Frequently asked questions
The $30,000 minimum income requirement for credit cards is a regulatory requirement in Singapore. That said, there are a few credit cards available for those unable to meet this requirement. For example, students wouldn’t be expected to earn $30,000 but they can still be approved for a credit card. There are also ways to avoid this minimum figure if, for example, you have high net financial assets. Be aware that the benefits and perks, like rewards, offered by ‘no income’ or ‘low income’ credit cards, are likely to be restricted.
You could use the credit card to build up a healthy credit rating if you pay off your debt each statement period. With good creditworthiness, you’ll have increased chances of approval when applying for other loans in the future.
In some cases, it may be possible. Low income credit cards usually have lower minimum income requirements, such as S$16,000 p.a. If your annual income fits within the S$16,000 and S$18,000 bracket, applying for a low income credit card could be possible. Just keep in mind that your income is only one factor that’s taken into account during the application process. You still must be able to prove that you have a history of managing credit responsibly.