Global banking giant Citibank yesterday launched Singapore's first-ever credit card that does away with the standard $30,000 minimum annual income requirement. It gives cardholders up to 2% cash back on their purchases and is especially good if you … Love it.” ”, Discover for yourself the most suitable option. You will no longer enjoy up to 50% off dining at TWG Tea and Burlamacco from 01 January 2021. Banks were now allowed to issue cards with a $500 credit cap and no minimum income requirement. S$192.60 (Principal card) Credit Limit. Prefer something more practical like cash rebates? Age. Are you looking for a premium credit card that doesn't have a 60K+ income requirement? The American Express® Singapore Airlines PPS Club Credit Card. 1% is decent, especially considering there’s no minimum income and spending requirement. Credit cards like the Maybank FC Barcelona Visa Signature Card and the ICBC Chinese Zodiac Credit Card may earn you higher cashback, at 1.6% instead. The thing is: any income requirement above $30K is essentially arbitrary. Standard Chartered Manhattan Credit Card. Those willing to put at least $10K in a fixed deposit account can get secured credit cards with DBS, HSBC, UOB and other banks Retirees (55 or older) can qualify for credit cards if they have income >$15K, net personal assets >$750K or a guarantor with income >$30K, but their maximum credit limit is 2X monthly income instead of the usual 4X you hold a Priority or Private Banking relationship with them), you … * Increase Your Credit Limit up to $5,000 by Adding Additional Deposits Anytime Click HERE for the best credit card sign-up offers in Singapore!, 3.0% Cash Rebate Welcome Bonus (capped at first S$5,000). annual income (Singaporean/Singapore PR): S$30,000. You will need the following documents to obtain the free credit report: Card carrier that comes with your credit card. 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. An example of this is the DBS LiveFresh student card, which has no minimum income requirement. 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. OCBC Titanium Rewards Credit Card. S$30 Cash Reward + S$100 Cash Rebate (Min Spend Required)New to Card Applicants. CIMB Classic MasterCard. 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. A minimum annual income of S$30,000 for Singapore Citizens, Permanent Residents and Japanese Nationals. 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. Plus, find out why cards have minimum income requirements, in the first place, and a few possible ways around them. The Standard Chartered Unlimited Cashback Credit Card allows you to earn 1.5% cash rebate on all eligible local and foreign spend that you put to this card with no minimum spend required and no cap to the amount of cash rebates you can earn each month. With the Capital One Secured MasterCard, for example, you can make a security deposit as low as $49 for a $200 credit limit, depending on your creditworthiness. By Aaron WongAaron started The MileLion to help people travel better for less and impress “chiobu”. Borrowers should also keep in mind that the minimum income requirements differ between lenders. But 73 per cent of credit cards now set no minimum income at all, data firm Defaqto says. +2.9% Cash Rebate (Additional)New Welcome Bonus (capped at first S$5,000). Bespoke lifestyle privileges card. 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. As it is not backed by collateral, a minimum income is required to ensure that users have the financial means to repay the loan borrowed through the credit card. Minimum profits criteria to own this credit score card: Working Adults – S$18,000 p.A. From now until 31 May 2020, apply for the CIMB World Mastercard as a new customer and spend a minimum of S$200 per month for the first two months to receive a S$50 cash credit. 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. The key difference between a secured and an unsecured credit card is the need for collateral. 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. We at GET.com have narrowed down the 3 best credit cards for high-income earners that could really benefit them.. 1. A card with a “high” income requirement could range between around S$50,000 and S$500,000 per year. A RADICALLY new type of credit card with no minimum income requirement and just $500 in credit has arrived in Singapore. The key difference between a secured and an unsecured credit card is the need for collateral. You must have a regular income taxable in Singapore to apply for a credit card. 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. 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. # 1 Minimum Salary Requirement. ... For Singapore Citizens and Residents, you have earnings which provide an income of over S$30,000 p.a. As it is not backed by collateral, a minimum income is required to ensure that users have the financial means to repay the loan borrowed through the credit card. Credit cards with no minimum spend are great, as you get to spend without the pressure of hitting the monthly minimum spend limit. However, the conversion rate is 4,500 points= 1,000 miles, which means the earn rate is a paltry 0.22 mpd. Live Fresh Visa Card from DBS. Choose wisely! This card is designed for those who want to manage their spending. In addition, the S$32.1 annual fee is waived 1 year. Minimum Age. While it may not offer the highest cash rebate on local and foreign spend, certain categories of spend will get accrue an additional 0.5% cashback (bringing the total cashback rate to 2.0%) which will be credited in the following month. 