A Complete Guide to Get a Credit Card

1. A Complete Guide to Get a Credit Card What To Take Note Of Before Applying For A Credit Card If you are planning to apply for a credit card in Singapore, do take note of the following points before you submit your credit card application: 1. Don’t rush You should take your time and do a full assessment of the bank that is offering the credit card. It is best to have a full understanding of all the terms and

2. conditions that go along with having a credit card. Making a rash decision can lead to terrible regrets and losses. 2. Focus on the need There are several types of credit cards offered in the market. You should carefully check the pros and cons of each card and match this with your needs. Different cards have different benefits. For instance, some offer more perks for dining, entertainment, while some offer rewards that can be converted to air miles. Be sure of what you need the credit card for. 3. Compare the different options especially costs and benefits Different credit cards have different costs. Some things to compare are the interest rates, annual fees and benefits. Benefits come in the form of cash backs, travel insurance, reward programs and other similar rates. This will help you pick a card that you will get the maximum benefit from at a minimum cost. 4. Check the eligibility requirements You should ensure that you meet all the eligibility requirements before they submit your application. This is a simple checklist to make sure that the application is not rejected because a simple requirement was not met. 5. Check one’s credit rating You should request for your credit rating before applying for a credit card. You can do so on the Credit Bureau Singapore website. However, if this is your first credit card, and you have not taken up any loans before, your credit rating will not be reflected. That said, most banks will approve of your credit card application as long as you meet their minimum annual income cap.

3. However, if you have a poor credit rating, it will be wise for you to make an effort to improve the credit rating before applying for the credit card. 6. Pay off outstanding balances on other credit cards If you have other credit card debt that is left unpaid, be sure to do so before applying for a new one. Unpaid credit card debt paints a negative picture on your credit rating and can significantly lower your chances of getting the credit card approved. 7. Open an account in the bank concerned This is not a must-have, but it can score you extra brownie points in some scenarios. By opening an account with the bank, it will enable the card to be approved much soonerbecause your details are already stored in the bank’s system. In addition, the bank will be able to confirm your income if the account opened is a salary account. 8. Check that details are correct and attach all required documents When applying for a credit card, a few documents and information are needed. One needs to be careful to read through the terms and conditions and give all the details required as well as attach the documents needed. This will speed up the approval process. 9. Be transparent about your income You should never overstate your income because this is considered as fraud. On the other hand, you should also not understate your income because the bank may doubt your ability to service a debt. 10. Apply for only one card at a time

4. While the allure of applying for multiple credit cards and receiving many freebies are tempting, you should only limit yourself to applying for one credit card at a time. By applying for multiple credit cards, this might cause the bank to make a negative conclusion about you and assume that you have taken more debt than you can handle. Once you have considered all the above points, you can now proceed to apply for the credit card, having satisfied the following eligibility conditions in Singapore: Must be above 21 years. Should be a Singaporean, permanent resident, or foreigner living in Singapore. For Singaporeans and permanent residents, the minimum income per annum should be S$ 30,000, and for foreigners the minimum income per annum should be S$ 45,000. The credit score or credit rating of the applicant will be considered when issuing the credit card because it shows the applicant’s creditworthiness. You can use a card to make purchases now and pay for them later. Consider it like a bank willing to loan you cash to promote payments inside and online, with the option to pay it online later. Credit cards sometimes come with point- accumulation systems that allow you to redeem points for gifts and prizes. Credit card use done correctly and responsibly can help you improve your credit score. The higher your credit score, the more likely you are to be approved for credit in the future. Credit cards opt to purchase online or in- store without having to deal with cash. Consumers who want to receive rewards for their expenditures might consider getting a credit card. For regular purchases, certain cards give cashback, gift cards, or miles points, whereas others offer considerable benefits and flexible payment choices. When it comes to selecting a credit card in Singapore, there are several alternatives. Air miles, incentives, and cash back credit cards are the three most common types of credit cards in Singapore. Take your time comparing Singapore credit cards and getting to know how to choose the best one for your needs.

5. In Singapore, banks go through a rigorous screening procedure for first-time credit card applicants. Here's all you need to understand about the recruitment process and the conditions you must meet in order to have a successful application. Let's glance at how banks analyze your request now that you've limited down your options and are ready to acquire your first credit card. To be eligible, you must be at least 21. To be eligible, you must earn between $30,000 and $50,000 per year. To pick up the tab for your credit card bills, you'll need a steady source of income. If you apply for a credit card, keep in mind that some of them need a certain number of years of solid credit history. 1.To join up, go to your selected bank's website or go to a branch near you. You should also see whether they have any other application channels, such as online websites and brokers like MoneySmart. Make a list of the papers you'll need and get them ready to submit. 2.To assist the bank or service provider in determining your financial status and eligibility, fill out the questionnaire or application form. 3.Please turn in the paperwork. Credit unions may have different criteria, but the most common ones are a photocopy of your NRIC/FIN or passport, pay stubs, and evidence of invoicing. 4.Ready for the authentication process, that may be conducted over the cellphone. 5.Allow for the processing and approval of your application. Your line of credit will be activated after you've been authorized, and you'll get a letter containing your new credit card. 6.Validate the credit card via your online banking, mobile app, or ATM, or by sending a validation SMS or telephone. When you utilize a credit card wisely, you get the most out of it. To make the most of your increased spending power, evaluate and arrange your payments. You can get authentic credit counseling in Singapore at https://www.credit21.com.sg/apply-first-credit-card-tips/.