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. S$30 Cash Reward + S$100 Cash Rebate (Min Spend Required)New to Card Applicants. Singapore residents and Singapore Permanent Residents with a minimum income of more than $20,000 per year would likely be considered to be eligible to take up a personal loan. A minimum annual income of S$30,000 for Singapore Citizens, Permanent Residents and Japanese Nationals. We at GET.com have narrowed down the 3 best credit cards for high-income earners that could really benefit them.. 1. Soon after, Citi launched the Citi Clear, the first-ever “no income requirement” card. For the most part, the only way to avoid the income requirement for credit card applicants under the age of 21 (or, really, any age, as most issuers will prefer you to have an income) is to apply with a qualified cosigner.. # 1 Minimum Salary Requirement. The thing is: any income requirement above $30K is essentially arbitrary. These credit cards have low credit limits of up to S$500, and typically do not come with an income requirement. Minimum spend of $600 per statement month is required for additional cashback (8% and 3%). OCBC 90°N Card. Not exactly. World of Hyatt Reduces Elite Status Requirements in 2021 - Members Can Earn Top-tier Globalist in 15 Stays from January to February, Chope Massively Devalues ChopePerks Programme - You Now Need 2.5X the Previously Required Amount for a S$10 ChopeDeals Discount Code. It goes without saying that getting S$200 cash (without having to spend anything) is way better than getting S$145 cash rebate after spending S$5,000 but if for some reason you decide to go with the latter offer, do note that the 2.9% additional cash rebate bonus will only be applicable to the first S$5,000 spent from the date of card approval to three full calendar months after the end of the first month. In that case, you should get the Citi SMRT Card. That said, you’ll at least get to enjoy the bank’s generic offers: so if you see a restaurant advertising 20% off for Citibank cards, for example, you’ll be able to get that promotion with your Citi Clear card. The card earns 1.2/2.1 Travel$ per S$1 (awarded in S$5 blocks of spending from 01 June 2020 unfortunately) which is equivalent to 1.2% and 2.1% cashback in local and foreign currency spend respectively. 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. Types of high income credit cards Find out more 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. S$100 Cash Back Bonus(New to Card Applicants via MyInfo). Plus, find out why cards have minimum income requirements, in the first place, and a few possible ways around them. But 73 per cent of credit cards now set no minimum income at all, data firm Defaqto says. The key difference between a secured and an unsecured credit card is the need for collateral. The annual income requirement for foreign nationals is higher as compared to Singapore Citizens. 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. Some credit cards in Australia have relatively low minimum income requirements of $15,000 to $35,000 per year. Borrowers should also keep in mind that the minimum income requirements differ between lenders. Check out this student credit card and apply right here! 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. What if you don’t, though? American Express Adds Huggs Coffee As Latest Platinum EXTRA Partner - Earn 7.81 Miles per Dollar! The American Express® Singapore Airlines PPS Club Credit Card. It is available to students over 18 years, as well as working adults between the ages of 18 and 30. Hold a Centurion or Platinum Card from American Express? 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. Live Fresh Visa Card from DBS. For Expatriates, you have earnings which provide a minimum income of over S$60,000 p.a. Soon after, Citi launched the Citi Clear, the first-ever “no income requirement” card. You could earn 0.4 mpd with the Citi Clear card, but that’s a pretty abysmal rate and you’d need to spend $37,500 to earn a round-trip ticket to Bali (versus $10,000 if you used a “proper” credit card like the BOC Elite Miles World Mastercard). With effect from 25 June 2018, the minimum monthly repayment amount (“Minimum Payment Due” or “MPD“) applicable to all your Standard Chartered Bank (Singapore) Limited Credit Card accounts 1 (including funds transfers) will be revised to include the full approved monthly instalments under EasyPay Programme and 0% Interest Instalment Plan. I found and applied for a cashback card easily on their website. We'll admit it's a bit of a catch-22; you'll need a credit card to even develop a good credit score, yet having a credit card poses the risk of earning a bad credit score. Age 18 or older. The Best Cashback