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Thread: Can apply for Credit card?

  1. #41

    Default Re: Can apply for Credit card?

    Quote Originally Posted by XXX Boy View Post
    Hi, would like to ask if I was given a salary of $2300 per mth, can I apply for a Credit card?
    Perhaps you may check up Capita debit Mastercard which does not come with minimum income requirement

  2. #42

    Default Re: Can apply for Credit card?

    Quote Originally Posted by Sion View Post
    I get my wife to apply for a second card for me. She is the principal holder and pays whenever I use the card.

    I suggest you do the same.
    Quote Originally Posted by jsbn View Post
    What rice do u eat?
    I think what he meant is that HE will pay whenever HE use the card. Who in the right mind will said he live off his wife in public?? Don't be a smart alec and try to insult people. Same goes to others who added in

  3. #43

    Default Re: Can apply for Credit card?

    Quote Originally Posted by simon80 View Post
    You will now qualify to apply for unsecured credit facilities with banks – if you earn at least S$20,000 a year.

    The Monetary Authority of Singapore (MAS) and the Law Ministry (MinLaw) have decided to relax the rules on such facilities.

    Previously, applicants had to earn at least S$30,000 per annum.

    Unsecured credit refers to things like overdraft facilities where people pay interest from the time they draw down on the sum.

    The latest rules do not apply to credit cards, which still require a minimum income of S$30,000 a year.

    There will also be a more conservative maximum credit limit.

    Those earning between S$20,000 and S$30,000 a year can only borrow up to twice their monthly income.

    But if they earn at least S$30,000 a year, they can borrow up to four times their monthly pay.

    There will also be changes to the moneylenders’ regime.

    For instance, for unsecured loans of S$3,000 and below, there will be no minimum income requirement but such loans will be subjected to an interest rate cap.

    To mitigate the risks of over-borrowing by individuals from all income groups, MAS and MinLaw will require financial institutions and moneylenders to conduct adequate and relevant checks on borrowers before lending.

    MAS and MinLaw will make the relevant legislative changes to the Unsecured Credit Regulations and the Moneylenders Rules by the middle of the year.

    The new rules are expected to level the playing field among banks which are regulated by MAS, and lending by other businesses.

    Banks have welcomed the move.

    Citibank says it will be assessing this new area of opportunity in greater detail to serve the needs of these consumers.

    This group of customers is estimated to number between 450,000 and 500,000.

    OCBC says the changes will give borrowers more options and open up opportunities for a group of individuals who previously had limited access to unsecured facilities
    Try not to use lines of credit if possible... The charges and interest is very scary! Late charges are $50, and interest is immediately charged. In addition, the interest is compounded on a daily basis. So if you want to quick way to die, pls go ahead and use your credit facilities....

  4. #44
    Senior Member Sion's Avatar
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    Default Re: Can apply for Credit card?

    Quote Originally Posted by wakaowalao View Post
    I think what he meant is that HE will pay whenever HE use the card. Who in the right mind will said he live off his wife in public?? Don't be a smart alec and try to insult people. Same goes to others who added in
    Thanks for the clarification.

    You're right. My wife keeps every cent I've earned and she pays every bills. She is the finance minister and I am the work horse. It's a joke that some people can't comprehend.

  5. #45

    Default Re: Can apply for Credit card?

    Quote Originally Posted by XXX Boy View Post
    Debit card need at least 1.6K per mth then can apply rite???
    No need, any ah mao ah kao, so long as got a bit of money can already.

    Well, at least I got my debit card during NS.. Less than $500 a month also can, and it's not salary.. Go figure!

  6. #46

    Default Re: Can apply for Credit card?

    Quote Originally Posted by simon80 View Post
    You will now qualify to apply for unsecured credit facilities with banks – if you earn at least S$20,000 a year.

    The Monetary Authority of Singapore (MAS) and the Law Ministry (MinLaw) have decided to relax the rules on such facilities.

    Previously, applicants had to earn at least S$30,000 per annum.

    Unsecured credit refers to things like overdraft facilities where people pay interest from the time they draw down on the sum.

