Singapore Expats

I have a question about getting credit cards here at any of the local banks. How is it possible to get a credit card for those whose salary falls below the minimum annual salary of $80K? My own personal opinion is quite biased considering that the locals only have to earn $30K in order to qualify. I'm sure they're quite a few foreigners who don't make $80K a year, myself included. I've checked with DBS, Citibank, UOB, OCBC, HSBC, and Standard Charter and I can't even apply since I don't meet there requirements.

Does anyone know of any other banks that will accept a lower salary requirement for a foreigner? I've been living here for three years already and I find it frustrating that, even with having two bank accounts at two local banks, I'm still turned down. Trying to get one in my own home country won't work as well since I'm not living or working there. Any help or advice is appreciated. Thanks.

Shadou,

I though the figure was $60K for Foreigners? In years gone by not only did you have to have the salary, unless you were a PR you also had to put up a fixed deposit equal to the amount of the credit line with the issuing bank as the beneficiary. Not real sure what the amount are today as I've been a PR for many years now.

Okay, I've retrieved a credit card application sent to me a couple of days ago from the trashcan. It's a Platinum Credit Card Offer from Singtel/American Express (credit card not the normal AMEX charge card). The Salary requirements for this card is $50K for Singaporean/PR's and $60K for Foreigners (as stated on the accompanying application form).

Have you tried UOB Visa Mini
as the criteria for foreigners is as follows:-

Foreigners must have a minimum income of S$80,000 p.a.
If you do not meet the minimum income requirement, a minimum Fixed Deposit Collateral of S$10,000 is required
1. http://www.uob.com.sg/pages/personal/ca ... amini.html

In order to be eligible for a UOB Visa Mini, you will need to be a Principal Cardmember of a regular size UOB Credit Card. If not, you will be issued with a UOB Visa Classic Credit Card with your application to accompany your UOB Visa Mini
2. https://uniservices1.uobgroup.com/secur ... ercard.jsp

So in view of above, you'll have 2 cards right

avoid those plantinum and gold cards as bank needs you to park S$50k as FD unless of course you have that kind of money

Also, what about ABN Amro?
Mininum income requirement is $60K p.a http://www.abnamro.com.sg/sg/pages/down ... n_form.pdf

Hope it helps

The local banks are known to be reluctant to give credit cards to foreigners being here on an employment pass, for obvious reasons of the foreigner leaving this place with cc debts.

Try the international banks, there are loads of them and like the others said, their criteria are mostly around 60k.

And more important for them: show a good history record of employment, that is what they need. If you have been with your employer for quite some time, that looks confident to the bank.

Banks here are kinda strict. Especially when it comes foreigners. Your annual income should be at least 60k, no harm trying JCB or Maybank.
Just remember that more credit cards more temptations if youre not a wise spender. Goodluck.

the rule is set by MAS. All the banks here have to follow.

Thanks to all who replied. I have tried a few of the banks mentioned and it's either the minimum $60 or $80K. Unfortunately, I make just below $60K so there's really not much I can do then. Thanks again.

I'd go for an American credit card. Set yourself up a US billing address with someone you know, make an app or two.

I held a USA card for years while I lived in Australia. When it came time to renew, maybe it was address change, they wouldn't because I told them that I lived in Singapore. Never a problem in OZ, but couldn't understand what difference it made that I now resided in Sg. I still used my USA mailing address.

Shadou wrote:I have a question about getting credit cards here at any of the local banks. How is it possible to get a credit card for those whose salary falls below the minimum annual salary of $80K? My own personal opinion is quite biased considering that the locals only have to earn $30K in order to qualify. I'm sure they're quite a few foreigners who don't make $80K a year, myself included. I've checked with DBS, Citibank, UOB, OCBC, HSBC, and Standard Charter and I can't even apply since I don't meet there requirements.

Does anyone know of any other banks that will accept a lower salary requirement for a foreigner? I've been living here for three years already and I find it frustrating that, even with having two bank accounts at two local banks, I'm still turned down. Trying to get one in my own home country won't work as well since I'm not living or working there. Any help or advice is appreciated. Thanks.

Personally I try to avoid banks, the majority outside of Scandinavia are real crooks, and they treat customers like it was their own money. however in Scandinavia it all seems more humane and consumer friendly, of which i do know the reason why, and would prefer to keep the reason to myself.

However if its only a card you want for convenience, I would just request a debit card, mind you, there is a big difference isn't there.

My bank throws credit cards at me all the time, and also my bank advisor offers me the opportunity for credit card, although she does know my truthful opinion on banks.

A debit card on your own account should cost nothing, although if there is no money in it, you can't use it. I would think of it, as the bank doing you a favour, you don't really need credit cards! I keep telling my wife that, she loves to collect them.

Singapore banks are trying to minimise their risk, although the stupid buggars don't understand that they can get ripped off from all levels of society and i wouldn't be surprised if the high class where not the biggest offenders and the poor class get the liability for it, it is discrimination in my opinion and its legal everywhere, although they will have you believe otherwise.

If employers were forced to pay wages into banks here, it would be slightly different, they may give you 100$ credit however they are not.

My salary was way below $50,000 and my deposit with HSBC was $500. I got my credit cards a month later. This was in 2004.

HSBC is offering gold cards at a minimum of 30,000 PA:

https://www.tools.asiapacific.hsbc.com/ ... &init=true

I don't understand why any expat would want to apply for a credit card here in Singapore. If it gets stolen you're liable for all the fraudulent transactions up until you realize and notify the CC issuer.

At least overseas card providers protect you. (well, mine do anyway).

Shadou wrote:Thanks to all who replied. I have tried a few of the banks mentioned and it's either the minimum $60 or $80K. Unfortunately, I make just below $60K so there's really not much I can do then. Thanks again.

Hi Shadou

Sorry to hear about the difficulty in getting a credit card as a foreigner in Singapore. I would suggest applying for a Debit Card instead. The card is linked to your cheque &/or savings account and funds will be debited from this account immediately each time you charge to the Debit Card. I have more details if you are need more information, feel free to pm me.

I applied for a CC with UOB a couple of weeks back and even though I gave them only one month's payslip (instead of the usual three months) I still got my card fine (but not as fast as they issue them in Oz, and note I was within their income criteria). Maybe some sort of reference letter from your employer would assist the situation?

I think NETS is a pretty good alternative to credit cards however, there's no annual fee, and can't get you into too much trouble - you can only spend as much as you have! I admit that I'm still keeping my ANZ Qantas though card so I can get FF points, which I realise is a bit dumb *rolls eyes at own stupidity*