- Credit record. A credit card starts building you a credit record with Credit Bureau Singapore, which the banks check when you apply for a HDB or car loan later.
- Fraud protection. A credit card gives you better fraud protection, because a dodgy charge is the bank’s money to claw back while they investigate, not your own cash that has already be debited from your account.
- Credit card-only situations. Some things, like hotel holds, overseas deposits, and a few online services, simply work only with a credit card.
Perhaps you just started work. You read somewhere that it is a good idea to get a credit card, and suddenly you are staring at dozens of them, each shouting about cashback tiers, miles, and minimum spends you have never heard of.
Maybe your first question is: why bother at all, when you already have a debit card with PayWave function, and can PayNow for most merchants? Three reasons.
