general
Understanding Credit Cards: Interest-Free Period, Cash Advances, and Minimum Payments
Credit cards charge up to 29% interest p.a.—do you know exactly how yours works?
Key Features of Credit Cards
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, 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
Credit cards charge up to 29% interest p.a.—do you know exactly how yours works?
Common Questions
What happens if I only pay the minimum sum due?
Paying the minimum sum due on your credit card means the rest of your balance will incur interest charges.
What are the eligibility requirements for a credit card?
To apply for a credit card, you must meet the bank’s eligibility requirements, including a minimum annual income of $30,000. You will also be subjected to the rules on unsecured credit limits from the Monetary Authority of Singapore.
NEXT STEP
Turn this guide into your next decision
If you are comparing cards, fees, rewards or next steps, open the assistant and turn this article into a practical shortlist.