As a student in Singapore, you may be looking for ways to manage your finances and build a healthy credit history. One option to consider is a student credit card, which can offer perks and rewards while helping you establish a credit profile. In this article, we’ll explore the benefits of student credit cards and provide some top picks to consider.
When it comes to student credit cards, there are several perks to take advantage of. Some cards offer cashback rewards on purchases, while others provide discounts on dining, entertainment, and transportation. Additionally, many student credit cards come with no annual fees and low credit limits, making them accessible to those with limited credit history.
Before applying for a student credit card, it’s important to understand the eligibility requirements and fees associated with each card. Some cards may require a minimum income or credit score, while others may charge high interest rates or penalty fees for late payments. By doing your research and comparing different options, you can find a card that fits your needs and budget.
Key Takeaways
- Student credit cards can offer perks and rewards while helping you establish a credit profile in Singapore.
- Consider eligibility requirements and fees when choosing a student credit card.
- Look for cards with low credit limits, no annual fees, and rewards that match your spending habits.
Exploring the Perks of Student Credit Cards
If you’re a student in Singapore, a student credit card is a great way to start building your credit history while also enjoying a range of benefits. Here are some of the perks you can expect when you sign up for a student credit card.
Cash Rebates and Rewards
Many student credit cards offer cash rebates and rewards for spending on various categories. For example, the Maybank eVibes Card gives you a 1% cash rebate on all spending with no minimum spending requirements. Other cards offer higher cash rebates for specific categories such as dining, entertainment, or online shopping. Be sure to check the terms and conditions of each card before signing up to ensure that you’re getting the best deal.
Dining and Entertainment Benefits
As a student, you’re likely to be eating out and enjoying entertainment with your friends. Many student credit cards offer dining and entertainment benefits such as discounts or cashback on dining and entertainment expenses. For example, the Citi SMRT Card offers up to 5% savings on dining, movies, and groceries at selected merchants.
Online Shopping and Telco Deals
With the rise of e-commerce and online shopping, many student credit cards offer deals and discounts for online shopping. Additionally, some cards offer telco deals such as discounts on mobile phone bills or free data. For example, the DBS Live Fresh Student Card offers 5% cashback on online shopping and mobile payments.
Overall, student credit cards can offer a range of benefits and rewards for students in Singapore. Whether you’re looking for cash rebates, dining deals, or promotions for online shopping, there’s likely a card that will suit your needs. Just be sure to read the terms and conditions carefully to ensure that you’re getting the best deal for your spending habits.
Understanding Eligibility and Fees
As a student, you may be looking for a credit card that suits your needs and budget. Understanding the eligibility requirements and fees of a credit card is crucial to help you make an informed decision. Here are the key things you need to know:
Minimum Income and Age Requirements
Most student credit cards in Singapore do not have a minimum income requirement. However, you must be at least 21 years old to apply for a credit card. Some credit cards may also have an upper age limit, so it’s essential to check the eligibility criteria before applying.
Annual Fees and Other Charges
Annual fees are the charges you pay to keep your credit card active. Most student credit cards in Singapore have low or no annual fees. Some credit cards may also waive the annual fee for the first few years.
Apart from the annual fee, credit cards may also charge late fees, over-limit fees, and cash advance fees. It’s essential to read the terms and conditions of the credit card to understand the charges and fees involved.
Here’s a table summarising the minimum income requirement and annual fees of some of the best student credit cards in Singapore:
| Credit Card | Minimum Income Requirement | Annual Fee |
|---|---|---|
| DBS Live Fresh Student Card | No minimum income requirement | $192.60 (waived for 5 years) |
| Citibank Clear Student Credit Card | No minimum income requirement | $29.96 (waived for 1 year) |
| Maybank eVibes Student Credit Card | No minimum income requirement | $20 (waived if card is active) |
| CIMB AWSM Card | No minimum income requirement | $0 |
Keep in mind that the eligibility requirements and fees of credit cards may change over time. It’s always best to check the official website of the credit card issuer for the latest information.
Top Picks for Student Credit Cards in Singapore
If you are a student in Singapore looking for a credit card, you have several options to choose from. Here are our top picks for the best student credit cards in Singapore:
Maybank eVibes Card
The Maybank eVibes Card is a great option for students who want to earn cashback on their spending. With this card, you can earn up to 8% cashback on your online and entertainment purchases, as well as 1% cashback on all other spending. There is no annual fee for this card, and it is available to students with a minimum income of $18,000 per year.
CIMB AWSM Card
The CIMB AWSM Card is another excellent option for students in Singapore. This card offers unlimited 1% cashback on all spending, as well as additional cashback on dining and entertainment purchases. There is no annual fee for this card, and it is available to students with a minimum income of $18,000 per year.
DBS Live Fresh Student Card
The DBS Live Fresh Student Card is a great choice for students who want to earn rewards on their spending. With this card, you can earn up to 5% cashback on your online and contactless purchases, as well as additional rewards on dining and entertainment spending. There is no annual fee for this card, and it is available to students with a minimum income of $18,000 per year.
