Maximizing Miles on Overseas Credit Card Transactions: Best Options & Costs
Using your credit card abroad comes with added fees—but also the opportunity to earn more miles. The key question is: which credit cards offer the lowest cost per mile?
While credit card usage in Singapore is generally free (unless a merchant imposes an unauthorized surcharge), foreign currency (FCY) transactions come with explicit costs due to bank-imposed FCY fees.
However, many credit cards offer boosted earn rates for FCY spending. For instance:
Citi PremierMiles: 1.2 miles per dollar (mpd) on SGD, but 2.2 mpd on FCY
DBS Altitude: 1.3 mpd on SGD, but 2.2 mpd on FCY
So, is it worth using your card overseas? It depends on:
How much you value a mile (subjective, but often estimated around 1.5 cents per mile).
How much you’re paying per mile when using your card abroad (which we break down below).
Foreign Currency Transaction Fees by Bank
When making a purchase in a foreign currency, the transaction is typically converted to USD first before being settled in SGD at exchange rates set by Mastercard or Visa. Most banks in Singapore charge ~3.25% FCY transaction fee.
For accurate cost estimates, you can use the:
Best General Overseas Spending Cards (that I'll use, in order of my preference)
Card | Earn Rate | Cap | Category | Cost/Mile |
|---|---|---|---|---|
Amaze + Citi Rewards | 4mpd | S$1K | Paywave or Online works | $0.50 |
UOB Lady’s (Solitaire) Card | 4/6mpd | S$1/2K | Your Choosing | $0.54/$0.81 |
DBS WWMC | 4mpd | S$1.5K | Online | $0.81 |
UOB Visa Signature | 4mpd | S$2K; but S$1K min spend | Paywave or Online works | $0.81 |
UOB PRVI Miles (Regional Spend) | 3mpd | No Cap | Only MYR, THB,IDR,VND | $1.08 |
KrisFlyer UOB Card (KFCC) | 3mpd | No Cap | Dining, Online Shopping & Specific Travel | $1.08 |
Trust Cashback ( 1% cashback) | 0mpd | No Cap | NA | Technically -$0.01 because of the cashback |
Chocolate Visa | 2.4mpd/0.4mpd | S$1K Cap/No Cap | NA | Technically $0 because no FCY |
Zero Miles? I thought you're a miles website?!?!
Point Taken -When I’ve maxed out all my 4 mpd cards, Trust Cashback’s 1% cashback becomes a tempting option. While Chocolate Finance offers 0.4 mpd (after exceeding the $1,000 limit), I value KrisFlyer miles at just 1.4 cents per mile—making 1% cashback a better deal than 0.4 mpd. Plus, Trust is a credit card, which comes with added benefits like fraud protection and no need to top up beforehand. Credit cards are also more practical for hotel or car rental holds, as the charges are simply reversed later. Sometimes, cashback just makes more sense!"
Final Thoughts: Is It Worth Using Your Credit Card Overseas?
Using your card abroad can be worth it if:
✅ You pick a card with a strong FCY earn rate (≥3 mpd)
✅ You avoid DCC and use Mastercard/Visa rates
✅ You maximize spending in bonus categories
For general overseas spending, UOB Visa Signature and Citi Rewards (via Amaze) offer some of the lowest cost per mile options.
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