If you are a student in Singapore, you might be looking for a credit card that fits your needs and lifestyle. Fortunately, there are several options available that cater specifically to students. These student credit cards come with unique features and benefits that make them ideal for young adults who are just starting to build their credit history.
In this article, we will provide you with all the information you need to know about the best student credit cards in Singapore. We will discuss the key features and benefits of these credit cards, as well as the fees and charges associated with them. We will also provide you with tips on how to build a healthy credit history and compare student credit cards with other options. Whether you are looking for a credit card for dining, shopping, or travel, we’ve got you covered.
Key Takeaways
- There are several student credit cards available in Singapore that come with unique features and benefits.
- When choosing a student credit card, it’s important to consider the fees and charges associated with it.
- Building a healthy credit history is important for your financial future, and student credit cards can help you achieve that.
Understanding Student Credit Cards
Are you a student looking for a credit card to help you manage your finances? A student credit card might be just what you need! These credit cards are designed specifically for students, with features that cater to their needs and lifestyle.
A student credit card typically comes with a lower credit limit than a regular credit card, which can help you manage your spending and avoid overspending. This can be especially helpful if you’re just starting out with credit cards and want to avoid getting into debt.
Another benefit of a student credit card is that it can help you build your credit score. By using your card responsibly and paying your bills on time, you can establish a positive credit history, which can be useful when you apply for loans or other credit products in the future.
To be eligible for a student credit card, you typically need to be an enrolled student. Some cards may also have a minimum income requirement, while others have no minimum income requirement at all. If you’re a student with limited income, a card with no minimum income requirement might be a good option for you.
When looking for the best student credit cards, consider your spending habits and goals. Do you want to earn cashback or rewards for your purchases? Or are you looking for a card that can help you practice disciplined spending? There are a variety of entry-level cards available, each with its own set of features and benefits.
Overall, a student credit card can be a useful tool for managing your finances and building your credit history. With the right card and responsible use, you can set yourself up for financial success in the future.
Top Picks for Singapore Student Credit Cards
DBS Live Fresh Student Card
If you’re a student in Singapore who loves online shopping and staying connected, the DBS Live Fresh Student Card is a fantastic choice. With low annual fees and exciting perks for telco, Netflix, and Spotify subscriptions, this card is tailored for your lifestyle.
CIMB AWSM Card
For students who enjoy dining and entertainment, the CIMB AWSM Card offers great benefits. From cashback on dining to discounts on Spotify and Netflix subscriptions, this card is designed to complement your entertainment and dining experiences.
Maybank eVibes Card
The Maybank eVibes Card is ideal for students who appreciate the perks of online shopping, travel, and dining. With low annual fees and rewards for Agoda bookings, Starbucks, and the Gourmet Pleasures Dining Programme, this card is a valuable companion for your lifestyle.
Citi Clear Card
If you’re a student who loves earning rewards points and enjoys dining out, the Citi Clear Card is a top contender. With benefits such as Citi Rewards Points and exclusive privileges for Agoda bookings and the Gourmet Pleasures programme, this card is perfect for those who appreciate culinary experiences.
Standard Chartered Manhattan $500 Card
For students who want to maximise cashback and enjoy a variety of benefits, the Standard Chartered Manhattan $500 Card is an excellent choice. With cashback rewards and perks for monthly spend, transportation, and SimplyGo, this card is tailored to suit your spending habits and lifestyle.
Key Features and Benefits
If you’re a student in Singapore, getting a credit card can be an excellent way to manage your expenses and build your credit score. Here are some of the key features and benefits of the best student credit cards in Singapore.
Cashback and Rebates
One of the most significant advantages of using a student credit card is the cashback and rebates you can get on your purchases. Some cards offer unlimited cashback, such as the CIMB AWSM Card, which gives you 1% cashback on all spend with no cap on the cashback. Other cards, like the Maybank eVibes Card, offer a cash rebate of up to 1% on all purchases, with no minimum spend required.
Exclusive Deals and Discounts
Many student credit cards in Singapore offer exclusive deals and discounts with popular merchants. For example, the Citibank Clear Card gives you Citi Rewards points that you can use to offset purchases, while the Standard Chartered Manhattan $500 Card offers dining offers and exclusive dining privileges at selected restaurants.
Rewards and Perks
Student credit cards also offer rewards and perks that can help you save money or earn points towards future purchases. For example, the Maybank eVibes Card gives you access to discounts and deals for travel, dining, entertainment, and online shopping. The Citibank Clear Card offers reward points that can be redeemed for vouchers, air miles, and more.
Specialised Student Offers
Finally, many student credit cards in Singapore offer specialised student offers that can help you save money on specific expenses. For example, the DBS Live Fresh Student Card offers discounts on food and groceries, while the Maybank eVibes Card has exclusive deals with eco-friendly merchants.
Overall, student credit cards in Singapore can be an excellent way to manage your expenses and save money while you’re studying. Just be sure to compare the different cards available and choose one that offers the features and benefits that are most relevant to your needs.
Fees and Charges
When considering the best student credit cards in Singapore, it’s crucial to take into account the associated fees and charges. Many of these cards offer enticing features such as no annual fees and low credit limits, making them ideal for students who are just starting to build their credit history. Additionally, some cards may offer lower late fees or even waive them altogether, providing you with peace of mind as you manage your finances.
It’s important to carefully review the fee structure for each card to ensure it aligns with your financial needs and habits. By doing so, you can make an informed decision and select a student credit card that best suits your circumstances.
