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    Apply Credit Card

    Credit cards are one of the most common types of credit products in Singapore. Several banks in Singapore offer a wide range of credit cards to Singaporean citizens, Permanent Residents and foreigners. The eligibility parameters vary from one card to another – banks usually have different classes of credit cards to offer. Most credit cards fall under the category of dining credit cards, shopping credit cards, student credit cards, lifestyle credit cards, premier credit cards, and so on.

    Applying for a credit card with a bank in Singapore is quite easy. You can either apply for a credit online or offline. You can either visit the bank’s website or one of the branches to apply for a credit card. There are a few steps that need to be followed, after which the bank will get in touch with you for further details. Your application will subsequently be processed and approved if your credit profile meets the bank’s specifications.

    How to Apply for Credit Cards online for Instant Approval?

    If you wish to apply online for a particular credit card offered by a particular bank in Singapore, all you’ve got to do is visit the bank’s official website and fill out the online credit card application form available on the bank’s website. You will also need to provide your documents – proof of identity, residence, income and employment. Most banks give you the provision of uploading your documents directly on the bank’s website.

    Most banks have a similar application process. Whatever be the type of card, you can visit the bank’s website and get details on how to apply for the card. While this is true in the case of most credit cards, there are some credit cards that are invite-only.

    In order to apply for such credit cards, you need to evince interest, following which the bank will get in touch with you to process your application. The HSBC Visa Infinite Credit Card is an example of an invite-only credit card. Most banks have certain credit cards that are invite-only; and these cards mostly fall under the bank’s premier credit card category.

    Convenience of Applying for a credit card online

    Applying online for a credit card is associated with heightened convenience – simply because an individual can apply for a card by following some simple steps (steps are self-explanatory in the online application form). The form requires an individual to enter basic details – those pertaining to one’s name, address, employment, age, sex, nationality, etc. Once these fields are filled out in the application form, the next step would involve submitting relevant supporting documents as specified by the bank.

    Apply for credit card in Singapore on Bankbazaar.sg

    If you wish to apply for an HSBC or Citibank credit card, you can directly visit the BankBazaar Singapore website and apply. You can choose the credit card you wish to apply, check your eligibility for the card, and fill out the application form. BankBazaar will take care of your application process and the bank will confirm the approval. You can also get exciting rewards on applying with BankBazaar.sg.

    How to apply for a credit card offline?

    While the online route is the most preferred route, you can also apply for one offline, by visiting the bank’s nearest branch and physically filling out the application form. For instance, if you wish to apply for a UOB credit card, you can visit the nearest UOB branch in Singapore and physically fill out the form along with submitting your supporting documents.

    Both the processes – offline and online – take more or less the same amount of time to process. Your card application will be processed in about 3-4 business days and you must ideally receive your credit card in 7-8 business days. In select cases, you may even receive your card within 24 hours.

    How to find the best credit card for you?

    Choosing the right credit card to meet your spending interests is quite a tricky proposition. There are so many credit cards out there in the market – every bank in Singapore offers at least 5 different credit cards. There are category credit cards (dining, luxury, travel, lifestyle etc), premier credit cards, co-branded credit cards, and invite-only credit cards.

    What you need vs what you want:

    • When it comes to credit cards, it is always better to settle for what you need over what you want. Credit cards often come with high interest charges along with a list of other charges (late payments, cash advances, over the limit charges etc.) that you need to be wary of.
    • Talking of this, going for a travel credit card when you don’t travel frequently will not be too beneficial to your interests as air miles earned on your expenditure will definitely not be used to their full potential. Therefore choose a card that suits your spending habits.

    Things to consider while applying for a credit card

    • Eligibility criteria: Most banks offer credit cards to citizens, Permanent Residents as well as foreigners. However, each card will have a different income criterion for citizens and PRs, and foreigners. You first need to check whether you fall earn the minimum income specified for a card.
    • Annual Fee: The annual fee can be an essential parameter in choosing a credit card. There are credit cards that come with a high annual fee, as there are also those that come with a relatively low annual fee. In most cases, premier credit cards come with higher annual fees and ordinary cards come with a lower annual fee. Going by this, premier credit cards often come with better features (an aspect that contributes to their higher annual fee) while ordinary cards come with relatively fewer features. But there are cases where some cards come loaded with exciting features and don’t have an annual fee. Also, even if the annual fee on certain cards is high, banks usually waive the annual fee for the first year or the first two years, and even the first three years in some cases.
    • Choosing a category: Choosing a category is an important parameter to consider while applying for a credit card. Ideally, you should be choosing a card that matches your spending interest. For instance, if you dine with friends and family often, a dining credit card will be the most ideal option. Benefits are mostly in the form of cashbacks, discount vouchers or reward points. So when you use your card to dine, you will either enjoy cashbacks, reward points, or other forms of benefits that may include 1-for-1’s extended happy hours, or more.