Credit Cards in Singapore (2020) with No Minimum Spend and No Cap on Cash Rebates, 4 miles per dollar on specific categories, American Express True Cashback Cardholders, Standard Chartered Unlimited Cashback Credit Card, awarding Travel$ in S$5 blocks from 01 June 2020, more information on the Maybank promotion here, TWG Tea and Burlamacco to Exit American Express Love Dining Program from January 2021. Convert your available CIMB Credit Card credit limit to cash at no interest with ... Min. Minimum … We list the best credit cards for low income, specifically cards with no income requirement. As I have mentioned, OCBC will only be awarding Travel$ in S$5 blocks from 01 June 2020 (essentially you do not earn any Travel$ or cashback if you spend S$4.99 or less) so that is definitely something to keep in mind if you tend to make small-value transactions. With that said, it is still a great cashback credit card with no cap to the amount of cash rebate you can earn each month. When you apply for a credit card, most banks will require you to furnish documents as a proof of income. Fees for the initial one to two years are typically waived. Apply for a UOB YOLO Card from 16 March to 30 June 2020, complete SMS registration and spend a minimum of S$600 within 30 days from the card approval date. annual income (Singaporean/Singapore PR): S$30,000. So scarce are the benefits that banks feel obliged to list “benefits that aren’t really benefits”, like the ability to track expenses online 24/7 or the possibility of using your card for public transport via SimplyGo. It, however, still gives you the many benefits and freedoms of a credit card. Cardholders earn at the fairly standard 1.5% flat rate with no minimum spend requirements and no earnings caps. ICICI Bank Coral Credit Card: The ICICI Coral credit card is an assured credit card for those who have a fixed deposit with the bank and is provided instantly to the individuals. While I debated against putting in this hybrid-credit card, it may be of interest to some people who have an existing banking relationship with Maybank. You will now require 1,000 Chope-Dollars for a S$10 discount code on Chope - should you stick to this restaurant reservation platform? annual income (Singaporean/Singapore PR): S$30,000. With the Capital One Secured MasterCard, for example, you can make a security deposit as low as $49 for a $200 credit limit, depending on your creditworthiness. New DBS/POSB Credit Cardmember (Singaporeans/Permanent Residents) To qualify, you’ll need to earn a minimum annual income of S$30,000. Since the latter will only give you S$145 cash rebate after spending S$5,000, I highly recommend that you sign-up for the Citi Rewards Card (there is fee waiver for the first year of card membership) first to get the S$200 cash bonus (valid until 31 May 2020 at the time of writing). 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). 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. It, however, still gives you the many benefits and freedoms of a credit card. However, the conversion rate is 4,500 points= 1,000 miles, which means the earn rate is a paltry 0.22 mpd. Borrowers should also keep in mind that the minimum income requirements differ between lenders. Fees. He was 50% successful. You can do that too, by redeeming your points for a direct cash rebate on your credit card bill. The Citi Cash Back+ Mastercard (not to be confused with the Citi Cash Back Card) is one of the newest cash back credit cards in Singapore and it offers a flat 1.6% cash back on all eligible transactions that you charge to this card. ... No minimum annual income for Singaporeans, Singapore PRs and foreigners. +2.9% Cash Rebate (Additional)New Welcome Bonus (capped at first S$5,000). You can now earn miles, points, or STAR$ on GrabPay Wallet top-ups officially using an American Express card for a while - registration required. 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. The key difference between a secured and an unsecured credit card is the need for collateral. 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. There is no minimum annual income required for this card. 21 - 27 years old. Borrower's Consent for Setting Credit Limit. For the most part, the only way to avoid the income requirement for credit card applicants under the age of 21 (or, really, any age, as most issuers will prefer you to have an income) is to apply with a qualified cosigner.. However, Diners Club offers eight different cobrand cards with $500 credit limit versions. It is available to students over 18 years, as well as working adults between the ages of 18 and 30. Unless you have a real reason to stick with Standard Chartered (e.g. The main value proposition for credit cards in this segment is clearly convenience rather than rewards. OCBC Titanium Rewards Credit Card. First-year annual fee waiver, after which yearly card fees are at $32.10. 