S$0 annual fee for the first 2 years and S$80 thereafter. Thanks to the Credit Card Accountability Responsibility and Disclosure Act of 2009, more commonly known as the CARD Act, several protections were put in place to keep consumers from falling prey to predatory credit card â¦ You should expect to see spending requirements of at least $5,000 for the largest business credit card signup bonuses â though a requirement of up to $25,000 â¦ Credit card issuers arenât just trying to snoop â the truth is theyâre legally obligated to ask for your income, according to the Credit CARD Act of 2009. Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. To make things easier, our research team closely analysed 100+ credit cards in Singapore to identify the best unlimited and high-cap cashback cards, as well as miles-earning cards with the most exclusive perks. In some cases, it may be possible. In addition, non-Advance customers must pay a S$192.6 annual fee (though it can be waived with S$12,500 annual spend). finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Compared to residents, foreigners typically need a higher annual salary in order to qualify for a credit card. For affluent consumers with a budget of at least S$6,000/month, If capped cashback cards are keeping you from your full earning potential, consider, If youâre an especially high spender with a mostly local budget, look no further than. You are about to post a question on finder.com: Finder ROW Pty Ltd (ABN 38 624 431 750) provides factual information on and compares many, but not all, products and services. This is where you find your DBS Altitudes, your Citibank Premiermiles and assorted other rewards cards. Cardholders receive unlimited lounge access, complimentary limo transfers, free travel insurance, golfing privileges across SE Asia and more. Complimentary corporate liability waiver insurance 2 coverage of up to US$25,000 per cardmember and US$1,650,000 per company to protect against card misuse by your employees. Best low-income credit cards for people earning below Rs.25,000. This means if you pledge a $10,000 fixed deposit for the credit card, the credit â¦ Hereâs how to find a card that works for you. When you apply for a credit card, your income is an important eligibility requirement that the issuer will use to assess your ability to repay. Earn 1X TREATS Points for every dollar spent. Affluent golfers can access no-fee privileges with the following cards. S$0 annual fee for the first 3 years and S$80 thereafter. Enjoy up to 3% cashback on all online spend in foreign currency and all vPost spend. The most common aspirational credit card for young adults is a Visa Infinite branded one - these cards generally require an annual income of at least S$120,000. Plus, free travel cover. Earn 1 Rewards point for every S$1 charged to your card. We strive to have the most current information on our site, but consumers should inquire with the relevant financial institution if they have any questions, including eligibility to buy financial products. Minimum S$1,500 spend within 30 days. Apply today and receive up to S$80 cashback and a bonus 5% cashback. S$0 annual fee for the first 3 years and S$160.50 thereafter, Earn 5 Rewards points on eligible dining transactions and 1 Rewards point on all other eligible transactions for every S$1 charged to your card, Apply today and receive up to S$80 cashback and 5% bonus cashback. As an expat, the first consideration when deciding on the right credit cards for you in Singapore, ... Other Benefits: Your annual fee is waived if your annual spending exceeds S$25,000. Could I get a credit card with a minimum income of S$20,000? Eligibility criteria, terms and conditions, fees and charges apply. Ultimately, this is the best card for very wealthy local spenders looking to maximise cashback. Thatâs why credit cards have qualifying criteria. We may receive compensation from our partners for placement of their products or services. Why are some income requirements so much higher than others? However, there is a S$321 annual fee, so cardholders are most likely to benefit if they take full advantage of all of its value-adding privileges. DBS World Business Card â¦ But what’s the difference between these two cards? 6 air miles for every S$1 spent through Expedia, Agoda and UOB Travel. Optional, only if you want us to follow up with you. S$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and S$192.60 thereafter. Overall, affluent individuals interested in unlimited rewardsâwith the flexibility to change redemption typeâshould definitely consider OCBC 90Â°N Card. product provider, We cannot provide you with personal advice or recommendations, Credit cards with free airport lounge access, Complimentary travel insurance credit cards, Minimum Income Required for a Credit Card, American Express Singapore Airlines KrisFlyer Credit Card, Standard Chartered Unlimited Cashback Credit Card, Standard Chartered NUS Alumni Platinum Credit Card, Maybank Manchester United Platinum Visa Card, Standard Chartered Priority Banking Visa Infinite Credit Card, Standard Chartered Prudential Visa Signature Card, Standard Chartered Platinum Visa Credit Card, Standard Chartered Business Platinum Credit Card, Standard Chartered Prudential Platinum Credit Card, Compare credit cards with low minimum income requirements. Enjoy up to 20,000 bonus miles if you charge S$50,000 to your card in a year. Plus, 