3 Bad Credit Cards That Will Give You Financial Allergies

bad-creditcard2All credit cards are created for the spender, but not all credit cards are created equal. In the financially savvy city of Singapore, citizens are constantly on the hunt for the next best financial instrument to cushion their savings and reap the most out of their expenditure. However, the market is flooded with thousands of unique credit cards with their exclusive set of interest rates, rebates and reward schemes that are packaged under cool buzzword-heavy financial jargon.

This means that the average Singaporean often gets lured into signing up for redundant credit cards that essentially act as nothing more than dusty plastic furniture buried deep in his wallet. Cutting through the data to narrow down on real insights is a brain-racking task; however, if you want to save yourself the grief of heavy research, the imoney.sg portal is a great place to pick the credit card that perfectly suits your consumption.

Credit cards may not always live up to their lofty marketing claims, but they certainly should never be lying idle all the time. Today, we will identify 3 of the least appealing and negligibly productive credit cards in Singapore that you should definitely steer clear of:

DBS Takashimaya Platinum American Express Card

Here’s a credit card whose greatest achievement is its ridiculously long name. At first glance, this niche card seems to be an enticing asset for Singaporeans offering some elaborate reward schemes. However, a second glance will reveal that this DBS credit card is too niche for its own good. Unless you plan to commit more than half of your shopping endeavors to Takashimaya, this card is a major buzzkill for your credit card-related savings.

The DBS Takashimaya Platinum American Express Card rewards scheme grants exclusive points for every $10 spent shopping at Takashimaya. You can even earn a cool $30 voucher after redeeming 100 points. DBS points for flier miles and movie tickets are available, but not as abundantly as Takashimaya vouchers. Although the flat discount rates at Hard Rock Café and Le Baroque are rather attractive, the benefits are just not enough. This may just one of the least versatile credit cards in Singapore.

DBS Black Amex Card

Using credit cards for luxurious indulgences is nothing to be ashamed about; however, there’s a strong difference between that and frivolous spending. Unfortunately, the DBS Black Amex Card is a tool for the latter. Despite having one of the strictest application approval procedures with a steep annual income requisite of S$48,000, it’s a travesty of how limited the benefits associated with this “elite” credit card are.

The primary benefits offered by the DBS Black American Express Card are largely limited to cocktail parties and exclusive fashion previews along with a few dining and shopping vouchers thrown in the mix. The problem here is that it is a credit card that seems to be targeting the mindlessly affluent spenders rather than serve the interests of heavy spenders. DBS Black Amex Card holders only earn 2 DBS points for every $5 charged to their card.

It comes with a steep annual fee of S$160.50. Another common complaint that DBS fails to resolve yet again is the process of waiving off the annual fees for customers.


Following suit of its infamous compatriots, this OCBC credit card continues the same meticulous policies that make it a nightmare for customers to get a waiver on the annual fees. For a card that targets the cash-strapped Singaporean youth, it also adds frivolous expenditure by adding in $10-$50 charges merely for the design of the card preferred by users.

It offers 6% rebates for online shopping enthusiasts and NETS FlashPay Auto Top-Ups for the convenience of frequent public transport users. It’s also a handy card for Forever 21 patrons since it gives 5% rebates to them. However, the maximum monthly rebate for this scheme is only limited to $50 so it is recommended that you do not go overboard with your shopping sprees.

To add to the dilemma of OCBC FRANK Card holders who happen to be voracious foodies, let it be known that this card only allows you to redeem heavy stipulation-bound return vouchers rather than upfront discounts at dining outlets.


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