The minimum annual income requirement for credit cards in Singapore usually starts at $30,000, though there are exceptions, depending on factors such as your age and the type of credit card you are applying for. Depending on your income, the maximum unsecured credit limit extended to you is either 4 or 2 times your monthly income.
To apply for some credit cards you only need to make $30,000 annually while others may require you earn a minimum annual income of $50,000 or even $120,000. Checking if you meet the minimum annual income requirement for the credit card you are eyeing is definitely something you should check if you want to raise your chances of getting the card you have in mind.
With the exception of student credit cards and micro-credit cards that come with a meagre credit limit of $500, most credit cards in Singapore require you to have the minimum annual income criteria associated with the cards, though there could be times the banks offer you cards on their own accord, regardless of whether you meet the minimum annual income requirements or not. As a general rule of thumb, the more exclusive and rewarding a card is, the higher the annual fee and the higher the minimum annual income requirement.
While the more atas and exclusive credit cards typically offer better benefits and perks, that doesn't mean that credit cards that average earners in Singapore can get their hands on are not rewarding. Check out GET.com's picks below for some of the most rewarding credit cards that come with a minimum annual income requirement of $30,000.
Tip: To make sure you milk the most out of your card, make it a point to pay your credit card bills punctually in full every month so you don't have to deal with hefty interest charges and fees. Credit cards can help you save money if you use them right!
5 Most Rewarding Credit Cards For Average Earners
|Credit Card||Features||Intro Interest p.a.||Standard Interest p.a.||Annual Fee||Minimum Income||We least like||Related links|
The American Express® True Cashback Card
|24.99% p.a.||S$171.20 (inclusive of GST) First Year Fee Waiver||For Singapore Citizens and Residents, you have earnings which provide an income of over $30,000 p.a.||Related Links Read our review of The American Express® True Cashback Card or view more details of The American Express® True Cashback Card. See more American Express credit cards.|
Standard Chartered Spree Credit Card
|Get cash at 0%* p.a. interest for 6 months at a 1.99% processing fee (EIR from 4.12% p.a.) on the approved loan amount when you transfer funds from your Standard Chartered Credit Card. Visit on.sc/funds-transfer. T&Cs apply. With Funds Transfer, you can (i) transfer funds into any bank's current or savings account; (ii) pay your credit card bills from other banks; and (iii) pay your loan from other banks.||26.9% per annum||$192.60 including GST (waived for first 2 years)||S$30,000 p.a. (Singaporeans and PR), S$60,000 p.a. (Foreigners with Employment Passes)||Related Links View more details of Standard Chartered Spree Credit Card. See more Standard Chartered credit cards.|
Citi Cash Back Card
|Transfer your outstanding balances on any other bank's credit card or credit line to Citibank at 0% nominal interest rate for 3/6/12 months with upfront service fee from 1.58%. Eligible for new Citibank customers who apply for Citibank Ready Credit account with minimum $500 loan.||26% per annum||$192.60 (first year annual fee waiver)||For Singaporeans and PRs, minimum annual income of $30,000, for foreigners $42,000.||Related Links Read our review of Citi Cash Back Card or view more details of Citi Cash Back Card. See more Citibank credit cards.|
HSBC Visa Platinum Credit Card
|2.50% p.a. for 6 months on balance transfers or 4.88% p.a. for 12 months on balance transfers both with a processing fee of $88||25.9%||$180 (First 2 years waiver)||S$30,000 for Singaporeans and Permanent Residents. S$40,000 for self-employed and foreigners.||Related Links Read our review of HSBC Visa Platinum Credit Card or view more details of HSBC Visa Platinum Credit Card. See more HSBC credit cards.|
Maybank Family & Friends Card
|24% p.a.||S$180||S$30,000 for Singapore Citizen or Singapore Permanent Resident||Related Links Read our review of Maybank Family & Friends Card or view more details of Maybank Family & Friends Card. See more Maybank credit cards.|