Top Tips for Choosing Your First Credit Card

If you are thinking about taking out a credit card for the first time, then there are several things that are good to consider before you fill out your application. Whether you are a young person or student who’s taking advantage of your first opportunity to get a credit card, or you’ve simply never needed or wanted one in the past, applying for your first credit card can be a daunting process, especially with so much choice out there.

We’ve put together some top tips to help you make the right choice for your first credit card.

Tip #1. Understand Your Interest:

When you apply for a credit card, it’s important to know exactly how much credit that you are going to have available, along with how much interest you’ll be paying, and the minimum amount that you’ll need to pay each month to keep your credit card repayments up to date.

When browsing credit cards, it’s a good idea to shortlist those with the smallest Annual Percentage Rate (APR), since the lower this is, the less interest you will have to pay on the amount that you borrow. Even better, try and find a card that gives you an interest free period . These usually last for the first few months after taking out the card and give you the opportunity to spend without paying anything extra when you make repayments.

Tip #2. Pick a Sensible Credit Limit:

In general, lenders tend to decide how much to give you when it comes to a limit on your credit card. However, in some cases, you may be able to specify how much you’d like to borrow on the card. When it comes to picking your limit, you can also see an idea of how much you’re likely to get when you are browsing potential cards. Since it is your first credit card, it’s a good idea to pick a sensible, small credit limit that you can easily manage. Don’t forget that after a few months of repayments and staying within your credit limit, you can always ask your lender to increase it – most are happy to do so once you have proven yourself to be a responsible borrower .

Tip #3. Do Your Research:

When it comes to picking a credit card, there are so many different options to choose from that you might end up feeling just a little overwhelmed. When it comes to finding the best credit card offers , it’s important to do as much research as you can beforehand to weigh up all your options and ensure that you don’t end up missing out on a better deal. Comparison sites are one of the best resources to use when looking for the perfect first credit card – you’ll be able to enter all your details to find a suitable card for you. Some sites will even allow you to fill in your details and check your eligibility for a card, without having to deal with the added hassle of a credit check.

Did these tips help? We’d love to hear from you in the comments.


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SingSaver.com.sg is your go-to website for finding credit cards and personal loans in Singapore. Use our comparison tools to get unbiased, up-to-date information on personal finance products.

SingSaver.com.sg is your go-to website for finding credit cards and personal loans in Singapore. Use our comparison tools to get unbiased, up-to-date information on personal finance products.

Whats a good first credit card

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How does a credit card help me save money?

One of the biggest myths about credit cards is that they lead you into debt. In reality, credit cards are just like any tool - useful when handled responsibly, and damaging if you lack discipline or self-control.

Credit cards are a money-saving tool because they come with a range of rewards. The most common of them are reward points (which you redeem for vouchers or gifts), cashback (where a percentage of your spending is returned to you at the end of the month), or direct discounts with partner restaurants and retailers. Any credit card you get in Singapore will have some combination of these perks.

The trick to using a credit card is to pay your bill in full and on time. If you can do this every month, you can save a lot of money on things that are important to you while avoiding debt.

Get a credit card that helps you save money on your biggest and most important expenses.

For example, if you love to travel, then an air miles credit card can help you save money on expensive flight tickets. They give you a certain number of miles for every dollar you spend, which you can eventually redeem for a free flight.

If you are a mother of two young children, a cash rebate credit card can help you save money on daily essentials like groceries, health products, and petrol.

Before you apply for a credit card, examine your lifestyle and identify the areas that you spend the most money on. Then choose a credit card that will either give you discounts for it, or let you earn reward points from it.

What credit card application requirements should I prepare?

In general, you must be at least 21 years old to be a primary cardmember. Singaporeans and Permanent Residents who are full-time employees need to earn at least S$30,000 a year, while foreigners with a valid work permit generally need to earn at least S$45,000 a year. The minimum income requirement may be higher, depending on the type of card.

Credit Card Requirements for Singaporeans and Permanent Residents

It's relatively easy for Singaporeans and Permanent Residents to qualify for a credit card. In fact, most Singaporeans own an average of 4 credit cards. If you are thinking of applying for a new card, take note of the following requirements:

  1. Be at least 21 years old
  2. Have a minimum gross annual income of S$30,000. You may have to make a fixed deposit collateral if you do not meet the annual income requirement.
  3. Front and back photocopies of your NRIC
  4. Latest 12 months CPF contribution history statement
  5. Latest Income Tax Notice of Assessment
  6. Latest 3 months computerised payslip

Credit Card Requirements for Foreigners

Because the minimum annual income requirement starts at S$45,000, foreigners will need to be an Employment Pass holder to qualify for a credit card in Singapore. S Pass holders may have difficulty with their application because they do not meet the minimum income.

Below is a list of requirements foreigners need to prepare before applying for a credit card:

  1. Be at least 21 years old
  2. Have a minimum gross annual income of S$45,000. You may have to make a fixed deposit collateral if you do not meet the annual income requirement.
  3. A valid passport, with at least 6 months validity
  4. An employment pass, with at least 6 months validity
  5. Latest computerised payslip or salary crediting to your bank account (in Singapore dollars) or a company letter certifying employment and salary (in Singapore dollars), dated within three months from card application
  6. Full copies of your utility bills or telecommunications bills, to confirm your residential address