Find the Best Credit Card For Your Home Renovation Project

14 Nov 2022

The best credit card to get when starting a home renovation project. There’s no doubt that you’re going to want to make some major changes in your home. This includes renovations. Whether you’re trying to renovate your kitchen, bathroom, or any other room, you’re going to have to make a ton of money to pay for the materials and the labor that’s involved. When it comes to renovating your home, you can either choose a home renovation loan or choose a personal credit card. To help you decide which is the best credit card to get, we have taken a look at the best credit card for home renovation Singapore. So, let’s dive into this review!

What Are Credit Cards & How Do They Work?

Within a limit set by your balance, credit cards let you quickly borrow money. Using credit cards is really simple; all you have to do is swipe them or enter your card information. 

You can pay minor amounts using your credit card, such as an unpaid bill or groceries. The same applies to using your credit card for house improvements. furniture purchase? Charge card. contractors being paid? Charge card. purchasing more paint? Charge card. Even better, some of these credit cards let you accumulate miles and use them to pay for travel.

What Is the Best Credit Card in Singapore for Your Overall Spending?

Credit Card Minimum Annual Income Requirement Annual Fee Interest Rate Minimum Monthly Repayment Cashback


Late Payment fee
Standard Chartered Unlimited Cashback Credit Card SGD30,000 (Locals and PR)

SGD60,000 (Foreigners with employment pass)

SGD192.60 (waived for the first 2 years) 26.9% SGD50 or 1%, whichever is higher 1.5% on all spend with no cap SGD80
Citibank Rewards Credit Card SGD30,000 (Locals and PR)

SGD42,000 (Foreigners with employment pass)

SGD192.60 (waived for the first 2 years) 26.9% $50 or 1%, whichever is higher 10x Rewards for (4 Miles) on online shopping and purchases SGD100
American Express True Cashback Card SGD30,000 (Locals and PR)

SGD42,000 (Foreigners with employment pass)

SGD171 (waived for the first  year) 26.9% SGD50 or 3% whichever is higher 1.5% unlimited Cashback on all purchases SGD90
Citi PremierMiles Credit Card SGD$30,000 (Locals and PR)

SGD40,000 (Foreigners with employment pass)

SGD192.60 (waived for the first  year) 26.9% SGD50 or 1%, whichever is higher $1 = 2 Citi Miles

10,000 Bonus Miles on card anniversary

No Miles expiry

HSBC Visa Platinum Card SGD30,000 (Locals and PR)

$40,000 (Foreigners with employment pass)

SGD192.60 (waived for the first 2  years) 25.8% SGD50 or 3%, whichever is higher 5% rebate on groceries, dining, and fuel

Earn 1 reward point for every dollar spent



What Is A Renovation Loan?

Renovation loans are financial aid programs created especially for those who must repair their homes. 

The biggest benefit is that the interest rate is lower than it would be with other personal loans. That occurs because your financial provider is aware that you are a homeowner and that owning a home is an asset. This home improvement loan will raise the worth of your asset. A well-renovated house is simpler to resell or rent.

Differences Between Renovation Loans & Credit Cards

Factors to consider Renovation loan Credit card
Interest rates and fees – About 1-1.5%/ month interest rate

– 4% maximum late payment interest rate

– $60 maximum late payment fee

– Maximum 1% insurance fee

– Average of 25% for credit card APR per year

– 26-27% average interest rate on credit card advance

– 5-6% balance transfer

– 2-3% in servicing fee

Monthly installments About SGD600/ month to repay a SGD30,000 renovation loan About SGD700 to repay a SGD30,000 renovation loan plus any other charges
Tenure flexibility An average of five years tenure Your balance is due each month. If you repay at least the minimum sum, you can borrow within your credit card’s limit next month too.
Paperwork Minimal (proof of ID, residence, income, and contractor’s quotation) No paperwork
Home renovation procedures Restricted depending on the loan as the money is transferred into your contractor’s account More available choices because the money goes to you

Elpis Interior

We make use of 3D rendering and animation

Elpis Interior in 4A Pahang St, Singapore 198605 offers full service, providing complete interior design from concept to completion. We work with clients in any stages, and have provided services to private and commercial sectors. At Elpis Interior we’re all about helping you visualize your space before it’s built, saving you money and time. We make use of 3D rendering and animation to show you exactly how your space will look, before it’s even built. Get your real renovation plan with our animation and 3D visualization by contacting us here.

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