Infographics SG-financial advice (Cover) (7)

How to Cancel Your Credit Card in Singapore—Fast and Hassle-Free!

Got a credit card that’s just not cutting it anymore? Maybe the rewards aren’t worth it, the annual fees are burning a hole in your wallet, or you simply want to curb impulse spending. Whatever the reason, if your card is doing more harm than good, it’s time to let it go—before those fees pile up!

The good news? Canceling a credit card in Singapore is easier than you think. This guide walks you through everything you need to know to cancel your card quickly, stress-free, and without wrecking your finances.

Why Cancel a Credit Card?

Canceling a credit card isn’t always an easy decision, but sometimes, it’s the right one. Here’s why you might want to ditch your card:

  • Useless Rewards – What’s the point of earning air miles when you’d rather get cashback on groceries?
  • Sky-High Annual Fees – If the perks don’t justify the cost, you’re just wasting money.
  • Security Risks – If your card details get compromised, canceling is sometimes the safest option.
  • Decluttering Your Finances – Too many cards can hurt your credit score and tempt you to overspend.

At the end of the day, your credit card should work for you—not the other way around.

What to Do Before Cancelling

Before you go snipping away, take these steps to avoid any financial hiccups:

1. Weigh the Pros and Cons

Canceling a card can impact your credit history, so consider whether it’s worth it. If you’re closing an old card, you might lower your credit score slightly due to a shorter credit history. On the flip side, keeping an unused card with high fees is just dead weight.

2. Redeem Your Rewards

Don’t let your hard-earned points go to waste! Check if your bank allows rewards pooling (like UOB’s UNI$) so your points transfer to another card. Otherwise, cash them in before they disappear!

3. Update Auto-Payments

Scan your statements for recurring charges—Netflix, Spotify, utility bills, insurance, etc. Make sure to update these payments to another card or risk service interruptions and late fees.

4. Pay Off Any Outstanding Balance

You can’t cancel a card with an unpaid balance. Settle all dues to avoid lingering interest charges or penalties.

How to Cancel Your Credit Card in Singapore

Once you’re ready, follow your bank’s cancellation process. Some banks let you cancel online, while others require a phone call. Here’s how to do it for major banks:

Bank

How to Cancel

American Express

Call the customer service number on your card

Citibank

Call 24/7 hotline: 6225 5225

CIMB

Call 6333 6666 or use the credit card maintenance form

DBS/POSB

Use the website chatbot or call 1800 339 6963 (SG) / +65 6339 6963 (overseas)

HSBC

Use the chatbot or call 6472 2669

Maybank

Call 1800 629 2265 (SG) / +65 6533 5229 (overseas)

OCBC

Call 1800 363 3333 (SG) / +65 6363 3333 (overseas)

Standard Chartered

Call 6747 7000 or use the SC app

UOB

Use the UOB TMRW app or call 1800 222 2121 (SG) / +65 6222 2121 (overseas)

How to Cancel an AMEX Card

AMEX makes things simple—just call the customer service number on the back of your card. But if you don’t feel like digging through your wallet, here’s a handy list:

AMEX Card

SG Hotline

Overseas Hotline

Platinum Card

1800 392 1177

+65 6392 1177

Platinum Credit Card

1800 396 6000

+65 6396 6000

Platinum Reserve Card

1800 392 1181

+65 6392 1181

True Cashback Card

1800 295 0500

+65 6295 0500

KrisFlyer Credit Card

1800 392 2000

+65 6392 2000

Does Canceling a Credit Card Hurt Your Credit Score?

Yes, but it depends. If it’s your oldest card, your credit history shortens, which may lower your score slightly. However, if you have multiple cards and good credit habits, the impact will be minimal.

Final Thoughts

Canceling a credit card doesn’t have to be a headache. Just follow the right steps—redeem your rewards, settle outstanding balances, update auto-payments, and follow your bank’s process. Done right, you can free yourself from unnecessary fees and financial clutter without breaking a sweat!

Thinking of canceling a card? Take action today and clean up your finances for a smarter, stress-free future!