Overall, these three credit cards are our top picks for students in Singapore. Each one offers unique benefits and rewards, so it’s important to choose the one that best fits your spending habits and lifestyle. With these cards, you can earn cashback and rewards on your spending while building your credit history and learning responsible financial habits.
Maximising Benefits While Minimising Costs
As a student, it is important to manage your expenses while maximising the benefits of your credit card. Here are some strategies to help you do just that.
Strategies for Disciplined Spending
Disciplined spending is key to managing your finances. One way to stay on top of your spending is to set a budget for your expenses and stick to it. You can also use your credit card to track your expenses and monitor your spending habits.
Another way to practice disciplined spending is to only use your credit card for necessary expenses, such as food and groceries. Avoid using it for unnecessary purchases, such as luxury items or impulse buys.
Leveraging Promotions and Discounts
Credit cards often offer promotions and discounts for various purchases, such as dining and transportation. Be sure to take advantage of these offers to save money on your expenses.
For example, some credit cards offer fuel savings when you use them at participating petrol stations. You can also enjoy dining discounts at selected restaurants when you pay with your credit card.
Overall cashback is another benefit that you can enjoy when you use your credit card for your expenses. Look for credit cards that offer high cashback rates and no minimum spending requirements.
By following these strategies, you can make the most of your student credit card while keeping your costs low.
Building a Healthy Credit History
When you’re a student, it’s essential to start building a healthy credit history. A good credit score will help you to qualify for loans, credit cards, and other financial products in the future. Here are some tips to help you build and maintain a healthy credit history:
Use Your Credit Card Responsibly
A credit card is a great way to build credit, but it can also be a double-edged sword. If you use your card irresponsibly, you could end up with a lot of debt and a damaged credit score. To avoid this, make sure you only use your credit card for purchases you can afford to pay back. Also, try to keep your credit utilization ratio below 30%. This means you should only use 30% or less of your credit limit.
Make Your Payments on Time
One of the most important factors in your credit score is your payment history. Late or missed payments can have a significant negative impact on your credit score. To avoid this, make sure you always make your payments on time. Set up automatic payments or reminders to help you stay on track.
Keep Your Credit Limit Low
When you’re just starting out, it’s a good idea to keep your credit limit low. This will help you avoid overspending and getting into debt. As you build your credit history, you can gradually increase your credit limit.
Repay Your Balance in Full
If you carry a balance on your credit card, you’ll end up paying interest. To avoid this, try to pay off your balance in full each month. This will also help you avoid getting into debt and damaging your credit score.
By following these tips, you can build a healthy credit history and set yourself up for financial success in the future. Remember to use your credit card responsibly, make your payments on time, keep your credit limit low, and repay your balance in full. With these habits, you’ll be on your way to a great credit score and a bright financial future.
Frequently Asked Questions
What are the top perks of using a Maybank student credit card?
Maybank eVibes Card is one of the best credit cards for students in Singapore. The card offers a range of perks including, but not limited to, cashback rewards and discounts on entertainment and dining expenses. Additionally, the card has no annual fees and low quarterly service fees, which can be waived if you use the card at least once every three months.
How does the DBS Live Fresh Student Card enhance a student’s spending experience?
The DBS Live Fresh Student Card is designed to cater to students’ needs. The card offers cashback rewards on online and contactless transactions, which is perfect for students who want to save money on their daily expenses. Additionally, the card offers discounts on popular merchants, including Grab and Zalora, which makes it an ideal choice for students who want to enjoy more perks while spending less.
Can international students easily obtain a student credit card in Singapore?
Yes, international students can obtain a student credit card in Singapore. However, they must meet certain requirements, such as having a valid student pass and being enrolled in a local institution. Additionally, international students may need to provide additional documents, such as proof of income or a bank statement, to apply for a student credit card.
What makes the Citibank Clear student credit card a popular choice for scholars?
The Citibank Clear student credit card is a popular choice for scholars because it offers a range of benefits that cater to their needs. The card offers cashback rewards on dining, entertainment, and online shopping expenses, which is perfect for students who want to save money while enjoying their favourite activities. Additionally, the card offers discounts on popular merchants, including Starbucks and Subway, which makes it an ideal choice for students who want to enjoy more perks while spending less.
Are there any credit cards available for students under 18 in Singapore?
No, there are no credit cards available for students under 18 in Singapore. However, students who are 18 years old or above can apply for a student credit card, provided they meet the eligibility criteria set by the bank.
How should a student decide if they need a credit card in Singapore?
A student should decide if they need a credit card in Singapore based on their financial needs and habits. If a student is responsible with money and has a steady income, a credit card can be a useful tool to help them manage their expenses and build their credit score. However, if a student is not responsible with money and has a tendency to overspend, a credit card can lead to debt and financial trouble. Therefore, it is important for students to weigh the pros and cons before applying for a credit card.