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When it comes to choosing a credit card, there are a lot of factors to consider. But with so many options out there, how can you narrow it down?

Our editors have years of experience evaluating credit cards, and in this article, we’ll share our top tips for finding the best card for your needs.

How We Evaluate Credit Cards?

We take several factors into account when rating credit cards, including rewards, benefits, interest rates, fees, and customer service. We also consider the issuer’s reputation and financial stability.

The most important factor in our ratings is the value of the rewards and benefits each card offers. We compare these against other cards in the same category to see how they stack up. For example, a cash back card that offers 2% cash back on all purchases will earn you more rewards than a card that offers 1% cash back on all purchases.

Another important factor we consider is the interest rate you’ll pay on your outstanding balance. If you carry a balance from month to month, you’ll want to choose a card with a low interest rate to minimize the amount of interest you’ll pay.

We also take into account any fees associated with each card. Some cards have annual fees, while others have foreign transaction fees or balance transfer fees. We weigh these fees against the value of the rewards and benefits to determine whether or not the card is a good value.

Finally, we consider the issuer’s reputation and financial stability when rating credit cards. We want to make sure you’re using a card from a company that has a

The Different Types of Credit Cards

There are many different types of credit cards available on the market today. So, how do our editors rate them?

The first thing we look at is the type of card it is. Is it a rewards card? A cash back card? A balance transfer card? A travel card? Each type of card has different perks and benefits, so we take that into account when rating them.

We also look at the APR, fees, and other features of the card. We want to make sure that the card is beneficial for the consumer and not just a way for the credit card company to make money.

Finally, we consider the customer service and support of the credit card issuer. We want to make sure that you can easily get in touch with someone if you have any questions or problems with your card.

So, there you have it! Those are the things our editors take into account when rating credit cards. Do you have any questions about our process? Let us know in the comments!

The Best Credit Cards for Balance Transfers

There are a lot of credit cards out there that offer balance transfer options, but not all of them are created equal. Our editors have looked at a variety of factors to come up with a list of the best credit cards for balance transfers.

If you’re looking for a card with a low interest rate, the Citi Simplicity Card is a great option. It has an introductory APR of 0% for 18 months on balance transfers, and there’s no balance transfer fee.

If you want a card with no annual fee, the Chase Slate card is a good choice. It offers 0% APR for 15 months on balance transfers, and there’s no balance transfer fee for transfers made within 60 days of opening your account.

The Amex EveryDay Credit Card from American Express is a good option if you’re looking for rewards. It offers 2x points on everyday purchases, and you can get 20% more points when you use your card 20 or more times in a billing period. The intro APR on balance transfers is 0%, and there’s no balance transfer fee for transfers made within the first 60 days of opening your account.

The Best Cash Back Credit Cards

If you’re looking for the best cash back credit cards, our editors have you covered. We’ve compiled a list of the best cash back credit cards on the market, based on our editorial criteria.

Our top pick for the best cash back credit card is the Citi Double Cash Card. This card offers 2% cash back on all purchases, with no limits or categories. You’ll also get a 0% intro APR on balance transfers for 18 months (then a variable APR of 14.49% – 24.49%).

If you’re looking for a card with rotating category bonuses, the Chase Freedom Unlimited® Card is a great option. This card offers 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Plus, you’ll earn an unlimited 1% cash back on all other purchases. There’s no annual fee for this card.

The Capital One® SavorOne℠ Cash Rewards Credit Card is another great option for cash back rewards. This card offers 3% cash back on dining and entertainment, 2% cash back at grocery stores, and 1% cash back on all other purchases. There’s no annual fee for this card either.

The Best Travel Rewards Credit Cards

Our editors rate credit cards based on their overall value, including sign-up bonuses, rewards, and perks. The best travel rewards credit cards offer opportunities to earn points or miles that can be redeemed for free or discounted travel. Some cards also come with valuable perks like priority boarding, free checked bags, and lounge access.

The Best Student Credit Cards

If you’re a student, you know that money can be tight. You might have a part-time job to help cover your costs, but it’s not always enough. That’s where a student credit card can come in handy. With a student credit card, you can get discounts on things like textbooks, school supplies, and even travel.

But with so many student credit cards out there, how do you know which one is right for you? That’s where our editors come in. We’ve compiled a list of the best student credit cards available, taking into account factors like annual fee, interest rate, and rewards program. So whether you’re looking for a card with no annual fee or one that offers cash back on your purchases, we’ve got you covered.

How to Choose the Right Credit Card for You?

There are so many different credit cards available on the market today, how do you know which one is the right one for you? Our editors have put together a few tips to help you choose the best credit card for your needs.

