general
Understanding Credit Cards: Interest-Free Period, Cash Advances and Minimum Payments
Credit cards charge up to 29% interest p.a. and paying the minimum sum due means the rest of your balance will incur interest charges.
Key Features of Credit Cards
Credit cards charge up to 29% interest p.a. To apply for a credit card, you must meet the bank’s eligibility requirements, including a minimum annual income of $30,000. While you may meet the eligibility criteria, you will also be subjected to the rules on unsecured credit limits from the Monetary Authority of Singapore.
Understanding Credit Card Interest and Charges
Paying the minimum sum due on your credit card means the rest of your balance will incur interest charges.
Related reading
FAQ
Q1: What happens if I only pay the minimum sum on my credit card?
Paying the minimum sum due means the rest of your balance will incur interest charges.
Q2: What is the maximum interest rate a credit card can charge?
Credit cards charge up to 29% interest p.a.
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