Best secured credit cards with no annual fees

Build your credit without worrying about a yearly charge.

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Poor credit can be a roadblock to being approved for a card, but you have options to get around it. The first step you can take towards building your credit is applying for a secured credit card.

To use a secured credit card you’ll need to put down an initial security deposit. Once you use the card and begin making timely payments your credit score should slowly tick up over time.

Secured credit cards in Singapore

A secured credit card requires collateral, which is typically in the form of a fixed deposit with the bank that issues the card you’re applying for. This way, the bank can offset any debt from the collateral in the event of default.

Most banks in Singapore do not publicise a secured credit card option. However, a lot of them do offer an arrangement when you enquire directly. The minimum amount of fixed deposit required for secured credit cards usually ranges between S$10,000 to S$50,000.

Compare secured credit cards

Name Product Reward Cashback Offer Annual Fee Min Income - Singaporean and PR
Standard Chartered Unlimited Cashback Credit Card
Shopping, travel and lifestyle offers at over 3,000 outlets in Asia
Earn 1.5% cashback with no limit. Plus, there's no minimum spend
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
Standard Chartered Rewards+ Credit Card
Up to 10X rewards points for every S$1 spent in foreign currency on
overseas retail, dining and travel
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Apply today and enjoy a range of perks including 1-for-1 movie tickets with Cathay Cineplexes. Plus, complimentary travel medical insurance.
Standard Chartered Spree Credit Card
Up to 20% savings on your fuel
Apply today via MyInfo and receive up to S$100 cashback. End 31 May 2020.
S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Enjoy up to 3% cashback on all online spend in foreign currency and all vPost spend. Plus, up to 25% off on postal services and lots more.
HSBC Visa Platinum Credit Card
Earn 1 Reward point for every $1 on all spend.
Up to S$150 cash back when you spend
S$800 in your first month. Ends 31 March 2020

S$0 annual fee for 2 years - S$192.60 thereafter
S$30,000
Get free Samsonite T5 68cm Spinner luggage worth S$560. Simply make S$800 in qualifying transactions in the first month of your account. Or choose $150 cashback. Ends 31 March 2020.
HSBC Revolution Credit Card
Up to 5X Rewards points (2 miles per S$1 spent) on qualifying purchases
S$150 cashback when you make S$800 in qualifying transactions in the first month of your account. Ends 31 March 2020
S$0 annual fee for 2 years - S$160.50 thereafter
S$30,000
Get free Samsonite T5 68cm Spinner luggage worth S$560. Simply make S$800 in qualifying transactions in the first month of your account. Or choose $150 cashback. Ends 31 March 2020.

Compare up to 4 providers

Secured credit cards rundown

We’ve scoured the market looking for the very best secured credit cards that specifically have no annual fees. Among these $0 annual fee cards, we also highlight what factors make these cards attractive.

HSBC Secured Credit Cards

HSBC Credit Cards

  • Our pick for best rewards

HSBC credit cards are known to offer a multitude of attractive promotions, reward earn and savings at a range of partner merchants. The cards are designed to suit a variety of lifestyles, so they have something to offer everyone. By accepting fixed deposit collaterals for secured arrangement, interested applicants who don’t meet the annual income requirement or has a salary proof can now have an alternative way of applying for a HSBC credit card.

Pros

  • Wide array of rewards: While rewards vary according to the specific card’s offer, expect rewards such as cash rebates, accelerated point earn rates and exclusive privileges.

Watch out for

  • Annual fees for subsequent years after the one or two years of introductory waiver.

CIMB Bank Secured Credit Cards

CIMB Secured Credit Cards

  • Our pick for low interest rate

CIMB Bank offers secured arrangement for four of its credit cards: CIMB Platinum Mastercard, CIMB Visa Signature, CIMB World Mastercard and CIMB Visa Infinite. All four of these cards offer cashback rewards, which is a percentage of money refunded on eligible purchases that will be credited into the primary cardholder’s card account every month. For a secured card, the rewards offered by these cards are stellar. Of course, you may find that having a fixed deposit with CIMB bank may post some inconveniences as it only has one branch in Singapore — but there are four excellent cards for you to choose from (if you’re eligible), making it easier to find on that suit your needs.

Pros

  • Cashback: Depending on which card you opt for, you can earn anything from 2% to 10% cashback on a variety of spending categories, such as dining, daily essentials, online shopping and lifestyle expenses.

Watch out for

  • Watch out for: Comparatively fewer partner merchants.

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