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. Considering the financial requirements and certain unique spending habits of students, several banks offer credit cards that are tailored for them. There are several advantages to using one of these, ranging from the convenience to an option to build up your credit score. These cards usually have a low credit limit of about S$500 and do not have any minimum income requirements.
Here is a list of some of the best student credit cards in Singapore:
Here is a list of some of the best student credit cards in Singapore:
|Card Name||Annual Fee||Interest Rate||Key Benefits||More details|
DBS Live Fresh Student Card
|S$128.40||25.9% p.a.||Cashback on online shopping and other expenses||Find more|
DBS NUSS Card
|S$192.60 None when you are an NUSS member.||25.9% p.a.||DBS Rewards Points||Find more|
Citibank Clear Card
|S$29.96||28% p.a.||Citi Rebates on dining||Find more|
Standard Chartered MANHATTAN $500 Card
|S$32.10||25.9% p.a.||Cashback on all expenses||Find more|
Maybank eVibes Card
|None||24% p.a.||Cash rebate on all expenses||Find more|
BOC F1RST Card
|S$190||25.88% p.a.||Cash rebate on monthly bill amount||Find more|
|Card Name||Reward Type||Rewards Earned||Minimum Spend Criteria||Cap on earnings||Validity of the points earned|
|DBS Live Fresh Student Card||Cashback||0.3% on all retail expenses||None||S$60||NA|
|DBS NUSS Card||Reward Points||
|Citibank Clear Card||Cash rebate||
|Standard Chartered MANHATTAN $500 Card||Cashback||0.25% on retail purchases||None||None||NA|
|Maybank eVibes Card||Cashback||1% cash rebate on all spend||None||None||NA|
|BOC F1RST Card||Cash rebate||0.5% on the total monthly bill||None||S$2.50 per billing cycle||NA|
Who Should Use It?
Student credit cards are a great way to save money on expenses during your university and college years. This could range from purchases made on essential items required for your student life to payments for leisure activities such as dining out.
Apart from the convenience, using a student card is also a great way to learn the nuances of financial management while staying within the safety net of a low credit limit. More importantly, the card is a great way to start building up your credit score.
How to Use
Before purchasing a card, do a thorough analysis of your expenses and spending habits. Examine what purchases you make regularly and where you make them. While benefits from most student cards include cash back or rebate on all expenses, certain cards provide rewards for transactions made at specific outlets. For instance, if you are a person who tends to make frequent purchases at Starbucks or Subway, the Citibank Clear Card would be worth considering.
Most banks frequently roll out promotional offers that may cater to your various requirements. A close look at these would also help you make the most of your card. Some cards like the DBS NUSS even offer privileges such as access to VIP lounges at Changi Airport, and health club facilities.
Guides & Resources
- Student Credit Cards V/s Regular Credit Cards in Singapore
- What is the difference between a student credit card and a standard credit card? Not much! read more
Most probably this could be the first credit card you own and hence you may not be too familiar with nuances of the whole system. However, before you decide which card to get, it is important to understand how a credit card functions, the different terms associated with them, their significance to you and the bank.
First of all, know how much you can afford to spend. Your credit card may have a low credit ceiling but that doesn’t mean you would have enough cash on hand to pay the bill at the end of the month. Make sure you are spending within your means. Staying within your credit limit is also a good practice to boost your credit score.
Another factor to consider is cash advances. While this option may appear attractive when you are running out of liquid cash or in case of an emergency, the fees charged while making cash advances could add up to a significantly high amount if not monitored properly.
Last, but not the least, know how long a grace period your bank provides you to pay up your bills. While the best practice is to settle the bill when it is generated, having a clear idea of the interest-free period would give you some flexibility in managing your finances.
|Card Name||Interest Rate for Retail Purchases||Interest Rate For Cash Advance||Interest-Free Period||Late Payment Penalties|
|DBS Live Fresh Student Card||25.9% p.a.||28% p.a.||20 days||Fee: S$80 (for S$50.01 and more) Penal Interest Rate: 28.9%|
|DBS NUSS Card||25.90% p.a.||28% p.a.||20 days||Fee: S$80 (for S$50.01 and more) Penal Interest Rate: 28.9%|
|Standard Chartered MANHATTAN $500 Card||25.9% p.a.||28% p.a.||20 days||Fee: S$80 Penal Interest Rate: 28% p.a.|
|Citibank Clear Card||28% p.a.||28% p.a.||25 days||Fee: S$40|
|Maybank eVibes Card||24% p.a.||24% p.a.||20 days||S$50 or 5% of the monthly bill amount, whichever is higher|
|BOC F1RST Card||25.88% p.a.||28% p.a.||23 days||Penal Interest Rate: 5% per month|
Eligibility Criteria to apply 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.
- 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.
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.
News About Student Credit Cards
NUS has won the first position in the THE magazine’s Asia University Rankings 2018 while NTU reached the fifth. NUS secured the first place third time in a row due to its performance in research, teaching, knowledge transfer, and citation impact.
07th February 2018
The National University of Singapore (NUS) is offering a 12-week career-preparation module to help students get ready for the changing job market. This will include lectures, e-seminars and participation in industry events.
30th January 2018