If you’re looking to build your credit score in Singapore, a secured credit card from DBS Bank might be a good option for you. A secured credit card is a type of credit card that requires you to make a deposit, which serves as collateral for your credit limit. This deposit can be refunded to you when you close your account, provided that you have paid off your balance in full.
DBS Bank offers secured credit cards for those who may have a low credit score or no credit history, making it an accessible option for many. To apply for a secured credit card from DBS Bank, you need to be between 21 and 75 years old and maintain a SGD Fixed Deposit Account with a minimum of SGD$10,000 placement. This deposit will determine your credit limit, which can range from 80% to 100% of your deposit amount.
By using your DBS secured credit card responsibly, you can start building your credit score and work towards getting approved for other credit cards with better rewards and benefits. Keep reading to learn more about DBS’s secured credit card offerings and how to maximise your benefits and rewards.
Key Takeaways
- DBS Bank offers secured credit cards for those looking to build their credit score in Singapore.
- To apply for a secured credit card from DBS Bank, you need to be between 21 and 75 years old and maintain a SGD Fixed Deposit Account with a minimum of SGD$10,000 placement.
- By using your DBS secured credit card responsibly, you can start building your credit score and work towards getting approved for other credit cards with better rewards and benefits.
Understanding Secured Credit Cards
If you are looking to build or repair your credit score, a secured credit card may be the solution for you. In this section, we will explore what a secured credit card is and the benefits of using one.
What Is a Secured Credit Card?
A secured credit card is a type of credit card that requires collateral to be put down in order to obtain a credit limit. This collateral is typically a cash deposit that is held by the bank as security in case the cardholder is unable to repay their debts. The amount of collateral required can vary depending on the bank and the credit limit desired.
DBS Bank offers a secured credit card in Singapore for those who do not meet the minimum income requirement for an unsecured credit card. To apply for a DBS secured credit card, you must maintain a SGD Fixed Deposit Account with a minimum of SGD$10,000 placement.
Benefits of Using a Secured Credit Card
Using a secured credit card can provide several benefits, including:
Building or repairing your credit score: By using a secured credit card responsibly and making timely payments, you can improve your credit score over time.
Access to credit: A secured credit card can provide access to credit for those who may not qualify for an unsecured credit card due to a poor credit score or lack of credit history.
Control over spending: With a secured credit card, you can only spend up to the credit limit that is set by the bank. This can help you stay within your budget and avoid overspending.
Protection against fraud: Secured credit cards come with the same fraud protection as unsecured credit cards, which can provide peace of mind when making purchases.
In conclusion, a secured credit card can be a useful tool for building or repairing your credit score, as well as providing access to credit. If you are considering a secured credit card, be sure to compare the different options available and choose one that best fits your needs.
Eligibility and Application Process
If you’re looking to apply for a secured credit card in Singapore, DBS has a range of options available. Here’s what you need to know about the eligibility criteria and application process for DBS secured credit cards.
Assessing Your Eligibility
To be eligible for a DBS secured credit card, you need to be between 21 and 75 years of age. Additionally, you must maintain a SGD Fixed Deposit Account with a minimum placement of SGD$10,000. If you meet these criteria, you can proceed with the application process.
Step-by-Step Application Guide
To apply for a DBS secured credit card, follow these steps:
- Visit the DBS website or digibank to submit your application.
- Fill in the required information, including your personal details, contact information, and employment status.
- Choose the type of secured credit card you want to apply for, based on your needs and preferences.
- Upload the necessary documents, such as your NRIC (front and back) and Fixed Deposit Account statement.
- Review and confirm your application details before submitting.
It’s important to note that for your security, you should avoid choosing an easily identifiable PIN such as your User ID, contact number, birthdate, or repeated or consecutive numbers.
DBS also offers secured credit cards for students between the ages of 21 and 27 who are studying at eligible local tertiary institutions. There is no minimum income required, but you will need to provide your NRIC and Student Matriculation Card.
Overall, applying for a DBS secured credit card in Singapore is a straightforward process. As long as you meet the eligibility criteria and provide the necessary documents, you can enjoy the benefits of having a credit card even if you don’t have an established credit score.
DBS’s Secured Credit Card Offerings
Are you looking for a credit card but don’t have a good credit score? DBS/POSB’s secured credit card may be the perfect solution for you. DBS/POSB’s secured credit card is linked to your fixed deposit account, so you can enjoy all the benefits of a credit card while building your credit score.
DBS/POSB Secured Credit Card Features
DBS/POSB’s secured credit card offers a range of features that make it a great choice for anyone looking to build their credit score. One of the key features of this card is that it is linked to your fixed deposit account, which means that you can enjoy all the benefits of a credit card without having to worry about your credit score.
Another great feature of DBS/POSB’s secured credit card is the rewards programme. With this card, you can earn rewards points for every dollar you spend, which can be redeemed for a range of rewards, including cashback, miles, and vouchers. The rewards programme is a great way to get more out of your spending and make your money go further.