Got a credit card that’s just not cutting it anymore? Maybe the rewards aren’t worth it, the annual fees are burning a hole in your wallet, or you simply want to curb impulse spending. Whatever the reason, if your card is doing more harm than good, it’s time to let it go—before those fees pile up!

The good news? Canceling a credit card in Singapore is easier than you think. This guide walks you through everything you need to know to cancel your card quickly, stress-free, and without wrecking your finances.

Why Cancel a Credit Card?

Canceling a credit card isn’t always an easy decision, but sometimes, it’s the right one. Here’s why you might want to ditch your card:

  • Useless Rewards – What’s the point of earning air miles when you’d rather get cashback on groceries?
  • Sky-High Annual Fees – If the perks don’t justify the cost, you’re just wasting money.
  • Security Risks – If your card details get compromised, canceling is sometimes the safest option.
  • Decluttering Your Finances – Too many cards can hurt your credit score and tempt you to overspend.

At the end of the day, your credit card should work for you—not the other way around.

What to Do Before Cancelling

Before you go snipping away, take these steps to avoid any financial hiccups:

1. Weigh the Pros and Cons

Canceling a card can impact your credit history, so consider whether it’s worth it. If you’re closing an old card, you might lower your credit score slightly due to a shorter credit history. On the flip side, keeping an unused card with high fees is just dead weight.

2. Redeem Your Rewards

Don’t let your hard-earned points go to waste! Check if your bank allows rewards pooling (like UOB’s UNI$) so your points transfer to another card. Otherwise, cash them in before they disappear!

3. Update Auto-Payments

Scan your statements for recurring charges—Netflix, Spotify, utility bills, insurance, etc. Make sure to update these payments to another card or risk service interruptions and late fees.

4. Pay Off Any Outstanding Balance

You can’t cancel a card with an unpaid balance. Settle all dues to avoid lingering interest charges or penalties.

How to Cancel Your Credit Card in Singapore

Once you’re ready, follow your bank’s cancellation process. Some banks let you cancel online, while others require a phone call. Here’s how to do it for major banks:

Bank

How to Cancel

American Express

Call the customer service number on your card

Citibank

Call 24/7 hotline: 6225 5225

CIMB

Call 6333 6666 or use the credit card maintenance form

DBS/POSB

Use the website chatbot or call 1800 339 6963 (SG) / +65 6339 6963 (overseas)

HSBC

Use the chatbot or call 6472 2669

Maybank

Call 1800 629 2265 (SG) / +65 6533 5229 (overseas)

OCBC

Call 1800 363 3333 (SG) / +65 6363 3333 (overseas)

Standard Chartered

Call 6747 7000 or use the SC app

UOB

Use the UOB TMRW app or call 1800 222 2121 (SG) / +65 6222 2121 (overseas)

How to Cancel an AMEX Card

AMEX makes things simple—just call the customer service number on the back of your card. But if you don’t feel like digging through your wallet, here’s a handy list:

AMEX Card

SG Hotline

Overseas Hotline

Platinum Card

1800 392 1177

+65 6392 1177

Platinum Credit Card

1800 396 6000

+65 6396 6000

Platinum Reserve Card

1800 392 1181

+65 6392 1181

True Cashback Card

1800 295 0500

+65 6295 0500

KrisFlyer Credit Card

1800 392 2000

+65 6392 2000

Does Canceling a Credit Card Hurt Your Credit Score?

Yes, but it depends. If it’s your oldest card, your credit history shortens, which may lower your score slightly. However, if you have multiple cards and good credit habits, the impact will be minimal.

Final Thoughts

Canceling a credit card doesn’t have to be a headache. Just follow the right steps—redeem your rewards, settle outstanding balances, update auto-payments, and follow your bank’s process. Done right, you can free yourself from unnecessary fees and financial clutter without breaking a sweat!

Thinking of canceling a card? Take action today and clean up your finances for a smarter, stress-free future!

