Annual Fee

Also known as an Annual Membership Fee, a credit card annual fee is automatically billed to your statement for the convenience and privileges offered by the card issuer. They generally range from S$80 to S$500, depending on the type of credit card.

Not all credit cards in Singapore have an annual fee, but some types of cards are more likely to have it than others. Air miles cards, rewards cards, and premium cards are among those that have annual fees. Many of these cards waive the annual fee during the first year, then automatically charge it to your account in the subsequent year. Cards that have a high-value welcome offer, such as luggage or bonus miles, generally require cardmembers to pay the annual fee in order to claim the offer.