First, consider what type of card you want. There are cards for people with good credit, bad credit, and no credit. If you have good credit, you’ll likely be able to qualify for a rewards card with a low interest rate. If you have bad credit, there are still options available to you, but you may have to pay a higher interest rate. And if you have no credit, there are cards designed specifically for people in your situation.

Second, think about what kind of rewards you’re looking for. Do you want cash back on all of your purchases? Or would you prefer points that can be redeemed for travel or merchandise? There are cards that offer both types of rewards, so it’s just a matter of finding the right one for you.

Finally, consider the fees associated with the card. Some cards have annual fees, while others don’t. Some also charge foreign transaction fees, so if you plan on using your card while traveling abroad, be sure

Conclusion

Now that you know how our editors rate credit cards, you can be confident in your own choices. Whether you’re looking for the best travel rewards card or the lowest interest rate, we can help you find the right card for your needs. And if you’re not sure where to start, our picks for the best credit cards of 2020 can help get you started.

“The Act provides regulatory certainty to industry players,” said Luno’s Goh. “More importantly, it gives consumers a clear sense of the players they can trust, ensuring they are in a position to make informed choices of the companies who will safeguard their funds.”

A necessary move

Lawyers that we spoke to believe the PSA was a necessary regulation. Not only did it plug loopholes in the old Money-Changing and Remittance Businesses Act 1979, which did not govern e-wallets and cryptocurrency exchanges, but it brings the law into this century, by addressing the entire chain of electronic payments.

“The [new] Act has been positioned in trying to update the legislation and to bring it under one roof,” said Pinsent’s Tan.

London-based fintech company Revolut sees the PSA as encouraging innovation and growth of e-payments services in Singapore. “Revolut views the Act as timely as it provides regulatory certainty over a number of different activities,” said Eddie Lee, regional director of operations, Asia Pacific, Revolut. “At the same time, it strengthens consumer protection and promotes confidence in the use of e-payments.”

E-payments Services Act’s major changes

Licences
E-payments companies can be licensed as a major or standard payment institution
Transaction limits
Fintech companies can only store S$5,000 in a wallet at any time. There’s also a S$30,000 annual transaction limit
ATM withdrawals
Fintech companies cannot allow customers to withdraw money directly from their account via ATMs
Cryptocurrency exchanges have now gained a semblance of legitimacy by being licensed under the Act. Before the PSA, cryptocurrency exchanges walked a fine line, as the Monetary Authority of Singapore kept a close eye to ensure that digital tokens did not constitute securities. These exchanges worked with no real formal regulation on operating their business in Singapore.

The clarity of the PSA has been lauded by many, with transparency being the key that will help these licensed startups attract investors, according to Stefanie Yuen Thio, joint managing director, TSMP Law Corporation. “Third parties also have the benefit of knowing that the ecosystem has rigorous regulatory oversight,” she said.

Singapore is one of the latecomers to the licensing game in the fintech sector. In Malaysia and Thailand, e-payments startups and cryptocurrency exchanges have been licensed since 2019. The Philippines has regulated e-wallets since 2009 and crypto exchanges since 2017.

Lucky winners

It’s easy to see that crypto startups are one of the biggest beneficiaries of the PSA. Being licensed will not only bring them legitimacy, but also allow them to open and maintain bank accounts in Singapore. In 2017, Singapore banks closed the accounts of several cryptocurrency and payments services companies, without providing a reason. “Being regulated under PSA, banks should not be able to refuse you an account,” said Golden Gate Ventures’ Drijkoningen.

Luno’s Goh believes the PSA is the herald for more countries to make such frameworks if it still doesn’t exist, or refine them if they do. Ultimately this will lead to a boost in customer trust and confidence in licensed operators. Luno’s credibility propelled after it attained a licence in Malaysia, not just with partners and customers in the country but in other Southeast Asian markets as well.

Operating systems: Indonesian smartphone users lag behind because the country has 93% Android users. Apps on Google’s Play Store tend to be free, while being part of Apple’s ecosystem more often requires paying a small sum for an app. It also forms a habit of paying.In comparison, in Vietnam it’s 64% Android, and in the Philippines, 83% people use it. Globally, the iOS App Store generates much higher revenue than Google’s Play Store—App Store revenue was US$25.5 billion in the second quarter of the year ended 2019 vs Play Store’s US$14.2 billion in the same period.

Growing app in Southeast Asia

The growth rate of new app downloads in Southeast Asia is the highest in Indonesia. Singapore and Thailand aren’t downloading much. Interestingly, the countries which have seen a slowdown in new app downloads have higher growth rates of in-app spend.

In other words, there are two kinds of users. The download-use-chuck-download variety, and the download-pay-keep variety. That these user behaviours also extend to the macro level of a whole country shows the state of the economy.

