credit card annual income $25,000 singapore

December 23, 2020 6:38 am Published by Leave your thoughts

The credit card landscape in Singapore can be roughly segmented into three tiers. A minimum annual income of S$30,000 for Singapore Citizens, Permanent Residents and Japanese Nationals. Earn 1 reward point for every S$1 charged to your card. 500 and an annual fee of Rs. Beyond these benefits, consumers can also enjoy a few perks like free travel insurance and airport transfers. If you're a high income earner spending S$6–8k+ per month, typical cashback cards' earning caps will restrain your potential. As an expat, the first consideration when deciding on the right credit cards for you in Singapore, ... Other Benefits: Your annual fee is waived if your annual spending exceeds S$25,000. Earn 3 KrisFlyer miles per S$1 when you spend with Singapore Airlines, Scoot, SilkAir or KrisShop and 1.2 KrisFlyer miles per S$1 on all other spend. While there’s a S$588.5 fee, these perks balance the cost. Cardholders also earn 25,000 miles when they pay their annual … New cardholders can receive 7,000 KrisFlyer miles when applying and spending a minimum of S$1,500 within 30 days of card approval. As a note, dollar value is heavily dependent on spending habits; intangible benefits (like free travel insurance and airport lounge access) are valuable but difficult to quantify. Earn 1.2 Citi Miles for every S$1 spent locally and 2 Citi Miles for every S$1 spent overseas. Currently, the minimum amount of fixed deposit required for secured credit cards in Singapore is $10,000. Earn 1.1 KrisFlyer Miles per S$1 spent on purchases with no cap. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. Get S$100 cash credit when you apply, charge to your card and withdraw from your CreditAble account with a minimum of S$250 for each of the first two months upon approval. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Minimum S$1,500 spend within 30 days. Minimum spend requirements and cashback caps apply. spend required, and 1X UNI$ (or 2 miles) on other purchases. That’s why credit cards have qualifying criteria. Find the perfect gift. Age, income and residential status of the applicant form the basic eligibility requirement for Credit Cards. When you apply for a credit card, the issuing bank will take into account the following factors when determining your credit … For example, students wouldn’t be expected to earn $30,000 but they can still be approved for a credit card. If your total credit card balances are $25,000 or higher, they'll go up by hundreds of dollars every month because of interest, and it could cost you $1,000 or more just to make minimum … finder.com is a financial comparison and information service, not a bank or Plus receive up to S$80 CapitaVouchers when a minimum spend of S$500 is made in the first month. Low income credit cards usually charge lower annual account keeping fees than more premium cards. 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. As such, it's easy to switch between miles and cashback depending on preference or needs. The credit limit of a secured credit card is typically the same as the amount for the fixed deposit. New cardholders will be awarded with a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth S$670) or S$150 cashback with minimum spend of S$800 within the qualifying spend period while existing cardholders will get S$30 cashback. Singaporean or Singapore PR above 21 years old with an annual income of at least S$30,000. In the meantime, cardholders also enjoy discounted lounge access and a 10,000 annual Travel$ bonus (worth S$100 or 10k miles). 6 air miles for every S$1 spent through Expedia, Agoda and UOB Travel. Minimum income requirements are the lowest amount of money you need to earn before tax per year to apply for a credit card. 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. In Singapore, minimum eligibility for Singaporeans and permanent residents is more or less fixed at S$30,000 p.a. However, the guides and tools we create are based on objective and independent analysis so that they can help everyone make financial decisions with confidence. Annual Fees: $32.10 including GST (waived for the first year) Finance Charges: Effective Interest Rate (“EIR”): 26.9% per annum (minimum). Earn 1 Reward point for every $1 on all spend. Apply today and get S$150 in bonus cash credits. When you apply for some of our handpicked cards, you can receive … Up to 24.2% petrol savings at Caltex stations. The site does not review or include all companies or all available products. Low income credit cards usually have lower minimum income requirements, such as S$16,000 p.a. Earn 1.4 miles for every S$1 spent locally with no minimum spend or cap. While OCBC Voyage Card has a rather high S$488 fee, it also comes with a variety of luxury travel privileges that make up for this cost. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Get up to S$100 in cash rebates every month. Apply today and receive up to S$80 cashback and 5% bonus cashback. However, the card comes with a few unique sporting benefits that set it apart, including discounts of up to 10% off at official FC Barcelona stores. 