Earn 10X UNI$ (or 20 miles) per S$5 spent on a chosen spending category with no min. Get 45,000 miles when you spend S$9,000 in the first 3 months. Benefit from cashback, points and more when you manage your finances with a rewards current account. Apply today and enjoy a range of perks including 1-for-1 movie tickets with Cathay Cineplexes. They make up 2 per cent of the total number of unsecured credit users. Withdraw up to the equivalent of S$3,000 a day; with SpeedLink, you can increase your ATM withdrawal limit to S$10,000 for a period of 3 days . ATM and debit cards are often the first plastic card you’d gain access to. BEST FOR. T&Cs apply. Sign into DBS Internet banking using your iBanking details or card number and PIN. We are not a product issuer, credit provider or financial advisers nor are we a credit intermediary or broker. Use this guide to find out how to request a credit limit increase with your bank. We are an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. Content on this page has been provided for general information purposes only. You will need to ask your bank for a credit limit increase. If you earn between S$30,000 and S$120,000 per year, your credit limit is up to four times your monthly income. Get S$150 Lazada Vouchers and a free 24" Samsung Monitor, plus a j5create JVCU100 USB Webcam when you spend S$5,000 in the first three months. Get up to 20.88% fuel discounts at Esso and Shell, and 8% cashback on dining and groceries. S$96.30 a year (First year free) Interest rate. Alternatively, you can also send the application form and documents directly to the bank’s HSBC’s mailing address. Submitting a request for a credit limit increase also impacts on your credit history. Share gift link below with your friends and family. You may apply online if you only require a temporary credit limit increase. Selecting the best credit card for you is largely based on the size of your monthly budget as well as your overall spending behaviour. Make sure you read the lender’s terms before you apply, and check if there’s a waiting period for any previous applications you may have made to extend your credit. You can also download the form from the bank’s website, fill in all the necessary fields, attach the required documents, and mail it to the bank’s address. HSBC’s decision in all matters relating to the credit limit review shall be at HSBC’s discretion and shall be final and binding on the cardholder. Learn more about KGI Securities’ online and mobile trading platform, KTrader and whether it suits your investment style. Download the credit limit review form from the bank’s website. T&Cs apply. Get S$100 cash credit when you apply, charge to your card and withdraw from your CreditAble account with a minimum of S$250 for each of the first two months upon approval. Download the credit limit review form from the provider’s website. Apply for a Credit Card at Standard Chartered Bank Singapore. Earn 1.4 miles per S$1 spent locally and 2.4 miles per S$1 spent overseas, including online shopping. Simply mail the completed form together with your latest income document(s) for review and the bank will typically notify you of its decision within two weeks. Earn 35,000 bonus miles in the form of 87,500 points when you apply online. Go to the bank’s website and download the credit limit review form. CUL1376/AUG18/AF1/A Maybank Singapore Limited (UEN: 201804195C) Humanising Financial Services. Visit this lender’s website and download its Limit Adjustment Application Form. When setting credit limit on a new credit card or unsecured credit facility, FIs must either: Apply today and get S$150 in bonus cash credits. Choose between a S$150 cashback or Samsonite suitcase if minimum spend requirements are met. Deals and discounts in more than 90 countries. Choosing the best credit card for big purchases. Receive an additional S$30 worth of Lazada vouchers when you apply online with MyInfo via SingPass. MAS also dictates that if you have any outstanding unsecured debts exceeding six times your monthly income, financial institutions are not allowed to grant any increase in credit limit or any new unsecured credit facilities that will result in your credit limit exceeding 12 times your monthly income. Zyane Tan is an associate editor at Finder. Note: If the borrower has a guarantor whose annual income is at least S$30,000, the maximum credit limit of the guaranteed card is based