As an economy matures, long-term users become more willing to spend for apps and in-app purchases. Take the infamous Candy Crush, for example. It has been around since 2012, and while the game no longer features in top downloads, it was still raking in record numbers in revenue many years after its inception thanks to high in-app spends.

Different Southeast Asian countries are at different stages of economic maturity. While Singapore is on one extreme end of the spectrum, Indonesia is in many ways the region’s most immature app economy, still demonstrating high growth rates of new downloads, but slow progress in monetisation.

According to Chaudhary of M&C Saatchi, growth in downloads will only happen in markets where there’s still room for internet penetration. In an emerging market like Indonesia and the Philippines, for example, internet users make up 64% and 67% of the population, as per the We Are Social report, versus Singapore’s 88% and Thailand’s 75%.

App spend, on the other hand, is directly related to per capita income the market has, said Chaudhary. But considering that Indonesia and the Philippines have a much bigger population than, say, Singapore, Chaudhary sees these emerging markets surpassing the city-state’s app spend at some point.

One hour more than the global average. That’s how much screen-time most people living in Southeast Asia get. The data reveals a fair bit: Facebook frenzy, a Chinese dark horse, Grab’s stronghold, and more

Population by country

Indonesia
260 million
Philippines
105 million
Singapore
5.6 million
That’s despite Singapore being an affluent market. “As the affluence of the huge emerging markets increases, you will see higher growth.”

It’s not just Singapore’s ranking that could tip though. With internet penetration, rapidly evolving technology, and a willingness to spend, apps are only going to mushroom. Even Facebook’s Fantastic Four will need to reinvent to maintain that iron grip over Southeast Asia.

Restaurants that were once dine in-only are now rushing to sign up for delivery. Grab says new merchant applications have tripled. LINE MAN claims the number of restaurants applying to join its platform rose by 5X. Neither company provided raw numbers.

What’s Happened So Far with Precautions And What’s Being Done?

Thailand’s food delivery companies are enjoying their moment in the sun, but it remains unclear whether this sudden boom can help make their businesses sustainable. Discounts, promotions and free-delivery codes have been standard in recent weeks, indicating that platforms are burning more money than ever to gain new users and restaurants.

And it’s not like delivery can save Thailand’s restaurant industry.

Kasikorn Research Center—K-Research, a division of Thailand’s Kasikorn Bank—downgraded its 2020 revenue forecast for restaurants in the country by nearly 10% to 402-412 billion baht (US$12-12.7 billion). The food delivery industry, though, is projected to gross 38.61 billion baht (US$1.19 billion). That’s barely 10% of the restaurant industry and leaves a significant shortfall for eateries, even without accounting for platform operators’ revenue share.

Then there’s the very real possibility of a thorough lockdown, in which case systems will further collapse. Thailand’s Deputy Prime Minister Wissanu Krua-ngam has said publicly that it’s a possibility. Would that mean a whole new order?

Foodpanda, others in a fast food rush

Unlike neighbours Singapore, Malaysia and the Philippines, Thailand’s response to the Covid-19 outbreak has been gradual with no strict lockdown. However, that changed for restaurants with the 21 March order.

“We saw the impact the next day with new users in Bangkok and the surrounding areas seeing heavy uplift,” Felde says.

Bangkok’s outdoor advertising industry is a major beneficiary of Thailand’s four-way food fight, with the city’s billboards decorated with promotions and discounts for each company. Adding new users is the easy bit for food delivery apps—far harder, however, is managing this new demand from restaurants.

A LINE MAN driver giving a ride to a Lalamove driver is looked over by a GET advert [Image: Jon Russell/The Ken]

Foodpanda onboards restaurants through a field-based team that visits each establishment. It also draws up a contract, supplies point-of-sale tablets and trains merchants on the tech and processes. Those methods have had to adapt to the Covid-period, with online verification taking over.

Still, Felde says the process tops out at verifying 3,000 new restaurants per week—although last week, Foodpanda managed 2,000—which would leave as many as 7,000 applicants unmet. The Foodpanda Thailand CEO admits that “there will be a backlash” from restaurants forced to wait due to the process. Foodpanda claims to work with 50,000 restaurants.

In an emailed response, Tarin Thaniyavarn—country head of Grab Thailand—said GrabFood is working to reduce restaurant onboarding to 7-10 days from a usual 14-21 days. GET, too, is reducing its process from what was typically one month prior to the Covid-19 outbreak to one week, CEO Pinya Nittayakasetwat told The Ken.

LINE MAN has taken a contrarian approach with a focus on self-service. It has synchronised its listings with Wongnai—a popular restaurant finding service—so that new restaurant listings on Wongnai are fast-tracked to the LINE MAN platform.