How to get a Credit Card if You are a Student

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Student Credit Cards

Finding the Best Student Credit Cards

One of the requirements of applying for a credit card is a minimum income requirement and as a student we know this is out of your reach. While we understand the logic is to ensure applicants are able to pay their credit card bills and to avoid default, there could be circumstances where having a credit card will increase convenience for you.

A number of local banks understand this gap in the market and has introduced credit cards targeting students, so here’s a look at how someone without an annual income can still enjoy the perks or having a credit card:

 

Student Credit Cards

Credit cards for students typically comes with a reduced credit limit of $500. Anyone above 18 years old is eligible to apply, but if you are below 21 years old, parental consent is required and they will need to act as a guarantor.

 

Some of these cards include:

1. Citibank Clear Card: The citibank clear credit card comes with a wealth of student credit card reward benefits, specifically designed for Singapore students in mind! With one year’s fee waiver and rewards, discounts at popular outlets, the card offers students the freedom of financial management and the rewards associated with higher fee based credit cards. There are also exclusive after dark privileges at Zouk, Wine Bar, Velvet Underground Dance.

2. Standard Chartered Manhattan Card: The card comes with a $500 credit limit and gives you a 0.25% cashback every month on retail spending. There’s also a fee waiver for the first year and subsequent yearly card fees are at $30 only.

3. DBS Live Fresh Visa Student Card: There is a similar $500 limit for this card, but you get to enjoy all the perks of a credit card! You will receive 3X DBS points on your online shopping, as well as all the benefits of being a DBS credit card holder- gourmet discounts and redeeming DBS rewards.

 

Supplementary Cards

If you really want a credit card for convenience of payment, you can always consider getting someone you know to sponsor a supplementary card for you. Its perhaps best you ask this from your parents as you will probably be more careful about using your card.

 

Debit Cards are just as good

A debit card is linked to your bank account so when you make a purchase, the amount is deducted from your deposit account immediately. If it is for the convenience of paying large amounts of money without needing to hold on to cash, a debit card can be just as useful as a credit card. What’s more, you spend only what you have and thus reduce the risk of overspending. Most debit cards these days also provide some of the perks from the normal credit cards, so you are not really missing out much!

 

If you are interested to look at all credit cards in Singapore, student or not, then have a look at our credit card comparison.

 

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