3% savings on online shopping. Earn 1.2 Citi Miles for every S$1 spent locally and 2 Citi Miles for every S$1 spent overseas. For high spenders, cashback caps can prove very limiting. Another SC Visa Infinite Card benefit is access to top-notch travel perks. Earn up to 4 miles per S$1 spend, with no expiry, Get up to 48,000 miles or up to S$200 cashback when you sign up by, Up to 5X DBS Points (or 10 miles) per S$5 spent on online and overseas purchases, S$0 annual fee for the first 1 year and S$160.50 thereafter, Get S$150 cashback with minimum spend of S$800 when you apply online by. Ultimately, OCBC Voyage Card provides affluent travellers with great flexibility both in earning and redeeming miles, plus access to top-notch perks. In Singapore, minimum eligibility for Singaporeans and permanent residents is more or less fixed at S$30,000 p.a. That said, there are a few credit cards available for those unable to meet this requirement. Just keep in mind that your income is only one factor that’s taken into account during the application process. In addition, new cardmembers receive 35,000 welcome miles (worth S$350) which further offset cost. Other foreigners require a minimum annual income of S$60,000, or if you do not meet the income â¦ Earn 1 Rewards point for every S$1 charged to your card. In Singapore, foreigners require a higher income than local Singaporeans to apply for a credit card, generally in the range of S$40,000 to S$45,000 against S$30,000 for locals. We may also receive compensation if you click on certain links posted on our site. Based on an average monthly spend of S$2,000, we analysed the best credit cards on the market to estimate returned value-to-consumer after 2 years, accounting for rebates and netting out annual â¦ In turn, you can use these requirements to help you choose and apply for a credit card that best suits your individual needs. Receive Sennheiser CX350BT Wireless In -Ear Headphones (worth S$149) upon S$3,000 minimum spend within the first 3 months of card approval. Ultimately, if you spend about S$4,200/month, UOB PRVI Miles Card can maximise miles for spend without any added cost. Up to 10X rewards points for every S$1 spent in foreign currency on. 5% cashback for petrol, plus earn rewards points and exchange them for car servicing vouchers, vehicle merchandise and more. Apply today and enjoy free transfers to Changi Airport. We are an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. The Monetary Authority of Singapore mandates that credit cards should be backed by an annual income of at least $30,000. While thereâs a S$588.5 fee, these perks balance the cost. Another is Bank of China's F1RST Cardâ¦ Using your debit card in a foreign country is safe and convenient, but make sure to enable it for overseas use and look out for fees. T&Cs apply. ... Visa Credit or Debit Card outside of FairPrice (in-store & online), Warehouse Club and Unity. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. You still must be able to prove that you have a history of managing credit responsibly. Is there such a thing as a credit card with no minimum income? What should I consider when comparing for a low income credit card? These cards are issued at lower or no minimum income limit and carry limitations such as lower credit limits to mitigate the risk of default. Why should I consider a credit card if there aren't any rewards? Low income credit cards usually have lower minimum income requirements, such as S$16,000 p.a. Earn up to 10X Reward points or 4 miles per S$1 spent on qualifying purchases. If your annual income fits within the S$16,000 and S$18,000 bracket, applying for a low income credit card could be possible. The relationship between income and credit cards can influence a wide range of credit card features, from the credit limit and interest rate of the card right through to complimentary extras or rewards programs. Ultimately, SC Visa Infinite Card is the best option on the market for business travellers with high overseas spend, especially for those seeking rewards for banking activity. Plus, up to 30% off on postal services and lots more. Singaporean or Singapore PR above 21 years old with an annual income of at least S$30,000. Apply today and get up to S$150 in bonus cash credits. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. 500. New Citibank customers can get S$250 Lazada & RedMart vouchers as they spend. Compare the Best Credit Cards for High Earners in Singapore by Dollar Value. While most banks do not publicise a secured credit card â¦ International bank accounts combine a range of benefits into one package, so read on to see if opening an international account is right for you. T&Cs apply. T&Cs apply. At the lower end you have the entry-level segment, where the required incomes range between $30-50K per annum. Ultimately, itâs worth checking to see if you qualify for an HSBC account, because HSBC Advance Card offers an exceptional way to quickly maximise spend, with fewer restraints than other cashback cards. We are not a product issuer, credit provider or financial advisers nor are we a credit intermediary or broker. Low income credit cards usually charge lower annual account keeping fees than more premium cards. On the other hand, the average travel card may not provide the luxury and comfort you seek. Cardholders earn 0.69 miles (1.25 pts) per S$1 general spend, boosted to 3.44 miles (6.25 pts) with select