If you’re a student in Singapore, you might be wondering whether a credit card is a good idea. After all, credit cards can be a great way to build credit history, but they can also be tricky to manage. Fortunately, there are plenty of student credit cards available in Singapore, each with its own set of features and benefits.
In this article, we’ll take a closer look at student credit cards in Singapore and provide a review of some of the top options available. We’ll also help you understand the features to consider when choosing a card, how to maximise your benefits, and how to build a healthy credit history. By the end of this article, you’ll be well on your way to finding the perfect student credit card for your needs.
Key Takeaways
- Student credit cards in Singapore are a great way to build credit history, but it’s important to choose one that fits your needs.
- When choosing a card, consider the features that are most important to you, such as rewards, cashback, or low interest rates.
- By understanding the fees and charges associated with your card, you can make the most of your benefits and avoid costly mistakes.
Understanding Student Credit Cards in Singapore
If you are an enrolled student in Singapore, you might be eligible for a student credit card. These credit cards are designed specifically for students and come with several benefits. In this section, we will discuss what a student credit card is, the benefits of having one, and the eligibility and requirements.
What is a Student Credit Card?
A student credit card is a type of credit card that is designed for students who are enrolled in a university or college. These credit cards are typically easier to obtain than regular credit cards and have lower credit limits. They also come with lower interest rates and no minimum income requirement.
Benefits of Having a Student Credit Card
There are several benefits of having a student credit card. First and foremost, it can help you build your credit score. By using your credit card responsibly and making timely payments, you can establish a good credit history. This can be beneficial when you apply for loans or other credit products in the future.
In addition, student credit cards often come with rewards programs. These programs can offer cashback, discounts, or points that can be redeemed for merchandise or other rewards. Some credit cards also offer benefits such as travel insurance or purchase protection.
Eligibility and Requirements
To be eligible for a student credit card, you must be enrolled as a full-time student in a university or college. You must also meet the age requirements set by the credit card issuer. Some credit cards may require you to be at least 18 years old, while others may have a higher age requirement.
In addition, you must meet the credit card issuer’s eligibility requirements. This may include having a good credit score or income level. However, many student credit cards do not have a minimum income requirement and are easier to obtain than regular credit cards.
In conclusion, student credit cards in Singapore are a great way for students to build their credit history and enjoy rewards and benefits. If you are an enrolled student, consider applying for a student credit card that suits your needs and preferences.
Top Student Credit Cards Reviewed
If you’re a student in Singapore, you may be looking for a credit card that can help you save money while earning rewards. Here are some of the top student credit cards that you may want to consider:
Maybank eVibes Card
The Maybank eVibes Card is one of the best student credit cards in Singapore. It has no annual fees and no minimum income requirement, making it easy for students to apply. With this card, you can enjoy up to 3% cashback on your spending, as well as discounts and rewards at various merchants. You can also earn bonus cashback when you spend on selected categories like dining and entertainment.
CIMB AWSM Card
The CIMB AWSM Card is another great option for students. It offers up to 1% cashback on all your spending, with no minimum spend required. You can also enjoy discounts and deals at various merchants, including food and beverage outlets, fashion stores, and more. Plus, you can earn bonus cashback when you spend on categories like groceries and transport.
DBS Live Fresh Student Card
The DBS Live Fresh Student Card is designed for students who want to earn rewards on their spending. With this card, you can earn up to 5% cashback on your online and contactless spending, as well as discounts and deals at various merchants. You can also earn bonus cashback when you spend on selected categories like dining and entertainment.
Standard Chartered Manhattan $500 Card
The Standard Chartered Manhattan $500 Card is a great option for students who want to earn rewards on their spending. With this card, you can earn up to 3% cashback on your spending, as well as discounts and deals at various merchants. You can also earn bonus cashback when you spend on selected categories like dining and petrol.
Citibank Clear Card
The Citibank Clear Card is a popular choice for students who want to save money on their spending. With this card, you can enjoy up to 10% cashback on your spending at various merchants, including food and beverage outlets, fashion stores, and more. You can also earn bonus cashback when you spend on selected categories like dining and entertainment.
BOC Qoo10 Platinum Mastercard
The BOC Qoo10 Platinum Mastercard is a unique credit card that offers cashback on your online shopping at Qoo10. With this card, you can earn up to 10% cashback on your Qoo10 spending, as well as discounts and deals at various merchants. You can also earn bonus cashback when you spend on selected categories like dining and entertainment.
Overall, there are many great student credit cards in Singapore that can help you save money and earn rewards. Consider the features and benefits of each card to find the one that’s right for you.
