Credit cards are very well known as plastic money. Credit cards are new mode of making payments. They help in performing cashless transactions. Payments for shopping online, getting petrol filled in car, shopping from stores, paying bills, education fees, all other kinds of transactions can easily be done by credit cards. Gone are the days where customer has to carry cash in their wallets, the cash is now replaced by credit cards. There is various Singapore credit card provider available in the market. Research should be carried out before applying for Singapore credit card.
Every person wants to have best credit card singapore, however, credit card providers have firm eligibility prerequisites which need be met before applying for credit card. Hence there are always conditions applied* with the application of credit card. Basic eligibility criteria involve:
Age limit: In most of the Singaporean banks, minimum age limit for applying credit card is 21 years. Basic aim behind fixing this age limit is to ensure that applicant has some source of income. However, there are some banks which provide credit cards to college students. The age limit set for student is of 18 years.
Minimum annual income: applying for card is very easy, problem starts only when customer has to pay the bills. Hence to ensure that the applicant is capable of paying of his/ her bills a threshold of minimum income is laid down. However, this limit may vary from bank to bank. This limit is set by The Monetary Authority of Singapore. In most of the banks minimum income bar is set at annual income of $30,000.
Residential status: Residential status means whether applicant IS a Singaporean or a foreigner. Minimum annual income bar is quite high for the foreigners. There are some banks which don’t even accept credit card applications of foreigners.
An applicant can always improve his/her credit card eligibility.