on the guarantor’s income. … T&Cs apply. We may receive a commission when you click or make a purchase using our site. On Monday, MAS said that the new limit on the total amount of credit card and other unsecured debt that can be held will be implemented in phases: - From June 1 this year, the limit … Additionally, get 1% cashback on your approved Funds Transfer Amount. This limit is based on factors in your credit card application including your income, expenditure, existing debt and credit score. Enjoy up to 3.5% cashback on all purchases with no minimum spend, S$0 annual fee for the first 1 year (permanently waived for HSBC Advance banking customers) and S$192.60 thereafter. Unsecured credit is borrowing that is not backed by any collateral. How will your credit card spending and personal loans will be affected? If you get a credit limit that’s too high, you’ll increase the risk of ongoing debt. How does compound interest affect my savings account? 5% cashback on McDonald’s, McDelivery, Starbucks, Golden Village and your favourite music, movies & TV series streaming services. RULE 1. How long does a credit limit increase take? No. Earn 1 Reward point for every $1 on all spend. Get S$100 cash credit when you apply, charge to your card and withdraw from your CreditAble account with a minimum of S$250 for each of the first two months upon approval. S$10,000. The Monetary Authority of Singapore (MAS) stipulates that the minimum annual income requirement for holding a credit card is S$30,000 for individuals between 21 and 55 years old. Your total limit, a maximum of 4X your monthly income, will be split amongst your American Express Cards issued in Singapore (excluding the Cards issued by our local bank partner). MAS said the decision to give over-extended borrowers more time to adjust to the new measures comes after consultations with the Association of Banks in Singapore (ABS) and Credit Counselling Singapore (CCS), and feedback from the public. Up to 10% cashback with some merchants including Grab,7-Eleven and Cold Storage; 6% for Singapore Power Utilities bills; and 5% back on all other retail spending. Also enjoy up to 8% off accommodation bookings globally with Agoda. Plus, up to 30% off on postal services and lots more. To help over-extended borrowers, CCS and ABS will introduce a new debt repayment solution called the repayment assistance scheme. T&Cs apply. Borrower's Consent for Setting Credit Limit. A minimum annual income of SGD120,000 is required for all applicants of HSBC Visa Infinite credit card. For instance, if you earn a monthly income of S$5,000 and have an outstanding debt of S$40,000 (which is 8 times your monthly income), you cannot be granted any additional unsecured credit if your existing total credit limit exceeds S$60,000. 198402868E. Mr Lim earns S$4,000 a month, and his current total credit limit is S$52,000, or 13 times his monthly income. Complimentary access to selected VIP airport lounges. Log into the online application facility available on Citi’s website and apply directly. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Photo by John Lambert Pearson via Flickr, Creative Commons. S$0 annual fee for the first 2 years and S$80 thereafter. When she’s not busy typing away, she’s reading and musing over a pint. T&Cs apply. Tags: credit card debt, credit limit singapore, mas unsecured loans limit, personal loan debt. Apply today via MyInfo and receive S$20 cashback. Get S$150 cash credit when you apply. Earn up to 10X Reward points or 4 miles per S$1 spent on qualifying purchases. Get up to 13,300 KrisFlyer miles with a minimum spend of S$3,000 in your first 3 months and an additional Acer Monitor KA242Y (valued at S$349) if you are new to American Express. Get free Bang & Olufsen Beoplay E8 2.0 earphones valued at S$399 when you spend S$5,000 within the first three months and an additional 10,000 KrisFlyer miles if you are new to American Express. product provider, We cannot provide you with personal advice or recommendations, Credit cards with free airport lounge access, Complimentary travel insurance credit cards, Minimum Income Required for a Credit Card, American Express Singapore Airlines KrisFlyer Ascend Credit Card, American Express Singapore Airlines KrisFlyer Credit Card, Standard Chartered Unlimited Cashback Credit Card, Maybank Manchester United Platinum Visa Card, Standard Chartered Prudential Visa Signature Card, Standard