Credit cards are one of the most popular means of payment in Singapore. In fact, credit cards are mandatory means of payment in some cases; take, for instance, the Application for Passport Online Electronic System (or APPLES). When you apply for or renew your passport online you must pay the online registration fee via credit card.

Here, we will look at what would make you eligible to get a credit card (these norms may vary from bank to bank; for the exact requirements please check that particular bank’s website or contact the bank):

Income Norms

The Monetary Authority of Singapore (MAS) has issued income eligibility norms for credit cards. Take a look at the table below:

Singapore – MAS Guidelines on Credit Card Income Eligibility

Eligibility to get a credit cardThe gross minimum income threshold for credit cards is SGD 30,000 for individuals at or below 55 years of age and SGD 15,000 for individuals above 55 years of age. The maximum aggregated credit limit for all unsecured personal credit facilities and credit or charge cards granted by individual financial institutions has been set at four times monthly income for individuals with at least SGD 30,000 in annual income.

The unsecured lending provisions do not apply to high net worth Singaporean or permanent residents earning at least SGD 120,000 per annum and non-Singaporeans/non-permanent residents. Such individuals can qualify for unsecured credit in unrestricted amounts.

Other requirements

Age – Must be atleast 21 years of age. Age limit can go up to 65 years.
Nationality – Singaporean or Permanent Resident.

Supporting document requirements

Income Proof

Salaried employees – Income Tax Notice of Assessment, computerised payslip, half-yearly CPF Statement of Account.
Self-employed – 12 months’ CPF Statement, latest 2 years’ Income Tax Notice of Assessment.

Identity Proof

Singaporeans – Photocopies of NRIC (front and back).
Foreigners – Photocopies of employment pass and passport.

Eligibility norms for non-Singaporeans and non-Permanent Residents:

▪ Should be working and residing in Singapore.
▪ Hold a valid Employment Password.
▪ A valid passport.
▪ Minimum annual income requirements would be generally higher than for Singaporeans/PRs. This would probably be SGD 45,000 or SGD 50,000.

What if you do not meet eligibility criteria?

In that case you can ask one of your parents (main or principal cardholder) to apply for a supplementary card for you. However, you, the supplementary cardholder should be at least 18 years old and the main card member will be responsible for all debts incurred by you.