Best Credit Cards For Young Adults In Singapore (2022)

Looking For The Best Credit Cards For Young Adults? Here Are Your Top Options

Gone are the days when credit cards were only seen as a status symbol. Now that most Singaporeans prefer cashless payments, credit cards have become a necessity. In many ways, the best credit cards for young adults enable you to enjoy safer and more convenient purchases. More importantly, they are an incredible tool to manage your finances, as long as you remain responsible.

If you want to ace your financial journey, then having a credit card that perfectly meets all your needs is integral.

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We’ve compiled this comprehensive guide on the best credit cards for young adults. These starter credit cards are amazing for those who just got their first job or people who are still starting their journey to financial independence.

Here at OMY, you will discover the following:

Credit Card Regulations In Singapore

According to the Monetary Authority of Singapore, credit card owners must follow these criteria:

  • S$30,000 minimum annual income
  • Total net financial assets of more than S$1 million
  • Total net personal assets of more than S$2 million

If you’re still a young adult, you’re probably worried that you don’t meet the following criteria for good beginner credit cards. There’s no need to worry. Thankfully, MAS has eased its income and age requirements in 2007. Since then, banks were finally allowed to issue a credit card with no minimum income requirements, as long as it has a S$500 credit cap.

The Best Credit Cards For Young Adults In Singapore

Best Credit Cards For Young Adults Singapore

On the lookout for good credit cards for young adults? We’ve got you covered. If you want to get a quick look at our roundup of the best credit cards for young adults, check out this table below.

Credit card Highlights Cashbacks/Points
OCBC The Frank
  • Waived annual credit card fee on your first two years
  • No annual credit fee for purchases over S$10,000
  • Over 120 designs to choose from
  • 6% cashback up to S$25 for online purchases on Netflix, Spotify, Lazada, and Grab
  • 6% cashback when you pay with your smartphone or watch in-store with Garmin Pay, Apple Pay, Samsung Pay, Google Play, and Fitbit play
  • Up to 75% cashback every month for a S$600 minimum spend on online purchases, and anywhere that accepts contactless in-store payments
UOB EVOL Card
  • Great for nightlife and lifestyle spending
  • No annual fee if you make 3 purchases per month before the annual fee date
  • Waived annual fee on your first year
  • 8% cashback on mobile contactless spending via Google Pay, Samsung Pay, or Fitbit Play
  • 8% cashback on online spending
  • On weekends: 0.3% cashback on other spend. 8% cashback on weekend dining and entertainment,
  • On weekdays: 3% cashback on online fashion, selected online travel, dining, and entertainment, and Grab and UOB travel spend (S$60 per month cashback spend)
DBS Altitude Visa Card
  • Great for travelling
  • Miles will never expire
  • Up to 10 miles per S$1 spend on all your spending
  • Earn 7 miles when you book via Kaligo and Expedia
  • Earn 3 miles per S$1 on online flights and hotel transactions capped at S$5,000 per month
  • 2 miles per S$1 on overseas spend
  • 1.2 miles per S$1 local spend
Citibank Lazada Credit Card
  • Great for Lazada shoppers
  • Waived annual fee on your first year
  • 10x rewards points on your Lazada spend
  • 5x rewards points on your travel, dining, entertainment, and commute
  • Shipping rebates (maximum of 4) on Lazada when you spend a minimum of S$50 per transaction
  • complimentary travel insurance when you charge your airfare
Maybank Platinum Visa Card
  • Great for low spenders
  • 3% interest per annum with Maybank Save Up Programme on their first S$50,000
  • Waived credit card quarterly fee for three years
  • Free quarterly fee if you do three transactions per month
  • 3.3% rebate for S$300 monthly spend
CIMB AWSM Card
  • Best for low-income earners
  • No annual fee
  • 1% cashback on telco bills, online shopping, dining, and entertainment
  • CIMB deals and discounts across different purchase categories in Malaysia, Singapore, and Indonesia

Best For Beginners: OCBC The Frank

The OCBC Frank Card is one of the best low-income credit card Singapore choices that are also great for young adults.

Out of all starter credit cards on this list, this one features the lowest annual fee. Not only that, but your credit card fee for this particular best credit cards for young adults’ option will be waived on your first two years.

If you spend more than S$10,000 on starter credit cards like this one, you won’t even have to worry about annual fees at all. This card also only requires S$400 minimum spend so it’s easy to cover.

If you’re looking for an aesthetic low income credit card Singapore, this should also be one of your top options. This best credit cards for millennials option have more than 120 designs to choose from.

