That is equivalent to a monthly salary of $2,500, or even lower if you typically receive a 13 th month bonus every year. 21 years old) >Minimum annual income of S$18,000 >Singapore Citizens or Permanent Residents. ANZ Travel Visa Signature Card There are credit cards presented through banks in Singapore to applicants who earn under S$20,000 p.A. so you should definitely pick the right cards when it comes to mileage accrual. Besides, if you are a new-to-card Citi customer, you will also be able to get S$200 cash bonus (transferred into your bank account via PayNow) if you apply for any eligible credit cards from Citibank. New American Express True Cashback Cardholders will enjoy a cashback rate of 3% the first S$5,000 (capped at S$150 cashback) worth of eligible transactions charged to the card within the first 6 months of card membership. Not exactly. By Aaron WongAaron started The MileLion to help people travel better for less and impress “chiobu”. DINER’S CLUB INTERNATIONAL ACE CREDIT CARD >Min. The brand new CIMB AWSM (“Awesome”) Card is Malaysian bank CIMB’s entry into the student credit card space. For Foreigners: Female and a minimum annual income of S$40,000 is required OR Fixed Deposit collateral of at least S$10,000. While it does not offer up to 1.6% cashback for local spend, it does have a significantly higher cash rebate for non-SGD transactions. You also won’t have to rack your brains thinking about which spending categories your purchases fall into because the rebate is applied to all your expenses. These basically carry the same fees and benefits as a regular credit card, but require you to put $10,000 in a fixed deposit (which also serves as the credit limit). Hilton Honors Extends Status for All Members and Reduces Elite Qualification Requirements by 50% in 2021 - Milestone Bonuses to Start from 20 Nights. Convert your available CIMB Credit Card credit limit to cash at no interest with ... Min. You don’t want a minimum spend requirement on your credit card, but you also think that 1.5% on all local spend is too low. From now until 31 May 2020, apply for the CIMB World Mastercard as a new customer and spend a minimum of S$200 per month for the first two months to receive a S$50 cash credit. Age. Try a Secured Credit Card . Plus, you shop at FairPrice, go to McDonald’s and occasionally visit the cinemas. A RADICALLY new type of credit card with no minimum income requirement and just $500 in credit has arrived in Singapore. You’ll note the vast majority of the cards listed above require you to be a currently enrolled student, or an NSF waiting to enter a tertiary institution. Plus, you shop at FairPrice, go to McDonald’s and occasionally visit the cinemas. The American Express Platinum af'FAIR 2020 - Get Two Bottles of Ruinart Champagne Delivered for 15,000 MR Points, One Week into LumiHealth (A Quick Review) - How I Earned Free Vouchers and How You Can Get a Free Apple Watch SE, Chope to Extend 2020 Membership Tier into 2021 - Upcoming Chope-Dollars Devaluation on 17 November 2020. Banks were now allowed to issue cards with a $500 credit cap and no minimum income requirement. You will no longer enjoy up to 50% off dining at TWG Tea and Burlamacco from 01 January 2021. Benefits Up to 8% cash rebate on groceries, fast food and food delivery, transport and other daily essential categories with a minimum spend of S$800 per month. I found and applied for a cashback card easily on their website. But 73 per cent of credit cards now set no minimum income at all, data firm Defaqto says. They’re suited to people who regularly spend with a credit card, will repay their balance in full each month, and can take full advantage of the premium card’s features to justify the annual fee. Absolutely No Credit Check or Minimum Credit Score Required; Automatic Reporting to All Three National Credit Bureaus; 9.99% Low Fixed APR - Your Rate Won’t Go Up Even if You Are Late; Activate Today with a $200 Minimum Deposit - Maximum $1,000. Age. It didn’t offer much in the way of benefits, but it meant that students could boast their first-ever credit card, even before they joined the workforce. Plus, find out why cards have minimum income requirements, in the first place, and a few possible ways around them. Credit cards like the Maybank FC Barcelona Visa Signature Card and the ICBC Chinese Zodiac Credit Card may earn you higher cashback, at 1.6% instead. The minimum salary required for a low-income credit card differs