Chartered Visa Infinite X Credit Card, Standard Chartered Priority Banking Visa Infinite Credit Card, Standard Chartered Platinum Visa Credit Card, Standard Chartered Business Platinum Credit Card, Standard Chartered NUS Alumni Platinum Credit Card, Standard Chartered Prudential Platinum Credit Card, Standard Chartered Visa Infinite Credit Card. Based on an average monthly spend of S$2,000, we analysed the best credit cards on the market to estimate returned value-to-consumer after 2 years, accounting for rebates and netting out annual fees. Benefits. SINGAPORE - The Monetary Authority of Singapore (MAS) will phase in a tighter limit on credit card debt and other unsecured credit facilities over four years so as to give affected borrowers more time to cut their debt. Our credit cards offer a wide range of attractive rewards and include features like fund transfers, 0% interest instalments, recurring payment plans and more. The gift link for this subscriber-only article has expired. Earn 1.5% cashback on all eligible spending with no minimum spend or cap, S$0 annual fee for the first 1 year and S$171.20 thereafter. Plus receive up to S$80 CapitaVouchers when a minimum spend of S$500 is made in the first month. If you’re looking to get a temporary credit limit change, you make your request directly from Citi’s online banking. 2. Earn 3X STAR$ when you shop at participating CapitaLand malls, and more. The combined credit limit of all your unsecured credit facilities with the Bank including your credit card(s), will be subject to the maximum limit allowable under prevailing regulatory requirements and guidelines, or up to $100,000, whichever is lower. To make the decision process easier and more productive, we've analysed 100+ of Singapore's most competitive credit cards and identified the best options for different spend levels and lifestyles. FEES. DISCOVER. S$0 annual fee for the first 2 years and S$20 thereafter. Even if a credit limit increase isn’t on the cards for you yet, it’s good practice to establish a healthy credit history by borrowing and repaying responsibly. If your total interest-bearing outstanding balances. Get 30,000 Citi Thank You points when you spend S$3,000 in the first 3 months. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. Plus, complimentary travel medical insurance. If your total interest-bearing outstanding on all credit cards and unsecured credit facilities with all Financial Institution (FI) in Singapore exceed the industry-wide borrowing limit for 3 consecutive months, your account will be suspended and you will not be able to: We endeavour to ensure that the information on this site is current and accurate but you should confirm any information with the product or service provider and read the information they can provide. To apply for credit limit adjustment, you can contact BOC’s 24-hour Customer Services Hotline for credit cards at (852) 2853 8828. Why was my card application was rejected? First 200 eligible applicants only. A range of dining, shopping and travel deals - including up to S$1,000,000 of travel insurance, 10X TREATS Points (4 air miles) on every S$1 spent at selected merchants, S$0 annual fee for the first 1 year and S$240 thereafter. Plus, free travel cover. For foreigners residing in Singapore, a minimum annual income of SGD40,000 is required. Enjoy exclusive perks and discounts with Aspire's extensive range of partners, redeemable at anytime, 1% Cashback for qualified spend of above S$5,000 and 0.25% for below S$5,000. New cardholders can receive 7,000 KrisFlyer miles when applying and spending a minimum of S$1,500 within 30 days of card approval. Earn 1.5% cashback on all of your credit card spend with no minimum spend. 1% unlimited cash rebate with no minimum spend. Up to 3 miles for every $1 charged to your card with S$2,000 minimum spend. So before deciding if you want a credit limit increase, it’s a good idea to consider whether or not these circumstances have changed. If you decide to apply for a product or service through our website you will be dealing directly with the provider of that product or service and not with us. All rights reserved. What Is Your Credit Limit? Download the form for credit limit review on OCBC’s website. Earn 1.1 KrisFlyer Miles per S$1 spent on purchases with no cap. You are about to post a question on finder.com: Finder ROW Pty Ltd (ABN 38 624 431 750) provides factual information on