Moreover, this card also offers 6% cashback up to S$25 for online purchases on Netflix, Spotify, Lazada, and Grab, as well as when you pay with your smartphone or watch in-store with Garmin Pay, Apple Pay, Samsung Pay, Google Play, and Fitbit play. You can also get up to 75% cashback every month for a S$600 minimum spent on online purchases, and anywhere that accepts contactless in-store payments.

Apply here.

Best For Cashback: UOB EVOL Card

Another amazing option for the best credit cards for young adults is the UOB EVOL Card. This is an amazing choice for starter credit cards, especially for young adults who want to prioritise nightlife spending and other lifestyle perks. You’ll surely have the best savings.

This good beginner credit cards option offers 8% cashback on mobile contactless spending via Google Pay, Samsung Pay, or Fitbit Play, as well as 8% cashback on online spending, and 0.3% cashback on other spending.

Additionally, it offers 8% cashback on weekend dining and entertainment, and Grab and UOB travel spend. On weekdays, you can get 3% cashback on online fashion, selected online travel, dining, and entertainment, and Grab and UOB travel spend, with a cashback cap of S$60 per month.

This card also offers no annual fee if you make 3 purchases per month for a year before your next annual fee date. But if you don’t meet these criteria, you have to pay S$192.60 per year, although it will be waived for your first year.

Apply here.

Best For Travellers: DBS Altitude Visa Card

For those who want to prioritise a low income credit card Singapore, or a good beginner credit card, the DBS Altitude Visa Card is worth considering. This card is perfect for those who love travelling since you can earn up to 10 miles per S$1 spent on all your purchases. These miles will never expire so you can use them anytime you wish.

You can also earn 7 miles when you book through Kaligo and Expedia. For Kaligo, you can get 10 miles per S$1 spent. Meanwhile, you can earn 6 miles for every S$1 spent on Expedia.

Meanwhile, you can get 3 miles per S$1 on online flights and hotel transactions capped at S$5,000 per month. For overseas spend, you can get 2 miles per S$1, and 1.2 miles per S$1 local spend.

It doesn’t end there. You can also receive 10,000 bonus miles (5,000 DBS points) when you pay the annual fee of S$180. If the annual fee is waived, the 5,000 DBS points will be reversed.

Apply here.

Best For Lazada Shoppers: Citibank Lazada Credit Card

Love online shopping on Lazada? Then look no further. One of the best credit cards for young adults you can apply for is the Citibank Lazada Credit Card. For these best credit cards for millennials, you can enjoy tons of perks. For instance, you can get 10x rewards points on your Lazada spend, and 5x rewards points on your travel, dining, entertainment (such as Spotify and Netflix), as well as your commute.

Additionally, it also offers shipping rebates on Lazada when you spend a minimum of S$50 per transaction, capped at 4 shipping rebates per month. When you charge your airfare to these best credit cards for your adults, you will also be granted complimentary travel insurance

This credit card has an annual fee of S$192.60, but it is waived on your first year.

Apply here.

Best For Low Spenders: Maybank Platinum Visa Card

Another standout in our list of the best credit cards for your adults is the Maybank Platinum Visa Card. This card is the ultimate option for low spenders who still want to take advantage of cashback.

For as little as S$300 monthly spend, cardholders can earn a 3.33% rebate, capped at S$30 per quarter. While this may not seem like a lot of money, it’s still a huge savings.

This is not the only benefit of the Maybank Platinum Visa Card. Cardholders may also enjoy up to 3% interest per annum with the Maybank Save Up Programme on their first S$50,000, as well as complimentary travel insurance.

In your first 3 years, the S$20 quarterly fee is waived. Subsequently, this charge will be eliminated if you charge three transactions to your credit card each month. The credit card annual income requirement is S$30,000 for Singaporeans and PRs. Meanwhile, Malaysian Citizens have a S$45,000 requirement, and other nationalities must have a minimum income of S$60,000.

Apply here.

Best For Low Income Earners: CIMB AWSM Card

This is the clear winner for the ultimate low income credit card Singapore since its credit card annual income requirement is less than S$30,000 for those under 35. Anyone can apply for this best cashback credit card, including students and NSFs that do not have income.

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When you use this credit card, you can earn unlimited 1% cashback on telco bills, online shopping, dining, and entertainment. You can also enjoy CIMB deals and discounts across different purchase categories in Malaysia, Singapore, and Indonesia. This starter credit cards standout also does not have an annual fee.

Apply here.

A Word From OMY

Credit cards always get a bad rep due to their inherent risk. But at the end of the day, the best credit cards for young adults allow people like you to make ends meet.

That said, you should still be careful with your expenses to ensure you don’t spend beyond your means.

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