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. Find out all about the Hilton Honors program changes in 2021 here. – Following the application and approval of the Citi Rewards Card, you can then proceed to apply for the Citi Cash Back+ Mastercard. . 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. Unless you have a real reason to stick with Standard Chartered (e.g. “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. 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. so you should definitely pick the right cards when it comes to mileage accrual. The American Express True Cashback Card is probably the best cashback credit card in Singapore - it offers 1.5% cashback on all eligible spend made in SGD and 2.5% for eligible spend made in a foreign currency (non-SGD). Given its almost non-existent acceptance, people tend to forget that Diners Club exists. Hilton Honors Extends Status for All Members and Reduces Elite Qualification Requirements by 50% in 2021 - Milestone Bonuses to Start from 20 Nights. 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. 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 main value proposition for credit cards in this segment is clearly convenience rather than rewards. Personalised, bite-sized reads, money hacks and product recommendations. Singaporean or Singapore PR above 21 years old with an annual income of at least S$30,000. Try a Secured Credit Card . If you are looking for an alternative credit card, the ICBC Chinese Zodiac Credit Card is on par with the Citi Cash Back+ Mastercard - it offers 1.6% cash rebate on all eligible transactions but there is little reason to pick this over one that is issued by Citibank. It’s one thing if you’re a student from a well-to-do family who sees a credit card as a convenient means of payment. S$192.60 (Principal card) Credit Limit. S$100 GrabFood Voucher(New to Card Applicants). I found and applied for a cashback card easily on their website. Sign in now to claim your free savings guide. Subject to a cashback cap of $40. Applicants who do not meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000. You will need the following documents to obtain the free credit report: Card carrier that comes with your credit card. If you’re really insistent on trying though, there is an alternative option I haven’t mentioned above: Diners Club. KrisFlyer UOB 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. Fees. While the OCBC 90°N Card was not designed as a cashback card - it was positioned as a travel card a launch, offering up to 8 miles per dollar with no cap - it is actually a fairly decent card to consider even if you are interested in cashback. Understanding Balance Transfers: How Much Can You Really Save In Interest? If you have to pick this card, do note that New-to-Card Standard Chartered applicants will also be able to enjoy a S$100 cash back bonus if they apply for the Standard Chartered Unlimited Cashback Credit Card using MyInfo. The latter should seriously consider whether they “need” to get a credit card, even if it only has a $500 credit limit. If you have an annual income between $15,000 and $25,000, you may find approval in a low income credit card. If you are new to American Express, charging S$1,000 in the first 30 days of the card membership will get you S$30 cash back (from the 3.0% welcome bonus) and S$60 CapitaVouchers - this is equivalent to 9% cashback which is impressive! 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. The Standard Chartered Unlimited Cashback Credit Card allows you to earn 1.5% cash rebate on all eligible local and foreign spend that you put to this card with no minimum spend required and no cap to the amount of cash rebates you can earn each month. So those are your options for getting a credit card if you earn less than $30,000 a year. Additionally, Standard Chartered also has a higher FX fee of 3.5% as compared to Citi’s 3.25% (for Visa and Mastercard) so you are really better off with the Citi Cash Back+ Mastercard. The Standard Chartered Unlimited Cashback Credit Card allows you to earn 1.5% cash rebate on all eligible local and foreign spend that you put to this card with no minimum spend required and no cap to the amount of cash rebates you can earn each month. 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. income: S$16,000p.a (except for students & NSFs) – Some credit cards in Australia have relatively low minimum income requirements of $15,000 to $35,000 per year. For Foreigners: Female and a minimum annual income of S$40,000 is required OR Fixed Deposit collateral of at least S$10,000. Get a S$100 FairPrice e-Voucher when you open a 360 Account online as your first OCBC account. Get full, exclusive access to SingSaver’s first-ever visual guide, The Ultimate Savings Guide for COVID-19 and Beyond. Cardholders earn at the fairly standard 1.5% flat rate with no minimum spend requirements and no earnings caps. Additionally, new customers can also get S$60 (or S$30 for existing customers) CapitaVouchers when they spend at least S$1,000 within the first 30 days from card approval. They’re suited to people who regularly spend with a credit card, will repay their balance in full each month, and can take full advantage of the premium card’s features to justify the annual fee. you hold a Priority or Private Banking relationship with them), you should definitely pick the Citi Cash Back+ Mastercard over this card as the latter card offers 1.6% cashback (0.1% more than Standard Chartered). 