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Understanding Credit Cards: Key Features, Costs, and Rules in Singapore
Learn how credit cards work, including interest charges, minimum payments, eligibility requirements, and regulatory rules in Singapore.
Key Features of Credit Cards
Credit cards can charge up to 29% interest per year. Understanding exactly how your card works is important before you start using it.
Paying the Minimum Sum
When you pay only the minimum sum due on your credit card, the rest of your outstanding balance will incur interest charges.
Eligibility and Regulatory Requirements
To apply for a credit card, you must meet the bank’s eligibility requirements, which include having a minimum annual income of S$30,000. Even if you satisfy these criteria, you will also be subject to the Monetary Authority of Singapore’s rules on unsecured credit limits.
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