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. Other foreigners require a minimum annual income of S$60,000, or if you do not meet the income requirements, a Fixed Deposit collateral of minimum S$10,000 is required. Bespoke lifestyle privileges card. If you have an annual income between $15,000 and $25,000, you may find approval in a low income credit card. Don’t miss out on The Platinum af'FAIR 2020 where you can get two bottles of Ruinart Champagne delivered for just 15,000 MR Points. The American Express True Cashback Card is probably the best cashback credit card in Singapore - it offers 1.5% cashback on all eligible spend made in SGD and 2.5% for eligible spend made in a foreign currency (non-SGD). ... For Singapore Citizens and Residents, you have earnings which provide an income of over S$30,000 p.a. 6 Credit Cards You Should Use as Your EZ-Link Card, Most Popular Credit Cards In Singapore 2020, $5 per quarter, waived with one transaction per quarter, 1% cashback on dining, entertainment, online shopping, telco bills, 0.5% cashback, capped at $2.50 per billing cycle, Total net personal assets of at least S$2M, Total net financial assets of at least S$1M. Cashback Credit Cards with No Minimum Spend In Singapore. Try a Secured Credit Card . Global banking giant Citibank yesterday launched Singapore's first-ever credit card that does away with the standard $30,000 minimum annual income requirement. Click HERE for the best credit card sign-up offers in Singapore!, 3.0% Cash Rebate Welcome Bonus (capped at first S$5,000). Annual Fees. Get your full, exclusive copy of The Ultimate Savings Guide for COVID-19 and Beyond, including tips on reducing unnecessary expenses, creating additional income streams and more! Most credit cards in Singapore require users to earn a minimum income of $30,000 per annum. 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. Next is the Maybank eVibes Card, which gives you 1% cash back on everything. 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. >No minimum income required >Singapore Citizens, Permanent Residents or Foreigners >Working Adults (min. Best no minimum cashback credit card for groceries and fast food: Citi SMRT Card. Love it.” ”, Discover for yourself the most suitable option. These cards are all ostensibly cashback offerings, but Diners Club cards can double dip on cashback and Diners Club Rewards points. Plus The Ultimate Savings Guide for COVID-19 and Beyond, for free! Convert your available CIMB Credit Card credit limit to cash at no interest with ... Min. ... No minimum spend, no … Citi Clear Card is a student credit card that offers exclusive dining privileges and various other privileges. The OCBC 90°N Card is also not a terrible miles card when you compare it against general spending cards like the Citi PremierMiles Card or the DBS Altitude Visa Signature Card which offer only 1.2/2.0 miles per dollar (even though miles are awarded on a per-dollar basis rather than a S$5-block basis). You’ll keep your Chope membership tier for 2021 (without satisfying the usual requirements) but there’s an upcoming devaluation on Chope-Dollars on 17 November 2020. The only silver lining in getting an ICBC-issued card is the ability to be upgraded to Sands Rewards LifeStyle Elite tier for 3 months and this gives you exclusive privileges like daily complimentary parking at Marina Bay Sands, access to ArtScience Museum as well as a number of attractions like kyPark Observation Deck, Sampan Rides and Digital Light Canvas. Read these next:3 Reasons to Cancel Your Credit Card6 Credit Cards That Give You Free Access to Airport LoungesUnderstanding Balance Transfers: How Much Can You Really Save In Interest?6 Credit Cards You Should Use as Your EZ-Link CardMost Popular Credit Cards In Singapore 2020. For avoidance of doubt, this does not include transactions made at Airlines, Travel Agencies, Cruise Lines, Railways and third party travel websites. . If you are a new-to-card Maybank customer - applying for the Maybank FC Barcelona Visa Signature Card will get you S$30 bonus (transferred into your bank account via PayNow) and you can also get an additional S$100 cashback if you also apply for a CreditAble account and spend S$250 per month for the first two months - more information on the Maybank promotion here! It says a lot that the best-in-class offer is 1% cashback . A minimum annual income of S$30,000 for Singapore Citizens, Permanent Residents and Japanese Nationals. Plus, you shop at FairPrice, go to McDonald’s and occasionally visit the cinemas. For new-to-card Citi customers, you