How to Apply for a Credit Card

While the process of applying for a credit card may seem confusing at first, all you really need in order to fill out your application are your NRIC and a document proving your employment or your university enrolment.

Below, we explain which requirements need to be met for each type of credit card application.

• Applying for a Credit Card: General Criteria
• How to Apply for a Credit Card as a Student
• If You Are a Working Adult Above the Age of 35 (Singaporean/PR)
• If You Are a Working Adult Above the Age of 35 (Foreigner)

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Applying for a Credit Card: General Criteria

Most banks require Singapore citizens and permanent residents below the age of 55 to have a minimum annual income of S$30,000, while those above the age of 55 must have a minimum annual income of S$15,000. Foreigners are required to have a minimum annual income between S$40,000 and S$60,000, depending on the bank.

If you are a working adult below the age of 55 years old, and you make less than S$30,000, you can still satisfy the financial requirement if you own personal (cash, savings, certificates of deposit) or financial assets (stocks, bonds, mutual funds).

Your card’s credit limit will also depend on your annual salary, with those earning S$30,000 to S$120,000 a year being eligible for a credit limit of up to four times their monthly income. Individuals who earn in excess of S$120,000 a year have no regulatory limit to their credit limit, and will have a credit limit set purely at the discretion of the bank based on their credit profile.

Some student credit cards do not require a salary, but their credit card limits are typically capped at S$500.

The application process typically takes no more than 10 minutes, and can be completed either via SingPass with MyInfo, via the bank’s online banking platform (for existing customers) or via a manually filled online application. You will need a copy of your NRIC, latest payslip or Tax Notice of Assessment, your CPF statement, bank statements, pay slips and for some applications also a utility/telephone bill as a proof of address.

Depending on the platform used for the application, and whether you are already an existing customer of the bank, the approval can happen instantly or take up to 7 business days.

Related: How to Use a Credit Card: Best Practices Explained

How to Apply for a Credit Card as a Student

Several banks offer tertiary students credit cards without having to satisfy the minimum salary requirement, which is a great opportunity to start building your credit history early. Most banks have similar eligibility requirements, which are:

The required documents are:

While credit card applications for adults are typically filled out online and can be approved in minutes, student credit cards are often filled out online, then printed, signed and mailed by post or sent by email along with the supporting documents. The processing time can take two weeks or longer.

There are several great options currently available for students. DBS Live Fresh Student Card offers up to 5% cashback on dining and TV streaming services, plus an extra 5% Green Cashback on selected eco-eateries, retailers & transport services for students between the ages of 21 and 27 years old. The annual fee of S$196.20 will be waived for the first 5 years.

Maybank eVibes Card offers 1% rebate on all spending, with the fees waived for the first 2 years if the card is used at least once every 3 months. The applicant’s age must be between 18 and 30 years old, and the only documents you will need for your application are a copy of your NRIC and a copy of your Student ID (if below the age of 21, parent’s NRIC is also required).

Related: Does Your Teenager Really Need a Credit Card?

How to Apply for a Credit Card as a Working Adult (Singaporean/PR)

For working adults there are two categories which will dictate the outcome of your application: your age and your type of employment. Age Classification: If you are up to the age of 55, the minimum salary requirement is S$30,000 to apply for a credit card. If you are above the age of 55 , the minimum salary requirement is S$15,000.

With regards to your employment type, you can either be a fully-salaried employee of a company, or a commissioned based earner/self-employed. If you’re income is highly dependent on your commissions or fluctuate month to month, most banks will tend to be more conservative when deciding your credit limit to limit their risk of you not being able to repay credit card debts due to a low month of earnings.

The next step is figuring out which documents are required for the application, which depend on your type of employment.

Some banks may also request a copy of your utility or telephone bill as a proof of residential address. This is typically only the case if the address you declare as your residential address does not match the address on the back of your NRIC.

There are typically two exceptional cases where you won’t be required to provide any documentation. The first is if you already have a credit card with the bank. The second is when you’re applying for your first credit card at a bank where you already have a debit card. In that case, some banks won’t require any documents other than an online application so long as you also credit your salary via GIRO.

How to Apply for a Credit Card as a Working Adult (Foreigner)

Keep in mind that all the above-listed requirements only apply to Singaporeans/PRs. The minimum annual income for foreigners varies greatly from bank to bank.

The required documents for foreigners are: