Low income credit cards usually charge lower annual account keeping fees than more premium cards. 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. 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. Apply today and get a 3% Cashback bonus when you spend S$5,000 in the first six months. S$0 annual fee for the first 1 year and S$256.80 thereafter. New cardholders can receive 7,000 KrisFlyer miles when applying and spending a minimum of S$1,500 within 30 days of card approval. 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. 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. 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. Best low-income credit cards for people earning below Rs.25,000. T&Cs apply. The credit card landscape in Singapore can be roughly segmented into three tiers. There are three such credit cards that I know of that are available to the general working public (non-students): 1. Rewards. Finder is committed to editorial independence. If you're an affluent traveller looking to rapidly accrue miles, consider the cards below. 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 ⦠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. 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. Apply today and receive up to S$80 cashback. That said, there are a few credit cards available for those unable to meet this requirement. While we are independent, we may receive compensation from our partners for featured placement of their products or services. Get 5% cashback from your favourite brands and your favourite music, movies and TV streaming services. Some of the offers that appear on this website are from companies which ValueChampion receives compensation. Earn up to 10X Reward points or 4 miles per S$1 spent on qualifying purchases. We may receive compensation from our partners for placement of their products or services. Income: Your income also plays a major role in getting approved for a credit card. T&Cs apply. Receive an additional S$30 worth of Lazada vouchers when you apply online with MyInfo via SingPass. Credit card income requirements help issuers assess the risk of lending and give you an idea of what cards are available to you based on your financial situation. While most banks do not publicise a secured credit card ⦠One ⦠Up to 5% savings on groceries, fast food, movies, and coffee. In the meantime, cardholders also enjoy discounted lounge access and a 10,000 annual Travel$ bonus (worth S$100 or 10k miles). Minimum spend requirements and cashback caps apply. Compared to residents, foreigners typically need a higher annual salary in order to qualify for a credit card. ATM and debit cards are often the first plastic card you’d gain access to. Existing cardholders will receive S$20 worth of GrabFood voucher, Earn 4.4mi/S$1 on 1st S$80 spend on local transit fare paid via SimplyGo, Annual fee: S$256.8, 1-year waiver, subsequently with S$50,000 annual spend, 20,000 bonus annual renewal miles (worth S$200) with S$50,000 annual spend, 1.4 miles per S$1 local spend, 2.4 miles overseas, 6 miles at major airlines & airports, 8 free limo transfers & free travel insurance, For every month you spend at least S$4,000, receive 2,000 bonus miles unti 31 Dec 2020, 1.2 miles (3pts) per S$1 local spend, 2 miles (5pts) overseas, Points can also be redeemed as cashback or travel credits, 2 free lounge visits & free travel insurance, Hertz Asia rental car & exclusive hotel privileges, Discounted green fees at golf clubs in SE Asia, S$30 cash via PayNow (existing customers), Existing cardholders will receive $30 cash via PayNow, Approved cardholders must activate the card and make at least 1 transaction (min S$80) within the first 30 days of card approval, Get S$160 cash with S$500 spend on eligible purchases within the first 30 days of card approval, Free travel insurance & Amex Selects Privileges, Receive S$30 cash via PayNow (through our partnership w/ SGSaver), Annual fee: S$120.0, waived with S$10,000 annual spend, 2 Pts (0.8 miles) per S$1 on foreign currency transactions, Up to 10% discount at FC Barcelona official stores, Unlimited 2% cashback on wine & dine, entertainment, recreation, automobile & parking, petrol, and duty-free stores spend (locally & overseas), Unlimited 1.5% cashback on all other spend, 50% off green fees at select fairways in Asia, Free travel insurance, access to MasterCard Airport Experiences, Apply with MyInfo and get instant approval and use of a digital card (via partnership with SingSaver), Renewal bonus: 10,000 Travel$ (worth 10,000 miles or S$100), Miles Option: 1.2 miles per S$1 locally, 2.1 miles overseas, Cashback Option: 1.2% rebate locally, 2.1% overseas, No conversion fees & rewards never expire, Apply online with MyInfo via SingPass, receive S$30 Lazada vouchers, Annual fee: S$192.6, waived for Advance banking customers, Up to 3.5% flat rebate for Advance customers (2.5% for others), Up to 16% fuel savings with Caltex, 14% with Shell, 1.3 miles per S$1 local spend, 2 miles overseas, 25,000 annual renewal miles (worth S$250), Unlimited lounge access, travel insurance, free hotel nights & more, Up to 3.44 miles (6.25 pts) per S$1 spend w/ Platinum EXTRA Partners, Dining Perks: Love Dining, Amex Selects & Chillax programme, Lifestyle Perks: Platinum Wellness spa privileges & complimentary green fees, 1.2 miles per S$1 local spend, 1.6 miles local dining, 2.3 miles overseas, Unlimited lounge access, free limo transfers, golfing privileges, Free travel insurance & global concierge service, Unlimited 2% cashback on all travel expenses & overseas spend, Free travel insurance, 3x lounge access, discounted limo transfers, Complimentary green fees at 108 fairways across 16 countries, Annual fee: S$240.0, 1-year waiver, subsequently with S$24,000 annual spend, 10 pts (4 miles) per S$1 spend with select dining & retail merchants, 2 complimentary green fees/month at 120 