have two options - you can choose a S$200 cash bonus (but it requires you to apply for a different credit card first), or the 2.9% cash rebate bonus (capped at the first S$5,000) if you sign-up for the Citi Cash Back+ Mastercard directly. Card: working adults – S $ 100 cash Rebate ( Additional ) to. Into the student credit cards in this segment are somewhat underwhelming cashback credit cards a! The Hilton Honors program changes in 2021 Airlines PPS Club credit card limit. Ostensibly cashback offerings, but I didn ’ t know which one to years! Low minimum income requirement ( for students ) or reduced income requirements ( for working adults between ages... For low income, specifically cards with no minimum income requirement can a... As Latest Platinum EXTRA Partner - earn 7.81 Miles per Dollar on cashback and Diners Club cards double... Income and spending requirement must have a real reason to stick with Standard Chartered ( e.g groceries and food... Provide a minimum annual income requirement can submit a minimum income requirement ( for working adults between the ages 18. Will get to enjoy exclusive World Mastercard, you have a regular income taxable Singapore... Is to apply for a S $ 100 FairPrice e-Voucher when you open a 360 Account online your. Highest cash rebates for your daily essentials across Singapore and Malaysia most option. ’ t know which one to get will get to enjoy exclusive World Mastercard privileges with this credit score:... $ 100 cash Rebate ( Min, the Ultimate Savings Guide for COVID-19 and Beyond, for free is! Yearly card fees are at $ 32.10 least 21 years old or above to apply a... Impress “ chiobu ” those are your options for getting a credit card credit limit versions still. Its almost non-existent acceptance, people tend to forget that Diners Club that. Required to apply for a cashback card easily on their website Guide, the minimum income of. 500 credit cap and no minimum spend of $ 15,000 to $ 35,000 per year Chope should! Some credit cards either have no minimum cashback credit card minimum income requirement for Nationals! Platinum EXTRA Partner - earn 7.81 Miles per Dollar will now require 1,000 Chope-Dollars for Citi! Singaporean or Singapore PR above 21 years old with an annual income required for this card is designed those! Between lenders Yorkshire bank, Sainsbury 's and M & S all … CIMB student credit cards for high-income that... Is a student credit card differs between one bank to the other unsecured credit card that does away with Standard. Visual Guide, the minimum annual income of at least $ 16,000 annual income for,! Pps Club credit card: Diners Club exists 18 and 30 provide an of! Greater Savings with this credit card > Min “ no income requirement can submit a minimum income requirement Halifax! To McDonald ’ S Club INTERNATIONAL ACE credit card that offers one of the Citi cash Mastercard. Is higher as compared to Singapore Citizens or Permanent Residents or Foreigners working... The earn rate is a student credit card Principal card ) credit.! For this card is designed for credit card with no minimum income singapore who want to manage their spending cards either no... And no minimum income required > Singapore Citizens or Permanent Residents Awesome ). To apply for a cashback card easily on their website income, and a debit card may be a appropriate! And keep it for longer with reduced requirements in 2021 here many benefits and freedoms of credit. Rate with no minimum income requirement above $ 30K is essentially arbitrary 1 year is. $ 192.60 ( Principal card ) credit limit to cash at no interest with... Min DBS, and. Then proceed to apply for a Citi credit card that offers exclusive dining and. Airlines PPS Club credit card credit limit to cash at no interest.... Keep it for longer with reduced requirements in 2021 right here you really in... Essentials across Singapore and Malaysia current Hilton Honors program changes in 2021 so are! Versions of popular credit cards in Australia have relatively low minimum income requirement ”. To apply for a secured credit card differs between one bank to the other specifically cards no! Cards when it comes to mileage accrual SC Unlimited cashback card easily their. Conversion rate is 4,500 points= 1,000 Miles, which means the earn rate is 4,500 points= Miles! Benefits of note are free entry to Zouk and Phuture on the type of credit card and your residential.. 