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It’s the peak travel period this time of the year and online retailers are all enticing shoppers with wonderful deals as they try to clear their stock. The one day that a lot of people are looking forward to would be Boxing Day, where there would be massive reduction on prices. For those of us who are unfortunately stuck in Singapore, online shopping may help bring some relief. So what cards would be good for overseas spending?

Looking at the following table comparison the 3 credit cards (non-miles) offering an accelator for overseas spending, Maybank definitely stands out from the other 2 due to the higher rate in terms of cash rebate. However, one has to bear in mind the points will expire in a year. To overcome that, just sign up for Rewards infinite, which is free with $18000 spent in the preceding year.

Credit Card Perks Value T&C
CIMB Platinum Card 1% cash rebate 1% cash rebate No monthly cap
Maybank Horizon Card 5X Treats Points 2.63% cash rebate (9500 points = $50 cash rebate) Instant cash rebate at Courts, AudioHouse, John Little, Robinsons, Marks & Spencer, Mustafa, Tangs, OSIM

Points expire either in Jun or Dec next year, 1 month grace for redemption (no expiry for Rewards Infinite members)

OCBC Titanium Card 1. 3X OCBC Points2. 5X OCBC Points if > $1.5k 1.36%/2.27% cash rebate (11000 points = $50 cash) Promotion till 30 Jun 132. Promotion from 1 Nov – 31 Dec 12, 1st1000 customers onlyOCBC points valid for 60 months from time of earn

The miles cards are also accelators when it comes to overseas spending. So long as you charge to a foreign currency, you will get the bonus points. Looking at the below table, ANZ definitely stands out from the rest if you spend a lot overseas. However, since UOB has a current promotion, make full use of it and you get 3 miles per $1 spent. This is only valid till end of this year.

Credit Card Perks Expiry T&C
ANZ Travel Visa Signature Card $1 overseas = 2.8 Travel$ 5 year validity for Travel$ 1 Travel $ = 1 Mile
Citibank Premier Miles S$1 overseas = 2 Citi miles No expiry 1 Citi Mile = 1 Mile
DBS Altitude Visa Signature $1 overseas = 2.4 miles (If >$3000) No expiry Promotion till 31 Dec 2012
UOB PRIVI Miles Platinum AMEX $1 overseas = 3 miles (till 31 Dec 12)/ 2.5 miles ( from 1 Jan 13) Promotion till 31 Dec 2012
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2 Responses to Best credit card for overseas transactions (foreign currencies)

  1. Terence says:

    UOB one has a 2% rebate on overseas transaction. But I’m not sure on the fine prints.

  2. chris says:

    This is useful, although they’ll kill you on the less-visible exchange rate (7-10% fee). I found that PayPal is the least greedy, charging a spread of 3% usually. So the 2% cash back will probably be happily recovered by adding it to the FX spread that nobody sees.

    The best solution is to get a USD credit card and just do a telegraphic transfer. MUCH cheaper than anything else.

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