Secured Credit Card Singapore — The Solution for Students, Retirees & Applicants With Bad Credit Rating

secured credit card singapore

Having a credit card offers great convenience.

Not to mention attractive perks like discounts and rebates on petrol, dining out, online shopping, air miles and bread-and-butter items like groceries and public transport.

But not everyone can apply for one. Credit cards have minimum annual income requirements and approval is based on credit rating.


Why apply for a secured credit card?

Some of the reasons why people no longer qualify for unsecured credit cards (i.e. credit cards as we know it) include:

  • Not being employed – it could be due to retrenchment, deciding to stay home with the kids, the transition period towards viable self-employment.
  • Annual income less than $30k
  • Being retired – not having an annual income of at least $15,000 or assets exceeding $750k or a guarantor.
  • A bad credit history – colourful codes on your credit report.

Thus, a secured credit card is great for students and retirees.

If you fall into any of the above categories, fret not. It ain’t the end of the world as far as the little plastic is concerned.



How do you apply for a secured credit card?

Unsecured credit card means that the money you “borrow” on credit is not backed by collateral.

To apply for a secured credit card, in place of proof of income, you pledge a fixed deposit of a minimum $10,000 with the bank you are applying for a card with. This acts as a collateral.

The credit limit will mirror the amount of fixed deposit you place with the bank (i.e. if you pledge $10,000, you will have a $10,000 credit limit and if you pledge $50,000, you will have a $50,000 credit limit).

Do note however, that you will no longer be able to withdraw your fixed deposit as long as you own this secured credit card. The only way to access your fixed deposit is to terminate your secured credit card and inform your bank to release the pledge on your fixed deposit. The processing time can easily take 30 days or longer.


How having a secured credit card helps you

Having a secured credit card is a great way to rebuild your credit score while the 12-month cycle in your credit report resets.

This is of course assuming that your bad credit history is due to laziness in paying your credit card bills on time instead of being short on funds.

Being disciplined about using a secured credit card sends signals to the credit bureau that you are unlikely to default on loans, which will improve your credit history.

Also, you can also start enjoying various perks and rebates for a wide plethora of daily necessities and leisure experiences. And the freedom of going around cashless.


Alternatively, get a supplementary card

You’re not working, but you know someone in your family who is. Most credit cards offer supplementary cards for family members that allow you to enjoy the same discounts, rebates and rewards.

The main applicant also stand to benefit from sign-up promotions and rewards, and whatever that’s spent on the supp card is included in the minimum spend.

Of course, when you get a supplementary card, practise credit habits that are financially responsible.

Here are some supplementary card that are free-of-charge to apply for and use.

1. Citi PremierMiles Visa

Citibank logo
MoneySmart Exclusive
Local Spend
S$1 = 1.2 Miles
All Foreign Currency Spend including Retail and Online
S$1 = Up to 2 Miles
Selected Online Hotel Bookings
S$1 = Up to 10 Miles
MoneySmart Exclusive:

[6 Weeks Faster Gift Redemption* | SmartRewards | Your Points, Your Choice 🫵]
Apply and spend a min. of S$500 in "Qualifying Spends" within 30 days from the card approval date and enjoy the ultimate flexibility to CHOOSE ANY GIFT at our Rewards Store, including:
1. Apple iPad Wi-Fi 9th Generation, 64GB (5,040 SmartPoints)
2. Sony WH-1000XM5 Wireless Noise Cancelling Headphones (4,990 SmartPoints)
3. Nintendo Switch OLED (5,000 SmartPoints)
OR any other combination of gifts available in the Rewards Store, by earning 5,100 SmartPoints.
Alternatively, you can also choose S$300 Cash via PayNowT&Cs apply
PLUS, stand a chance to win a Panerai Radomir Quaranta Timepiece (worth S$8,700) OR 16,490 SmartPoints (worth an iPhone 15 Pro, 128GB in the Rewards Store) OR 5,990 SmartPoints (worth an Apple Watch Series 9 (GPS), 41mm in our Rewards Store) when you apply through MoneySmart. T&Cs apply. Check out our past Lucky Draw winners here.

Valid until 17 Dec 2023

This card is great for accumulating miles. There’s also an up-to-40,000 welcome miles promotions if you qualify.

Currently, there’s a sign-up promotion of $200 cash if you apply for Citi PremierMiles via MoneySmart.

2. Standard Chartered Unlimited Cashback Card

The Standard Chartered Unlimited Cashback Card is a hassle-free card to own. It offers 1.5% cashback on all local spend. No minimum spend and no cashback cap.

There’s also a sign-up promotion going on which offers the main applicant $120 cash via PayNow and $80 cash rebate when applying via MoneySmart.

3. HSBC Revolution

HSBC logo
MoneySmart Exclusive
Enjoy Instant Approval* | MoneySmart LUCKY DRAW
on Online Spend and Contactless Payments
S$1 = 10X Points
on All Other Spend
S$1 = 1X Point
for every 10 Points
Earn 4 Miles
MoneySmart Exclusive:

Stand a chance to win an Apple Watch Series 9 (GPS), 41mm (worth S$599) when you successfully apply for an eligible HSBC Credit Card through MoneySmart.
Refer friends and family to boost your lucky draw odds. The more you refer, the better your chances! T&Cs apply.
Plus get a Samsonite ZELTUS 69cm Spinner Luggage (worth S$680) or S$150 Cashback from HSBC when you meet the min. spends of S$1,000 upon card approval required and provide marketing consent. T&Cs apply.

Valid until 15 Dec 2023

This is another no-minimum-spend card, but the benefit is in the form of 5X rewards (online purchases, local dining and entertainment) that you can later use to redeem freebies and vouchers.

You can get a Samsonite T5 68cm Spinner or $150 cashback when you apply online for the HSBC Revolution. Using MyInfo also entitles you to a gift of $20 worth of Grab rides.

To find out more about the best credit cards for different perks, visit MoneySmart today.