Five Factors for expats to consider before applying for a credit card in Singapore

With an economy that is on the up, well educated and English speaking people, it is not hard to see why 30% of the Singapore population in 2017 happened to be expatriates.

Moving to Singapore is a huge step, and you have already thought about your accommodation, your job and probably even how you are going to get around, but there are always questions and confusions about day to day living.  For example, having a number of options available to you when it comes to paying for services and items in Singapore which might lead you to apply for a credit card, but before you jump straight in, there are a few things to consider first.

Below are five factors that you really should be aware of before applying for a credit card in Singapore.

How do you tend to spend your money?

To start with, it isn’t a bad idea to sit down and make a list of all of your expenditure in order to highlight which things you spend the most money on.  Make sure to include everything from fuel or transportation, shopping, food, eating out and entertainment such as going out to pubs and clubs or even renting films.

Once you have a comprehensive list, it should be clear to you where most of your money tends to go.  Now you are ready to make a decision on what sort of credit card would offer the best rewards on what you spend on the most.  For example, if you constantly travel around South East Asia, then a miles credit card would be a good idea.

Remember to take note of your annual income requirements

Many credit card companies will not use an applicants credit score to check their suitability for a credit card, most card issuers tend to use the candidates level of annual income instead.  But it is also useful to bear in mind that foreigners are expected to earn a higher annual salary before they can apply for the same card as the locals do.

The general rule of thumb seems to be that credit card companies like foreigners to be earning between S$40,000 and S$60,000 with some insisting on S$100,000.

How long are you likely to be staying in Singapore?

If your trip is only relatively short, say you are only planning on staying until you have finished your studies in three years, or your company has posted you out to Singapore for two or three years, then you might be better off applying for a credit card in your native country.  Otherwise, if you are planning an extended long term stay, then it might be worth considering that Singapore has much higher reward systems than most countries.

Where are you originally from?

Different credit card companies have a different reward system for each country and it is worth checking a Singapore deal with a credit card in your native country of origin.  However it is worth bearing in mind that the UK tends to offer much lower reward rates than Singapore, whereas the US credit card issuers come in at being only slightly behind Singapore credit card companies.

Are you likely to be traveling a lot?

If you are planning on returning to your country of birth a lot, then it might be worth just keeping your original card issued in your country as the foreign transaction fees on Singapore cards are quite high.

About the Author
Morris Edwards is a content writer at, he writes different topics like Wealth investments paying off for Singapore’s big three banks, 4 Reasons It’s Time to Outsource Your Finance Department and all topics related to Singapore Business and Finance.If you are interested about  Company Business Registration  in Singaporevisit our website for more info.

Company: Singapore Company Incorporation Consultants Pte Ltd
Address: 10 Anson Road International Plaza #27-15, Singapore 079903
Telephone: +65 66531211

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