Linking to Fixed Deposit Accounts
DBS/POSB’s secured credit card is linked to your fixed deposit account, which means that you will need to have a fixed deposit account with DBS/POSB in order to apply for the card. The minimum deposit amount is $10,000, but the good news is that you can enjoy a higher credit limit based on the amount of your deposit.
In conclusion, DBS/POSB’s secured credit card is a great option for anyone looking to build their credit score while still enjoying all the benefits of a credit card. With its rewards programme and linked fixed deposit account, this card is a great way to get more out of your spending and make your money go further.
Maximising Benefits and Rewards
If you’re looking for a secured credit card that offers great benefits and rewards, look no further than the DBS Secured Credit Card in Singapore. With this card, you can earn rewards on your everyday purchases and enjoy a range of benefits that can help you save money and enhance your lifestyle.
Earning and Redeeming Rewards
One of the best things about the DBS Secured Credit Card is the rewards program. With this card, you can earn rewards points on all of your purchases, which you can then redeem for a variety of rewards. These rewards include shopping vouchers, dining vouchers, air miles, and cash rebates.
For every $5 you spend on your DBS Secured Credit Card, you’ll earn 1 rewards point. You can then redeem your rewards points for a variety of rewards, including shopping vouchers, dining vouchers, air miles, and cash rebates.
Supplementary Cards and Shared Benefits
Another great feature of the DBS Secured Credit Card is the ability to get supplementary cards for your family members. With a supplementary card, your loved ones can enjoy the same benefits and rewards as you do.
Moreover, the DBS Secured Credit Card offers shared benefits, which means that you can pool your rewards points with your family members who also have a DBS Secured Credit Card. This makes it easier to earn and redeem rewards, and can help you get even more value from your card.
In conclusion, the DBS Secured Credit Card is an excellent choice for anyone looking for a secured credit card with great benefits and rewards. With the ability to earn rewards on all of your purchases and enjoy a range of benefits, this card can help you save money and enhance your lifestyle. Plus, with the option to get supplementary cards and share rewards points with your family members, this card is a great choice for families too.
DBS Bank’s Global Recognition
DBS Bank is a leading financial institution in Singapore, and it has been recognised globally for its commitment to excellence. In this section, we will take a closer look at some of the awards and accolades that DBS Bank has received.
Awards and Accolades
DBS Bank has been named the “Best Bank in the World” by Global Finance, a leading financial magazine. The bank has also been recognised as the “World’s Best Digital Bank” by Euromoney, a prominent financial publication. These accolades are a testament to DBS Bank’s commitment to innovation and excellence.
Commitment to Excellence
DBS Bank has a long-standing commitment to excellence, which is reflected in its numerous awards and accolades. The bank has been named “Global Bank of the Year” by The Banker, a prestigious financial magazine. This award recognises DBS Bank’s outstanding performance and leadership in the global banking industry.
DBS Bank’s commitment to excellence is also evident in its focus on sustainability. The bank has been recognised as a leader in sustainability by various organisations, including the Dow Jones Sustainability Index and the FTSE4Good Index. DBS Bank is committed to driving positive change in the communities it serves, and it has set ambitious sustainability targets to achieve this goal.
In conclusion, DBS Bank’s global recognition is a testament to its commitment to excellence and innovation. The bank has been recognised for its outstanding performance and leadership in the global banking industry, and it is committed to driving positive change in the communities it serves.
Frequently Asked Questions
What are the requirements to obtain a secured credit card in Singapore?
To obtain a secured credit card in Singapore, you must meet the following requirements:
- You must be between the ages of 21 to 75 years old.
- You must maintain a SGD Fixed Deposit Account with a minimum of SGD$10,000 placement.
- You must have a good credit score and history.
How high is the credit limit for a DBS secured credit card?
The credit limit for a DBS secured credit card depends on the amount of money you have deposited into your Fixed Deposit Account. The credit limit is usually 80% of the amount you have deposited.
What steps should I follow to apply for a secured credit card with DBS?
To apply for a secured credit card with DBS, you need to follow these steps:
- Go to the DBS website and fill out the application form.
- Submit the application form along with the required documents.
- Wait for the bank’s approval.
Are foreigners eligible for DBS credit cards in Singapore?
Yes, foreigners are eligible for DBS credit cards in Singapore. However, they must meet the same eligibility criteria as Singaporeans.
Which bank in Singapore offers the best secured credit card services?
DBS Bank offers one of the best secured credit card services in Singapore. They offer competitive interest rates, low annual fees, and a high credit limit.
What are the chances of approval for a secured credit card application?
The chances of approval for a secured credit card application are high if you meet the eligibility criteria and have a good credit score and history. However, the bank may reject your application if you have a poor credit score or history. It is important to maintain a good credit score and history to increase your chances of approval.