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One of the biggest myths about credit cards is that they lead you into debt. In reality, credit cards are just like any tool - useful when handled responsibly, and damaging if you lack discipline or self-control.

Credit cards are a money-saving tool because they come with a range of rewards. The most common of them are reward points (which you redeem for vouchers or gifts), cash back (where a percentage of your spending is returned to you at the end of the month), or direct discounts with partner restaurants and retailers. Any credit card you get in Singapore will have some combination of these perks.

The trick to using a credit card is to pay your bill in full and on time. If you can do this every month, you can save a lot of money on things that are important to you while avoiding debt.

Get a credit card that helps you save money on your biggest and most important expenses.

For example, if you love to travel, then an air miles credit card can help you save money on expensive flight tickets. They give you a certain number of miles for every dollar you spend, which you can eventually redeem for a free flight.

If you are a mother of two young children, a cash rebate credit card can help you save money on daily essentials like groceries, health products, and petrol.

Before you apply for a credit card, examine your lifestyle and identify the areas that you spend the most money on. Then choose a credit card that will either give you discounts for it, or let you earn reward points from it.

In general, you must be at least 21 years old to be a primary cardmember. Singaporeans and Permanent Residents who are full-time employees need to earn at least S$30,000 a year, while foreigners with a valid work permit generally need to earn at least S$45,000 a year. The minimum income requirement may be higher, depending on the type of card.

Credit Card Requirements for Singaporeans and Permanent Residents

It's relatively easy for Singaporeans and Permanent Residents to qualify for a credit card. In fact, most Singaporeans own an average of 4 credit cards. If you are thinking of applying for a new card, take note of the following requirements:

1. Be at least 21 years old
2. Have a minimum gross annual income of S$30,000. You may have to make a fixed deposit collateral if you do not meet the annual income requirement.
3. Front and back photocopies of your NRIC
4. Latest 12 months CPF contribution history statement
5. Latest Income Tax Notice of Assessment
6. Latest 3 months computerised payslip

Credit Card Requirements for Foreigners

Because the minimum annual income requirement starts at S$45,000, foreigners will need to be an Employment Pass holder to qualify for a credit card in Singapore. S Pass holders may have difficulty with their application because they do not meet the minimum income.

Below is a list of requirements foreigners need to prepare before applying for a credit card:

1. Be at least 21 years old
2. Have a minimum gross annual income of S$45,000. You may have to make a fixed deposit collateral if you do not meet the annual income requirement.
3. A valid passport, with at least 6 months validity
4. An employment pass, with at least 6 months validity
5. Latest computerised payslip or salary crediting to your bank account (in Singapore dollars) or a company letter certifying employment and salary (in Singapore dollars), dated within three months from card application
6. Full copies of your utility bills or telecommunications bills, to confirm your residential address