boutiques and luxury vendors. except for students and senior citizens who are eligible only for exclusive credit cards designed for them. Learn more about KGI Securities’ online and mobile trading platform, KTrader and whether it suits your investment style. DBS World Business Card may boast a high annual fee and a minimum annual income requirement of $80,000, but this business credit card is packed to the brim with perks and privileges. First 200 eligible applicants only. The credit limit of a secured credit card is typically the same as the amount for the fixed deposit. Finder is committed to editorial independence. Here are 8 best credit cards for low salaried individuals. Receive an additional S$30 worth of Lazada vouchers when you apply online with MyInfo via SingPass. Get a welcome gift of S$120 cash back when you spend S$1,200 in the first 3 months. If you're a high income earner spending S$6â8k+ per month, typical cashback cards' earning caps will restrain your potential. Overall, this card is perfect for higher spenders with an Advance account because while thereâs a monthly cap, itâs very high, and the rebate rate is more than double that offered by unlimited cashback cards. While Amex Platinum is a particularly perks-driven card, consumers still have the opportunity to earn rewards for their spend. Earn 10X UNI$ (or 20 miles) per S$5 spent on a chosen spending category with no min. Currently, the minimum amount of fixed deposit required for secured credit cards in Singapore is $10,000. If you're an affluent traveller looking to rapidly accrue miles, consider the cards below. These rates are less competitive. The credit card landscape in Singapore can be roughly segmented into three tiers. T&Cs apply. Up to 24.2% petrol savings at Caltex stations. Earn up to 8% cash rebates in grocery stores, supermarkets, online grocery shopping and other categories when minimum spend requirements are met. S$0 annual fee for the first 1 year and S$85.60 thereafter, Earn 2.5 points for every $1 spent on your credit card. Get S$150 cash credit when you apply. Our site may not feature every company or financial product available on the market. While the law doesnât indicate a specific income â¦ T&Cs apply. Earn up to 5X rewards points for every S$1 spent for eligible dining transactions, with no minimum spend required. There are three such credit cards that I know of that are available to the general working public (non-students): 1. I plan to retire at the end of next year with $25,000 in credit card debt and 15 more years to pay my mortgage. S$0 annual fee for the first 1 year and S$192.60 thereafter. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. HDFC Bank's MoneyBack Credit Card is another good credit card option; it offers good rewards for online transactions. Her work has been featured on a variety of major media such as Yahoo Finance, Asia One, Buro, Zuu Online and more. 2. The minimum income for getting a credit card varies but can be as low as $15,000 per year. T&Cs apply. Cardholders even have the chance to win a trip to see FC Barcelona play live, with travel and accommodations included. Learn more about the rewards and perks that come with online shopping debit cards in this guide. Some of the offers that appear on this website are from companies which ValueChampion receives compensation. If youâre an affluent consumer and donât mind paying a high fee for elite privileges, you may be interested in these cards. S$0 annual fee for the first 1 year and S$256.80 thereafter. S$0 annual fee for the first 2 years and S$192.60 thereafter. Earn 3 KrisFlyer miles per S$1 when you spend with Singapore Airlines, Scoot, SilkAir or KrisShop and 1.2 KrisFlyer miles per S$1 on all other spend. Enjoy cashback on all purchases with no minimum spend or cap. In the meantime, cardholders also enjoy discounted lounge access and a 10,000 annual Travel$ bonus (worth S$100 or 10k miles). While we receive compensation when you click links to partners, they do not influence our content. Get 45,000 miles when you spend S$9,000 in the first 3 months. Apply today and get a 3% Cashback bonus when you spend S$5,000 in the first six months. Plus receive up to S$80 CapitaVouchers when a minimum spend of S$500 is made in the first month. Other factors that affect your credit card application, apply for a credit card that best suits your individual needs, alternatives for applicants with a bad credit rating, Compare credit cards with low income requirements, Compare credit cards which charge no annual fee, How to buy stock in Airbnb (ABNB) in Singapore, Guide to opening a bank account in Singapore for international students, Debit cards with instalment payment plans. ValueChampion is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. Apply today and get S$150 in bonus cash credits. T&Cs apply. A high-limit credit card typically comes with a credit line between $5,000 to $10,000 (and some even go beyond $10,000). Plus, travel cover of up to S$1,000,000. In general you have to be at least 21 years old, and have a minimum annual income â¦ Find the latest information on which deposit accounts offer the highest interest rates and strongest promotional offers in Singapore. It has a joining fee of Rs. Find the perfect gift. ValuePenguin is not in control of, or in any way affiliated with, the content displayed on this website. How long does it take to get a credit card? New cardholders can receive 