Features to Consider When Choosing a Card
When choosing a student credit card in Singapore, there are several features that you should consider to ensure that you get the best deal possible. Here are some of the most important features to look out for:
Credit Limit and Cashback Rate
One of the most important factors to consider when choosing a student credit card is the credit limit and cashback rate. You want to make sure that the credit limit is high enough to meet your needs, but not so high that you end up overspending. Additionally, you should look for a card that offers a high cashback rate on your purchases, so that you can earn rewards on your spending.
Annual Fees and Other Charges
Another important factor to consider when choosing a student credit card is the annual fees and other charges. You want to make sure that the card you choose has reasonable fees and charges, so that you don’t end up paying more than you need to. Some cards may also have other charges, such as late payment fees or cash advance fees, so be sure to read the fine print before applying.
Rewards and Perks
Finally, you should also consider the rewards and perks that come with the card. Many student credit cards offer rewards and perks such as cashback, rebates, or other incentives for using the card. Some cards may also offer additional benefits such as discounts on dining or entertainment, or access to exclusive events or promotions. Be sure to compare the rewards and perks offered by different cards to find the one that best meets your needs.
Overall, when choosing a student credit card in Singapore, it’s important to consider a variety of factors to ensure that you get the best deal possible. By looking at features such as credit limit, cashback rate, annual fees, and rewards and perks, you can find a card that meets your needs and helps you save money.
Maximising Benefits
If you’re a student looking to get the most out of your credit card, you’ll want to maximise your benefits. Here are some strategies for earning more points and best practices for card usage.
Strategies for Earning More Points
One way to maximise your benefits is to earn more points. You can do this by using your credit card for all your purchases, including groceries, dining out, and online shopping. Some credit cards offer bonus points for specific categories, such as travel or entertainment, so make sure to take advantage of these offers.
Another way to earn more points is to use your credit card for big-ticket purchases, such as electronics or furniture. Many credit cards offer extra points for these types of purchases, so it’s worth considering if you’re planning to make a large purchase.
Best Practices for Card Usage
To get the most out of your credit card, it’s important to use it wisely. Here are some best practices to keep in mind:
- Pay off your balance in full each month to avoid interest charges.
- Use your credit card for purchases you would make anyway, rather than spending more than you can afford.
- Take advantage of discounts and rewards points offered by your credit card. Many credit cards offer discounts at your favourite brands, so make sure to check which ones are available to you.
By following these strategies and best practices, you can maximise your benefits and get the most out of your student credit card.
Lifestyle Benefits
As a student, you want to get the most out of your credit card. That’s why it’s important to choose one that offers lifestyle benefits that suit your needs. Here are some of the lifestyle benefits that you can enjoy with a student credit card in Singapore.
Dining and Entertainment
Are you a foodie or love going out with friends? Look for a student credit card that offers dining and entertainment benefits. For example, the Citibank Clear Card offers exclusive dining deals at over 1,000 restaurants in Singapore. You can also enjoy up to 10% off movie tickets at Cathay Cineplexes and Shaw Theatres.
Online Shopping and Subscriptions
If you love online shopping and subscriptions, look for a student credit card that offers cashback or rewards for these purchases. For example, the CIMB AWSM Card offers 1% cashback on online shopping and telco bills. You can also enjoy 10% off Agoda hotel bookings and 5% cashback on Spotify subscriptions.
Travel and Transportation
If you’re a student who loves to travel or commute, look for a student credit card that offers travel and transportation benefits. For example, the Maybank eVibes Card offers 1% cashback on Grab rides and 3.33% cashback on petrol at Shell and Esso stations. You can also enjoy up to 15% off fashion and beauty purchases at Zalora.
In conclusion, when choosing a student credit card in Singapore, consider the lifestyle benefits that are most important to you. Whether you love dining out, online shopping, or travelling, there is a student credit card that can help you save money and enjoy exclusive offers.
Understanding Fees and Charges
As a student, it’s important to understand the fees and charges associated with your credit card. This will help you avoid any unnecessary costs and keep your finances in check.
Late Fees and Interest Rates
Late fees and interest rates are two of the most important fees to consider when choosing a credit card. Late fees can be charged when you miss a payment or make a payment after the due date. These fees can vary depending on the credit card, but they can be as high as £12. Interest rates, on the other hand, are charged when you carry a balance on your credit card. These rates can vary depending on the credit card and your credit score, but they can be as high as 29.9% APR.
To avoid late fees, make sure you pay your bill on time each month. Setting up automatic payments can help ensure that you never miss a payment. To avoid high interest rates, try to pay off your balance in full each month. If you can’t pay off your balance in full, try to pay more than the minimum payment to reduce the amount of interest you’ll be charged.
