Are you a student in Singapore looking to apply for a credit card? You might be wondering if you are eligible to apply for a credit card as a student. The answer is yes, students in Singapore are eligible to apply for credit cards. In fact, some banks in Singapore offer credit cards specifically designed for students.
Understanding the eligibility requirements and features of student credit cards in Singapore can help you choose the right one for you. Some student credit cards have no minimum income requirement, low annual fees, and a low credit limit. To successfully apply for one, you’ll be required to be an enrolled student or an NSF waiting to enter a tertiary institution.
Understanding Student Credit Cards in Singapore
As a student in Singapore, you may be eligible for a student credit card. These credit cards are designed specifically for students and come with unique features and benefits. In this section, we’ll take a closer look at what student credit cards are, their benefits, and how they work.
What Are Student Credit Cards?
Student credit cards are credit cards designed for students who are at least 18 years old. These credit cards typically have lower credit limits than regular credit cards, making them a good option for students who are just starting to build their credit history. In addition, student credit cards often have lower annual fees and interest rates than regular credit cards.
Benefits of Student Credit Cards
There are several benefits to having a student credit card in Singapore. First and foremost, student credit cards can help you build your credit history. By using your credit card responsibly and paying your bills on time, you can establish a good credit score, which will be important when you apply for loans or other types of credit in the future.
In addition, many student credit cards come with rewards programs that allow you to earn points or cash back on your purchases. Some student credit cards also offer discounts or special deals at certain retailers or restaurants. These rewards and discounts can help you save money on your everyday expenses.
How Do Student Credit Cards Work?
When you apply for a student credit card, you’ll need to provide proof of your student status, such as your student ID or a letter from your school. Once you’re approved for a credit card, you’ll receive a credit limit, which is the maximum amount you can spend on your credit card.
When you use your credit card to make a purchase, you’re essentially borrowing money from the credit card company. You’ll need to pay back the money you borrow, plus any interest and fees that apply. To avoid paying interest, it’s important to pay your credit card bill in full and on time each month.
In conclusion, student credit cards can be a great way for students in Singapore to build their credit history and earn rewards on their purchases. However, it’s important to use your credit card responsibly and pay your bills on time to avoid accumulating debt.
Eligibility and Requirements
If you are a student in Singapore, you may be wondering whether you are eligible to apply for a credit card. The good news is that many banks offer credit cards specifically designed for students, with lower income requirements and other benefits. Here are some of the eligibility criteria and requirements you should keep in mind.
Age and Education Criteria
To apply for a credit card in Singapore, you must be at least 21 years old. However, some banks may offer student credit cards to those who are 18 years or older. Additionally, you must be a student at a recognized institution such as NUS, NTU, SMU, or the University of Chicago Booth School of Business.
Income and Employment
Most credit cards in Singapore have a minimum income requirement of S$30,000 per year for Singaporeans and S$45,000 per year for foreigners. However, some banks offer student credit cards that do not have a minimum income requirement. These cards may be a good option if you are looking to build your credit history while still in school.
To apply for a credit card, you will also need to provide proof of employment or income. If you are a student, you may need to provide a letter from your school or a part-time job. Some banks may also require a guarantor or co-signer for your credit card application.
Credit Score and Financial History
Your credit score and financial history will also be taken into consideration when you apply for a credit card. If you have no credit history or a low credit score, you may still be able to qualify for a student credit card with a lower credit limit.
It is important to note that credit cards should be used responsibly and only for necessary expenses. Make sure you understand the terms and conditions of your credit card before applying, including interest rates, fees, and payment due dates. With a little research and responsible use, a credit card can help you build your credit history and prepare for your financial future.
Top Student Credit Cards Compared
If you’re a student in Singapore, you may be wondering which credit card to apply for. There are several options available, each with its own set of benefits. Here’s a comparison of some of the top student credit cards in Singapore.
