Credit card application in Singapore depends on the income you make and the credit you have maintained. If your earnings come up to the stipulated amount, and if you have a decent credit, the process is rather simple.
As of now, the following is the stipulation for the basic two categories of people, seeking credit cards from banks in Singapore.
For Singaporeans the requisite annual income amount is S$30000, while for a foreigner the requisite annual income amount is S$60000.
The reasons for the difference in the income requirements are clear; banks don’t want to take chances with customers who can leave Singapore for their respective countries, and perhaps never return.
Having said that, Singapore’s vibrant economy means that you have a range of banks and credit card companies to choose from. With a strong customer focus, these entities will be more than happy to consider your application if you have the basic eligibility (and of course if you are above 21)
Here are some tips to get a credit card for the first time applicant.
1.Choose a card that suits your purpose and not one that comes with a “no annual fee” tag. Most “annual fee free” cards have higher interests and can possibly have other hidden costs. It’s the company’s way to cover up for the free offering. So, take your time to understand the features on the card.
2.It is always easier to get a card issued from a bank that knows you. If you’ve maintained a relationship with a bank, see what offers they have. Have a casual chat to understand their parameters before applying. You will stand a good chance when they know you in person.
3.Some banks in Singapore may be conservative and so might ask for a security amount as collateral. It isn’t all that bad. You can well start off with a secured card, and then by demonstrating responsible usage, request for the card to be converted into a regular credit card. In fact, when you pay a security amount it will make you more responsible and will stop you from spending freely. And it’s a very good way to start on the credit system if you are new to it.
4.Get as much info as possible from all means. Many online websites do a very good job at detailing the features and eligibility requirements. The parameters differ from card to card, so look for one that comes close to what you already have on your eligibility list. This gives you a chance to get the necessary documentation ready.
5.While applying for the wrong card is an ‘absolute no’, not applying for a card that comes within your reach is also not advised. When you apply for a card and get rejected with reasons for the rejection, it helps you understand your credit worthiness better, and can often give you a very good hint at what you are missing. Use that info to build up your credit worthiness before you apply for the next appropriate card.