Which Credit Cards Should Low-Income Earners in Singapore Consider?

In Singapore, low-income earners can still access credit cards, though options might be limited. While the Monetary Authority of Singapore (MAS) sets an annual income requirement of at least S$30,000 for most cards, there are low-income credit cards available.

These might include those with a lower credit limit or secured credit cards. However, before you apply for a new credit card, it's crucial to consider your debt-to-income ratio and ensure you can manage repayments. It’s also important to remember to update your income information with the bank as it changes, which could increase your chances of being approved for a better credit card, even as a low-income earner.

If you’re a low-income earner, a fresh graduate, or a student, here are some things to consider before getting a credit card:

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For people with low incomes, avoiding unnecessary expenses like annual fees is crucial. Luckily, in Singapore, most credit cards offer no annual fee for the first year or two of usage, and sometimes these fees can be waived. However, this is not always guaranteed, so it's still best to get a no-annual-fee card.

A no-annual-fee card is also easier to use for a long time, which can help bolster your credit history since the average age of your accounts is one of the factors that determine your credit score. Plus, a longer credit history also demonstrates responsible credit management, which can improve your creditworthiness over time. This makes a no-annual-fee card some of the best options for low-income earners looking to build their credit.

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Every time you apply for a new loan or a credit card, the financial institution involved will inquire into your credit score with the Credit Bureau Singapore (CBS). This is then noted by CBS and shared with other financial institutions.

Your credit score may be negatively affected if you have made many credit card applications within a short space of time. This is because it signals that you are looking to take on more debt. That’s why pre-approval processes, when available, can help you explore your options without negatively impacting your credit score. This is especially helpful when looking for the best credit card as a low-income earner.

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If you want to get a credit card, MAS mandates that you meet at least one of three conditions:

1. Annual income of at least S$30,000

2. Total net personal assets of at least S$2M

3. Total net financial assets of at least S$1M

In Singapore, income for credit card applications may include your salary, allowances, or other regular income as long as you can show proof via payslips, tax notices, or CPF statements. Since 2007, the MAS has eased restrictions, allowing banks to issue cards with a S$500 credit cap and no minimum income requirement. These are good options for those with low incomes looking to apply for credit cards or those who simply want a credit card with a low income requirement.

However, it’s no big surprise that the benefits and perks offered by these credit cards for people with low incomes are somewhat underwhelming. After all, these were never meant to replace “proper” credit cards; they merely provide the convenience of cashless payments to those who would otherwise not have it.

If you’re still eyeing a “proper” credit card but don’t meet the income requirement, an alternative is to consider a secured credit card instead. These basically carry the same fees and benefits as a regular credit card but require you to put S$10,000 in a fixed deposit (which also serves as the credit limit).

HSBC, DBS, UOB, and CIMB all offer secured versions of popular credit cards like the DBS Altitude and UOB PRVI Miles for you to consider.