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How to apply for a credit card if you’re self-employed
Find out if you're eligible for a credit card and what to watch out for before you lodge an application.
If you’re self-employed, you can still apply for most credit cards, as long as you meet the eligibility requirements. However, you may be required to submit some different documents than you would if you were, say, retired or employed by a company.
Use this guide to learn about the providers who accept self-employed applicants, and the documents you’ll need to provide to increase your chances of approval.
Banks that accept self-employed applicants
|Bank||Accepts those who are self-employed?||Documents typically needed|
|American Express||Yes||Photocopy of NRIC or Passport and income documents such as the latest 2 years of Tax Notice of Assessment, CPF statement and bank statements.|
|DBS/POSB||Yes||Latest 2 years’ Income Tax Notices of Assessment.|
|OCBC||Yes||Photocopy of NRIC, recent original telephone bill or original bank statement and latest Income Tax Notice of Assessment.|
|UOB||Yes||Latest Income Tax Notice of Assessment.|
|Citibank||Yes||Latest 2 years of Income Tax Notice of Assessment and last 3 months of bank statement|
|Bank of China||Yes||Photocopy of NRIC, last 2 years’ Income Tax Notice of Assessment or past 12 months’ of CPF statement.|
|Maybank||Yes||Last 2 years’ Income Tax Notice of Assessment|
|Standard Chartered||Yes||Copy of latest Income Tax Notice of Assessment|
|HSBC||Yes||Latest 2 years of Income Tax Notice of Assessment|
If you’re self-employed, you’ll need to provide additional documents and meet special eligibility requirements to receive approval. Rejected applications will have a negative impact on your credit file, so you want to conduct the necessary research to improve your chances of approval in the first place.
If you’re unsure of what you need to provide, see the relevant terms and conditions or contact the provider to confirm the requirements you’ll need to meet. Generally speaking, the minimum requirements for the self-employed in Singapore are to be at least 21 years old and have an annual income of at least S$30,000. However, some credit cards will have stricter requirements.
If you do your research beforehand to ensure you’ve met the eligibility requirements and have the necessary documents, you’ll increase your chances of approval before making an application.
Applying for several cards in a short time period
If you’ve applied for a card and been rejected, don’t apply for another one straight away, as this will put a dent in your credit file. Instead, do some research to establish why you weren’t accepted. If you didn’t have all of the correct documents, make sure you have all of the most recent versions of them when you apply again in a few months. If you were rejected because of your credit history, you can start improving your credit file to increase your chances of approval next time.
If you’re self-employed, you should have no trouble applying for a credit card as long as you prepare beforehand. If you follow this guide, ensure you meet the eligibility requirements and organise the necessary documents, you should have no trouble applying for a credit card.
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