    The latest rules do not apply to credit cards, which still require a minimum income of S$30,000 a year.

    There will also be a more conservative maximum credit limit.

    Those earning between S$20,000 and S$30,000 a year can only borrow up to twice their monthly income.
    But if they earn at least S$30,000 a year, they can borrow up to four times their monthly pay.

    There will also be changes to the moneylenders’ regime.

    For instance, for unsecured loans of S$3,000 and below, there will be no minimum income requirement but such loans will be subjected to an interest rate cap.

    To mitigate the risks of over-borrowing by individuals from all income groups, MAS and MinLaw will require financial institutions and moneylenders to conduct adequate and relevant checks on borrowers before lending.

    MAS and MinLaw will make the relevant legislative changes to the Unsecured Credit Regulations and the Moneylenders Rules by the middle of the year.

    The new rules are expected to level the playing field among banks which are regulated by MAS, and lending by other businesses.

    Banks have welcomed the move.

    Citibank says it will be assessing this new area of opportunity in greater detail to serve the needs of these consumers.

    This group of customers is estimated to number between 450,000 and 500,000.

    OCBC says the changes will give borrowers more options and open up opportunities for a group of individuals who previously had limited access to unsecured facilities
    so meaning to say, if i have at least 20k per yr, i can sent in my application and give it a TRY ???

  7. #47
    Senior Member
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    Default Re: Can apply for Credit card?

    last time i applied for CC, all the banks approved mine except Standard Chartered. Now every now and then they will call me to sign up. I Fxxx them up and said I dont need them now. I dont use my CC for the past 6 years or so. Reason is simple, I use cash, wife dunnot how much those white tube in the glass cabinet cost. ( L lens in dri cabinet) She still think the dry cabinet is a cabinet with lock to keep the children away from my stuff. Now I only keep 2 card for emergency use, just in case i see an offer i cant resist and dont have enough cash.

  8. #48

    Default Re: Can apply for Credit card?

    Quote Originally Posted by Shodan99 View Post
    Try not to use lines of credit if possible... The charges and interest is very scary! Late charges are $50, and interest is immediately charged. In addition, the interest is compounded on a daily basis. So if you want to quick way to die, pls go ahead and use your credit facilities....
    But of cos don ever own them $ or hv late payment. they are the legal loanshark!

    I prefer to use c.c cos i don like to bring alot of cash around with me.

    Another reason is I like to use the citibank dividend platinum, 3 months later will send u a cheque back with some cash refunds. *self console*


    Quote Originally Posted by k3nn3th03 View Post
    so meaning to say, if i have at least 20k per yr, i can sent in my application and give it a TRY ???
    YES
    Last edited by simon80; 6th March 2007 at 12:25 AM.

  9. #49

    Default Re: Can apply for Credit card?

    Quote Originally Posted by simon80 View Post
    But of cos don ever own them $ or hv late payment. they are the legal loanshark!

    I prefer to use c.c cos i don like to bring alot of cash around with me.

    Another reason is I like to use the citibank dividend platinum, 3 months later will send u a cheque back with some cash refunds. *self console*




    YES

    haha... ok ok... i shall try...

  10. #50

    Default Re: Can apply for Credit card?

    dun ever get a CC, or line of credit, use whatever u have, not enough save.

    most ppl die not knowing how ther die...........

    like alot of youngster's says: i buy motor bike, cos it is cheap, and no worry, i will drive carefully, nothing will happen.............they still got injure........

    same to this CC thing, ppl say they will control or whatsoever, but in the end still end up in debt...................

  11. #51

    Default Re: Can apply for Credit card?

    let me share my 2cents..

    Basically it all depends on the needs of the applicant.. i find that debit card is more than enough already 'coz it's only used when I don't have cash with me & the shop/restaurant don't accept NETS payment.. Just get the POSB GO! card.. no minimum wage requirement, no annual fee, no hassle.. but of course the cons is that it's limited only to NETs limit lah..

    cheers,
    Andrew

  12. #52

    Default Re: Can apply for Credit card?

    Quote Originally Posted by chewraisins View Post
    let me share my 2cents..

