The rise in credit card rates and fees come as banks attempt to keep up with the higher interest rate environment.
The US Federal Reserve has hiked interest rates four times so far in 2023, following seven rate hikes in 2022.
While the Fed has not hiked rates in the past two policy meetings, the federal funds rate has quickly risen to be at 5.25 to 5.5 per cent, from a near-zero level in the first quarter of 2022.
The Fed is expected to hold rates steady at the next Federal Open Market Committee meeting, which was scheduled to be held from Dec 12 to 13.
Singapore&rsquo s interest rates typically track global benchmarks as the Republic does not control its domestic interest rates.
This has led several of the banks to raise their rates for the first time in years: UOB&rsquo s previous review was three years ago, while DBS, Citibank, and StanChart last adjusted their rates and fees five years ago.
UOB&rsquo s revisions are done based on the latest market conditions and economic trends, said the bank&rsquo s spokesperson.
A Citibank Singapore spokesperson also said that the fee revision brings the bank in line with the industry, while it offers more value to its clients through digital services.
A DBS spokesperson noted that the adjustment was a result of the volatile interest rate environment.
But the impact of this adjustment on its customers is minimal, as the large majority of them pay their credit card bills in full, the spokesperson added.
Meanwhile, Trust Bank &ndash the only digital bank in Singapore that offers credit cards at the moment &ndash has kept its effective interest rate on purchases and its cash advance interest rate at 26.9 per cent each.
It also has no cash advance fees on its credit cards.
Trust started offering its credit card when it officially launched in September 2022.