Can You Include Your Spouse's Income for Your Credit Card Application?

Previously, only individual earnings could be declared on credit card applications. This often posed challenges for spouses who were not employed full-time or those who worked part-time, limiting their access to credit.

However, regulations have evolved. In Singapore, provided you are 21 years of age or older, you may now include household income, which encompasses earnings from your spouse or partner when applying for a credit card.

» Read More: 21 ways to earn a side income in Singapore

Monetary Authority of Singapore (MAS) regulations require credit card issuers to assess an applicant's "ability to meet required payments" when making approval decisions.

 Guidelines from MAS allow individuals aged 21 and above to include income they have a "reasonable expectation of access" to. This encompasses income from a spouse, partner, or other household member, as well as non-wage income like savings, trust fund distributions, and other consistent financial sources.

However, applicants under 21 must still demonstrate independent income to qualify for a credit card. Without independent income, a co-signer is necessary.

» Read More: How to apply and get approved for a credit card

Approval for a credit card extends beyond just income. Lenders in Singapore also scrutinise credit reports, credit scores, and existing debts when evaluating applications. A holistic view of your financial health determines eligibility.

Different credit cards cater to diverse household needs. Consider your spending habits and financial goals to select the most suitable option.

» Read More: Why your credit card application was denied

Best types of credit cards for couples in Singapore

1. Rewards credit cards: Couples who enjoy earning rewards on daily expenses, such as cashback, travel points, or sign-up bonuses, may find these cards ideal.

2. Low-Interest credit cards: Couples anticipating carrying a balance from month to month can benefit from lower interest rates offered by these cards.

3. Balance transfer credit cards: Couples seeking to consolidate and pay off existing high-interest debt can leverage the 0% interest period on balance transfers.

4. Secured credit cards: Couples aiming to establish or rebuild their credit history can use secured cards, which require a security deposit as collateral.

» Read More: How to build credit score in Singapore

Including your spouse's income in your credit card application offers several advantages. It can increase your chances of approval, potentially lead to higher credit limits, and unlock access to a wider range of credit cards with better rewards and benefits. By leveraging your household income, you can maximise your credit card benefits and achieve your financial goals more effectively