Infographics SG-financial advice (Cover) (6)

Key Takeaways from Singapore Budget 2025: What You Need to Know

Singapore’s Budget 2025, unveiled by Prime Minister and Finance Minister Lawrence Wong on 18 February 2025, is designed as a comprehensive plan to support citizens at different life stages. Titled “Onward Together for a Better Tomorrow,” the Budget focuses on economic progress, skills development, financial aid for households, and strengthening national unity as Singapore marks its 60th year of independence (SG60). Here are the main highlights:

Support for Households

  1. $800 in CDC Vouchers for Every Household
    To help manage living costs, every Singaporean household will receive a total of $800 in CDC vouchers. The distribution will be staggered:
  • $500 in May 2025
  • $300 in January 2026

As before, these vouchers can be used at participating supermarkets, hawkers, and merchants.

  1. Enhanced U-Save Rebates for HDB Residents
    Eligible HDB households will get up to $760 in U-Save rebates this year, helping to offset utility bills for three to six months, depending on flat size.
  2. Expanded Climate Vouchers
    The Climate Friendly Households Programme is receiving a boost. HDB households will get an additional $100 in Climate Vouchers, bringing the total to $400. Private property households are now also eligible for these vouchers, supporting energy-efficient home improvements.

Benefits for All Singaporeans

  1. SG60 Vouchers: $600 for Adults, $800 for Seniors
    To commemorate SG60, all Singaporeans aged 21 and above will receive $600 in SG60 vouchers. Those aged 60 and above will get $800. These vouchers can be redeemed at hawkers, supermarkets, and local merchants, with distribution starting in July 2025.

Additionally, babies born in 2025 will receive a special SG60 Baby Gift, with more details to be announced.

  1. More HDB Flats and a Second Sale of Balance Flats (SBF) Exercise
    Over the next three years, 50,000 new HDB flats will be built in key locations such as Woodlands, Bayshore, and Mount Pleasant. In 2025 alone, 19,600 new BTO flats will be launched. Additionally, HDB will conduct another SBF exercise later this year, providing more housing options for buyers who prefer a shorter waiting time.

Support for Youths

  1. $500 LifeSG Credits for Children
    Parents will receive $500 in LifeSG credits for children aged 12 and below, which can be used for essential expenses such as groceries and utilities.
  2. $500 Top-Up for Students’ Education Accounts
    Singaporean youths aged 13 to 20 will receive a $500 top-up to their Edusave or Post-Secondary Education Account (PSEA), helping cover school fees and educational expenses.

Support for Families

  1. More Financial Aid for Large Families
    Families with a third child (or more) will receive additional financial support:
  • $5,000 Child Development Account (CDA) top-up
  • $5,000 MediSave grant
  • $1,000 annual LifeSG credits until the child turns six
  1. Lower Childcare Costs
    Full-day childcare fees will be capped at $610 for Anchor Operators and $650 for Partner Operators, making preschool more affordable for families.

Support for Businesses and Workers

  1. CPF Contribution Increase for Older Workers
    To improve retirement savings, CPF contribution rates for workers aged 55 to 65 will increase by 1.5 percentage points from January 2026.
  2. More SkillsFuture Training Support
    Mid-career Singaporeans taking full-time training courses can receive up to $3,000 per month in allowances, while part-time learners will receive $300 per month from 2026.
  3. Corporate Tax Rebates for Businesses
    To support companies, the government is introducing a 50% corporate income tax rebate, capped at $40,000 per company. Additionally, wage support for lower-income workers will be increased.
  4. Digital Transformation and Innovation Grants
    Small and medium enterprises (SMEs) will receive additional funding to adopt new technologies, with grants covering up to 70% of digitalization and automation costs. This aims to improve productivity and competitiveness.
  5. Enhanced Support for Startups
    A new Startup Growth Fund will be introduced, providing early-stage companies with up to $200,000 in matching funds to accelerate innovation and expansion.

Healthcare and Social Support

  1. Increased CHAS Subsidies for Healthcare
    The Community Health Assist Scheme (CHAS) will see expanded subsidies, with eligible middle-income households receiving higher payouts for outpatient treatments and chronic disease management.
  2. Mental Health Support Expansion
    A $100 million Mental Wellness Fund will be launched to strengthen mental health services, including hiring more counselors in schools and workplaces.

