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How Credit Cards Work in Singapore: Interest-Free Period, Cash Advances, and Minimum Payments
Credit cards in Singapore can charge up to 29% interest per year; paying only the minimum sum means the rest of your balance incurs interest charges.
Key features of credit cards
Credit cards can charge up to 29% interest per annum—do you know exactly how yours works?
Paying the minimum sum due on your credit card means the rest of your balance will incur interest charges.
To apply for a credit card in Singapore, 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 subject to the rules on unsecured credit limits from the Monetary Authority of Singapore.
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FAQ
Q1: What interest rate can credit cards charge?
Credit cards in Singapore can charge up to 29% interest per annum.
Q2: What happens if I only pay the minimum sum due?
Paying the minimum sum due means the rest of your balance will incur interest charges.
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