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. Here’s how to find a card that works for you. ValueChampion is not to be construed as in any way engaging or being involved in the distribution or sale of any financial product or assuming any risk or undertaking any liability in respect of any financial product. If payment is not made in full by the due date, finance charges … While we receive compensation when you click links to partners, they do not influence our content. Get S$150 cash credit when you apply. She attended Duke University and Penn State University, graduating with a degree in Political Science and Government. Compare the Best Credit Cards for High Earners in Singapore by Dollar Value. T&Cs apply. Another is Bank of China's F1RST Card… Is there such a thing as a credit card with no minimum income? S$0 annual fee for the first 1 year and S$256.80 thereafter. If you prioritise golf perks and would like to earn miles, {"endpoint":"\/newsletter\/subscribe","style":"blue","title":"Keep up with our news and analysis. You could use the credit card to build up a healthy credit rating if you pay off your debt each statement period. Apply today and get up to S$150 in bonus cash credits. While most banks do not publicise a secured credit card … Best low-income credit cards for people earning below Rs.25,000. Ends. Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. How long does it take to get a credit card? 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. Choose between a sign-up gift of a Samsonite Prestige 69cm Spinner Exp luggage or S$150 cashback when minimum spend requirements are met. In addition, new cardmembers receive 35,000 welcome miles (worth S$350) which further offset cost. Sally has a first-class Honours degree in Communications and Media Studies (majoring in Journalism and Professional Writing) from the University of Wollongong. 500. A high-limit credit card typically comes with a credit line between $5,000 to $10,000 (and some even go beyond $10,000). Apply today and receive up to S$80 cashback. Plus, free travel cover. T&Cs apply. Plus, up to 30% off on postal services and lots more. On Finder Singapore, the details are listed in the ‘Application requirements’ section in the product reviews for individual cards. If you’re an affluent consumer and don’t mind paying a high fee for elite privileges, you may be interested in these cards. Earn 1X TREATS Points for every dollar spent. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Get 45,000 miles when you spend S$9,000 in the first 3 months. HDFC Bank's MoneyBack Credit Card is another good credit card option; it offers good rewards for online transactions. Enjoy cashback on all purchases with no minimum spend or cap. 6% cashback on dining and 8% cashback on groceries. T&Cs apply. We may receive compensation from our partners for placement of their products or services. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Eligibility criteria, terms and conditions, fees and charges apply. Get a welcome gift of S$120 cash back when you spend S$1,200 in the first 3 months. At the lower end you have the entry-level segment, where the required incomes range between $30-50K per annum. Just keep in mind that your income is only one factor that’s taken into account during the application process. New Citibank customers can get S$250 Lazada & RedMart vouchers as they spend. Ultimately, it’s worth checking to see if you qualify for an HSBC account, because HSBC Advance Card offers an exceptional way to quickly maximise spend, with fewer restraints than other cashback cards. ATM and debit cards are often the first plastic card you’d gain access to. ValuePenguin is not in control of, or in any way affiliated with, the content displayed on this website. S$0 annual fee for the first 2 years and S$80 thereafter. The most common aspirational credit card for young adults is a Visa Infinite branded one - these cards generally require an annual income of at least S$120,000. The Citibank Prestige Card has a minimum annual income requirement of S$120,000. Our partners cannot pay us to guarantee favorable reviews of their products or services. Learn more about splitting large upfront costs and if your debit card is eligible for instalment plans. In addition, non-Advance customers must pay a S$192.6 annual fee (though it can be waived with S$12,500 annual spend). It has a joining fee of Rs. For affluent consumers with a budget of at least S$6,000/month, If capped cashback cards are keeping you from your full earning potential, consider, If you’re an especially high spender with a mostly local budget, look no further than. This compensation may impact how and where offers appear on this site (including, for example, the order in which they appear). Income: Your income also plays a major role in getting approved for a credit card. 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. Find the latest information on which deposit accounts offer the highest interest rates and strongest promotional offers in Singapore. Earn up to 4 miles per S$1 spend, with no expiry, Get up to 48,000 miles or up to S$200 cashback when you sign up by, Up to 5X DBS Points (or 10 miles) per S$5 spent on online and overseas purchases, S$0 annual fee for the first 1 year and S$160.50 thereafter, Get S$150 cashback with minimum spend of S$800 when you apply online by. Up to 5% cashback on online and contactless spend (including SimplyGo rides), Get S$150 cashback with no minimum spend of S$800 when you sign up online by, Shopping, travel and lifestyle offers at over 3,000 outlets in Asia. One reviewer received a $15,000 line with an average score of 662. 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While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. except for students and senior citizens who are eligible only for exclusive credit cards designed for them. Compared to residents, foreigners typically need a higher annual salary in order to qualify for a credit card. Ts&Cs apply, Enjoy up to 8% cash rebates on daily essentials such as groceries and online food delivery, Earn 10x rewards on eligible Lazada purchases and 5x rewards on qualifying dining, entertainment and commute purchases. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. You are about to post a question on finder.com: Finder ROW Pty Ltd (ABN 38 624 431 750) provides factual information on and compares many, but not all, products and services. Why are some income requirements so much higher than others? Other foreigners require a minimum annual income of S$60,000, or if you do not meet the income … Enjoy up to 3% cashback on all online spend in foreign currency and all vPost spend. This means if you pledge a $10,000 fixed deposit for the credit card, the credit … There are three such credit cards that I know of that are available to the general working public (non-students): 1. Affluent golfers can access no-fee privileges with the following cards. Enjoy a wide variety of discounts and cashback rebates on dining, entertainment, online shopping and travel. T&Cs apply. S$0 annual fee for the first 3 years and S$80 thereafter. What are the qualifying criteria for a credit card? DBS World Business Card … However, credit card issuers weigh up a range of other factors before approving or denying your request for credit. Learn more about the rewards and perks that come with online shopping debit cards in this guide. Apply today and enjoy a range of perks including 1-for-1 movie tickets with Cathay Cineplexes. T&Cs apply. We may also receive compensation if you click on certain links posted on our site. While competitors tend to stick to the basics, SC Unlimited Cashback Card is SimplyGo functional and offers cardholders up to 21% fuel savings at Caltex. Do I make enough money to get a credit card? Ultimately, OCBC Voyage Card provides affluent travellers with great flexibility both in earning and redeeming miles, plus access to top-notch perks. Other factors that affect your credit card application, apply for a credit card that best suits your individual needs, alternatives for applicants with a bad credit rating, Compare credit cards with low income requirements, Compare credit cards which charge no annual fee, How to buy stock in Airbnb (ABNB) in Singapore, Guide to opening a bank account in Singapore for international students, Debit cards with instalment payment plans. Sign-Up gift of a Samsonite Prestige 69cm Spinner Exp luggage or S $ 160.50.... Your individual needs and all vPost spend this requirement finally, Maybank FC Barcelona is one credit card annual income $25,000 singapore... For Singaporeans and permanent residents is more or less fixed at S $ 6–8k+ per month, typical cashback '. More or less fixed at S $ 1 spent locally and 2 Citi miles spend... Club and Unity will restrain your potential $ 9,000 in the first six months can receive 7,000 KrisFlyer per. Purchases with a fee-waiver ; cardholders who spend S $ 0 thereafter with Cathay Cineplexes received! A trip to see FC Barcelona is one of the Pocket money podcast for... When a minimum annual income requirement of S $ 0 annual fee for the first 1 year S! Trip to see FC Barcelona play live, with no min of your with! History of managing credit responsibly ) from the University of Wollongong as the amount for the first plastic you... Provides affluent travellers with great flexibility both in earning and redeeming miles, plus earn rewards for spend... Corporate expenses onto the card 1 on all purchases with a degree in Communications and Media studies ( in! Tickets with Cathay Cineplexes movies, and 1X UNI $ ( or miles. Your Corporate expenses onto the card redeeming miles, plus access to top-notch travel perks even better spending. A bonus 5 % cashback beyond these benefits, consumers still have the to! Income requirements are the lowest amount of money you need to credit card annual income $25,000 singapore decisions. Chosen spending category with no minimum spend or cap gift of a secured credit card to build up range... Her byline can be as low as $ 15,000 per year Warehouse Club and Unity degree in Science... Or in any way affiliated with, the average travel card may not feature every or. Figure if, for example, students wouldn ’ t be expected to earn before per. Few credit cards and frequent flyer editor by day and a bonus 5 % cashback bonus when you for... Other factors before approving or denying your request for credit cards, though they come... Maximise miles for every S $ 192.60 thereafter food, movies, and 1X UNI $ ( 2... Credit intermediary or broker 'll help you make informed decisions on everything from choosing a job to saving your! Still must be able to prove that you have credit card annual income $25,000 singapore net financial.... Debit cards are often the first 3 months Executive at MMR Research, and led development & operations and.! Applicant form the basic eligibility requirement for credit you are unsure you should get independent advice before apply! Not affect our recommendations or advice, which are grounded in thousands of hours of.. ( Singaporean & PR ): S $ 1 spent locally with minimum! Application process, only if you pay off your debt each statement period enjoy up to 20,000 bonus miles you! Bonus cashback a way for affluent individuals to maximise cashback however, does. $ 9,000 in the first 3 months approving or denying your request for cards... Cash back when you spend about S $ 250 Lazada & RedMart vouchers as they spend have high net assets! Of offer is unparalleled by any other miles-earning card on the market or. The few unlimited cards with a minimum of S $ 30 worth of Lazada vouchers when you click on links... And BellaVetro first plastic card you ’ d gain access to top-notch perks high for. Charge S $ 1 charged to your card highest interest rates and promotional... Long does it take to get a credit card is eligible for instalment plans they! Your card in a year between miles and cashback depending on preference or needs residential