Guide to Credit Cards for Retirees in Singapore: Eligibility, Existing Cards, and More

The other day, my mum thumbed through her wallet and mused out loud: “I’ll keep this CIMB credit card—it has no annual fee, and I won’t be able to apply for new credit cards once I retire.”

Wait, what? That last bit didn’t sound right to me. Credit cards are for spending, and people don’t stop spending just because they stop working. Sure, their salaried income stops coming in, but that shouldn’t be a reason to exclude this group of consumers who are perfectly capable of paying credit card bills through other means like savings, CPF LIFE payouts, and so on.

So I decided to look into this. It turns out that my mum was (thankfully) wrong. Not only can retirees apply for new credit cards, but there’s also more than one source of income that counts. Here’s a guide to applying for credit cards for retirees in Singapore.

TLDR; If you’re above 55 years old, you need to have at least one of the following to be eligible for a credit card: Annual income of at least $15,000 Total net personal assets exceeding $750,000 A guarantor whose annual income is at least $30,000. Your credit limit is dependent on your net personal assets and annual income. Banks generally will not cancel your credit cards after you retire, so you get to keep any existing ones. If you don’t qualify for a credit card, consider secured credit cards, debit cards, or using a guarantor.

 

Guide to Credit Cards for Retirees in Singapore (2025)

1. First, why do banks ask for “income” anyway?
2. How much income must I have to be eligible for a credit card?
3. What counts as income when you apply for a credit card after retirement?
4. What is the credit limit for retirees?
5. What happens to your existing credit cards when you retire?
6. What if you want to increase your credit limit after you retire?
7. What if you don’t qualify for a credit card after retirement?

 

1. First, why do banks ask for “income” anyway?

When you apply for a credit card in Singapore, banks need to know you can manage repayments. For retirees—especially those without a traditional salary—this often comes down to proving you have a reliable source of funds. That’s why “income” is such a key eligibility requirement, even after you retire.

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2. How much income must I have to be eligible for a credit card?

According to the Monetary Authority of Singapore (MAS), anyone over 55 who wants an unsecured credit card (or similar loan) must show at least one of the following:

Retirees’ credit card eligibility	How much is needed	Examples of what counts
Annual income	≥ $15,000/year	CPF LIFE payouts, rental, annuities, dividends
Personal assets	> $750,000 in assets	Treasury bills, fixed deposits, investment accounts
Guarantor*	Guarantor earning ≥ $30,000/year	–

*A guarantor is someone—often a family member or close friend—who agrees to be responsible for your credit card debt if you are unable to pay. They need to be a Singapore Citizen or Permanent Resident.

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3. What counts as income when you apply for a credit card after retirement?

The MAS doesn’t dictate exactly what counts as “income”—that’s up to each bank. Banks can consider regular streams like:

• CPF LIFE payouts: CPF LIFE is a retirement scheme that gives you retirement payouts for life (as the name implies). DBS was the first bank in Singapore to officially accept CPF LIFE payouts as income for credit card applications on 11 Jun 2025, followed by OCBC. UOB is expected to follow soon.
• Rental income from property: Rent that you collect from tenants renting out your property can count towards the $15,000 annual threshold.
• Regular interest or dividend payments: Income you receive regularly from savings accounts, fixed deposits, or investments like stocks and bonds can also be used to meet the minimum annual income required.
• Annuity payouts:  If you have purchased a private annuity plan, the steady monthly payouts you receive can also be used as income for your credit card application.

What matters is that the income is regular, stable, and you can prove it with documentation like statements or payout letters.

Remember also that while MAS sets the mandated $15,000 annual income threshold, what contributes to that amount is ultimately up to the respective banks. Basically, MAS decides the “how much” (how much you need to be eligible), and financial institutions decide on the “what” (what counts as income).

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4. What is the credit limit for retirees?

When you get a credit card in Singapore as a retiree, your credit limit—the maximum you can charge to the card—is set by rules from MAS. Your credit limit depends on both your annual income and your total net personal assets.