4. However, the minimum annual income criteria depends on the type of credit card and your residential status. 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. Other foreigners require a minimum annual income of S$60,000, or if you do not meet the income requirements, a Fixed Deposit collateral of minimum S$10,000 is required. Minimum Age. 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. Annual Fees. No minimum income requirement; Age 18 and above, with parent’s consent. With effect from 25 June 2018, the minimum monthly repayment amount (“Minimum Payment Due” or “MPD“) applicable to all your Standard Chartered Bank (Singapore) Limited Credit Card accounts 1 (including funds transfers) will be revised to include the full approved monthly instalments under EasyPay Programme and 0% Interest Instalment Plan. Unless you have a real reason to stick with Standard Chartered (e.g. CIMB student credit card – CIMB AWSM Card. The American Express® Singapore Airlines PPS Club Credit Card. 4. It, however, still gives you the many benefits and freedoms of a 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. Eligibility: To apply, you must: Be a Singapore Citizen/Permanent Resident Hold a Centurion or Platinum Card from American Express? You will now require 1,000 Chope-Dollars for a S$10 discount code on Chope - should you stick to this restaurant reservation platform? As I have mentioned, OCBC will only be awarding Travel$ 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. As a quick clarification, the 3.0% bonus cash rebate does not stack with the base cash rebate of 1.5% (for local transactions) or 2.5% (for foreign currency transactions). The annual income requirement for foreign nationals is higher as compared to Singapore Citizens. Convert your available CIMB Credit Card credit limit to cash at no interest with ... Min. If you’re still eyeing a “proper” credit card but don’t meet the income requirement, an alternative is to consider a secured credit card instead. 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). The only benefits of note are free entry to Zouk and Phuture on the DBS Live Fresh Student Card. You don’t want a minimum spend requirement on your credit card, but you also think that 1.5% on all local spend is too low. So scarce are the benefits that banks feel obliged to list “benefits that aren’t really benefits”, like the ability to track expenses online 24/7 or the possibility of using your card for public transport via SimplyGo. Check out this student credit card and apply right here! SingSaver.com.sg’s comparison tool helped me decide on an air miles card in 10 minutes.” ”, “ “I used to be scared of credit cards, but SingSaver.com.sg made me realise that I don’t have to worry about debt if I pay my bill on time each month. Soon after, Citi launched the Citi Clear, the first-ever “no income requirement” card. For Expatriates, you have earnings which provide a minimum income of over S$60,000 p.a. 21 years old) >Minimum annual income of S$18,000 >Singapore Citizens or Permanent Residents. LumiHealth Will Reward You With up to S$380 Worth of Vouchers for Staying Active and Making Healthier Choices - Everything You Need to Know! “ “I’ve always thought about getting a travel credit card, but I didn’t know which one to get. 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. Eligibility: To apply, you must: Be a Singapore Citizen/Permanent Resident It is available to students over 18 years, as well as working adults between the ages of 18 and 30. A minimum annual income of S$30,000 for Singapore Citizens, Permanent Residents and Japanese Nationals. The majority of cards here earn cashback, and pretty measly rates at that. Fees for the initial one to two years are typically waived. This means someone over the age of 21, who has a good credit score and a well-established credit … Your personal and financial data stays safe through 2-factor authentication. HSBC, DBS, UOB and CIMB all offer secured versions of popular credit cards like the DBS Altitude and UOB PRVI Miles. Before we begin, a word of warning. What if you’re studying, or taking a significant pay cut to pursue a passion project: are credit cards out of reach for you? Age. World of Hyatt Reduces Elite Status Requirements in 2021 - Members Can Earn Top-tier Globalist in 15 Stays from January to February, Chope Massively Devalues ChopePerks Programme - You Now Need 2.5X the Previously Required Amount for a S$10 ChopeDeals Discount Code. Annual Fees. Other foreigners require a minimum annual income of S$60,000, or if you do not meet the income requirements, a Fixed Deposit collateral of minimum S$10,000 is required. This means someone over the age of 21, who has a good credit score and a well-established credit … Unsecured credit cards are the most common type of credit card available in the market. Borrowers should also keep in mind that the minimum income requirements differ between lenders. These credit cards have low credit limits of up to S$500, and typically do not come with an income requirement. 