Rejected for Credit Cards in SG?

[ThomasAjose]

Hi

I just wondered if anyone has had any difficulty obtaining a credit card in SG or know the trick to obtaining one? I've recently arrived from the UK - I have a decent income, a 2 year EP, a permanent address and healthy debit accounts with two SG banks.

I also have several credit cards and a very high credit rating in my home country. I have never missed a bill or mortgage payment in my life.

For some reason, I've now been rejected for about 4 (very basic) credit cards despite providing all required info (passport, payslips, bills, proof of address etc.). Obviously, computer says cannot la. Perhaps it has something to do with the fact I've only been in SG for 2 months and have no SG credit history?

Would be good to hear the experience of others.

[bro75]

The short duration is a possible reason for your rejection. Make sure you are also above the minimum income threshold for foreigners. In my experience, there are some banks that are less stringent in accepting CC applications such as HSBC and Standard Chartered, you can try them first. The local banks and some foreign banks such as Citibank have a higher threshold.

[PNGMK]

American Express is usually easy if you meet the min threshold for salary and they are accepted quite widely. I managed to get a Mastercard years ago when I got a car loan (it was bundled and gave a small discount on the car) but yes, it can be frustratingly hard. My wife who is on an above average salary cannot even get a supplementary card under my mastercard!

[malcontent]

You might have better luck applying for a card at the bank where your salary is being deposited. It seems like that is how I got my first card after a few rejections from others.

[PNGMK]

You might have better luck applying for a card at the bank where your salary is being deposited. It seems like that is how I got my first card after a few rejections from others.

Actually now I think about I had to have a letter from my employer to even get an account so I think Mal is correct.

[sundaymorningstaple]

This especially so if you are a US passport holder due to all the FATCA rulings now.

[malcontent]

This especially so if you are a US passport holder due to all the FATCA rulings now.

True. Some credit card issuers here have fine print at the bottom - not available to US persons. They do that out of an abundance of caution. Technically, FATCA is only concerned about assets, not debts. However, if you have a credit balance on the card at any time, it’s technically reportable. This fact was established in an actual case where they hauled a tax dodger into court and fined him for not reporting each credit card that had a credit balance… but I think the only reason they did so is because the guy was clearly evading tax.

But yeah, hopefully you are getting your pay deposited into one of the 3 local banks and have have some account history with them. That is where I would apply first.

And, for the uninitiated, you normally don’t have to pay annual fees on credit cards here. Unless it’s a special card, or unless you just don’t use the card, they will always waive the annual fee on request, year after year. I just got my DBS Esso card waived for the umpteenth time a few days ago. It’s a hassle, but I’m sure the banks here keep the annual fee nonsense going because enough people forget, don’t care, or don’t know.

[Myasis Dragon]

Maybe it's FACTA, but I'm more inclined to believe that the insular credit reporting system of Singapore banks has more to do with it.

Has your credit history in the USA or the UK ever done you one bit of good to get a credit card? Not for me. They weren't even interested. A verifiable high income did the trick. Thank goodness that my company's HR department (me) was able to respond with salary data.

And my SWAG is this. Singapore banks have been burned with expats leaving their unpaid credit card bills behind when they lost their jobs. Call it Dubai in miniature. So now the banks are paranoid... and still too stupid to check credit ratings of expats in other countries.

[AmandaCollins]

Which bank's credit card did you apply for?

[malcontent]

Maybe it's FACTA, but I'm more inclined to believe that the insular credit reporting system of Singapore banks has more to do with it.

Has your credit history in the USA or the UK ever done you one bit of good to get a credit card? Not for me. They weren't even interested. A verifiable high income did the trick. Thank goodness that my company's HR department (me) was able to respond with salary data.

And my SWAG is this. Singapore banks have been burned with expats leaving their unpaid credit card bills behind when they lost their jobs. Call it Dubai in miniature. So now the banks are paranoid... and still too stupid to check credit ratings of expats in other countries.

Definitely Singapore cares more about income, they want to see your pay slips at a minimum, and even better, add your NOA for the last year or two. It’s very much a “show me the money” or “money talks and s*** walks” attitude here, versus the US where it’s all about making the payments… income? Nice to have, but keep paying on time and you’re golden.

One thing to note, foreigners who have a passport change need to contact the credit bureau here and link their prior credit history under their old passport with their new passport (assuming it’s good credit history ).

I didn’t realize this until I was on my 3rd passport and the credit bureau kept resetting my credit history. I had to provide them evidence of my passport changes to get it all linked up. I’ve now got a 6 figure credit limit across 3 credit cards… they are pretty trusting! As they should be, I’ve never made a late payment in my life… in fact, I’ve never paid less that the full balance due my entire life!

[Lisafuller]

AMEX is the easiest imo.

[sundaymorningstaple]

AMEX is the easiest imo.

Probably because it's a charge card and not a Credit Card per se. Same like Diners Club.

[malcontent]

AMEX is the easiest imo.

Probably because it's a charge card and not a Credit Card per se. Same like Diners Club.

I am fairly certain that Amex has mutated over the last 15-20 years and issues more credit cards than charge cards. I had a Krisflyer Amex card back when I traveled extensively in my job, but only for a year to get the bonus miles.

That worked back when I was able to earn & spend miles fast enough on SQ, but I eventually switched back to UA when my travel slowed. For UA any earning or burning of miles, even a 100 mile donation to charity, extended their life. Now UA has made it even better, miles never expire.

Currently I’m sitting on a bunch of Delta miles, but now Delta had pulled out of Singapore and is unlikely to ever come back. Fortunately Delta miles don’t expire either, but they do depreciate over time, so I will be spending them the first chance I get.

[sundaymorningstaple]

AMEX is the easiest imo.

Probably because it's a charge card and not a Credit Card per se. Same like Diners Club.

I am fairly certain that Amex has mutated over the last 15-20 years and issues more credit cards than charge cards. I had a Krisflyer Amex card back when I traveled extensively in my job, but only for a year to get the bonus miles.

That worked back when I was able to earn & spend miles fast enough on SQ, but I eventually switched back to UA when my travel slowed. For UA any earning or burning of miles, even a 100 mile donation to charity, extended their life. Now UA has made it even better, miles never expire.

Currently I’m sitting on a bunch of Delta miles, but now Delta had pulled out of Singapore and is unlikely to ever come back. Fortunately Delta miles don’t expire either, but they do depreciate over time, so I will be spending them the first chance I get.

Shows you how much I use my AMEX card, doesn't it. I just made an annual fee payment a couple of days ago. For the last 20 years that's about the only charge I ever have. LOL

[malcontent]

Shows you how much I use my AMEX card, doesn't it. I just made an annual fee payment a couple of days ago. For the last 20 years that's about the only charge I ever have. LOL

In all of my years, I have never been able to bring myself to pay an annual fee on a credit card (or any fee for that matter).

My very first credit card was the AT&T Universal card which was an early pioneer among “no annual fee for life” credit cards. I then got the Citibank Dividend card which was among the first to give 1% cash back.

The Singapore credit card market has improved considerably over the years, but they still treat customers like circus monkeys and make us jump through a lot of hoops — whether it’s waiving the annual fee or meeting a minimum monthly spend, they have a lot of gotchas.