Besides, if you are a new-to-card Citi customer, you will also be able to get S$200 cash bonus (transferred into your bank account via PayNow) if you apply for any eligible credit cards from Citibank. But 73 per cent of credit cards now set no minimum income at all, data firm Defaqto says. Although MAS specifies a distinction in credit limits between those who earn $30-120K (4X monthly income) and those who earn $120K and above (no limit), it’s entirely the bank’s prerogative to approve someone earning $30K for a so-called $120K card. For Expatriates, you have earnings which provide a minimum income of over S$60,000 p.a. For Singapore Citizens and Permanent Residents: Female and a minimum annual income of S$30,000 is required OR Fixed Deposit collateral of at least S$10,000. The minimum salary required for a low-income credit card differs between one bank to the other. You need to be at least 21 years old or above to apply for a Citi Credit Card. Note: If the borrower has a guarantor whose annual income is at least S$30,000, the maximum credit limit of the guaranteed card is based on the guarantor’s income. For the most part, the only way to avoid the income requirement for credit card applicants under the age of 21 (or, really, any age, as most issuers will prefer you to have an income) is to apply with a qualified cosigner.. That is equivalent to a monthly salary of $2,500, or even lower if you typically receive a 13 th month bonus every year. However, the minimum annual income criteria depends on the type of credit card and your residential status. Convert your available CIMB Credit Card credit limit to cash at no interest with ... Min. There are a handful of cards that are available for working adults (SCB Manhattan, BOC F1RST Card), but they’re the exception rather than the rule. Unsecured credit cards are the most common type of credit card available in the market. Find out more Global banking giant Citibank yesterday launched Singapore's first-ever credit card that does away with the standard $30,000 minimum annual income requirement. As I have mentioned, OCBC will only be awarding Travel$ in S$5 blocks from 01 June 2020 (essentially you do not earn any Travel$ or cashback if you spend S$4.99 or less) so that is definitely something to keep in mind if you tend to make small-value transactions. In the 12 years since, many new products have been launched for this segment, which begs the question: which is the best credit card with “no income requirement”? The annual income requirement for foreign nationals is higher as compared to Singapore Citizens. At the same time, you decide you need to take a Credit Card Instalment Loan of S$10,000. You still have one alternative, in the form of student credit cards. Read these next:3 Reasons to Cancel Your Credit Card6 Credit Cards That Give You Free Access to Airport LoungesUnderstanding Balance Transfers: How Much Can You Really Save In Interest?6 Credit Cards You Should Use as Your EZ-Link CardMost Popular Credit Cards In Singapore 2020. Singapore residents and Singapore Permanent Residents with a minimum income of more than $20,000 per year would likely be considered to be eligible to take up a personal loan. Given its almost non-existent acceptance, people tend to forget that Diners Club exists. Standard Chartered Manhattan Credit Card. But 73 per cent of credit cards now set no minimum income at all, data firm Defaqto says. For new-to-card Citi customers, you have two options - you can choose a S$200 cash bonus (but it requires you to apply for a different credit card first), or the 2.9% cash rebate bonus (capped at the first S$5,000) if you sign-up for the Citi Cash Back+ Mastercard directly. With this change, the Minimum Payment Due wil I found and applied for a cashback card easily on their website. Quick review of LumiHealth after using it for a week and how you can get an Apple Watch SE if you sign-up for a free credit card before 30 November 2020. Subject to a cashback cap of $40. It gives cardholders up to 2% cash back on their purchases and is especially good if you … Citi Clear Card is a student credit card that offers exclusive dining privileges and various other privileges. It didn’t offer much in the way of benefits, but it meant that students could boast their first-ever credit card, even before they joined the workforce. Choose wisely! Earn 3 KrisFlyer miles per S$1 when you spend with … The credit limit will be S$500. 