21 - 27 years old. Apply online. You can do that too, by redeeming your points for a direct cash rebate on your credit card bill. For avoidance of doubt, this does not include transactions made at Airlines, Travel Agencies, Cruise Lines, Railways and third party travel websites. It is an extremely well-balanced cashback card but do keep in mind that even though American Express has one of the lowest FX fees (2.95%) in Singapore, the "cash rebate” that you earn from this card from foreign currency spend will not fully offset this fee. Credit cards like the Maybank FC Barcelona Visa Signature Card and the ICBC Chinese Zodiac Credit Card may earn you higher cashback, at 1.6% instead. The minimum salary required for a low-income credit card differs between one bank to the other. Best no minimum cashback credit card for groceries and fast food: Citi SMRT Card. 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. Live Fresh Visa Card from DBS. The OCBC 90°N Card is also not a terrible miles card when you compare it against general spending cards like the Citi PremierMiles Card or the DBS Altitude Visa Signature Card which offer only 1.2/2.0 miles per dollar (even though miles are awarded on a per-dollar basis rather than a S$5-block basis). Typically, a credit card for low income earners has the following features: Low annual income requirement (ranging from PHP 120,000 to PHP 180,000) – This means people earning from PHP 10,000 to PHP 15,000 may qualify for a credit card. Granted the ICBC Chinese Zodiac Credit Card has 3 years of annual fee waiver (Citi is only offering a fee waiver for the first year but it is usually easy to request for a waiver if you use your card regularly) and it does have a number of interesting card faces but I am personally a bigger fan of Citibank in general - you will definitely want to consider customer service, mobile app and internet banking experience before making this decision. In that case, you should get the Citi SMRT Card. In that case, you should get the Citi SMRT Card. For some banks, Income Tax Returns are also asked, if they fall under the income tax bracket. Minimum … ... No minimum spend, no … 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. Not exactly. 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. Global banking giant Citibank yesterday launched Singapore's first-ever credit card that does away with the standard $30,000 minimum annual income requirement. ... No minimum spend, no … Credit cards with no minimum spend are great, as you get to spend without the pressure of hitting the monthly minimum spend limit. Find out more This card is designed for those who want to manage their spending. To put things simply, the CIMB World Mastercard offers a base cashback of 1.5% on all eligible spend which will be credited in the same statement month. 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. It’s no big surprise that the benefits and perks offered by cards in this segment are somewhat underwhelming. An alternative is to apply for a Secured Credit Card if Minimum Income Requirement is not met. 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. Students and working adults with at least $16,000 annual income are eligible to apply. Enjoy your current Hilton Honors status through March 2022 and keep it for longer with reduced requirements in 2021. This is his story. Promotion ends on 31 December 2020. The brand new CIMB AWSM (“Awesome”) Card is Malaysian bank CIMB’s entry into the student credit card space. The credit limit will be S$500. At the time of writing, the FX fee for a Maybank credit card is only 2.75% (I believe this is the lowest in Singapore) while Citibank charges 3.25% and this is probably the only advantage that the Maybank FC Barcelona Visa Signature Card has. 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. Applicants who do not meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000. Best Cash Back Card With No Minimum Income The number one cash back credit card that has no minimum income requirement, is the Tangerine Money-Back Credit Card. In most cases, the minimum salary required to apply for the credit card is Rs.15,000 per month. Few of us will meet meet conditions (2) or (3), but most working graduates are quite likely to satisfy condition (1). 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.. 21 - 27 years old. It is available to students over 18 years, as well as working adults between the ages of 18 and 30. DINER’S CLUB INTERNATIONAL ACE CREDIT CARD >Min. It will become easier to retain and obtain elite status in the World of Hyatt program in 2021. While I debated against putting in this hybrid-credit card, it may be of interest to some people who have an existing banking relationship with Maybank. New DBS/POSB Credit Cardmember (Singaporeans/Permanent Residents) To qualify, you’ll need to earn a minimum annual income of S$30,000. Citi Clear Card is a student credit card that offers exclusive dining privileges and various other privileges. Minimum spend of $600 per statement month is required for additional cashback (8% and 3%). Tertiary Students – No minimum earnings requirement. The card which has a one time joining fee of Rs.500 enables cardholders to avail 85 percent of the fixed deposit amount as credit limit. Love it. ” ”, Discover for yourself the most common annual –. 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