Apply for a credit card in Singapore

Thursday, January 10, 2008

Bring your passport, your employment pass, and a company ID. Most standard credit cards require a minimum annual income of $30,000 - sometimes more. Some banks may require a copy of a recent payslip to prove your income.

The government has recently relaxed some banking regulations, allowing banks to offer credit cards with no minimum income requirement. These cards have a maximum credit limit of $500. One such card is Citibank's Citi Clear Card. Watch out, though - although there's no minimum income requirement, interest on outstanding balances is a whopping 28 percent.

Another good option for those under the minimum income requirement is a debit card. Various banks offer Visa and Mastercard affiliated debit cards, with no minimum income threshold.

You'll be spoiled for choice in Singapore when it comes to credit cards. There are lots of good offers. Almost every card offers some kind of rebate and a bunch of freebies.

* Citibank can give you your card in 3 hours if you have all the requirements.
* DBS, as of our last check, requires you to send in the application form by mail.
* UOB's Ladies Card is my favorite because it provides two free gym passes for California Fitness each month.