and compares many, but not all, products and services. of unsecured credit facilities granted to a Singapore Citizen/Permanent Resident whose annual income is not less than S$30,000 is up to four times the individual’s monthly income, or an amount HSBC may in its discretion determine. T&Cs apply. In September 2013, MAS announced that financial institutions such as banks will not be able to grant further unsecured credit to someone whose outstanding unsecured debt, across all financial institutions, is more than 12 times his monthly income for three consecutive months. Finally, there’s no regulation on your limit if you earn S$120,000 or more a year. CashPlus; Cash Advance; Credit Card Fund Transfer; Credit Card Personal Loan; Back to CARDS Cards Privileges. Get up to 3% cashback on all online spend in foreign currency and all vPost spend. Come June 2019, MAS will roll out the third and final revision for the total unsecured debt limit. Optional, only if you want us to follow up with you. Earn up to 8% cash rebates in grocery stores, supermarkets, online grocery shopping and other categories when minimum spend requirements are met. Receive a referral bonus of S$20 CapitaVouchers (awarded in 20,000 STAR$®) for you and your friend when you successfully refer a friend. As per MAS regulations, credit card limits in Singapore are usually restricted to no more than four times your monthly income. Earn 0.25% cashback on everything you spend. Your credit limit is the maximum amount of money you can “borrow” … This article contains links to products or services from one or more of our advertisers or partners. Minimum S$1,500 spend within 30 days. Learn more about how we make money. Enjoy credit card benefits and promotions. New cardholders will be awarded with a Samsonite Prestige 69cm Spinner Exp with built-in scale (worth S$670) or S$150 cashback with minimum spend of S$800 within the qualifying spend period while existing cardholders will get S$30 cashback. Receive Sennheiser CX350BT Wireless In -Ear Headphones (worth S$149) upon S$3,000 minimum spend within the first 3 months of card approval. Get unlimited access to all stories at $0.99/month for the first 3 months. Earn 1 Rewards point for every S$1 charged to your card. But Chase doesn’t publish a credit limit for this card, so the ceiling probably matches or exceeds the Preferred card’s high of half a million smackeroos. T&Cs apply. A credit limit is the maximum amount of the credit facility that the lender allows you to use. VISA. Minimum spend requirements and cashback caps apply. DBS Debit Card. Plus, 3% savings on online shopping, Redeem S$10 cash back for shopping vouchers with every 10 SMRT$ earned. This article is now fully available for you, Please verify your e-mail to read this subscriber-only article in full. … S$0 annual fee for the first 1 year and S$32.10 thereafter, Earn 2.5 points for every $1 spent on your credit card. CREDIT CARDS & UNSECURED CREDIT FACILITIES – WHAT YOU SHOULD KNOW… To help individuals avoid accumulating excessive debt, the following MAS rules. "Most borrowers do not spend or borrow beyond their means, but some many need help to reduce their debts gradually.". S$192.60 a year (First year free, second year get 10,000 miles when you pay your annual fees) Supplementary card. Plus, enjoy a global concierge service, Get up to S$50 cash credits to offset your credit card payments, S$0 annual fee for the first 2 years and S$180 thereafter. Enjoy up to 3% cashback on all online spend in foreign currency and all vPost spend. But a small proportion of those have significant unsecured debts. No Minimum. Visa. Reinstatement of Suspended Accounts. In fact, you may feel it’s a better option to choose a lower limit to help you avoid spending too much. 16 Cardholders who are 60 days or more past due 17 Cardholders whose cumulative total outstanding unsecured amount exceeds their specified income for 3 consecutive months Up to 8% cashback on groceries, food delivery, transport, petrol and more with minimum spend of S$800 per month. Spend Bonus: Receive 5,000 bonus KrisFlyer miles when you spend S$3,000 in the first 3 months of Card Membership. Citi Cash Back+ Mastercard® SingSaver's Exclusive Offer. Get a welcome gift of S$120 cash back when you spend S$1,200 in the first 3 months. Once you’ve duly filled in the form, you can either fax it or mail it along with the necessary income documents to the bank.