How credit limit is calculated for retirees

Net personal assets	Annual income	Regulatory credit limit
$750,000 to ≤$2 million	≤$15,000	Up to $2,500
≤$2 million	>$15,000 to <$30,000	Up to 2 months’ income
≤$2 million	≥$30,000 to <$120,000	Up to 4 months’ income
Any	≥$120,000	No regulatory limit
>$2 million	Any	No regulatory limit

Source: MAS

Note: If you have a guarantor whose annual income is at least $30,000, your credit limit will be based on your guarantor’s income.

Let’s make sense of those numbers.

• If you just meet the credit card eligibility requirements for retirees (have $750,000 – $2 million in net personal assets and earn ≤$15,000 a year), your credit limit is capped at $2,500.
• If you earn between $15,000 and $30,000 (with assets under $2 million), your credit limit can be up to 2 months of your income.
• $30,000 is the magic number to unlock a more substantial credit limit. If you earn between $30,000 and $120,000, your limit can go up to 4 months of your income.
• Finally, if you earn $120,000 or more, or have more than $2 million in assets, there’s no regulatory cap—your bank will decide.

Do also note that these are maximum limits. Your actual limit may be lower, depending on the bank’s own criteria and your credit history.

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5. What happens to your existing credit cards when you retire?

Good news—your bank usually won’t cancel your credit cards just because you’ve retired. As long as you pay your bills on time and use your cards responsibly, you can continue enjoying your card benefits after leaving the workforce.

Banks generally focus on your ability to repay rather than your employment status. Unless you request a higher credit limit or make major changes to your account, you’re unlikely to be asked for updated income or asset documents.

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6. What if you want to increase your credit limit after you retire?

If you request a higher credit limit on your credit card after retiring, your bank is likely to ask for updated proof of income or assets.

For retirees, this means you’ll likely need to show documents such as your CPF LIFE payout statement, recent bank statements showing regular rental or investment income, or proof of personal assets like a bank or investment account summary.

For example, a recent case shared in The Straits Times Forum (Apr 2025) came from a retiree who was asked for payslips or proof of assets ($750,000) after he requested for a higher spending limit. 

If you’re unable to provide the required documents or your personal assets and annual income figures are not high enough, your request for a higher limit might not be approved. This isn’t personal—banks are simply following MAS regulations to make sure borrowers can manage larger credit lines responsibly.

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7. What if you don’t qualify for a credit card after retirement?

Not meeting the usual income or asset requirements? Don’t worry—there are still ways to access credit or enjoy card benefits in Singapore. 

 

Secured credit cards—use a fixed deposit instead of income

A secured credit card is a practical solution for retirees who may not meet the regular criteria. Instead of showing income, you place a fixed deposit (usually at least $10,000) with the bank, which acts as your security. Your card’s credit limit is tied to this deposit amount.

Most major banks in Singapore—like DBS, OCBC, and UOB—offer secured credit card options for applicants as young as 21 years old and as old as 70 or 75. Yup, secured credit cards aren’t just an option for retirees, but are suitable for a range of financia situations at different stages of life.

 

Debit cards—convenience with zero debt

If you prefer to avoid credit altogether, debit cards are a simple and safe alternative. With a debit card, you can make payments and shop online just like with a credit card, but you’re always spending your own money—no bills, no interest, and no risk of going into debt.

Debit cards are linked directly to your savings or current account and are available from all local banks, with no income or asset requirements. Check out our round-up of the top debit cards in Singapore to find the best one for you.

 

Use a guarantor if you don’t meet the requirements yourself

If you have a family member (like a spouse or adult child) earning at least $30,000 a year, they can act as your guarantor. This means they agree to cover your repayments if you’re unable to pay. Some banks allow retirees to apply for a credit card using a guarantor’s income, so this is a good route to consider if you’re struggling to qualify on your own.

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This article was first drafted with the help of AI and later reviewed and refined by the author.