between one bank to the other. +2.9% Cash Rebate (Additional)New Welcome Bonus (capped at first S$5,000). Soon after, Citi launched the Citi Clear, the first-ever “no income requirement” card. Additionally, Standard Chartered also has a higher FX fee of 3.5% as compared to Citi’s 3.25% (for Visa and Mastercard) so you are really better off with the Citi Cash Back+ Mastercard. Points are earned based on S$1=1 point, and can be transferred to both KrisFlyer and SkyMiles (Delta Airlines’ FFP). In the 12 years since, many new products have been launched for this segment, which begs the question: which is the best credit card with “no income requirement”? Minimum spend of $600 per statement month is required for additional cashback (8% and 3%). This card is designed for those who want to manage their spending. We'll admit it's a bit of a catch-22; you'll need a credit card to even develop a good credit score, yet having a credit card poses the risk of earning a bad credit score. Subject to a cashback cap of $40. Borrower's Consent for Setting Credit Limit. Cardholders earn at the fairly standard 1.5% flat rate with no minimum spend requirements and no earnings caps. If you do not mind taking a bit of hit on the cash rebate rate for a little more on specific categories, the CIMB World Mastercard is not a bad option either. Get up to S$380 worth of vouchers for free with LumiHealth when you stay active and make healthier choices - all you need is an Apple Watch. Applicants who do not meet the minimum income requirement can submit a minimum Fixed Deposit Collateral of S$10,000. But 73 per cent of credit cards now set no minimum income at all, data firm Defaqto says. The Standard Chartered Unlimited Cashback Credit Card allows you to earn 1.5% cash rebate on all eligible local and foreign spend that you put to this card with no minimum spend required and no cap to the amount of cash rebates you can earn each month. Unsecured credit cards are the most common type of credit card available in the market. The Best Cashback Credit Cards in Singapore (2020) with No Minimum Spend and No Cap on Cash Rebates, 4 miles per dollar on specific categories, American Express True Cashback Cardholders, Standard Chartered Unlimited Cashback Credit Card, awarding Travel$ in S$5 blocks from 01 June 2020, more information on the Maybank promotion here, TWG Tea and Burlamacco to Exit American Express Love Dining Program from January 2021. It’s another if you’re struggling to make ends meet, and hoping to get some short-term funds through a credit card. It is available to students over 18 years, as well as working adults between the ages of 18 and 30. Borrowers should also keep in mind that the minimum income requirements differ between lenders. The Maybank FC Barcelona Visa Signature Card offers a flat 1.6% cash rebate on all eligible local spend but it awards 2X TREATS Points per dollar (equivalent to 0.8 mpd) for eligible non-SGD transactions. The only benefits of note are free entry to Zouk and Phuture on the DBS Live Fresh Student Card. As it is not backed by collateral, a minimum income is required to ensure that users have the financial means to repay the loan borrowed through the credit card. It is an extremely well-balanced cashback card but do keep in mind that even though American Express has one of the lowest FX fees (2.95%) in Singapore, the "cash rebate” that you earn from this card from foreign currency spend will not fully offset this fee. We've already talked about the 3 most rewarding credit cards if you spend just $500 each month, so now let's talk about the exclusive credit cards that require sky-high minimum income requirements. Absolutely No Credit Check or Minimum Credit Score Required; Automatic Reporting to All Three National Credit Bureaus; 9.99% Low Fixed APR - Your Rate Won’t Go Up Even if You Are Late; Activate Today with a $200 Minimum Deposit - Maximum $1,000. Few of us will meet meet conditions (2) or (3), but most working graduates are quite likely to satisfy condition (1). Although MAS specifies a distinction in credit limits between those who earn $30-120K (4X monthly income) and those who earn $120K and above (no limit), it’s entirely the bank’s prerogative to approve someone earning $30K for a so-called $120K card. E-Voucher when you apply for the initial one to two years are typically.. Card with a $ 500 credit cap and no cap on earnings their.... 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