1% is decent, especially considering there’s no minimum income and spending requirement. You’ll keep your Chope membership tier for 2021 (without satisfying the usual requirements) but there’s an upcoming devaluation on Chope-Dollars on 17 November 2020. DINER’S CLUB INTERNATIONAL ACE CREDIT CARD >Min. Get full, exclusive access to SingSaver’s first-ever visual guide, The Ultimate Savings Guide for COVID-19 and Beyond. There’s no sure-fire way to prevent credit card fraud, so unfortunately holding a credit card also means being vigilant about making sure it doesn’t end up in the wrong hands. Absolutely No Credit Check or Minimum Credit Score Required; Automatic Reporting to All Three National Credit Bureaus; 9.99% Low Fixed APR - Your Rate Won’t Go Up Even if You Are Late; Activate Today with a $200 Minimum Deposit - Maximum $1,000. * Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime The American Express Platinum af'FAIR 2020 - Get Two Bottles of Ruinart Champagne Delivered for 15,000 MR Points, One Week into LumiHealth (A Quick Review) - How I Earned Free Vouchers and How You Can Get a Free Apple Watch SE, Chope to Extend 2020 Membership Tier into 2021 - Upcoming Chope-Dollars Devaluation on 17 November 2020. CIMB student credit card – CIMB AWSM Card. Before we begin, a word of warning. Age. We've already talked about the 3 most rewarding credit cards if you spend just $500 each month, so now let's talk about the exclusive credit cards that require sky-high minimum income requirements. Applicants who do not meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000. Credit cards with no minimum spend are great, as you get to spend without the pressure of hitting the monthly minimum spend limit. The key difference between a secured and an unsecured credit card is the need for collateral. While secured credit card applications will often ask about your employment and income, you’re more likely to be approved for one of these credit cards because you’re making a security deposit as collateral. ... For Singapore Citizens and Residents, you have earnings which provide an income of over S$30,000 p.a. Love it.”, Maybank Horizon Visa Signature Credit Card, Standard Chartered Unlimited Cashback Card, Allianz Global Assistance Travel Insurance, debit card may be a more appropriate option, using your card for public transport via SimplyGo, Diners Club International Ace Credit Card, Diners Club/ Secret Recipe Cobrand Credit Card, Diners Club/ Sheng Siong Cobrand Credit Card, Diners Club/ HomeTeam NS Affinity Credit Card (only for HomeTeam NS members), Diners Club/ JP Pepperdine Cobrand Credit Card, Diners Club/ Don Don Donki Cobrand Credit Card, 6 Credit Cards That Give You Free Access to Airport Lounges. S$100 GrabFood Voucher(New to Card Applicants). A minimum annual income of S$30,000 for Singapore Citizens, Permanent Residents and Japanese Nationals. It is not a terrible credit card if you plan to use it only in Singapore but honestly, the Citi Cash Back+ Mastercard gives you more flexibility as it also allows you to enjoy the same 1.6% cashback rate on foreign transactions. For some banks, Income Tax Returns are also asked, if they fall under the income tax bracket. In other words, if you thought it’d take you a long time to earn a free ticket with the Citi Clear card, it’s not much better with Diners Club. Absolutely No Credit Check or Minimum Credit Score Required; Automatic Reporting to All Three National Credit Bureaus; 9.99% Low Fixed APR - Your Rate Won’t Go Up Even if You Are Late; Activate Today with a $200 Minimum Deposit - Maximum $1,000. These credit cards have low credit limits of up to S$500, and typically do not come with an income requirement. * Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime Live Fresh Visa Card from DBS. On the other hand, some people prefer cash rebates (or cashback) to airline miles and points and that's cool - here are the best cashback credit cards in Singapore that require no minimum spend and have no cap to the number of cash rebates you can earn each month. OCBC VOYAGE Card. NRIC; Credit Bureau (Singapore) Pte Ltd 2 Shenton Way #20-02 SGX Centre 1 Singapore 068804 Tel: +65 6565 6363 www.creditbureau.com.sg *Note: The free credit report is not available for renewed or replaced cards. You need to be at least 21 years old or above to apply for a Citi Credit Card. Enjoy greater savings with this card that offers one of the highest cash rebates for your daily essentials across Singapore and Malaysia. Eligibility: To apply, you must: Be a Singapore Citizen/Permanent Resident The Citi Cash Back+ Mastercard (not to be confused with the Citi Cash Back Card) is one of the newest cash back credit cards in Singapore and it offers a flat 1.6% cash back on all eligible transactions that you charge to this card. Banks were now allowed to issue cards with a $500 credit cap and no minimum income requirement. HSBC, DBS, UOB and CIMB all offer secured versions of popular credit cards like the DBS Altitude and UOB PRVI Miles. It is available to students over 18 years, as well as working adults between the ages of 18 and 30. We list the best credit cards for low income, specifically cards with no income requirement. If you have an annual income between $15,000 and $25,000, you may find approval in a low income credit card. Prefer something more practical like cash rebates? The following credit cards either have no minimum income requirement (for students) or reduced income requirements (for working adults). Try a Secured Credit Card . Entertainment and Recreation - all local and overseas transactions made at Theatres, Video Entertainment Rental stores, Pool and Billiard Establishments, Game Arcades, Bowling Alleys, Golf Courses, Country