Eligibility and Application
Are you a student in Singapore looking for a credit card that suits your needs? There are many options available, but before you apply, it’s important to check your eligibility. Most banks require you to be at least 18 years old, and some may have additional requirements such as a minimum income or enrolment in a specific institution.
For example, if you’re a student at the National University of Singapore (NUS), you may be eligible for the NUS Alumni Platinum Credit Card from Maybank. This card offers cashback on dining, petrol, and groceries, as well as discounts on travel and shopping. Similarly, the Nanyang Technological University (NTU) Credit Card from DBS is designed for NTU students and offers cashback on online shopping, dining, and entertainment.
If you’re enrolled in a polytechnic such as Nanyang Polytechnic, Ngee Ann Polytechnic, Temasek Polytechnic, Singapore Polytechnic, or Republic Polytechnic, you may be eligible for a student credit card from a bank such as OCBC, which offers cashback on dining, groceries, and transport.
When applying for a student credit card, you’ll need to provide proof of your enrolment, such as your student ID or admission letter. You may also need to provide proof of income if you have a part-time job or other source of income.
It’s important to choose a credit card that fits your spending habits and needs. Consider factors such as cashback rates, rewards, and fees before making a decision. With the right credit card, you can enjoy discounts and rewards while building your credit history.
Building a Healthy Credit History
As a student, it’s important to start building a healthy credit history early on. A credit history is a record of your past borrowing and repayment behaviour, which lenders use to assess your creditworthiness. A good credit history can help you get approved for loans, credit cards, and other financial products in the future. Here are some tips to help you build a healthy credit history:
1. Use Your Credit Card Responsibly
Using your credit card responsibly is key to building a healthy credit history. This means making your payments on time and in full every month. Late or missed payments can negatively impact your credit score and make it harder to get approved for credit in the future. Set up automatic payments or reminders to help you stay on track.
2. Keep Your Credit Utilisation Low
Credit utilisation refers to the amount of credit you use compared to your credit limit. Keeping your credit utilisation low can help improve your credit score. Aim to keep your credit utilisation below 30% of your credit limit. For example, if your credit limit is $1,000, try to keep your balance below $300.
3. Choose a Card with Disciplined Spending Rewards
Some credit cards offer rewards for disciplined spending. For example, the SCB Manhattan $500 Card is a great option for disciplined spending. It offers cashback on eligible spending categories, such as dining and entertainment, and also rewards you for making your payments on time. Look for a card that fits your spending habits and offers rewards that you can benefit from.
By following these tips, you can start building a healthy credit history as a student. Remember to use your credit card responsibly, keep your credit utilisation low, and choose a card with rewards that fit your spending habits.
Comparing Student Credit Cards with Other Options
Debit Card Comparison
When comparing student credit cards with debit cards, it’s important to note that debit cards are linked directly to your bank account. This means that you can only spend the money you have in your account, which can help you avoid overspending. On the other hand, student credit cards offer the opportunity to build a credit history, which can be beneficial for future financial endeavors.
Prepaid Card Comparison
Prepaid cards are another alternative to student credit cards. These cards are not linked to a bank account and require you to load money onto the card before using it. While prepaid cards can help you manage your spending, they do not offer the same benefits as student credit cards, such as building credit history and earning rewards.
BOC Qoo10 Platinum Mastercard
The BOC Qoo10 Platinum Mastercard is a unique option that offers exclusive benefits for Qoo10 shoppers. With this card, you can earn Qmoney rewards and enjoy discounts on Qoo10 purchases. However, it’s essential to consider if the benefits align with your spending habits and lifestyle before opting for this card.
Overall, when comparing student credit cards with other options, it’s crucial to consider your financial goals and spending habits to determine the most suitable choice for your needs.
Frequently Asked Questions
What are the top benefits of having a student credit card in Singapore?
Owning a student credit card in Singapore comes with numerous benefits. Firstly, it allows you to build your credit history from an early age, which can be useful when you want to apply for a loan or a mortgage in the future. Additionally, student credit cards often come with perks such as cashback rewards, discounts, and exclusive promotions.
How can I compare the perks of different student credit cards available?
To compare the perks of different student credit cards in Singapore, you should consider factors such as the annual fees, interest rates, cashback rewards, discounts, and promotions. You can also check the eligibility criteria, such as the minimum income requirement, age limit, and student status. Comparing different credit cards can help you find the one that best suits your needs and preferences.
What should I consider before applying for my first student credit card?
Before applying for your first student credit card in Singapore, you should consider factors such as your income, spending habits, and financial goals. You should also read the terms and conditions carefully, including the interest rates, fees, and penalties. It’s important to only apply for a credit card that you can afford to pay back and to use it responsibly.
Are there any student credit cards that offer rewards for academic achievements?
Yes, some student credit cards in Singapore offer rewards for academic achievements, such as good grades or perfect attendance. For example, the DBS Live Fresh Student Card offers cashback rewards for online and contactless transactions, as well as a bonus cashback for students who achieve a GPA of 3.5 or higher.
What’s the process for a student under 18 to obtain a debit card in Singapore?
To obtain a debit card in Singapore, a student under 18 will need to have a parent or legal guardian as a joint account holder. The parent or legal guardian will need to provide consent and sign the application form. The student will also need to provide proof of identification and address, such as a passport or a utility bill.
How do student credit cards impact credit history for young adults?
Student credit cards can help young adults build their credit history, as long as they use them responsibly and make timely payments. However, missed payments or defaults can negatively impact their credit score and make it harder to obtain credit in the future. It’s important to only use credit cards for necessary expenses and to pay off the balance in full each month to avoid accruing interest and fees.
