Banks offer credit cards under various categories to satisfy lifestyle requirements of different sections of people – from credit cards for businesses to those for high net worth individuals and travel enthusiasts, there are several types of credit cards in the market today. Among the many categories of credit cards that are available, student credit cards are one of them. Several top banks offer student credit cards to particularly suit the spending habits of students, keeping their lifestyle interests in mind.
Student credit cards come with a wide range of benefits and discounts, particularly on dining and entertainment. They also attract a relatively low annual fee and comparatively lesser rate of interest than other credit card types. Also, the eligibility standards that need to be met in order to apply for student credit cards are less demanding i.e. S$30,000 p.a. So, if you are a student and wish to apply for a credit card that perfectly suits various aspects of your lifestyle, there are many top banks that can help you. Another impressive feature of student credit cards is that banks do not lay heavy emphasis on credit scores – they go easy on student credit card applications in a majority of cases.
Feautures & Benifits
Features of Student Credit Cards
Most student credit cards offered by banks in Singapore come with more or less similar features. Certain features have particularly been incorporated keeping the interests of students in mind. Let us take a look at some notable features that are associated with student credit cards:
- The annual fee on most student credit cards offered by banks in Singapore is relatively less, waived between 1 year and 5 years.
- These cards allow you to withdraw money at ATMs. Cash advances are charged with interest fees and cash advance handling fees.
- These cards don’t usually have a demanding eligibility requirements. Eligibility requirements in terms of the annual income in particular, is more relaxed.
- The annual interest rate on transactions is lesser than other credit card types offered by banks in Singapore.
- Student credit cards usually have a low credit limit (S$500).
- These cards come with varying privileges in terms of cashbacks and reward points.
Benefits of Student Credit Cards
Student credit cards come with a range of benefits including cashbacks, reward points, entertainment discounts etc. Here are some common benefits offered by banks for student credit cards:
- The annual fee on these cards is usually waived for one or two years – this is dependent on the bank offering the card. Some cards do not attract an annual fee for as long as they remain active.
- Reward points or cashbacks can usually be earned on a certain minimum spend, which is generally low.
- Various promotional offers on student credit cards, including discounts on shopping, fuel and dining are launched on a periodic basis by banks.
- The monthly statement is usually sent by e-mail and payments towards monthly bills can be made through convenient and effortless means.
- Most of these cards are embedded with contactless payment services to promote swift and convenient payments. Popular contactless payment services include MasterCard PayPass and Visa PayWave.
Reward programmes available
Reward points can be earned on a wide range of purchases, including fuel purchases, taxi rides, dining, purchases at retail outlets, online shopping, and more. These reward points can be redeemed for a variety of promotional offers and discounts. Reward programmes can vary from one card to another.
Eligibility & Documentation
Eligibility Criteria for Student Credit Cards
- Singapore citizens and Permanent Residents are eligible to apply for all student credit cards in Singapore. Foreigners are eligible to apply for select student credit cards.
- Age criterion:
- Minimum age - 18 years old. For credit card applicants who are below 21 years old, their parent’s or legal guardian’s consent will be required on the application form.
- Maximum age - The maximum age is subject to the bank's policies. For example some student credit cards, like the DBS Live Fresh Student Card, have a maximum age of 27 years.
- Minimum income requirement:
- Tertiary students - No minimum income requirement.
- Employees - Minimum annual income of S$18,000 is required. In most cases, annual income should not exceed S$30,000.
- Tertiary students must be enrolled in eligible universities to qualify to apply for a student credit card. Certain student credit cards are also applicable for NSF Men enrolled in universities.
Documents Required for Student Credit Cards
- A front and back copy of NRIC.
- In case the applicant is below 21 years old, a front and back copy of the parent’s/legal guardian’s NRIC.
- Student ID Card/Matriculation.
- NSF Men should provide “Letter of Acceptance” issued by the university.
- Documents to be submitted by employees applying for a student credit card:
- Salaried employees - Computerised payslips, CPF Contribution History, most recent Income Tax NOA (Notice of Assessment), etc.
- Self-employed individuals - Income Tax NOA (Notice of Assessment) for the last 2 years.
- Commission based employees - Computerised payslips, Income Tax NOA (Notice of Assessment), CPF Contribution History, etc.
Student credit cards in Singapore
Here are the student credit cards offered in Singapore:
DBS Live Fresh Student Card – This credit card is applicable to tertiary students. Credit cardholders will earn 3X DBS Points on Visa payWave and online transactions.
Standard Chartered MANHATTAN $500 Card – This credit card is applicable to students and employees not earning more than S$30,000 p.a. Cardholders will earn 0.25% cashback on all eligible purchases.
Maybank eVibes Card – This credit card is applicable to tertiary students and NSF Men. Credit cardholders will earn 1% cash rebate on all eligible purchases.
Citibank Clear Card - This credit card is applicable to tertiary students. Cardholders will earn cash rebate at participating merchant outlets such as Subway and Starbucks as well as get additional Citi Benefits.
BOC F1RST Card - This credit card is applicable to students and working adults. Credit cardholders will earn 0.5% cash rebate on eligible purchases up to maximum S$500 spent per month
Annual fees and Interest Rate charges for Student Credit Cards in Singapore
Student Credit Card
||Annual Fee Waiver
DBS Live Fresh Student Card
Standard Chartered MANHATTAN $500 Card
Maybank eVibes Card
|No annual fee charged
Citibank Clear Card
BOC F1RST Card
Student credit cards available in Singapore
Citibank Credit Cards:
- The Citi Clear Card: Excellent discounts on dining and entertainment, fuel purchases and shopping.
Standard Chartered Credit Cards:
Maybank Credit Cards:
- The Maybank e-Vibes Credit Card: The card does not attract an annual fee and lets you earn reward points on a wide category of purchases.
BOC Credit Cards:
DBS Credit Cards:
- The DBS Live Fresh Visa Student Credit Card: The annual fee on the card is waived for the first five years. The card lets you earn and accumulate DBS points, letting you redeem your points for some truly sensational offers and benefits under the rewards catalogue.