Credit Card Facts

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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