DBS Live Fresh Student Card
The DBS Live Fresh Student Card is a great choice for students who want to earn rewards on their spending. With no annual fee, this card offers up to 5% cashback on online and Visa contactless transactions, as well as 0.3% cashback on all other spending. You can also enjoy discounts at selected merchants, such as Zalora and Lazada.
Maybank eVibes Card
The Maybank eVibes Card is another popular option for students. This card has no annual fee and offers 1% cashback on all spending. You can also enjoy discounts at selected merchants, such as Grab and Foodpanda. In addition, you can earn rewards points that can be redeemed for vouchers or air miles.
CIMB AWESM Card
The CIMB AWESM Card is a good choice for students who want to keep their spending in check. This card has no annual fee and offers 1% cashback on all spending. You can also set your own credit limit, which can help you avoid overspending. In addition, you can enjoy discounts at selected merchants, such as Agoda and Expedia.
Standard Chartered Manhattan $500 Card
The Standard Chartered Manhattan $500 Card is a great choice for students who want to earn rewards on their spending. This card has an annual fee of $32.10, but offers up to 3% cashback on dining, petrol, and travel transactions, as well as 0.25% cashback on all other spending. You can also enjoy discounts at selected merchants, such as Deliveroo and The Coffee Bean & Tea Leaf.
Citibank Clear Card
The Citibank Clear Card is a popular choice for students who want to earn rewards on their spending. This card has no annual fee and offers up to 3% cashback on dining, entertainment, and online shopping transactions, as well as 0.25% cashback on all other spending. You can also enjoy discounts at selected merchants, such as Cathay Cineplexes and Klook.
Overall, there are several great options for students looking to apply for a credit card in Singapore. Consider your spending habits and choose the card that best fits your needs.
Maximising Card Benefits
When it comes to credit cards for students in Singapore, maximising the benefits is key. Here are some tips to help you make the most of your card:
Earning Rewards and Cashback
Many credit cards for students offer rewards and cashback on specific categories such as dining, entertainment, and online shopping. Make sure to choose a card that aligns with your spending habits to maximise your rewards. For example, if you enjoy dining out, look for a card that offers cashback or discounts on dining deals.
Utilising Promotions and Discounts
Credit card companies often partner with merchants to offer promotions and discounts to cardholders. Take advantage of these deals to save money on your purchases. For instance, you can enjoy discounts on Netflix, Spotify, and food deliveries with certain credit cards.
Managing Credit and Spending Wisely
It’s important to manage your credit and spending wisely to avoid accumulating debt. Set a budget and stick to it, and make sure to pay your bills on time to avoid late fees and interest charges. Keep track of your spending and credit limit to ensure you don’t exceed your budget.
Overall, using credit cards for students in Singapore can be a great way to earn rewards, cashback, and savings while building your credit score. By following these tips and using your card responsibly, you can maximise the benefits and make the most of your card.
Understanding Fees and Charges
As a student, it is important to understand the fees and charges that come with applying for a credit card in Singapore. This will help you make an informed decision on which credit card to apply for based on your budget and needs.
Annual Fees and Waivers
One of the most important fees to consider when applying for a credit card is the annual fee. This is the fee that you will be charged every year for using the credit card. Some credit cards may have low annual fees, while others may have higher fees.
When looking for a credit card as a student, it is important to look for a credit card with low annual fees or one that offers a waiver for the first few years. For example, the DBS Live Fresh Student Card has an annual fee of $192.60, but this fee is waived for the first 5 years. Similarly, the Citibank Clear Student Credit Card has an annual fee of $29.96, which is waived for the first year.
Interest Rates and Other Charges
Apart from annual fees, it is important to also consider the interest rates and other charges associated with the credit card. Interest rates are the rates that you will be charged on any outstanding balance on your credit card. Some credit cards may have high interest rates, while others may have lower rates.
In addition to interest rates, there may also be other charges associated with the credit card, such as late payment fees, cash advance fees, and foreign transaction fees. These charges can quickly add up and affect your overall credit card bill.
