If you’re looking to build or rebuild your credit history in Singapore, a secured credit card from United Overseas Bank (UOB) may be a good option for you. A secured credit card requires a cash deposit as collateral, which reduces the risk for the credit card issuer and can increase your chances of approval, even if you have a poor credit score.
UOB is one of the leading issuers of secured credit cards in Singapore, offering a range of options to suit different needs and budgets. With a UOB secured credit card, you can enjoy many of the same benefits as a traditional credit card, such as cashback rewards, discounts, and exclusive perks. Plus, by using your card responsibly and making timely payments, you can improve your credit score over time.
To help you get started, we’ve put together this guide on UOB secured credit cards in Singapore. We’ll cover everything from understanding how secured credit cards work to applying for a UOB secured credit card and managing your card effectively. We’ll also highlight some of the additional features and benefits of UOB credit cards, as well as answer some frequently asked questions.
Understanding UOB Secured Credit Cards
If you’re looking to build or rebuild your credit score, UOB Secured Credit Cards might be the perfect solution for you. Here’s what you need to know about them.
What is a Secured Credit Card?
A secured credit card requires a collateral, often in the form of a fixed deposit, to be pledged as security against the credit limit. This collateral acts as a safety net for the bank, and in case you are unable to pay your credit card bills, the bank can use the collateral to recover the outstanding amount.
UOB Secured Credit Cards work in the same way. You’ll need to pledge a fixed deposit as collateral, which will determine your credit limit. The amount of the fixed deposit will be equivalent to your credit limit. For example, if you pledge a fixed deposit of $10,000, your credit limit will also be $10,000.
Benefits of UOB Secured Credit Cards
One of the main benefits of UOB Secured Credit Cards is that they can help you improve your credit score. As long as you make timely payments and keep your credit utilization low, your credit score will gradually improve over time.
Another benefit is that UOB Secured Credit Cards offer the same perks and privileges as regular credit cards. You can earn rewards points, cashback, and other benefits when you use your card for purchases.
Moreover, UOB Secured Credit Cards offer a lower interest rate compared to regular credit cards. This is because the bank has a lower risk of default since you’ve pledged a collateral.
Finally, approval for UOB Secured Credit Cards is relatively easy. Since you’re pledging a collateral, the bank doesn’t have to check your credit score or income. As long as you have the fixed deposit, you’re likely to get approved.
In summary, UOB Secured Credit Cards can be a great option for those looking to build or rebuild their credit score. By pledging a collateral, you’ll have access to the same perks and privileges as regular credit cards, while also enjoying a lower interest rate.
Applying for a UOB Secured Credit Card
If you have bad credit or no credit history, a secured credit card from UOB could be a great option for you. With a secured credit card, you need to make a deposit upfront, which serves as collateral. This deposit is usually equal to your credit limit, and it reduces the risk for the bank, which is why they are more likely to approve your application.
Eligibility and Requirements
To be eligible for a UOB secured credit card, you must be at least 21 years old and have a fixed deposit account with UOB. The minimum deposit amount is $10,000, and you will need to keep this deposit for the duration of your credit card usage. If you are a foreigner, you will need to have a valid work permit and earn at least $30,000 per year.
The Application Process
The application process for a UOB secured credit card is quite straightforward. You can apply online through the UOB website or visit a UOB branch. If you are an existing UOB customer, you can apply through your UOB Personal Internet Banking or UOB TMRW account.
When you apply online, you will need to provide some basic information, such as your name, NRIC/FIN, and contact details. You will also need to indicate the amount of your fixed deposit and the desired credit limit. Once you submit your application, you will receive an instant decision.
Documents Needed for Application
To apply for a UOB secured credit card, you will need to provide the following documents:
- A copy of your NRIC/FIN
- A copy of your work permit (if you are a foreigner)
- A copy of your fixed deposit certificate
- Proof of income (for foreigners)
If you apply online, you can use MyInfo and SingPass authentication to retrieve some of your personal information, such as your name and NRIC/FIN, which will speed up the application process.
Overall, a UOB secured credit card can be a great way to rebuild your credit score and gain access to credit. Just make sure you understand the terms and conditions of the card, including the interest rate and fees, before you apply.
Maximising Rewards and Savings
When it comes to maximising your rewards and savings, UOB has got you covered. With their secured credit card, you can earn miles and cashback, enjoy exclusive dining and shopping privileges, and utilise UOB’s unique Uni$ programme.
Earning Miles and Cashback
With UOB’s secured credit card, you can earn miles and cashback on your everyday purchases. Earn up to 3 miles per $1 spent on your preferred category and up to 1.5 miles per $1 spent on all other categories. Additionally, enjoy up to 10% cashback on your daily essentials such as groceries, petrol, and utilities.
Exclusive Dining and Shopping Privileges
As a UOB secured credit cardholder, you can enjoy exclusive dining and shopping privileges at over 1,000 merchants across Singapore. Get up to 50% off at your favourite restaurants, and enjoy exclusive deals on fashion, beauty, and travel.
Utilising UOB’s Unique Uni$
With UOB’s Uni$ programme, you can easily redeem your rewards for things you love, pay your bills, or auto-convert to cash rebates. With over 1,000 rewards across dine, shop, travel and more, you have all the right deals for your lifestyle needs.