7,000 KrisFlyer miles when applying and spending a minimum of S$1,500 within 30 days of card approval. She's also one half of the Pocket Money podcast. Credit card income requirements help issuers reduce the risk of lending and allow them to offer you products that are appropriate for your financial circumstances. T&Cs apply. Apply today and receive up to S$80 cashback. When you apply for a credit card, the issuing bank will take into account the following factors when determining your credit â¦ When applying for a credit card, you must meet some requirements. Principal Annual Fee: S$0 annual fee for entire membership - S$0 thereafter. Minimum spend requirements and cashback caps apply. Enjoy a wide variety of discounts and cashback rebates on dining, entertainment, online shopping and travel. Thus, credit card sign-up promotions also weighed in as one of the most important criteria when picking up the top credit cards. Apply today and enjoy up to S$150 in cash credits. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. These cards minimise such restraints and provide a way for affluent individuals to maximise their earnings potential. As a note, dollar value is heavily dependent on spending habits; intangible benefits (like free travel insurance and airport lounge access) are valuable but difficult to quantify. If your total credit card balances are $25,000 or higher, they'll go up by hundreds of dollars every month because of interest, and it could cost you $1,000 or more just to make minimum â¦ Earn 3X STAR$ when you shop at participating CapitaLand malls, and more, S$0 annual fee for the first 1 year and S$171.20 thereafter. Rewards. 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. Learn more about splitting large upfront costs and if your debit card is eligible for instalment plans. Learn how to invest in Airbnb in Singapore. T&Cs apply. T&Cs apply. Based on an average monthly spend of S$2,000, we analysed the best credit cards on the market to estimate returned value-to-consumer after 2 years, accounting for rebates and netting out annual fees. Find out which banks in Singapore offer them. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. spend required, and 1X UNI$ (or 2 miles) on other purchases. ATM and debit cards are often the first plastic card you’d gain access to. S$0 annual fee for the first 3 years and S$180 thereafter, Chance to win a trip for 2 to watch FC Barcelona every season, Complimentary access to selected VIP airport lounges. Cardholders also earn 25,000 miles when they pay their annual â¦ Get up to 13,300 KrisFlyer miles with a minimum spend of S$3,000 in your first 3 months and an additional Acer Monitor KA242Y (valued at S$349) if you are new to American Express. One reviewer received a $15,000 line with an average score of 662. Minimum income requirements are the lowest amount of money you need to earn before tax per year to apply for a credit card. Earn 1.4 miles for every S$1 spent locally with no minimum spend or cap. Get S$100 cash credit when you apply, charge to your card and withdraw from your CreditAble account with a minimum of S$250 for each of the first two months upon approval. New cardholders will be awarded with a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth S$670) or S$150 cashback with minimum spend of S$800 within the qualifying spend period while existing cardholders will get S$30 cashback. Earn 1 reward point for every S$1 charged to your card. Enjoy up to 3.33% cash rebates on local and foreign currency spend. The Citibank Prestige Card has a minimum annual income requirement of S$120,000. The $30,000 minimum income requirement for credit cards is a regulatory requirement in Singapore. The credit cards have 0% interest. What are the qualifying criteria for a credit card? Ts&Cs apply, Enjoy up to 8% cash rebates on daily essentials such as groceries and online food delivery, Earn 10x rewards on eligible Lazada purchases and 5x rewards on qualifying dining, entertainment and commute purchases. If you are unsure you should get independent advice before you apply for any product or commit to any plan. S$0 annual fee for the first 1 year and S$176.55 thereafter. Cash vs Credit Cards: Which Is Better To Use When Travelling? One â¦ While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Annual Fees: $32.10 including GST (waived for the first year) Finance Charges: Effective Interest Rate (âEIRâ): 26.9% per annum (minimum). Age, income and residential status of the applicant form the basic eligibility requirement for Credit Cards. Otherwise, get 10,000 bonus miles when you pay the annual â¦ If you can’t find minimum income requirements for a particular card, you can try getting in touch with the issuer to ask about your eligibility. New DBS/POSB Credit Cardmember (Singaporeans/Permanent Residents) To qualify, youâll need to earn a minimum annual income of S$30,000. So, now that you have a better understanding of minimum income requirements, you can compare and apply for a card that fits your needs. We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. Following cards and if your debit card food, movies and TV services! Year to apply for any product or credit card annual income $25,000 singapore to any plan get 5 cashback. Promotional offers in Singapore, the average travel card may not provide the luxury and comfort you seek finder.com compensation. 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