When looking for a credit card as a student, it is important to look for a credit card with low interest rates and minimal other charges. For example, the Maybank eVibes Student Credit Card has an interest rate of 25.9% per annum, which is relatively low compared to other credit cards in Singapore. Additionally, the CIMB AWSM Card has no annual fee and no late payment fees.
Overall, it is important to do your research and compare different credit cards before applying for one as a student in Singapore. Look for credit cards with low annual fees, low interest rates, and minimal other charges to help you save money and stay within your budget.
Additional Perks and Offers
When you apply for a student credit card in Singapore, you can enjoy a range of additional perks and offers that can help you save money and enhance your lifestyle. Here are some of the most exciting perks and offers that you can enjoy with a student credit card:
Lifestyle and Entertainment
With a student credit card, you can enjoy discounts and special offers on a range of lifestyle and entertainment services. For example, you can get discounts on movie tickets at Golden Village cinemas, or enjoy special offers on Samsung Pay. You can also get access to exclusive events and experiences with your credit card, such as special concerts or exhibitions.
Dining and Fast Food
If you love dining out or ordering fast food, a student credit card can help you save money on your favourite meals. Many credit cards offer discounts or cashback on dining and fast food services, such as McDonald’s or McDelivery. Some credit cards also offer discounts on Starbucks coffee and other popular food and beverage outlets.
Online Shopping and Services
Online shopping is becoming increasingly popular in Singapore, and many student credit cards offer special discounts and offers for online shopping and services. For example, you can get discounts on groceries and other household items with your credit card, or enjoy cashback on petrol purchases. You can also get special offers on transportation services such as Grab or taxi rides.
Overall, a student credit card can be a great way to save money and enjoy a range of exciting perks and offers in Singapore. Whether you love dining out, shopping online, or enjoying entertainment and lifestyle services, there is sure to be a credit card that suits your needs and preferences.
Building a Healthy Credit History
Building a healthy credit history is essential for students who want to establish a strong financial foundation. By using credit cards responsibly, you can build a positive credit score, which will help you secure loans and other financial products in the future.
Responsible Credit Card Use
Using your credit card responsibly means using it only for necessary expenses and making timely payments. This will help you avoid accumulating debt and ensure that you maintain a healthy credit score.
One way to ensure responsible credit card use is to set a budget for your expenses and stick to it. You can also use your credit card to pay for recurring expenses like utility bills or groceries, as long as you pay off the balance in full each month.
Understanding Credit Limits and Repayments
Credit limits are the maximum amount of money you can borrow on your credit card. It’s important to understand your credit limit and avoid exceeding it, as this can negatively impact your credit score.
Repayments refer to the amount of money you need to pay back to your credit card company each month. It’s important to make timely repayments to avoid late fees and interest charges, which can quickly accumulate and lead to debt.
By understanding your credit limit and repayments, you can use your credit card responsibly and build a healthy credit history.
Overall, building a healthy credit history takes time and effort, but by using your credit card responsibly, you can establish a strong financial foundation for your future.
Student Card Alternatives and Comparisons
As a student, you may be wondering if a credit card is the best option for you. While credit cards can be a great way to build credit and earn rewards, there are other options to consider. Here are some alternatives to student credit cards and how they compare.
Debit Cards and Prepaid Cards
Debit cards and prepaid cards are a great option for students who want to avoid debt and overspending. With a debit card, you can only spend the money that is in your bank account, so you won’t be able to spend more than you have. Prepaid cards work in a similar way, but you load money onto the card before you use it.
One advantage of using a debit or prepaid card is that you won’t have to worry about interest charges or late fees. However, you may miss out on some of the perks that come with credit cards, such as cashback or rewards points.
Secured Credit Cards and Loans
If you’re interested in building your credit history, a secured credit card or loan may be a good option. With a secured credit card, you’ll need to put down a deposit that serves as collateral. This deposit is usually equal to your credit limit, so if you put down $500, you’ll have a $500 credit limit.
Secured loans work in a similar way. You’ll need to put down collateral, such as a car or savings account, in order to get a loan. These types of loans can be a good way to build credit, but they can also be risky if you’re unable to make your payments.
