Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Credit cards for retired applicants
Want to get a credit card when you're retired? Compare your options and learn how to apply here.
Updated . What changed?
You can apply for most credit cards when you’re retired or a senior citizen – as long as you meet the card’s application requirements. The credit card issuer may also ask you for additional documents and details about your income and other financial circumstances.
Read on to learn what you need to know about credit cards for senior citizens or retirees in Singapore.
About credit cards for the elderly
For most banks, retirees are eligible for secured credit cards only, meaning that you will need to have a minimum amount of fixed deposit with them in order to qualify. Bear in mind that the credit limit will mirror the amount of fixed deposit you place with the bank (i.e. if you pledge S$50,000, you will have a S$50,000 credit limit). Also, you will no longer be able to withdraw your fixed deposit as long as you own the secured credit card.
Most banks do not publicise their secured credit card options, so you will need to contact them directly if you wish to apply.
What is the maximum age I can apply for a credit card?
The age limit for credit cards for the elderly in Singapore is typically around 65-70.
According to the Monetary Authority of Singapore (MAS), a person above 55 years old (which is the age you are allowed to withdraw your CPF savings) with an annual income of at least S$15,000 can apply for an unsecured credit card. An unsecured line of credit is one that allows you to borrow funds without using any kind of asset as collateral.
If your annual income is less than S$30,000, your maximum credit limit is twice of monthly income. If your annual income is above S$30,000, your maximum credit limit is up to four times your monthly income.
Mistakes to avoid when applying for a credit card
Not doing research on credit cards for retirees
When you apply for a credit card as a retiree, you’ll need to meet specific eligibility requirements and submit a range of documents to support your application. Comparing credit cards and researching your options before you apply will help you make sure you meet these requirements and can increase your chances of approval.
If you’re unsure of what you need to provide for a specific credit card, you can contact the provider to confirm any queries you have before applying. Keep in mind that rejected applications will have a negative impact on your credit file, so doing this research will help maximise your chances of approval. Read more on how to apply for a credit card with our step-by-step guide.
Applying for several cards in a short time period
If your previous credit card application has been rejected, don’t immediately apply for another one. Instead, consider why you weren’t accepted. If you hadn’t organised the necessary documents, confirm which ones you’re missing before applying again. If you were rejected because of your credit history, you’ll need to take some time to improve your credit score before applying again.
While most banks and credit card issuers don’t offer credit cards designed especially for retirees or senior citizens in Singapore, they may have specific requirements you need to meet before you can get a credit card. Once you’re sure you meet all the eligibility requirements, and you’re confident your credit file is in good standing, you’ll want to do your research so that you’re aware of all the different options at your disposal to find a credit card deal for you.
Compare credit cards
Start your search with the cards below, ensuring that you meet the eligibility requirements.
More guides on Finder
Cashback debit cards
Earn rebates and get more value out of your purchases with a cashback debit card.
Best Visa debit cards
Make payments conveniently at over 61 million merchants across the world with a Visa debit card. Find out which banks in Singapore offer them.
POSB Digital Banking review
POSB digital banking helps you manage your money anytime, anywhere.
UOB Uniplus Savings Account review
The UOB Uniplus Savings account is ideal for everyday transactional banking. Find out if it suits your needs and apply securely.
Citibank MaxiGain Savings Account review
Learn more about the Citi MaxiGain Savings account and how to unlock bonus interest rates when you grow your account balance.
Citibank Debit Mastercard review
Find out about the Citibank Debit Mastercard features and fees in this review.
OCBC debit cards
Discover the features and perks offered by the various OCBC debit cards.
Maybank Platinum Debit Card review
Cardholders can enjoy convenient day-to-day transactions and comes with a host of features with the Maybank Platinum Debit Card.
CIMB FastSaver Account review
The CIMB FastSaver account offers bonus tiered interest rates based on the size of your account balance, up to a maximum of $100,000.
BOC SmartSaver review
The BOC SmartSaver plan offers attractive bonus interest for MCS account holders through salary credit, card spend and more.