Most Singaporeans who are eligible to apply for credit cards will own multiple cards. Different cards give different benefits and a savvy consumer will want to own a few cards in order to optimise for the variety of perks available.
In Singapore, the three main types of credit cards are Visa, MasterCard and American Express. Most people do not differentiate between the three types of cards since they pretty much perform the same major function we expect them to do, and that is to provide us with a convenient way of paying.
Why American Express Is Different From Visa & MasterCard
While both Visa and MasterCard are technology companies that provide payment solution – meaning they work with banks whom are ultimately the institutions issuing the credit cards, American Express is different in the sense that they can issue credit cards on their own.
Here’s a simple illustration.
|Card Name||Institution Issuing The Credit Card||Payment Technology Provider|
|CIMB Visa Signature Card||CIMB||Visa|
|Standard Chartered Unlimited Card||Standard Chartered||MasterCard|
|American Express Krisflyer Card||American Express||American Express|
Visa and MasterCard both work with banks to issue credit cards. American Express being its own entity, issue credit cards, authorise payments and settle with both consumers and merchants on its own.
As consumers, we don’t really care about these things. We want practical reasons on why we should own at least one American Express card. Here are some reasons why.
# 1 Quality Dispute Service
The biggest reason in our opinion is customer service when disputing a charge.
There is a common perception among consumers that American Express (Amex) is the only credit card issuer that provides a service for its customers to dispute charges made by merchants. The statement is partially true.
The truth is that all card-issuing institutions in Singapore are required to provide such a service to its customers. As a user, if you believe that unfair deductions have been made on your card, you can request for the card issuing companies to dispute the purchase on your behalf.
That said, Amex is the only company that talks about providing a service to allow customers to dispute a questionable charge. Most other banks will try avoid having to do so because settling a dispute claim takes time and is a costly matter that they would rather avoid, unless it’s fraudulent in nature.
We like to stress that a dispute claim is not the same as a fraudulent claim and that banks are required (upon your request) to help you in both.
Here’s a simple hack you should remember. If you are making an overseas payment (e.g. car rental) or accommodation reservation (e.g. an AirBnb booking), as far as possible, use an Amex card especially if you are not 100% familiar with the other party providing the service.
The reason is simple. If you encounter any disagreement with the other party – for example, they want to charge you for damages incurred though you know it wasn’t your fault, Amex is the preferred partner you want helping you dispute any charges or pending charges to be made. This is particularly useful for overseas charges, where you are no longer in the country and have limited capacity to get involved.
# 2 Travelling Perks For Credit Cards
Generally speaking, Amex cards are known for being useful for travelling. Aside from being able to quickly dispute any unfair charges that are made on your card, you enjoy other useful perks as well.
For example, the American Express Krisflyer Card provides with free travel inconvenience and travel accident benefits when you purchase your travel tickets using the card. It also gives you preferential rental rates for overseas Wi-Fi router at Changi Airport with rates starting at just $4.65 per day for countries like Japan, South Korea and Hong Kong. That’s a price that would be hard to beat. .
These perks are on top of the usual Krisflyer miles that you get whenever you charge a purchase to your card.
# 3 Not Tied To Banks
As they are not tied to any banks, you don’t have to worry about getting pesky phone calls or marketing materials as the bank attempt to cross sell you other products that it has.
# 4 It’s Free Anyway…And You Get Free Perks For Signing Up
As with all credit cards in Singapore, signing up is free and comes with it free perks.
For the American Express Krisflyer Card, you get a welcome bonus of 5,000 KrisFlyer Miles for the very first time you charge to your card. If you spend $2,500 within your first 3 months, you also get an additional 5,000 miles, on top of the usual 2,750 miles that you get for spending on the card (1.1 mile for every $1).
Additional $100 TungLok Vouchers If You Apply For The American Express Krisflyer Card Through This Link From Now Till 30 April 2017
From now till 30 April, you get a free $100 TungLok vouchers if you sign up for the American Express Krisflyer Card through this link. This is a promotion that credit card comparison site SingSaver is running.
The vouchers are given on top of any other sign up perks you typically get, such as the bonus miles we mentioned above.
We like the American Express Krisflyer Card because unlike most other miles card that we know of, the card only requires a minimum income of $30,000 per annum. Hence, if you are eligible to apply for credit cards, you will definitely be eligible for this miles card.
At the same time, grab the vouchers to enjoy a nice meal at TungLok while you are at it!
Aside from the TungLok vouchers, there are also Takashimaya and NTUC vouchers available for other credit cards, so check them all out in this link.
Steps To Claim Your Vouchers
Remember to follow the instructions on the link so that you can claim to your free vouchers.
Step 1: Go to the SingSaver credit card promotion microsite for April.
Step 2: Select the credit card(s) you want. Do note that for OCBC & Citibank, only new cardholders (i.e. you don’t have an existing OCBC or Citibank card) are eligible for the vouchers.
Step 3: Click on the “Apply” now button after you have selected the card you want to apply for. This will bring you to the American Express website where you complete your application.
Step 4: Complete the form and remember to upload a “thank you” page screenshot to show you have applied for the card.
Once you are done, you get will an automated email notification, which will instruct you of the next steps.
When you have received the approval letter for the card, you can click on the “Upload” Button in the email to submit the approval letter for show of proof that you have applied and received your credit card. You be then be notified on how you can collect the vouchers.
You can stay in touch by following us on Facebook. If you are looking for more content, the latest events or awesome promotions, subscribe to our free e-newsletter. And if want your daily dose of finance inspirations through photos, or know where we have been to get the inside scoops on what’s happening in the financial world, follow us on Instagram @DNSsingapore
/ 16 hours ago
Here’s how much you need to be earning to afford these homes in Singapore.
/ 1 day ago
Are you making any of these mistakes?
/ 1 day ago
Would you spend a few extra dollars on these features?
/ 1 day ago
Can’t travel due to last minute changes? Here’s what you can do.