When comparing student card alternatives, it’s important to consider your own financial situation and goals. If you’re looking to avoid debt and overspending, a debit or prepaid card may be the best option. If you’re interested in building credit, a secured credit card or loan may be a good choice.
Future Financial Planning
As a student, you might be focused on your immediate financial needs, such as paying for tuition, accommodation, and daily expenses. However, it’s also important to think about your future financial planning, especially when it comes to credit cards.
From Student to Graduate: Transitioning Financial Products
When you graduate, your financial needs and goals may change. You might be looking for a job, planning to move out, or thinking about further education. Therefore, you may need to switch from a student credit card to a regular credit card that offers more benefits and rewards.
Before you apply for a new credit card, it’s important to check your credit score and credit history. These factors can affect your eligibility and interest rates for new credit products. You can check your credit score for free on websites such as Experian or Equifax.
Planning for Long-Term Credit Health
Credit cards can be a useful tool for building your credit history and improving your credit score. However, it’s important to use them responsibly and avoid overspending or missing payments.
One way to manage your credit card expenses is to create a budget and track your spending. You can use online tools or mobile apps to monitor your transactions and set alerts for due dates or balance limits.
Another way to improve your credit health is to save money and build an emergency fund. This can help you avoid using credit cards for unexpected expenses or emergencies, and reduce your reliance on credit in general.
By planning for your long-term credit health, you can set yourself up for a brighter financial future and achieve your goals with confidence.
Conclusion
Congratulations! You have learned about the benefits of having a credit card as a student in Singapore. You now know that credit cards can help you build your credit score, earn rewards, and enjoy discounts and cashback.
Remember, before applying for a credit card, you should research the different options available and choose one that fits your needs and budget. Look for credit cards that offer low interest rates, no annual fees, and rewards that match your spending habits.
Always make sure to pay your credit card bills on time and in full to avoid late fees and interest charges. Keep track of your spending and budget wisely to avoid overspending and accumulating debt.
With the right credit card and responsible use, you can enjoy the benefits of credit cards as a student in Singapore. So what are you waiting for? Apply for a credit card today and start building your financial future!
Frequently Asked Questions
What’s the best credit card for students in Singapore this year?
If you’re a student looking for the best credit card in Singapore, you’re in luck! There are several credit cards available that are tailored specifically for students. Some of the best credit cards for students in Singapore include the CIMB Platinum Mastercard, Maybank eVibes Card, and the DBS Live Fresh Student Card. These cards offer various perks such as cashback, discounts on dining, and promotions on entertainment.
How can international students secure a credit card in Singapore?
International students can apply for a credit card in Singapore as long as they meet the eligibility criteria set by the bank. Some banks require international students to have a local guarantor, while others may require a higher minimum income. International students can also consider applying for a secured credit card, which requires a deposit as collateral.
Are there any special credit card options for students under 18?
Students under 18 years of age are not eligible to apply for a credit card in Singapore. However, they can consider applying for a debit card, which allows them to spend money from their own bank account. Parents can also consider adding their child as an authorized user on their credit card account.
Which banks offer the most exciting perks with student credit cards?
Several banks in Singapore offer student credit cards with exciting perks such as cashback, discounts on dining and entertainment, and promotions on travel. Some of the banks that offer the most exciting perks with student credit cards include CIMB, Maybank, and DBS.
Can foreign students obtain credit cards whilst studying in Singapore?
Foreign students can apply for a credit card in Singapore as long as they meet the eligibility criteria set by the bank. Some banks may require a higher minimum income or a local guarantor. Foreign students can also consider applying for a secured credit card, which requires a deposit as collateral.
What are the requirements for students to get a credit card?
To apply for a credit card in Singapore, students must be at least 21 years of age and have a minimum income of S$30,000 per annum. However, some credit cards are tailored specifically for students and have no minimum income requirement. Students must also provide proof of identification, proof of income, and proof of enrollment in a tertiary institution.