Foreign Transaction Fees
If you plan on using your credit card while travelling abroad, you should be aware of foreign transaction fees. These fees are charged when you use your credit card to make a purchase in a foreign currency. They can be as high as 3% of the transaction amount.
To avoid foreign transaction fees, look for a credit card that doesn’t charge these fees. Some credit cards, such as the Citibank Clear Card, offer no foreign transaction fees. If you can’t find a credit card that doesn’t charge foreign transaction fees, consider using a debit card or cash while travelling abroad.
Overall, understanding the fees and charges associated with your credit card is important for managing your finances as a student. By choosing a credit card with low fees and paying your bill on time each month, you can avoid unnecessary costs and build a strong credit history.
Building a Healthy Credit History
As a student, you may be considering getting a credit card to help you manage your expenses. However, it’s important to remember that your credit history will follow you for years to come. Building a healthy credit history is crucial for your financial future, and a student credit card can be a great tool to help you achieve that.
Importance of Timely Payments
One of the most important factors in building a healthy credit history is making timely payments. Late payments can have a negative impact on your credit score and can make it difficult to get approved for loans or credit in the future. It’s important to make at least the minimum payment on your credit card each month and to pay your bill on time.
To help you keep track of your payments, consider setting up automatic payments or reminders. This will ensure that you never miss a payment and will help you stay on top of your credit card balance.
Credit Card Management for Students
Managing a credit card as a student can be challenging, but it’s important to be responsible with your spending. Here are a few tips to help you manage your credit card effectively:
- Keep track of your spending: Make a budget and stick to it. This will help you avoid overspending and will ensure that you have enough money to pay your credit card bill each month.
- Use your credit card for sustainable spend: Consider using your credit card for eco-friendly and sustainable purchases, such as public transport or reusable products. This will help you reduce your carbon footprint and can also earn you rewards points or cashback.
- Pay your balance in full: If possible, try to pay your credit card balance in full each month. This will help you avoid interest charges and will also improve your credit score.
By following these tips, you can use your student credit card to build a healthy credit history and set yourself up for a successful financial future.
Conclusion
In this article, you have explored the diverse range of student credit cards available in Singapore, each offering unique benefits and features tailored to suit your needs. By carefully examining the options, you can make an informed decision that aligns with your lifestyle and financial goals. With the potential to earn rewards, enjoy dining perks, and manage your expenses responsibly, student credit cards can be a valuable tool for enhancing your financial independence during your studies in Singapore. Whether you are looking to build your credit history or simply enjoy the convenience of cashless transactions, the right student credit card can be a beneficial addition to your financial toolkit.
Frequently Asked Questions
What are the top perks of obtaining a student credit card in Singapore?
As a student in Singapore, obtaining a credit card can offer several benefits. One of the top perks is the ability to build a credit history early on, which can help you in the future when you want to apply for loans or other credit products. Additionally, many student credit cards in Singapore offer exclusive discounts and rewards at popular retailers, making it easier for you to save money while you spend.
How does the Citibank Clear student card stack up against other options?
The Citibank Clear student card is a popular option for students in Singapore. It offers rewards points that can be used to offset purchases, making it a great choice for those who want to earn rewards while they spend. However, it’s important to compare it to other options to see if it’s the best fit for you. Be sure to consider factors such as annual fees, interest rates, and rewards programs when comparing student credit cards in Singapore.
Can students under 18 years old in Singapore apply for a credit card?
In Singapore, you must be at least 21 years old to apply for a credit card. However, some banks may allow students who are 18 years old and above to apply for a credit card with a parent or guardian as a co-signer. Be sure to check with the specific bank to see if this is an option for you.
What might be the downsides to using a credit card during your studies?
While there are many benefits to using a credit card during your studies, there are also some downsides to consider. One of the biggest risks is overspending, which can lead to debt and financial trouble. Additionally, if you don’t pay your credit card bill on time, you may be charged high interest rates and late fees. It’s important to use your credit card responsibly and only spend what you can afford to pay back.
How does the OCBC student credit card compare to DBS Live Fresh for daily use?
Both the OCBC student credit card and DBS Live Fresh card offer several benefits for students in Singapore. The OCBC card offers cashback rewards on dining and online shopping, while the DBS Live Fresh card offers cashback on contactless payments and online shopping. When comparing these two cards, be sure to consider your spending habits and which rewards program would benefit you the most.
Are there any exclusive benefits for students using the DBS Live Fresh card?
Yes, there are several exclusive benefits for students using the DBS Live Fresh card. These benefits include a higher cashback rate on online shopping and contactless payments, as well as discounts at popular retailers. Additionally, students can enjoy exclusive promotions and offers throughout the year.
