Benefits Of A Credit Card

Using Credit Cards vs. Taking A Personal Loan From A Licensed Moneylender

Wouldn’t it be great to be able to afford everything you need or want in life? However, in reality, this always isn’t possible for many people. Singapore is one of the most expensive cities to live in. A good chunk of your salary probably goes into funding the basics such as keeping a roof over your head, clothing and putting food on the table. There’s little left over for saving or spending on other things. It is therefore not surprising that many Singaporeans are opting to take credit to afford the things they wouldn’t be able to afford on their salary. This allows them to pay for items or services over a longer period, making these things affordable. There are various types of credit in Singapore. These include bank loans, credit card loans and personal loans from moneylenders. Bank loans sometimes come with various stringent requirements. They are often given for a specific purpose, such as buying a house or car and require collateral as security for the loan. In addition to this, it can take weeks to secure a bank loan. They are therefore, not the best option if you have an immediate need for cash. Credit Cards Credit cards are one of the most popular lines of credit in Singapore. They are convenient for consumers and are accepted by just about every supplier. You can use your credit card to pay the rent, pay your medical bills, hire a car as well as shop in the mall. The Pros of Credit Cards 1. They are convenient Credit cards are an easy and convenient way to purchase items and pay for services. They are widely accepted in both online and traditional brick and mortar stores. This means you can shop anytime and anywhere without worrying about the amount of money you have in your wallet at the time. 2. They offer greater safety Shopping with a credit card offers greater safety than shopping with hard cash. You’ll only need to carry a piece of plastic. No need for walking around with wads of cash that will draw attention. Let’s

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10 Important Facts About Credit Cards That Everyone Should Know

For those of you who have just started out on your first job, you might now be thinking of signing up for a credit card. They open up a whole new world of benefits: Think cashbacks, rebates, air miles and added discounts! With all the benefits associated with a credit card, you might also have heard of horror stories where people find themselves knee deep in credit card debt. However, this can be avoided. Having a credit card is not as frightening as some people make it to be. This is as long as you are disciplined and organised with your spending habits. Before applying for a credit card in Singapore, here are 10 points for you to take note of. Especially so for first time credit card applicants: 1. The Requirements For Eligibility In order to qualify for a credit card, you’ll need to earn a minimum monthly income of S$2,500 to apply for a credit card. This translates to an average of $30,000 per year. For foreigners, the minimum income level should be S$45,000 per year. However, there are several high-end credit cards that require you to have a much higher income. These particular credit cards also give much higher amounts in perks and benefits. There are also some credit cards like American Express Platinum Card that can only be acquired by invitation with the qualifying income level at $200,000. Another eligibility requirement is that you have to be at least 21 years old. You will need to submit proof of identification, which includes a copy of the NRIC or passport. You will also be required to show proof of income in the form of recent pay slips and tax documents. If you are currently below 21 but wish to apply for a credit card, there’s still hope! You’ll be glad to know that there are also credit cards available for students who are at least 18 years old. You do not need to submit documents showing proof of income. Once all the documents are ready, you will be required to submit them to the bank and wait

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