Final Thoughts

Budget 2025 aims to help Singaporeans navigate the rising cost of living while investing in the country’s economic future. Whether it’s direct financial aid, housing initiatives, workforce upskilling, or business incentives, the measures outlined reflect a commitment to inclusive growth and national progress.

Stay informed and make the most of the available benefits to secure a brighter future for yourself and your loved ones.

Infographics SG-financial advice (Cover) (6)

Home Renovation Costs in Singapore: A 2025 Homeowner’s Guide

Buying a home is a significant milestone and a major investment. Since you’ll likely be living in your home for years, it’s essential to ensure the renovation aligns with your taste and needs, especially if you’re purchasing a resale flat. But how much does it really cost to renovate a home in Singapore?

This guide explores the factors that influence renovation costs, practical tips to stay within budget, financing options to consider, and essential insurance coverage to protect your investment.

How Much Does a Home Renovation Cost in Singapore?


There’s no fixed answer, as renovation costs vary based on several factors.

Size of Home

The larger your home, the more you can expect to pay for renovations.

  • Small homes under 100 sqm: Up to $30,000
  • 3-room or 4-room HDB flats: Up to $50,000
  • 5-room HDB flats: Up to $70,000

Type of Home

Your home type plays a major role in determining costs. New condominiums generally require less renovation than HDB flats since they come with essential fittings. However, newly built HDB flats need new flooring, walls, built-in cupboards, and bathroom fixtures.

Resale flats tend to be more expensive to renovate than new ones—sometimes up to 40% more—due to outdated designs and fittings that may require complete overhauls for hygiene and structural safety. Plumbing and wiring may also need to be redone.

Estimated renovation costs:

  • Resale HDB: ~$67,000
  • Resale Condo: ~$82,000
  • New HDB: ~$44,000
  • New Condo: ~$39,000

Key Cost Factors

Extent of Work

If you’re making only minor changes, costs will be lower. However, full-scale renovations—such as hacking walls, changing flooring, or installing custom carpentry—will significantly increase expenses.

Here’s a breakdown of major cost components:

Hacking

Removing walls, flooring, or built-in structures requires professional services. Costs depend on size, thickness, and required approvals. Debris disposal also adds to the cost.

Masonry

This includes erecting new walls, tiling, and flooring. Pricing is determined by area size and labor requirements.

Carpentry

Custom-built wardrobes, kitchen cabinets, and desks require carpentry work. The cost depends on the complexity of the design and materials used.

Other Works

Additional work may include:

  • Ceiling modifications, beams, and partitions
  • Plumbing (sink installations, pipe replacements)
  • Electrical work (lighting, fan installations)
  • Painting and finishing

Material Quality and Type

Material selection heavily influences costs. For example:

  • Ceramic flooring: $3.50 – $9.50 per square foot
  • Marble flooring: $15 – $47.50 per square foot
  • Wallpaper: $1,500 – $2,400 per room
  • Feature wall materials: $14.75 – $100 per square foot

Renovation Cost Breakdown: 3-Room HDB Flat

To give you a clearer idea, here’s an estimated renovation cost breakdown for a 70 sqm 3-room BTO flat with 2 bathrooms.

Living Room ($2,100 – $7,900)

  • Partial hacking: $400 – $700 (removing cabinets, flooring, minor wall adjustments)
  • Masonry: $1,300 – $3,000 (tiling, flooring, bookcase base construction)
  • Carpentry: $200 – $3,400 (built-in TV console, shelving)
  • Ceiling & Partition Work: $200 – $800 (minor adjustments to fixtures)

Kitchen ($8,900 – $23,200)

  • Moderate hacking: $500 – $900 (removal of cabinets, windows, doors)
  • Masonry: $1,300 – $3,900 (backsplash, cabinetry base construction)
  • Extensive carpentry: $6,900 – $17,900 (custom storage solutions, cabinets)
  • Plumbing: $200 – $500 (sink, taps, piping modifications)

Master Bedroom ($11,500 – $44,600)

