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Do I meet the minimum income for a credit card?

Compare options with low minimum income requirements and find the right card for you.

Name Product Reward Annual Fee Min Income - Singaporean and PR
HSBC Revolution Credit Card
Earn up to 10X Reward points or 4 miles per $1 spent on qualifying purchases.
$0 annual fee
$30,000
New cardholders will be awarded with up to $200 cashback, $50 cashback for one qualifying transaction and $120 cashback upon $500 minimum spend. Receive an additional $30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive up to $60 cashback. Plus, get a chance to win in the Sure-Win Hong Bao game. T&Cs apply. Ends 28 Feb 2022.
UOB PRVI Miles American Express Card
Earn 1.4 miles for every $1 spent locally and 2.4 miles for every $1 spent overseas.
$0 annual fee for the first 1 year and $256.80 thereafter
$30,000
Enjoy up to 20,000 bonus miles if you charge $50,000 to your card in a year. Apply today and enjoy free transfers to Changi Airport.
OCBC Cashflo Credit Card
N/A
$0 annual fee for the first 2 years and $160.50 thereafter
$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.​
$0 annual fee for the first 1 year and $171.20 thereafter
$30,000
New members can receive 150,000 STAR$ while existing members can get 50,000 STAR$ upon $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 $120 CapitaVouchers when a minimum spend of $500 is made in the first month.
$0 annual fee for the first 1 year and $171.20 thereafter
$30,000
Apply today and get a 3% Cashback bonus when you spend $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.
$192.60 annual fee
$30,000
Apply and spend at least $1,500 and receive up to $218 cash credit. T&Cs apply. Valid until 28 Feb 2022.
American Express Singapore Airlines KrisFlyer Credit Card
For every $1 spent, earn 1.1 KrisFlyer miles on all eligible purchases, 2 KrisFlyer miles in foreign currency spent overseas during June & December and 3.1 KrisFlyer miles on eligible Grab Singapore transactions.
$0 annual fee for the first 1 year and $176.55 thereafter
$30,000
Get up to 13,300 KrisFlyer miles with a minimum spend of $3,000 in your first 3 months and an additional complimentary one-night stay at Andaz Singapore with breakfast for 2 (worth up to $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 $1 spent locally and 2.4 miles per $1 spent overseas, including online shopping.
$0 annual fee for the first 1 year and $256.80 thereafter
$30,000
Receive $150 cash credit (for first 100 successful UOB personal credit card applications) when you apply for a new credit card and spend at least $1,500 within 30 days from card approval date. T&C apply. Ends 28 Feb 2022.
UOB PRVI Miles Visa Card
6 air miles for every $1 spent through Expedia, Agoda and UOB Travel
$0 annual fee for the first 1 year and $256.80 thereafter
$30,000
Receive $150 cash credit (for first 100 successful UOB customers applications) when you apply for a new credit card and spend at least $1,500 within 30 days from card approval date. T&C apply. Ends 28 Feb 2022.
HSBC Advance Credit Card
Receive up to $200 cashback when minimum spend requirements are met.
$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and $192.60 thereafter
$30,000
New cardholders will be awarded with up to $200 cashback. $50 cashback for one qualifying transaction and $120 cashback upon $500 minimum spend. Receive an additional $30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive up to $60 cashback. Plus, get a chance to win in the Sure-Win Hong Bao game. T&Cs apply. Ends 28 Feb 2022.
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When you apply for a credit card, your income is an important eligibility requirement that the issuer will use to assess your ability to repay. In Singapore, the minimum annual income requirement to apply for a credit card generally starts at S$30,000 per year; but you may still have options if your salary is lower.

Use this guide to compare credit cards you’re eligible to apply for.

Compare credit cards with low minimum income requirements

Name Product Reward Annual Fee Min Income - Singaporean and PR
HSBC Revolution Credit Card
Earn up to 10X Reward points or 4 miles per $1 spent on qualifying purchases.
$0 annual fee
$30,000
New cardholders will be awarded with up to $200 cashback, $50 cashback for one qualifying transaction and $120 cashback upon $500 minimum spend. Receive an additional $30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive up to $60 cashback. Plus, get a chance to win in the Sure-Win Hong Bao game. T&Cs apply. Ends 28 Feb 2022.
UOB PRVI Miles American Express Card
Earn 1.4 miles for every $1 spent locally and 2.4 miles for every $1 spent overseas.
$0 annual fee for the first 1 year and $256.80 thereafter
$30,000
Enjoy up to 20,000 bonus miles if you charge $50,000 to your card in a year. Apply today and enjoy free transfers to Changi Airport.
OCBC Cashflo Credit Card
N/A
$0 annual fee for the first 2 years and $160.50 thereafter
$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.​
$0 annual fee for the first 1 year and $171.20 thereafter
$30,000
New members can receive 150,000 STAR$ while existing members can get 50,000 STAR$ upon $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 $120 CapitaVouchers when a minimum spend of $500 is made in the first month.
$0 annual fee for the first 1 year and $171.20 thereafter
$30,000
Apply today and get a 3% Cashback bonus when you spend $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.
$192.60 annual fee
$30,000
Apply and spend at least $1,500 and receive up to $218 cash credit. T&Cs apply. Valid until 28 Feb 2022.
American Express Singapore Airlines KrisFlyer Credit Card
For every $1 spent, earn 1.1 KrisFlyer miles on all eligible purchases, 2 KrisFlyer miles in foreign currency spent overseas during June & December and 3.1 KrisFlyer miles on eligible Grab Singapore transactions.
$0 annual fee for the first 1 year and $176.55 thereafter
$30,000
Get up to 13,300 KrisFlyer miles with a minimum spend of $3,000 in your first 3 months and an additional complimentary one-night stay at Andaz Singapore with breakfast for 2 (worth up to $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 $1 spent locally and 2.4 miles per $1 spent overseas, including online shopping.
$0 annual fee for the first 1 year and $256.80 thereafter
$30,000
Receive $150 cash credit (for first 100 successful UOB personal credit card applications) when you apply for a new credit card and spend at least $1,500 within 30 days from card approval date. T&C apply. Ends 28 Feb 2022.
UOB PRVI Miles Visa Card
6 air miles for every $1 spent through Expedia, Agoda and UOB Travel
$0 annual fee for the first 1 year and $256.80 thereafter
$30,000
Receive $150 cash credit (for first 100 successful UOB customers applications) when you apply for a new credit card and spend at least $1,500 within 30 days from card approval date. T&C apply. Ends 28 Feb 2022.
HSBC Advance Credit Card
Receive up to $200 cashback when minimum spend requirements are met.
$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and $192.60 thereafter
$30,000
New cardholders will be awarded with up to $200 cashback. $50 cashback for one qualifying transaction and $120 cashback upon $500 minimum spend. Receive an additional $30 cashback when you apply online with MyInfo via SingPass. Existing HSBC credit cardholders are eligible to receive up to $60 cashback. Plus, get a chance to win in the Sure-Win Hong Bao game. T&Cs apply. Ends 28 Feb 2022.
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What are minimum income requirements?

