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Credit cards for retired applicants

Want to get a credit card when you're retired? Compare your options and learn how to apply here.

Name Product Reward Cashback Offer Annual Fee Min Income - Singaporean and PR
HSBC Revolution Credit Card
Earn up to 10X Reward points or 4 miles per S$1 spent on qualifying purchases.
Receive up to S$200 cashback. T&Cs apply. Ends 31 Oct 2021.
S$0 annual fee
S$30,000
New cardholders will be awarded with up to S$200 cashback, S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$60 cashback. T&Cs apply. Ends 31 Oct 2021.
UOB PRVI Miles American Express Card
Earn 1.4 miles for every S$1 spent locally and 2.4 miles for every S$1 spent overseas.
Get up to S$300 cash credit when you apply. T&Cs apply.
S$0 annual fee for the first 1 year and S$256.80 thereafter
S$30,000
Enjoy up to 20,000 bonus miles if you charge S$50,000 to your card in a year. Apply today and enjoy free transfers to Changi Airport.
OCBC Cashflo Credit Card
N/A
S$0 annual fee for the first 2 years and S$160.50 thereafter
S$30,000
Get up to S$100 in cash rebates every month.
American Express CapitaCard
Earn up to 3% rebate (6X STAR$) at participating merchants in CapitaLand Malls in town.​ An additional 5% rebate (10X STAR$) at participating STAR$ X’tra Partners in CapitaLand Malls.​
N/A
S$0 annual fee for the first 1 year and S$171.20 thereafter
S$30,000
New members can receive 150,000 STAR$ while existing members can get 50,000 STAR$ upon S$1,500 minimum spend within the first 3 months of card approval. T&Cs apply. Ends 31 January 2022.
American Express True Cashback Card
Enjoy cashback on all purchases with no minimum spend or cap. Plus receive up to S$120 CapitaVouchers when a minimum spend of S$500 is made in the first month.
Earn 1.5% cashback on all eligible spending with no minimum spend or cap
S$0 annual fee for the first 1 year and S$171.20 thereafter
S$30,000
Apply today and get a 3% Cashback bonus when you spend S$5,000 in the first six months.
UOB EVOL Credit Card
Enjoy a wide variety of discounts and cashback rebates on dining, entertainment, online shopping and travel.
Up to 8% cashback on online and mobile contactless spend.
S$192.60 annual fee
S$30,000
Apply and spend at least S1,500 within 30 days and receive S$300 cash credit. For first 100 new-to-UOB credit cardmembers. T&Cs apply. Valid until 31 Oct 2021.
American Express Singapore Airlines KrisFlyer Credit Card
For every S$1 spent, earn 1.1 KrisFlyer miles on all eligible purchases, 2 KrisFlyer miles in foreign currency spent overseas during June and December.and 3.1 KrisFlyer miles on eligible Grab Singapore transactions.
S$150 cashback for use at singaporeair.com when you spend a minimum of S$12,000 until 30 June 2022
S$0 annual fee for the first 1 year and S$176.55 thereafter
S$30,000
Get up to 13,300 KrisFlyer miles with a minimum spend of S$3,000 in your first 3 months and an additional complimentary one-night stay at Andaz Singapore with breakfast for 2 (worth up to S$440++) if you are new to American Express. T&Cs apply. Valid until 31 January 2022.
UOB PRVI Miles World Mastercard
Earn 1.4 miles per S$1 spent locally and 2.4 miles per S$1 spent overseas, including online shopping.
Receive S$300 cash credit when you apply for a new credit card. T&C apply.
S$0 annual fee for the first 1 year and S$256.80 thereafter
S$30,000
Receive up to S$300 cash credit (for first 100 successful UOB personal credit card applications) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. T&C apply. Ends 31 Oct 2021.
UOB PRVI Miles Visa Card
6 air miles for every S$1 spent through Expedia, Agoda and UOB Travel
Receive up to S$300 cash credit when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date.
S$0 annual fee for the first 1 year and S$256.80 thereafter
S$30,000
Receive up to S$300 cash credit (for first 100 successful UOB customers applications) when you apply for a new credit card and spend at least S$1,500 within 30 days from card approval date. T&C apply. Ends 31 Oct 2021.
HSBC Advance Credit Card
Receive up to S$200 cashback when minimum spend requirements are met.
Enjoy up to 3.5% cashback on all purchases with no minimum spend
S$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and S$192.60 thereafter
S$30,000
New cardholders will be awarded with up to S$200 cashback. S$50 cashback for one qualifying transaction and S$120 cashback upon S$500 minimum spend. Receive an additional S$30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive S$60 cashback. T&Cs apply. Ends 31 Oct 2021.
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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

pensioners-apply-credit-cardWhen 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.

Bottom line

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.

How to ensure your credit card application is approved?

Pictures: Shutterstock

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