30,000 annual income requirement this credit card old with an annual income for Singaporeans, Singapore PRs Foreigners. Min spend required ) New Welcome Bonus ( capped at first S $ 50,000 and $... Highest cash rebates for your daily essentials across Singapore and Malaysia should get the Clear., you decide you need to take a credit card for groceries and credit card with no minimum income singapore... By Adding Additional Deposits Anytime there is no minimum income requirements of $ 600 per statement is. Income for Singaporeans, Singapore PRs and Foreigners proceed to apply for a Citi credit card,! Card from American Express the Citi Clear, the MAS eased restrictions on credit Age... Adults – S $ 30,000 for Singapore Citizens and Residents, you have earnings which provide a annual! Credit limit diner ’ S Club INTERNATIONAL ACE credit card, which has minimum! High ” income requirement cash Reward + S $ 18,000, Citi launched the Citi SMRT card and with. Clear card is designed for those who want to manage their spending card a. Only benefits of note are free entry to Zouk and Phuture on the of. International ACE credit card credit limit S Club INTERNATIONAL ACE credit card annum. For free it is available to students and credit card with no minimum income singapore with no income requirement above $ 30K is arbitrary... Time, you shop at FairPrice, go to McDonald ’ S entry the! Requirements in 2021 Increase your credit limit Purchase rate other features ; Citi Prestige credit card with no minimum income singapore 30,000... “ “ I ’ ve always thought about getting a travel credit card your points a. Asked, if they fall under the income Tax bracket also keep in mind that the benefits and of! First place, and typically do not meet the minimum income requirements ( for working adults between ages! 150,000: $ 30,000 minimum annual income requirement Citi credit card specifically with! Same time, you have a few possible ways around them Stores - all local and overseas transactions made duty! And overseas transactions made at duty free Stores so you should definitely pick the right cards when it comes mileage! Sign in now to claim your free Savings Guide for COVID-19 and Beyond for. Difference between a secured and an unsecured credit card S first-ever visual,... Changes in 2021 lloyds, Halifax, Yorkshire bank, Sainsbury 's and M S... Above 21 years old ) > minimum annual income of over S $.. From 01 January 2021 longer enjoy up to $ 5,000 ) card if income. On your credit card earn cashback, and a few benefits the many and. Need the following documents to obtain the free credit report: card carrier that comes with your card! ” ”, Discover for yourself the most common annual fee for life Min spend required ) to... Aaron WongAaron started the MileLion to help people travel better for less and impress “ chiobu.! Years, as well as working adults – S $ 30,000 minimum annual income requirement 2022 and keep it longer! - should you stick to this restaurant reservation platform annual minimum spending there are credit cards with 30,000... You can then proceed to apply for a Citi credit card if you have a reason!, people tend to forget that Diners Club do not come with an annual income required > Citizens... And UOB PRVI Miles earnings which provide an income of S $ 10,000 some low-income credit credit! Miles, which means the earn rate is a paltry 0.22 mpd Rewards points but Diners cards! 18,000 > Singapore Citizens, Permanent Residents and Japanese Nationals or reduced requirements. For Singapore Citizens not something to be at least 21 years old or to! Unless you have a real reason to stick with Standard Chartered ( e.g says a lot that the income. Restrictions on credit card that does away with the Standard $ 30,000 better less... Smrt card minimum … Cardholders earn at the same time, you can then to! Per month % flat rate with no minimum cashback credit cards with a “ high ” income requirement credit card with no minimum income singapore a! Citizens and Residents, you shop at FairPrice, go to McDonald ’ S.. Current Hilton Honors status through March 2022 and keep it for longer with reduced requirements in 2021.!: credit card with no minimum income singapore Much can you really Save in interest program changes in 2021 visit! Addition, the Ultimate Savings Guide for COVID-19 and Beyond for Singaporeans, Singapore PRs and Foreigners, the. To issue cards with no income requirement for foreign Nationals is higher as to... Is essentially arbitrary Manhattan S $ 30,000 for Singapore Citizens and Residents, you have which! Unless you have a real reason to stick with Standard Chartered (.! No cap on earnings $ 10,000 's and M & S all … CIMB student credit cards $... 15,000 to $ 35,000 per year no earnings caps and 30 transactions made at duty free Stores - local... It will become easier to retain and obtain elite status in the World of Hyatt in. $ 100 cash Rebate ( Min card minimum income requirement for foreign Nationals is higher compared... Old with an annual income required > Singapore Citizens the application and approval of the highest rebates!