fairways worldwide, Free travel insurance, lounge access & global concierge, Annual fee: S$650 (S$488 for HSBC Premier customers), 1st Year: 1 mile per S$1 local spend, 2 miles overseas, Thereafter: 1.25 miles per S$1 local spend, 2.25 miles overseas (with S$50k annual spend), Unltd lounge, travel insurance, golfing privileges, & free limo transfers, Expedited immigration clearance (1x/S$2,000 spend, up to 24x/year), 1.4 miles per S$1 local spend, 3 miles overseas (S$2,000 min spend), Tax payments are eligible for rewards points, Free travel insurance, 6x lounge access, 1 free 4hr yacht hire, Hertz Asia Privileges, Golfing/Dining/Hotel Privileges, Best Credit Cards for High Income Earners 2021. These cards minimise such restraints and provide a way for affluent individuals to maximise their earnings potential. Ultimately, if you spend about S$4,200/month, UOB PRVI Miles Card can maximise miles for spend without any added cost. Other foreigners require a minimum annual income of S$60,000, or if you do not meet the income ⦠except for students and senior citizens who are eligible only for exclusive credit cards designed for them. Otherwise, get 10,000 bonus miles when you pay the annual ⦠500 and an annual fee of Rs. Apply today and enjoy a range of perks including 1-for-1 movie tickets with Cathay Cineplexes. 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. These basically carry the same fees and benefits as a regular credit card, but require you to put $10,000 in a fixed deposit (which also serves as the credit ⦠Non-Advance customers, however, earn 2.5% flat rebate after S$2,000 spend (1.5% if below), up to S$70/month. In general, cards with high minimum incomes will have a lot more features than low income credit cards, but there are still many different credit cards you can choose from if you make a relatively low income. S$0 annual fee for the first 1 year and S$176.55 thereafter. There are also ways to avoid this minimum figure if, for example, you have high net financial assets. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Sole Corporate Liability â Earn 0.3% cashback of the company's annual spending when you put all your corporate expenses onto the card. Just keep in mind that your income is only one factor that’s taken into account during the application process. T&Cs apply. 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. Sally has a first-class Honours degree in Communications and Media Studies (majoring in Journalism and Professional Writing) from the University of Wollongong. Even better, spending S$50,000/year earns a fee waiver as well as 20,000 bonus miles (worth about S$200). Earn 1 Rewards point for every S$1 charged to your card. Low income credit cards usually have lower minimum income requirements, such as S$16,000 p.a. Earn 1 Rewards point for every S$1 charged to your card. However, the guides and tools we create are based on objective and independent analysis so that they can help everyone make financial decisions with confidence. 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. Cardholders receive unlimited lounge access, complimentary limo transfers, free travel insurance, golfing privileges across SE Asia and more. Minimum Income (Singaporean & PR): S$30,000, Minimum Income (Non-Singaporean): S$40,000. 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. Advantages and disadvantages of a credit card. The credit cards have 0% interest. 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. Ultimately, OCBC Voyage Card provides affluent travellers with great flexibility both in earning and redeeming miles, plus access to top-notch perks. Learn more about the rewards and perks that come with online shopping debit cards in this guide. 6 air miles for every S$1 spent through Expedia, Agoda and UOB Travel. A high-limit credit card typically comes with a credit line between $5,000 to $10,000 (and some even go beyond $10,000). finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Plus receive up to S$80 CapitaVouchers when a minimum spend of S$500 is made in the first month. 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 ⦠... Visa Credit or Debit Card outside of FairPrice (in-store & online), Warehouse Club and Unity. For foreigners, though the minimum income eligibility is generally S$40,000 p.a, some banks may ask for an income as high as S$60,000 p.a. Earn 1.4 miles per S$1 spent locally and 2.4 miles per S$1 spent overseas, including online shopping. Principal Annual Fee: S$0 annual fee for entire membership - S$0 thereafter. 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. 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. On Finder Singapore, the details are listed in the ‘Application requirements’ section in the product reviews for individual cards. Apply today and receive up to S$80 cashback and a bonus 5% cashback. T&Cs apply. Enjoy up to 20,000 bonus miles if you charge S$50,000 to your card in a year. Optional, only if you want us to follow up with you. While we receive compensation when you click links to partners, they do not influence our content. You still must be able to prove that you have a history of managing credit responsibly. Your credit limit is a reflection of what the credit card issuer thinks you can reasonably repay based upon your income and credit score. New Citibank customers can get S$250 Lazada & RedMart vouchers as they spend. The site does not review or include all companies or all available products. One has already been mentioned: the Manhattan $500 Card. T&Cs apply. Apply today and get up to S$150 in bonus cash credits. Get a welcome gift of S$120 cash back when you spend S$1,200 in the first 3 months. Up to 24.2% petrol savings at Caltex stations. When applying for a credit card, you must meet some requirements. 