  • Hacking: $600 – $1,000 (removal of old wardrobes, flooring adjustments)
  • Masonry: $2,800 – $7,000 (platform bed with built-in storage)
  • Carpentry: $8,000 – $36,600 (custom wardrobes, built-in storage solutions)

Tips to Save on Renovation Costs

  1. Prioritize Must-Have Upgrades – List your essentials and allocate your budget accordingly.
  2. Reuse and Refurbish – Consider repurposing existing structures and furniture.
  3. Compare Contractors and Quotes – Get multiple quotes and check reviews before hiring.
  4. Opt for Cost-Effective Materials – Choose durable yet budget-friendly options.
  5. Plan and Stick to a Budget – Unexpected costs can arise, so plan ahead and include a buffer.

Financing Your Home Renovation

Renovation loans can help manage costs. Banks in Singapore offer renovation loans with interest rates ranging from 3% to 5% per annum. Homeowners can also consider personal loans or using CPF savings for specific housing-related expenses.

Why You Need Home Insurance

Renovating your home is a major investment, and ensuring it is well-protected is just as crucial. Accidents, damages, and unforeseen events can set you back financially, making home insurance an essential safeguard.

Types of Home Insurance Coverage:

  • Fire Insurance – Covers damages caused by fire, which is mandatory for HDB homeowners.
  • Home Content Insurance – Protects your renovation, furniture, appliances, and valuables against theft, fire, and water damage.
  • Renovation Insurance – Covers damages to built-in fixtures and renovations due to natural disasters, accidents, or theft.

Recommended Home Insurance in Singapore

  1. Great Eastern HomeGR8 Essential – Covers renovations, home contents, and alternative accommodation in case of an emergency.
  2. Etiqa eProtect Home – Affordable plans with flexible coverage options, including accidental damage to renovations.
  3. FWD Home Insurance – Covers damage from fire, floods, and break-ins with competitive premiums.

MSIG Enhanced HomePlus – Comprehensive coverage for home contents, renovations, and personal liability.

Final Thoughts

Renovating a home in Singapore is a major financial commitment, but with careful planning, you can create your ideal living space without overspending. Additionally, protecting your investment with home insurance ensures you won’t face unexpected losses. By understanding cost factors, setting a clear budget, and securing proper coverage, you can achieve a stylish and functional home with peace of mind.

Infographics SG-financial advice (Cover) (9)

2025 Car Owners’ Guide: The True Cost of Owning a Car in Singapore

Owning a car in Singapore is a dream for many, but the reality comes with a hefty price tag. Singapore is consistently ranked as one of the most expensive places in the world to own a car, thanks to high upfront costs, recurring expenses, and government-imposed regulations to control traffic congestion.

Before you commit to buying a vehicle, it’s crucial to understand all the associated costs. From the initial purchase price and taxes to insurance, road tax, and maintenance, the expenses can quickly add up. This guide will break down the financial aspects of car ownership in Singapore so you can make an informed decision.

CPF Contribution Rates in 2025

1. Purchase Price: The Cost of Getting Your Dream Car

The first and most significant cost of owning a car in Singapore is the purchase price. The price of a vehicle is heavily influenced by the Certificate of Entitlement (COE), which is mandatory for car ownership in Singapore and is valid for ten years. COE prices fluctuate based on supply and demand and can sometimes exceed the car’s original value.

Here are the latest COE prices as of January 2025:

Category

COE Price

A (Cars up to 1,600cc & 110KW)

$93,601

B (Cars above 1,600cc or 110KW)

$116,625

E (Open – All except Motorcycles)

$115,112

On top of COE, car buyers must also consider the Open Market Value (OMV) of the vehicle, Additional Registration Fee (ARF), and dealer markups. A mid-range sedan typically costs around S$120,000, while luxury models can easily exceed S$190,000.

