Payment Plan may have applicable fees and charges. Whatever you charged using this feature will not give any rewards nor miles. And failure to meet repayments can incur penalties.
When choosing a credit card, it is best to consider your needs rather than your wants. Benefits may be enticing, but it comes with conditions to be met. Remember that your credit card has to help you live your life at ease, not a life in debt.
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