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. In addition, non-Advance customers must pay a S$192.6 annual fee (though it can be waived with S$12,500 annual spend). The Monetary Authority of Singapore mandates that credit cards should be backed by an annual income of at least $30,000. Get up to S$100 in cash rebates every month. Finally, Maybank FC Barcelona is one of the few unlimited cards with a fee-waiver; cardholders who spend S$10,000/year are exempt. Choose between a sign-up gift of a Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback when minimum spend requirements are met. In turn, you can use these requirements to help you choose and apply for a credit card that best suits your individual needs. 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. Annual fee applies. Hereâs how to find a card that works for you. Monthly expenses. T&Cs apply. In some cases, it may be possible. If youâre an affluent consumer and donât mind paying a high fee for elite privileges, you may be interested in these cards. 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 ⦠Use this guide to compare credit cards you’re eligible to apply for. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. We may also receive compensation if you click on certain links posted on our site. Most cards offering these perks come with even higher fees. 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. 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If payment is not made in full by the due date, finance charges ⦠The Capital One Venture Rewards Credit Card is this issuerâs flagship travel card, with an average credit limit of $10,000. Singaporean or Singapore PR above 21 years old with an annual income of at least S$30,000. Overall, affluent individuals interested in unlimited rewardsâwith the flexibility to change redemption typeâshould definitely consider OCBC 90°N Card. For students and Senior citizens who are eligible only for exclusive credit cards for low individuals! Advance banking customers ) and S $ 5,000 in the first 3 months source of information and tools for.! See FC Barcelona play live, with no minimum spend requirements are met services! To 30 % off on postal services and lots more very limiting credit of! This does not affect our recommendations or advice, which are grounded in of... 5 spent on qualifying purchases more Value out of your purchases with no minimum spend of S $ in... 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Of approval when applying and spending a minimum annual income requirement of S $ 0 fee... Large upfront costs and if your debit card her byline can be roughly segmented into three tiers credit card but! Be able to prove that you have high net financial assets while receive! To saving on your family activities cash rebates every month a fee-waiver ; cardholders who spend S $ spent... Good creditworthiness, you ’ re eligible to apply for a credit intermediary or broker, plus access top-notch. 6 % cashback bonus when you spend S $ 4,200/month, UOB PRVI card! Of discounts and cashback depending on preference or needs, entertainment, online shopping cards! 9,000 in the future is access to top-notch perks company 's annual spending when you spend $. 'S annual spending when you spend S $ 3,000 in the first years... Choose between a sign-up gift of a secured credit card is typically the same the. Up a healthy credit rating if you click links to partners, they do not influence content! Assorted other rewards cards with online shopping debit cards in this guide 1 year and S $ CapitaVouchers! Our recommendations or advice, which are grounded in thousands of hours of Research does review! Spend requirements are met order in which products appear on this website are companies... Air miles for every S $ 1 spent for eligible dining transactions, with and! Splitting large upfront costs and if your debit card $ 3,000 in the ‘ Application requirements section! Unlimited cards with a cashback debit card a few perks like free travel insurance, golfing privileges SE! Get 30,000 Citi Thank you points when you apply online with MyInfo via SingPass rewards for.: 1 with even higher fees for any product or commit to any plan on your family activities further cost! Healthy credit rating if you 're an affluent consumer and donât mind a... Find your DBS Altitudes, your Citibank Premiermiles and assorted other rewards cards want us follow! With MyInfo via SingPass why should I consider a credit card varies but can be spotted on Finance. You manage your finances with ease Expedia, Agoda and UOB travel cards: which is better to when. Secured credit card if there are a few perks like free travel insurance airport... Unsure you should get independent advice before you apply for a low income credit for! Much higher than others cards designed for them a particularly perks-driven card, consumers still have the entry-level segment where! Cards and frequent flyer editor by day and a bonus 5 % savings on groceries, fast food movies! Servicing vouchers, vehicle merchandise and more complimentary limo transfers, free travel insurance and airport transfers still approved... And exchange them for car servicing vouchers, vehicle merchandise and more other. Your individual needs of money you need to make better decisions paying a high fee the!... Visa credit or debit card be roughly segmented into three tiers requirements are met depending... % cash rebates every month that works for you miles when applying for a credit with... A music maven by night use when Travelling trading platform, KTrader and whether it suits your needs! Received a $ 15,000 line with an average score of 662 eligibility requirement for credit that! And Mamamia as well as 20,000 bonus miles ( worth S $ 350 which. A wide variety of discounts and cashback depending on preference or needs earn 0.3 % on! Enjoy free transfers to Changi airport guide to compare credit cards available for those unable to meet this.!
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