    Basically it all depends on the needs of the applicant.. i find that debit card is more than enough already 'coz it's only used when I don't have cash with me & the shop/restaurant don't accept NETS payment.. Just get the POSB GO! card.. no minimum wage requirement, no annual fee, no hassle.. but of course the cons is that it's limited only to NETs limit lah..

    cheers,
    Andrew
    GOOD to have, BUT, its not MUST to have

  13. #53

    Default Re: Can apply for Credit card?

    Quote Originally Posted by smurfman View Post
    same to this CC thing, ppl say they will control or whatsoever, but in the end still end up in debt...................
    Not all lah... I have at least 5 CC, but no debt at all for past 6yrs since I started using CC. Must be disciplined.

  14. #54

    Default Re: Can apply for Credit card?

    Quote Originally Posted by xxccxx View Post
    Not all lah... I have at least 5 CC, but no debt at all for past 6yrs since I started using CC. Must be disciplined.
    Yup.. same for me.. the credit is purely for emergency only..

  15. #55

    Default Re: Can apply for Credit card?

    Quote Originally Posted by jsbn View Post
    U like? I dun like leh. Damn no backbone & integrity.
    hmh... so some wives and all dependants got no backbone & integrity then...
    web | blog | fb | ig

  16. #56
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    Default Re: Can apply for Credit card?

    You are the 5% and the fact is 95% are not discipline.That's why the credit cards debt is increasing.

    For every $1,000 you owe, the interest is $240/annum. Don't sound alot right?

    What if $5,000?... equal $1,200/annum

    Wait if you owe them $20,000! .....interest $4,800/annum. Really sweat!!!

    Quote Originally Posted by xxccxx View Post
    Not all lah... I have at least 5 CC, but no debt at all for past 6yrs since I started using CC. Must be disciplined.

  17. #57
    Senior Member StrifeYun's Avatar
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    Default Re: Can apply for Credit card?

    my 2cent.

    go bank give them ur cpf statement, if yr income >= $20,000 can be shown in the cpf should be able to get. but think credit limit will be like $4000 oni

    think local banks more lenient wan.
    Canon EOS "Luxury"
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  18. #58

    Default Re: Can apply for Credit card?

    Quote Originally Posted by simon80 View Post
    You will now qualify to apply for unsecured credit facilities with banks – if you earn at least S$20,000 a year.

    The Monetary Authority of Singapore (MAS) and the Law Ministry (MinLaw) have decided to relax the rules on such facilities.

    Previously, applicants had to earn at least S$30,000 per annum.

    Unsecured credit refers to things like overdraft facilities where people pay interest from the time they draw down on the sum.

    The latest rules do not apply to credit cards, which still require a minimum income of S$30,000 a year.

    There will also be a more conservative maximum credit limit.

    Those earning between S$20,000 and S$30,000 a year can only borrow up to twice their monthly income.

    But if they earn at least S$30,000 a year, they can borrow up to four times their monthly pay.

    There will also be changes to the moneylenders’ regime.

    For instance, for unsecured loans of S$3,000 and below, there will be no minimum income requirement but such loans will be subjected to an interest rate cap.

    To mitigate the risks of over-borrowing by individuals from all income groups, MAS and MinLaw will require financial institutions and moneylenders to conduct adequate and relevant checks on borrowers before lending.

    MAS and MinLaw will make the relevant legislative changes to the Unsecured Credit Regulations and the Moneylenders Rules by the middle of the year.

    The new rules are expected to level the playing field among banks which are regulated by MAS, and lending by other businesses.

    Banks have welcomed the move.

    Citibank says it will be assessing this new area of opportunity in greater detail to serve the needs of these consumers.

    This group of customers is estimated to number between 450,000 and 500,000.

    OCBC says the changes will give borrowers more options and open up opportunities for a group of individuals who previously had limited access to unsecured facilities
    Credit card not applicable

  19. #59

    Default Re: Can apply for Credit card?

    Just my 2 cents.

    As long as your annual income reach 30K you should have no problem. But use it wisely, there is a high risk that you may abuse it without you knowing.

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