Clubs, Amusement Parks, Aquariums and Tourist Attractions. An unsecured card is a traditional credit card that doesn’t require a security deposit or other collateral for approval. Lower minimum income requirements: As we mentioned – and as its name suggests – a low income credit card is designed for applicants who have a lower annual income. Tertiary Students – No minimum earnings requirement. Zero to low annual fee – Some low-income credit cards have no annual fee for life. If you do not mind taking a bit of hit on the cash rebate rate for a little more on specific categories, the CIMB World Mastercard is not a bad option either. Minimum Age. It goes without saying that getting S$200 cash (without having to spend anything) is way better than getting S$145 cash rebate after spending S$5,000 but if for some reason you decide to go with the latter offer, do note that the 2.9% additional cash rebate bonus will only be applicable to the first S$5,000 spent from the date of card approval to three full calendar months after the end of the first month. While competitors tend to stick to the basics, SC Unlimited Cashback Card is SimplyGo functional and offers cardholders up to 21% fuel savings at Caltex. NRIC; Credit Bureau (Singapore) Pte Ltd 2 Shenton Way #20-02 SGX Centre 1 Singapore 068804 Tel: +65 6565 6363 www.creditbureau.com.sg *Note: The free credit report is not available for renewed or replaced cards. Next is the Maybank eVibes Card, which gives you 1% cash back on everything. “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. You also won’t have to rack your brains thinking about which spending categories your purchases fall into because the rebate is applied to all your expenses. The only benefits of note are free entry to Zouk and Phuture on the DBS Live Fresh Student Card. Debt is not something to be taken on lightly, and a debit card may be a more appropriate option. You will now require 1,000 Chope-Dollars for a S$10 discount code on Chope - should you stick to this restaurant reservation platform? There are credit cards presented through banks in Singapore to applicants who earn under S$20,000 p.A. In order to apply for a secured credit card: You need to be 21 to 70 years of age; Maintain a SGD Fixed Deposit Account with a minimum of SGD$10,000 placement In that case, you should get the Citi SMRT Card. A card with a “high” income requirement could range between around S$50,000 and S$500,000 per year. Annual Fees. We'll admit it's a bit of a catch-22; you'll need a credit card to even develop a good credit score, yet having a credit card poses the risk of earning a bad credit score. Since the latter will only give you S$145 cash rebate after spending S$5,000, I highly recommend that you sign-up for the Citi Rewards Card (there is fee waiver for the first year of card membership) first to get the S$200 cash bonus (valid until 31 May 2020 at the time of writing). You have an existing credit card limit of S$20,000 and have recently spent S$5,000 on it, leaving you with a balance of S$15,000 on your credit card limit. Don’t miss out on The Platinum af'FAIR 2020 where you can get two bottles of Ruinart Champagne delivered for just 15,000 MR Points. There’s no sure-fire way to prevent credit card fraud, so unfortunately holding a credit card also means being vigilant about making sure it doesn’t end up in the wrong hands. Lloyds, Halifax, Yorkshire Bank, Sainsbury's and M&S all … However, the minimum annual income criteria depends on the type of credit card and your residential status. you hold a Priority or Private Banking relationship with them), you … You’ll note the vast majority of the cards listed above require you to be a currently enrolled student, or an NSF waiting to enter a tertiary institution. There are hardly any miles earning cards available here, but if you’re still studying, or working and earning less than $30,000 a year, playing the miles game should be the least of your concerns. So those are your options for getting a credit card if you earn less than $30,000 a year. You could earn 0.4 mpd with the Citi Clear card, but that’s a pretty abysmal rate and you’d need to spend $37,500 to earn a round-trip ticket to Bali (versus $10,000 if you used a “proper” credit card like the BOC Elite Miles World Mastercard). You can now earn 7.81 miles on coffee and food when you use The Platinum Card at Huggs Coffee - valid through 30 November 2021. Enjoy your current Hilton Honors status through March 2022 and keep it for longer with reduced requirements in 2021. After all, these were never meant to replace “proper” credit cards; they merely provide the convenience of cashless payments to those who would otherwise not have it. Soon after, Citi launched the Citi Clear, the first-ever “no income requirement” card. While it does not offer up to 1.6% cashback for local spend, it does have a significantly higher cash rebate for non-SGD transactions. . We at GET.com have narrowed down the 3 best credit cards for high-income earners that could really benefit them.. 1. 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