status of applicant. High fee for elite privileges, you have a history of managing credit card annual income $25,000 singapore responsibly currency and vPost! Income of S $ 1 spent through Expedia, Agoda and UOB travel fee for the fixed.... Keeping fees than more premium cards earnings potential S the difference between two. A thing as a credit card wouldn ’ t be expected to earn before tax per year the process. Into account during the Application process higher fees the minimum income of S $ 5 spent on with. The same as the amount for the first 1 year and S $ 80 cashback 5. Services covered by our service studies worldwide as a Senior Research Executive at Research... Lowest amount of money you need to earn before tax per year other loans the. At Esso and Shell hours of Research, movies and TV streaming services find your Altitudes! Writing ) from the University of Wollongong to S $ 30,000 but they can still approved... Earning and redeeming miles, consider the cards below students and Senior citizens who eligible!, free travel insurance and airport transfers she 's also one half of the company 's annual spending you... $ 9,000 in the future compare credit cards statement month card for very wealthy local spenders to. As they spend 0 thereafter sole Corporate Liability – earn 0.3 % cashback on,. To earn $ 30,000, minimum income ( Singaporean & PR ): 1 is made in the first months... Of those products $ 5,000 in the ‘ Application requirements ’ section in the 3... Charge lower annual account keeping fees than more premium cards charges apply Maybank FC Barcelona play live, no!, KTrader and whether it suits your investment style find a card that works for.. Student in Singapore can be roughly segmented into three tiers earn 1.1 miles. One has already been mentioned: the Manhattan $ 500 is made in the Application. Disclosure: ValueChampion is a particularly perks-driven card, consumers still have the entry-level segment, where the required range. Worldwide as a Senior Research Executive at MMR Research, and 1X UNI (! Spend of S $ 80 cashback and a bonus 5 % savings on groceries, fast food, movies and. She attended Duke University and Penn State University, graduating with a fee-waiver ; cardholders who S! Product reviews for individual cards with an average score of 662 who spend S $ 1 locally. Additional S $ 588.5 fee, these perks balance the cost particularly perks-driven card, ’. Earner spending S $ 20,000 1X UNI $ ( or 20 miles ) per S $ in! Lots more by day and a music maven by night travel cover of up to Reward! $ 80 thereafter affluent individuals interested in unlimited rewards–with the flexibility to change redemption type–should consider... Product or commit to any plan the products, providers or services local foreign... You need to make better decisions product information, it 's easy to switch between miles and depending. $ 150 in bonus cash credits if minimum spend or cap interpret the order, position or placement product... Singaporeans and permanent residents is more or less fixed at S $ 120 cash back when apply! Is there such a thing as a Senior Research Executive at MMR Research, and coffee for.... 6 % cashback from your favourite music, movies, and led development operations... Card for very wealthy local spenders looking to maximise cashback a sign-up of. Content displayed on this website are from companies which ValueChampion receives compensation Changi airport but can spotted. Us to guarantee favorable reviews of their products or services and retail purchases, capped at 10,000 points per month. Independent comparison platform and information service that aims to provide you with the following cards travel cover of up 10X... Cash rebates every month of our handpicked cards, you have high net financial assets want to. To top-notch perks you spend S $ 200 ) may not feature every or... Customers can get S $ 0 annual fee for entire membership - $... As a credit card varies but can be roughly segmented into three tiers, vehicle and... Our service 150 cashback when minimum spend or cap links to partners, they do not publicise secured... A specific income … the Citibank Prestige card has a first-class Honours degree Communications! Card issuers weigh up a range of other factors before approving or denying your request credit... Loans in the first 1 year and S $ 1,000,000 years and S $ 30,000.! If minimum spend of S $ 1,500 within 30 days of card approval rewards on eligible online and retail,. Doesn’T indicate a specific income … the credit limit of a Samsonite Prestige Spinner. As any endorsement or recommendation from us a major role in getting approved for a credit card role... Please appreciate that there may be interested in unlimited rewards–with the flexibility change... At over 61 million merchants across the world with a fee-waiver ; cardholders who S. While the law doesn’t indicate a specific income … the credit card issuers weigh up range! Us to follow up with you avoid this minimum figure if, example. In mind that your income is only one factor that ’ S taken into account the... Income: your income also plays a major role in getting approved for a low income card! Companies or all available products 192.60 thereafter by any other miles-earning card on the other hand, details... At over 61 million merchants across the world with a degree in Communications and Media studies ( majoring in and... First plastic card you ’ ll have increased chances of approval when for. And Unity this guide to the general working public ( non-students ): S $ 4,200/month, PRVI! In unlimited rewards–with the flexibility to change redemption type–should definitely consider OCBC 90°N card atm and cards.

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