Plus, earn up to 15 Uni$ with every $5 spent on your card. That’s equivalent to 6 miles per $1 spent on your preferred rewards category and 0.4 miles per $1 spent on other purchases.
Overall, with UOB’s secured credit card, you can maximise your rewards and savings while enjoying exclusive privileges at your favourite merchants.
Managing Your Card Effectively
As a UOB secured credit cardholder, it is important to manage your card effectively to ensure you get the most out of it. Here are some tips to help you manage your card effectively.
Understanding Your Card Statement
Understanding your card statement is crucial to managing your card effectively. Your card statement will show you your outstanding balance, minimum payment due, and payment due date. It is important to review your statement regularly to ensure that you are aware of your spending and can make payments on time. You can also use your statement to monitor your transactions and identify any unauthorized charges.
Credit Limit Review and Management
It is important to regularly review your credit limit to ensure that it is appropriate for your needs. You can request a credit limit review by contacting UOB customer service. You can also manage your credit limit by making payments on time and keeping your outstanding balance low. This will help you maintain a good credit score and increase your chances of getting approved for credit in the future.
Online and Mobile Banking Services
UOB offers a range of online and mobile banking services to help you manage your card effectively. UOB TMRW is a digital bank that offers a range of services, including account management, payments, and transfers. You can also use UOB One Account to manage your card and earn interest on your savings. By using these services, you can easily monitor your spending, make payments, and transfer funds.
In conclusion, managing your UOB secured credit card effectively is essential to getting the most out of your card. By understanding your card statement, reviewing and managing your credit limit, and using online and mobile banking services, you can ensure that you are in control of your finances and can use your card to your advantage.
Additional UOB Card Features
If you are looking for a secured credit card in Singapore, UOB offers a range of options that come with additional features to maximise your benefits. Here are some of the additional UOB card features you can enjoy:
Travel Benefits with KrisFlyer UOB Credit Card
If you are a frequent traveller, the KrisFlyer UOB Credit Card is an excellent choice. With this card, you can earn KrisFlyer miles every time you spend on your card, which you can redeem for flights, upgrades, and other travel-related expenses. You can earn up to 3 miles per $1 spent on Singapore Airlines, SilkAir, and Scoot, and up to 1.4 miles per $1 spent on other eligible purchases. Additionally, you can enjoy exclusive travel perks such as airport lounge access, complimentary travel insurance, and more.
Special Features for Ladies with UOB Lady’s Card
If you are a woman looking for a credit card that caters to your lifestyle, the UOB Lady’s Card is designed just for you. With this card, you can earn up to 10X UNI$ on your preferred category, including fashion, beauty, dining, transport, and entertainment. You can also enjoy exclusive discounts and privileges at various merchants, including Sephora, Zalora, and more. Plus, you can benefit from the Lady’s Savings Account, which offers higher interest rates and cash rebates on your card spend.
Fuel Savings and Utilities Management
If you are looking to save on fuel and utilities, UOB has you covered. With the UOB One Card, you can earn up to 5% cashback on your fuel spend at Shell and SPC, and up to 3% cashback on your Singapore Power utilities bill. Additionally, you can enjoy up to 10% SMART$ rebate at over 400 participating outlets, including Cold Storage, Guardian, and more. With the UOB PRVI Miles Card, you can earn up to 1.4 miles per $1 spent on your fuel and utilities bill, which you can redeem for travel-related expenses.
Overall, UOB’s secured credit cards come with a range of additional features that cater to your lifestyle and financial needs. Whether you are looking to earn rewards on your overseas spend, save on fuel and utilities, or enjoy exclusive travel perks, UOB has a card that suits your needs.
Frequently Asked Questions
What are the benefits of opting for a secured credit card in Singapore?
If you have a poor credit history or no credit history, a secured credit card can be a great way to build or rebuild your credit. By putting down a deposit as collateral, you can demonstrate your financial responsibility to the bank. Additionally, secured credit cards often come with lower interest rates and fees than unsecured credit cards.
Could you explain the application process for a secured credit card?
To apply for a secured credit card in Singapore, you will need to visit a bank branch or apply online. You will need to provide personal information, such as your name, address, and employment details. You will also need to provide proof of income and identification. Once you are approved, you will need to make a deposit as collateral.
What are the typical requirements to qualify for a secured credit card?
To qualify for a secured credit card in Singapore, you will need to be at least 21 years old and have a steady income. You will also need to have a deposit to put down as collateral. The amount of the deposit will depend on the credit limit you are seeking.
Is it possible to obtain a high credit limit with a secured credit card?
Yes, it is possible to obtain a high credit limit with a secured credit card. The credit limit will be based on the amount of your deposit. If you have a large deposit, you can potentially have a high credit limit.
Which bank offers the best deals on secured credit cards?
UOB is one of the most prominent credit card issuers in Singapore that offer secured credit cards. They offer a range of secured credit cards with different benefits and features.
Are there secured credit cards available with guaranteed approval despite a poor credit history?
While there are no secured credit cards with guaranteed approval, some banks may be more lenient with their approval criteria than others. It is important to do your research and compare the different options available to find the best card for your needs.