    Similarly, if you are a frequent traveler, choose a travel credit card for yourself. Travel credit cards let you earn air miles with every dollar you spend. Air miles earned can be used to offset expenses incurred on the next flight ticket purchase. These air miles can also be redeemed for exciting benefits under different frequent flyer programmes available in Singapore.  Moreover, using the credit card to make hotel and flight ticket reservations will enable customers to earn additional air miles to offset a greater extent of purchases on their next vacation. In the case of certain travel cards, customers are awarded with bonus air miles when they successfully apply for the credit card.

    • Credit Card Promotions: Banks announce promotions on their credit cards from time to time. These promotions can be classified under different categories – dining promotions, travel promotions, taxi promotions, lifestyle promotions, etc. Looking at promotions that are currently running is another point that you can consider while choosing the right type of credit card. Sometimes, premier credit cards have separate promotions that aren’t available with ordinary cards offered by the particular bank. Promotions usually come with a validity date to help customers make the most of the promotional offer.

    Credit scores and applying for a credit card

    Credit scores are one of the most important parameters that influence your credit card application. Late payments and instances of default will have a negative impact on your credit score, increasing the chances of your credit card application being rejected. As an individual who uses credit products, it is advisable to avoid late payments and defaults.

    There are several parameters that influence your credit score – your credit usage (ratio of used credit to total available credit limit), your credit history (instances of defaults and late payments), and total number of debt sources (number of loans or credit cards). So keep your credit score high and always fancy your chances of gaining instant approval when you apply for a credit product.

    What to expect after applying for a credit card?

    Once you apply for a credit card after filling the online application form and submitting your supporting documents, an executive from the bank will get in touch with you and clarify details you’ve provided in the application from. The executive will obtain additional details if necessary and subsequently process your application.

    The bank will then review your application and your application will be approved based on parameters including your credit score, your employment stability and the existing relationship you have with the bank. Banks usually take about 4-5 business days to process, review and approve your application. You can expect to receive your credit card within 10 working days after applying for it.

    How to contact the bank after applying for a credit card?

    If you have any concerns or queries after applying for the credit card, you can contact the bank’s credit card hotline number. This number is available on the bank’s website. Hotline numbers are active throughout the day and executives are prompt in addressing grievances and concerns.

    You will also be given a tracking ID after applying for your credit card. Using your tracking ID, you can track the status of your credit card application. If your application is rejected, the reason for the same will also be made available to you.

    You can check our list of bank hotline numbers here:

    List of popular banks that offer credit cards in Singapore

    • HSBC
    • Citibank
    • OCBC
    • Standard Chartered
    • American Express (not a bank)
    • DBS
    • UOB
    • Maybank
    • CIMB
    • BOC
    • ICBC

    FAQs

    1. What is the maximum number of credit cards that I can apply from a bank?

      A. There is no set limit on the number of credit cards you can apply for. As long as your credit score is good, you can have multiple credit cards. However, having more than 4 credit cards is often cited as a threat to future financial stability.

    2. Will my application be approved if my credit score is bad?

      A. If your credit score isn’t satisfactory, chances are that your application will most likely be rejected. However, banks will consider certain parameters including total debt to income ratio, employment stability and your existing relationship with the bank. If these parameters meet the bank’s standards, your application will most likely be approved.

    3. Do I need to apply for supplementary cards separately?

      A. Most banks allow you to place the request for a supplementary card along with your primary card application. But with some banks, you may have to apply for a supplementary card separately.

    4. How many supplementary cards can I apply for?

      A. The number of supplementary cards that you can apply for depends on the bank. Banks allow you to apply for a minimum of 2 or 3 supplementary cards.

    5. Can I apply for a credit card through BankBazaar.sg?

      A. Yes, you can. You can currently apply for HSBC and Citibank credit cards through BankBazaar.sg.

    6. How do I apply for invitation-only cards?

      A. With invitation-only cards, you cannot apply online or offline but you can register your interest in the card either through the bank’s website or by visiting the branch and talking to an executive. If you meet the criteria required for the card, the bank will extend an invitation to you.

    7. Will my application be approved even if I do not provide all the documents specified?

      A. It is mandatory to present to the bank all the documents specified by them for application of a credit card. The mandatory documents include identity proof and income proof. If any of these documents are missing, your application will be rejected.

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