Overseas credit cards provide you with far greater rewards for overseas purchases than other cards. While you will need to pay certain fees for foreign charges, the rewards you gain will more than make up for them.
So long as you get your card activated before going abroad, you shouldn’t have any trouble. You will need to provide the dates in which you will be traveling. The card will then be activated for that period and deactivated at the end date.
|Credit Card Name||Earn Rate||Reward Category|
|OCBC 90°N Card||S$1 = 4 miles||Rewards Points|
|UOB Visa Signature Card||S$1 = 4 miles||Rewards Points|
|UOB PRVI Miles||S$1 = 2.4 miles||Rewards Points|
|Maybank Friends & Family Card||8% rebate on dining,|
groceries, petrol and taxi rides in Malaysia
|UOB YOLO Card||8% cashback on weekend dining,|
entertainment and Grab
Overseas rebate works the same as any other cashback option. When you make a purchase overseas, you will gain a small portion of it back at the end of the month in the form of a rebate. Typically, you will get between 2% and 8% at best. Make sure to hit the minimum spend or else you will get nothing.
Every time you purchase something overseas, you will be charged the item’s actual price plus a small foreign currency transaction fee. These fees include both non-SGD purchases and SGD purchases via a foreign bank.
The transaction fee is divided between your card network and the issuer. Between the two, you will likely end up spending an extra 2.5-3.25% of the value of the item.
These fees may seem quite high. However, since you will likely be earning cashback rewards of up to 8%, you will still end up saving more than you lost. This way you have the convenience of using your own credit card without the worry of losing money exchanging your cash.
Yes, you can use your credit card overseas so long as you’ve enabled it to do so. When using your card overseas, you will be charged the exchange rate with every foreign transaction.
Your card will only request an OTP when you activate it for foreign travel. Following this, you will not need to worry about OTPs.
Most banks follow the VISAS Mastercard rates. Check their websites for live rates. You can also take a look at your terms & conditions in case your card provider uses different rates.
How can I Activate My Credit Card for Overseas Purposes?
You can use any of the following methods: