Best Student Credit Cards in Singapore in 2024: Top Picks and Benefits

Student life can be challenging, especially when it comes to managing finances. Finding the right credit card can be overwhelming, especially for those who are new to the financial world. Student credit cards in Singapore are designed to provide students with the necessary financial support they need while studying. These credit cards come with various benefits and rewards that can help students with their daily expenses.

To be eligible for a student credit card in Singapore, one must be at least 18 years old and enrolled in a local institution. Some credit cards may require a minimum income, but most student credit cards do not. Additionally, students are required to provide proof of enrollment and identification documents to apply for a credit card.

Finding the right student credit card in Singapore can be a daunting task. With so many options available, it's important to choose one that suits an individual's needs. This article will provide a comprehensive guide to the best student credit cards in Singapore in 2024. It will cover eligibility criteria, top student credit cards, benefits and rewards, and charges.

 

Eligibility Criteria for Student Credit Cards

 

Student credit cards are designed to help students build their credit history and manage their finances responsibly. However, to be eligible for a student credit card in Singapore, applicants must meet specific criteria. The following subsections will outline the key eligibility requirements for student credit cards.

 

Age Requirements

 

To be eligible for a student credit card in Singapore, applicants must be at least 18 years old. This is the minimum age requirement set by the Monetary Authority of Singapore (MAS) for credit card applications.

 

Income and Employment

 

Student credit cards typically have a lower credit limit than regular credit cards. As such, they are often more accessible to students who have little or no income. Some student credit cards may not require applicants to have any income at all. However, others may require applicants to have a minimum annual income of S$18,000. It is important to check the income requirements of each credit card before applying.

 

Credit History and Score

 

Credit card issuers in Singapore typically require applicants to have a good credit history and score. However, for students who are just starting, this may be challenging. Some credit card issuers may offer student credit cards to applicants with little or no credit history. However, these cards may come with higher interest rates and fees. It is important to compare the terms and conditions of each credit card before applying.

 

Top Student Credit Cards in Singapore

 

There are several student credit cards available in Singapore that offer various benefits such as cashback, discounts, and rewards. Here are some of the top student credit cards in Singapore in 2024:

 

DBS Live Fresh Student Card

 

The DBS Live Fresh Student Card is a popular choice among students in Singapore. It offers a credit limit of $500 and an annual fee of $192.60. This card provides cashback on online shopping, travel bookings, and contactless payments. Additionally, it offers exclusive discounts on dining, entertainment, and retail purchases.

 

CIMB AWSM Card

 

The CIMB AWSM Card is another great option for students in Singapore. It has no annual fee and offers cashback on dining, entertainment, and online shopping. This card also provides discounts on travel bookings and exclusive deals on fashion and beauty purchases.

 

OCBC FRANK Card

 

The OCBC FRANK Card is a stylish option for students in Singapore. It offers a credit limit of $500 and an annual fee of $80. This card provides cashback on online shopping, dining, and entertainment purchases. It also offers exclusive discounts on travel bookings and retail purchases.

 

Maybank eVibes Card

 

The Maybank eVibes Card is designed specifically for students in Singapore. It has no annual fee and offers cashback on dining, entertainment, and online shopping. This card also provides discounts on travel bookings and exclusive deals on fashion and beauty purchases.

Overall, each of these student credit cards offers unique benefits and rewards. Students should carefully consider their spending habits and choose the card that best suits their needs.

 

Benefits and Rewards

 

When choosing a student credit card, it is crucial to consider the benefits and rewards that come with it. Here are some of the benefits and rewards that the best student credit cards in Singapore offer:

 

Cashback and Rebates

 

Many student credit cards in Singapore offer cashback and rebates on various purchases. For example, the Maybank eVibes Card offers a 1% rebate on all spending, with no merchant or category restrictions. The CIMB AWSM Card offers a 1% cashback on all local spending and 0.5% on overseas spending. The Citibank Clear Card offers up to 10% cashback on dining, groceries, and petrol.

 

Discounts and Lifestyle Perks

 

In addition to cashback and rebates, many student credit cards in Singapore offer discounts and lifestyle perks. For example, the Standard Chartered Manhattan $500 Card offers up to 21% savings on petrol at Caltex and Shell and up to 25% savings on dining at selected restaurants. The Citibank Clear Card offers up to 10% off at over 500 merchants in Singapore.

 

Education and Entertainment Offers

 

Some student credit cards in Singapore offer education and entertainment offers. For example, the Maybank eVibes Card offers up to 10% off on textbooks and stationery at Popular Bookstores, as well as discounts on movie tickets and karaoke sessions. The CIMB AWSM Card offers discounts on movie tickets and access to exclusive events.

Overall, the benefits and rewards offered by student credit cards in Singapore can help students save money and enjoy various perks. When choosing a student credit card, it is essential to compare the benefits and rewards offered by different cards to find the best one for your needs.

 

Understanding Fees and Charges

 

When considering the best student credit card in Singapore, it is crucial to understand the associated fees and charges. These can significantly impact the overall cost and benefits of a credit card.

 

Annual Fees

 

Annual fees for student credit cards can vary widely. Some cards may offer no annual fees, while others may have a nominal charge. Students need to weigh the benefits of the card against the annual fee to determine its value.

 

Foreign Transaction Fees

 

For students who plan to travel or make purchases in foreign currencies, understanding the foreign transaction fees is essential. These fees can range from a percentage of the transaction amount to a flat fee. It is advisable to choose a card with lower foreign transaction fees for international use.

 

Late Payment Charges

 

Late payment charges are an essential consideration for students who may have irregular income or payment schedules. Understanding the late payment charges and grace periods can help students avoid unnecessary fees and penalties.

 

Conclusion

 

Choosing the right student credit card in Singapore can be like finding the perfect tutor: it should empower you to reach your full potential! While credit cards offer cashback, rewards, and convenience, responsible spending habits are vital to unlocking these benefits.

Just like Tutor City equips students with academic prowess, consider this guide your starting point for financial literacy. Remember, responsible credit card use builds a positive credit history, a valuable asset for your future.

So, make an informed choice, manage your finances wisely, and let your credit card be a tool for success, not a burden. With the right card and the proper guidance, you can achieve your academic and financial goals with confidence!