Minimum income requirements are the lowest amount of money you need to earn before tax per year to apply for a credit card.

Credit card income requirements help issuers reduce the risk of lending and allow them to offer you products that are appropriate for your financial circumstances. In turn, you can use these requirements to help you choose and apply for the best credit card that suits your individual needs.

How can I find out what the requirement is?

On Finder Singapore, the details are listed in the ‘Application requirements’ section in the product reviews for individual cards.

If you can’t find minimum income requirements for a particular card, you can try getting in touch with the issuer to ask about your eligibility.

Why are some income requirements so much higher than others?

The relationship between income and credit cards can influence a wide range of credit card features, from the credit limit and interest rate of the card right through to complimentary extras or rewards programs. In general, cards with high minimum incomes will have a lot more features than low income credit cards, but there are still many different credit cards you can choose from if you make a relatively low income.

In Singapore, minimum eligibility for Singaporeans and permanent residents is more or less fixed at S$30,000 p.a. except for students and senior citizens who are eligible only for exclusive credit cards designed for them. These cards are issued at lower or no minimum income limit and carry limitations such as lower credit limits to mitigate the risk of default.

For foreigners, though the minimum income eligibility is generally S$40,000 p.a, some banks may ask for an income as high as S$60,000 p.a.

What should I consider when comparing for a low income credit card?

  • Minimum income requirements. The Monetary Authority of Singapore mandates that credit cards should be backed by an annual income of at least $30,000. The minimum income for Non-Singaporean residents is generally higher (usually from S$40,000 to S$60,000 per year). However, there are exceptions and not all cards on the market specify this as the minimum income requirements. While some allow applications from individuals who earn S$16,000 p.a. or more, some others increase this requirement to $18,000. Make sure that you have all of the necessary documents to prove your annual income before you apply.
  • Earnings. If you don’t meet the minimum income requirement of any given credit card, you still have options. For instance, you could apply for a joint account and add your spouse’s income to your income as the total household earning. If this is not an option, start by opening a transaction account and try to increase your work hours for a few months so you can meet minimum income requirements.
  • Credit history. If you suffer from a poor credit history, work on repairing your credit before applying for a credit card. You can consider getting a temporary part-time job to increase your monthly income. Making sure you provide all the required information in your application also increases chances of approval. If you’re not eligible to apply for a credit card, you might want to consider some alternatives for applicants with a bad credit rating.
  • Affordability. Before you apply for the card, make sure you’ve confirmed if you can afford it. If you end up borrowing more than you can repay and build up debt, this will have a negative impact on your credit rating. Use the reviews on finder and read the relevant product disclosure statement to make sure you understand the costs of the card before applying.

Other factors that affect your credit card application

Age, income and residential status of the applicant form the basic eligibility requirement for Credit Cards. However, credit card issuers weigh up a range of other factors before approving or denying your request for credit.

  • Age. In Singapore, you must be at least 21 years of age to apply for a credit card, except for student credit cards where the eligibility age is 18 years. Most credit card companies issue cards only for applicants under the age of 55.
  • Residency status. Whether you are a Singaporean, Permanent Resident or a foreigner impacts your chances of getting a credit card. Income eligibility also differs according to the residential status of the applicant with foreigners requiring a higher income per annum to be eligible.
  • Credit rating/ score. Your CBS credit score as generated by the Credit Bureau Singapore is likely to impact the lender’s decision to issue you a credit card or not as the credit score reflects your creditworthiness.
  • Employment status. Banks may be selective about issuing credit cards depending on the employment pass the applicant –foreign worker possesses in Singapore. They will also verify the validity of the employment pass before issuing the credit card.
  • Type of Occupation. Whether you are a full-time salaried employee, own a business, self –employed or a student will also affect your chances of obtaining approval.
  • Existing relationship with the bank. Banks generally favour those applicants that have an existing relationship with the bank as it minimises their credit risk.
  • Proper Documentation. Proper documentation with regard to identity, address, residential status, occupation and income is a must. False information, unauthentic documentation or discrepancy on verification can render you ineligible for a credit card.

Credit card income requirements help issuers assess the risk of lending and give you an idea of what cards are available to you based on your financial situation.

So, now that you have a better understanding of minimum income requirements, you can compare and apply for a card that fits your needs.

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