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Credit Card FAQs

Your credit card's processing time depends on the card issuer. As soon as your application is approved, it takes 3 to 10 working days for your credit card to arrive. To ensure that your application is processed as quickly as possible, submit all documents required.

Choose a credit card that complements your lifestyle. Cashback cards help you save on groceries, petrol, and dining. Air miles cards let you earn miles for every S$1 you spend, which you can redeem for free tickets. Rewards cards let you earn points for every S$1 you spend, which you can redeem for vouchers.

By using our comparison tools, you can quickly see which credit card has benefits that are most useful to you. Make sure to compare annual fees and effective interest rates so you know what extra charges apply.

Your credit card's processing time depends on the card issuer. As soon as your application is approved, it takes 3 to 10 working days for your credit card to arrive. To ensure that your application is processed as quickly as possible, submit all documents required.

The first thing credit card issuers look at when determining a credit limit is your annual income. Banks usually grant a credit limit of 4 times your monthly income, but this is dependent on credit card issuers, and can be more or less than what you expect.

Your credit score is also taken into consideration. If you have a good credit score, it is likely that the bank will give you the maximum credit limit. To find out more about credit limits, read our Credit Card Guide.

You can call the bank to ask for a review in your application. However, approval for an increase in credit limit is usually determined on your credit score. By being prompt in paying your monthly bills, the bank might increase your credit limit.
Yes, you can apply for more than one credit card, whether from the same bank or a different one. If you get two credit cards from the same bank, your charges on both cards will appear in a single statement, making it easier for you to track your spending and pay your bill. Remember to keep track of how much you spend on your credit cards, and when your bills are due. Missing a payment means paying a high interest rate, and it can damage your credit score.
The effective interest rate is the interest rate that you will need to pay the credit card issuer. Take into account that banks have different ways of calculating annual interest, so a low effective interest rate does not mean that you pay less interest on a credit card. Most credit cards in Singapore offer fixed interest rates rates between 24% to 25%. Always read the fine print regarding policies on interest rates before you apply for a credit card.
An annual fee is also known as a maintenance fee that is charged annually by your credit card provider. Some banks waive off annual fees depending on cards and promotions.
From the time the statement is issued to the payment due date, any new purchases will not get charged with an interest rate. This is known as a grace period. To keep to a 0% interest, pay the balance in full before or on the due date.
As long as you pay your credit card in full and on the date in your credit card statement, you do not have to pay interest on your credit card.
Credit card issuers provide various methods of payment, from online banking, paying through telephone or mail, or visiting a branch of the bank to settle the balance. The most convenient method is to create a bank account and have credit card balances deducted automatically every month.

The minimum payment is a sum that you will have to pay each month in order to avoid getting a bad credit score. It is calculated according to your outstanding balance, and will appear in your monthly statement. Other factors that will affect your minimum payment are unpaid balances or any balances that exceed your credit limit.

If you pay the minimum amount on your monthly bill, there will still be interest charged to any unpaid amount. This will be carried on to your next statement. However, if you fail to pay the minimum fee, a late payment fee will be charged to you, on top of the interest on the outstanding balance.

A credit card chargeback is a refund of payment or purchases that did not meet your satisfaction. This can occur due to various reasons, such as having an extra charge to your card. Each credit card issuer has their own rules to determine if a cardholder should get a chargeback, so check with your bank on how to proceed if you require one.

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