If you are a low-income earner in Singapore, you may feel that getting a credit card is out of reach. However, there are options available to you that can help you build your credit score and access the benefits of credit cards. In this article, we will explore the world of low-income credit cards in Singapore and help you understand how to choose the right one for your needs.
Understanding credit cards in Singapore can be a daunting task, especially if you are new to the financial world. However, credit cards can be a valuable tool for managing your finances, building your credit score, and accessing rewards and benefits. By choosing the right credit card for your needs, you can take advantage of these benefits and improve your financial situation.
Exclusive student credit card options are available for those who are still studying and have lower income requirements. These cards can help students build their credit score and access rewards and benefits while they are still in school. By taking advantage of these options, students can set themselves up for financial success in the future.
Key Takeaways
- Low-income earners in Singapore can still access credit cards with the right options.
- Understanding credit cards and their benefits is key to finding the right card for your needs.
- Exclusive student credit card options can help students build their credit score and access rewards and benefits.
Understanding Credit Cards in Singapore
If you’re looking for a credit card in Singapore, it’s important to understand the role of the Monetary Authority of Singapore (MAS) and the income requirements you need to meet.
The Role of the Monetary Authority of Singapore (MAS)
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and financial regulatory authority. It is responsible for ensuring the stability of Singapore’s financial system, including the regulation of credit cards. MAS mandates that credit card issuers must comply with specific guidelines to ensure responsible lending practices. This includes setting income requirements for credit cards.
Income Requirements for Credit Cards
To obtain a credit card in Singapore, you must meet specific income requirements set by the MAS. Currently, MAS mandates that you must meet at least one of the following conditions:
- Annual income of at least $30,000
- Total net personal assets of at least $2 million
- Total net financial assets of at least $1 million
If you’re a low-income earner, meeting the minimum income requirement may be difficult. However, there are credit cards available that cater to low-income earners. These credit cards usually have lower income requirements and offer benefits that are more suited to those with lower incomes.
When comparing different low-income credit card options, it’s important to identify your spending habits and preferred rewards (if any). You should also compare the income requirement, annual fees, and rewards or rebate benefits (don’t forget to check what the caps are).
Overall, understanding the role of the MAS and the income requirements for credit cards in Singapore is essential if you’re looking for a credit card that suits your needs and budget.
Exclusive Student Credit Card Options
As a student in Singapore, you might be struggling to find a credit card that suits your needs. Many credit cards require a minimum income, which can be a challenge for students who are not working full-time. Fortunately, there are some great credit card options available for students with little to no income.
DBS LiveFresh Student Card
If you are a student at NIE, LASALLE, or NAFA, the DBS LiveFresh Student Card might be the perfect option for you. This credit card has no minimum income requirement, making it accessible to students who are not working full-time. With this card, you can enjoy up to 5% cashback on online shopping, contactless payments, and Visa payWave transactions. You can also get up to 10% cashback on dining, entertainment, and travel expenses.
Maybank eVibes Card
The Maybank eVibes Card is another great option for students in Singapore. This card has no minimum income requirement and is available to students aged 18 and above. With this card, you can enjoy up to 8% cashback on dining, entertainment, and transportation expenses. You can also earn 1% cashback on all other retail transactions.
CIMB AWESOME Card
The CIMB AWESOME Card is a credit card that is designed specifically for students in Singapore. This card has no minimum income requirement and is available to students aged 18 and above. With this card, you can enjoy up to 1% cashback on all retail transactions, with no limit on the amount of cashback you can earn. You can also get up to 10% cashback on dining, entertainment, and online shopping expenses.
Overall, these student credit cards are great options for students who are looking for a credit card without income requirements. With these cards, you can enjoy cashback rewards on your everyday expenses, making it easier to manage your finances as a student. So, if you’re a student in Singapore, be sure to check out these credit card options to see if they’re right for you.
Benefits and Rewards for Low-Income Earners
If you are a low-income earner in Singapore, you might think that credit cards are not for you. However, many credit card providers offer benefits and rewards that can be helpful for those on a tight budget. Here are some of the benefits and rewards that you can enjoy with a low-income credit card in Singapore.
Cashback and Deals
Cashback and deals are a great way to save money when you spend. Many credit cards offer cashback on specific spending categories, such as dining, entertainment, online shopping, and telco bills. Some credit cards also offer cashback on all spending categories, which can be helpful if you have a diverse range of spending habits.
In addition to cashback, many credit cards also offer deals and discounts at specific merchants. These deals can range from rotating p