2. Registration Fees and Taxes

The following fees and taxes contribute significantly to the cost of car ownership:

  • Registration Fee (RF): A one-time fee of S$220
  • Additional Registration Fee (ARF): A tiered tax based on the OMV:
    • First S$20,000: 100%
    • Next S$30,000: 140%
    • Next S$30,000: 180%
    • Above S$80,000: 220%
  • Excise Duty: 20% of the car’s OMV
  • Goods & Services Tax (GST): 9% of the total price (increased from 8% in 2024)
  • Carbon Emissions-Based Vehicle Scheme (CEVS): A surcharge or rebate based on the car’s emission levels, ranging from -S$25,000 to +S$25,000

Singapore incentivizes environmentally friendly cars through rebates for low-emission vehicles and imposes surcharges on high-emission ones.

3. Car Loans and Financing

Since most car buyers require financing, understanding loan terms is essential. According to Monetary Authority of Singapore (MAS) regulations:

  • For cars with an OMV below S$20,000, you can borrow up to 70% of the price.
  • For cars with an OMV above S$20,000, the maximum loan is 60%.
  • Loan tenure is capped at seven years.
  • Interest rates range between 2.28% to 2.88% per annum.

For example, financing S$60,000 over seven years at 1.99% interest will result in monthly repayments of around S$813.

4. Maintenance Costs

Regular servicing is essential to ensure the longevity and efficiency of your vehicle. Maintenance costs include:

  • Routine servicing (oil changes, brake pads, etc.): S$600 – S$1,500 per year
  • Tyre replacements: S$500 – S$1,000 every two years
  • Battery replacement: S$200 – S$400 every two to three years
  • Unforeseen repairs: Can range from S$500 to several thousand dollars depending on the issue

Luxury cars have significantly higher maintenance costs compared to mass-market vehicles.

5. Road Tax

Road tax is a mandatory recurring fee based on your car’s engine capacity:

  • 1,000cc – 1,600cc: S$600 – S$800 per year
  • 1,600cc – 2,000cc: S$800 – S$1,200 per year
  • Above 2,000cc: S$1,200 and above per year

Electric vehicle (EV) owners pay an additional Annual EV Road Tax to compensate for fuel duties.

6. Miscellaneous Expenses

Beyond standard costs, additional expenses include:

  • Petrol: S$2,500 – S$4,500 per year
  • Parking Fees: S$1,200 – S$2,400 per year (season parking, public parking, etc.)
  • Electronic Road Pricing (ERP) Fees: S$500 – S$1,000 per year
  • Car Wash & Grooming: S$300 – S$600 per year
  • Accessories (e.g., dashcams, child car seats): Varies based on preference

7. Car Insurance: Protecting Your Investment

Car insurance is mandatory in Singapore, and premiums vary based on factors such as age, driving experience, and vehicle model. The three main types of car insurance are:

  • Third-Party Only (TPO): Covers damage to others but not your vehicle.
  • Third-Party, Fire & Theft (TPFT): Includes TPO coverage plus fire and theft protection.
  • Comprehensive Insurance: Covers damage to your own vehicle in addition to third-party coverage.

Recommended Car Insurance Providers in Singapore (2025):

  1. Great Eastern Car Insurance – Offers competitive rates and a user-friendly claims process.
  2. Income Drivo Car Insurance – Includes roadside assistance and flexible add-ons.
  3. FWD Car Insurance – Known for affordable premiums and a fast claims process.
  4. AXA Car Insurance – Comprehensive plans with no-claims discount protection.
  5. AIG Car Insurance – Customizable policies with high coverage limits.
  6. MSIG MotorMax – Offers both standard and prestige plans with extensive benefits.
  7. Allianz Car Insurance – Provides 24/7 assistance and a digital claims process.

To get the best deal, compare different insurers, consider bundling policies, and check for no-claim discounts (NCD) that can reduce premiums by up to 50%.

Final Thoughts: Is Owning a Car in Singapore Worth It?

With soaring costs, car ownership in Singapore is a luxury rather than a necessity. For those who need a vehicle for work or family commitments, the financial commitment must be carefully planned. Alternative options like car leasing, car-sharing services, or public transport can offer cost-effective mobility solutions.

However, if owning a car aligns with your lifestyle, choosing the right financing plan, maintaining the vehicle properly, and securing a suitable insurance policy can help you manage costs effectively.

Before making the leap, weigh the costs and benefits to ensure that car ownership truly fits your financial situation and needs.