Taking Loan Against your Fixed Deposit in Singapore

Putting your hard earned money into fixed deposits is often a path that many choose to secure their financial situation for the future with. However, when you look into the dynamics of a fixed deposit account, it is money that has no use for the immediate future as it is locked up for years on end. It is just sleeping money. There are circumstances in life that compel us to take financial assistance whether we like it or not. Personal emergencies do not knock our doorstep before appearing. If we cannot handle such emergencies on our own with some emergency savings we have stashed in a hidden place, there is no choice but to take a loan. Some of us even contemplating breaking our fixed deposit accounts to manage our finances. However, have you considered taking a loan against a Fixed Deposit?

Should you take a Loan against your Fixed Deposit or Break your Fixed Deposit?

When you break your fixed deposit earlier than the maturity date, you will be imposed a penalty. What is even trickier here is that the penalty fee may be between 1% and 2% higher than the interest rate that you have been receiving on your fixed deposit. Depending on the amount that you have saved in your deposit, early termination of your account can prove to be an expensive affair.

Another aspect you need to consider when deciding if you should terminate you fixed deposit account to meet your short term needs is that when the bank liquidates your deposit amount, the interest you receive on the amount, more often than not will be for the actual period the deposit account has been kept and at the least interest rate. The bank may not consider the higher interest rate you were originally offered when you had opened the account.

Therefore now you are faced with the dilemma of whether you should break your fixed deposit, pay the penalty and settle for a lesser interest rate on the amount you had earlier deposited or should you take a loan. Depending on your needs and circumstances, you need to evaluate which is the better option for you.

Taking a Loan against your Fixed Deposit as a Collateral

Taking a loan against some form of collateral is always cheaper than taking one with no collateral simply because the risk of defaulting is minimized and the bank has some consolation of recovering the debt. Loans with a collateral are even cheaper than taking a personal loan.

Now that you have a fixed deposit that you have no intention of using for a while, why not use the deposit as your collateral and take a loan against it at a lower interest rate? Not only will it work out cheaper for you interest wise, you also don’t have to lose your savings in the process. It is as if you are borrowing from yourself and repaying back the amount. As this is a short term financial crisis that you are faced with at the moment, once you have handled it, you can then work towards your savings again without losing a single dollar.

Advantages of taking a Loan against a Fixed Deposit:

Low processing fees – When you take a loan against a fixed deposit, the processing fee charged is very low when compared to any other loan. There are also some banks that waive the processing fee.

Less paperwork – The paperwork for taking a loan against a fixed deposit is very limited, sometimes subjected to a single form. If you apply for it through Internet Banking or Online Banking, there are chances that you may not even be required to fill out any paperwork.

Most flexible loan tenures – The biggest advantage of taking a loan against a fixed deposit is that it has no specific loan tenure. You have the option of holding on to the loan for any period of time until the maturity date of your deposit account.

No penalties imposed – As there is no fixed loan tenure for your loan, there will also be no prepayment penalties when you foreclose your loan. You can repay the loan amount at any point in time without worrying about any form of penalties.

List of Top Banks Providing Time Deposit With Best Interest Rates

1. Maybank Fixed Deposit Rate
2. UOB Fixed Deposit Rate
3. HSBC Fixed Deposit Rate
4. DBS Fixed Deposit Rate
5. Citibank Time Deposit Rate

Now you can Compare Bank Fixed Deposit Rates with BankBazaar.sg and find the best one to start your investment.

Everything you Need to Know About Renovation Loans in Singapore

When you have your own home, more often than not there is no escaping renovation. Whether you want to change the look of your home or you have no choice but to renovate due to poor conditions, it is in no way an inexpensive affair. However, if you play your cards right and pick the right loan to satisfy your renovation needs, you might even save a couple of bucks. 

Many leading banks in Singapore offer flexible financing options to customers for their renovation loans. Working in such competitive environments, banks have no choice but to offer the lowest rates so they are seen as a more desirable option than their competition. 

Loan Amount for a Renovation Loan:

Most banks in Singapore give an option of loan amount of up to 6 times your monthly income OR S$30,000, depending on whichever of the two is lower. Some of the banks that provide this option as their loan amount are as follows:

• DBS Bank
• POSB
• CIMB
• Maybank
• OCBC
• RHB Bank

Loan Tenure:

Most banks in Singapore offer flexible loan tenures for their renovation loan. You can apply for a renovation loan on the island for a loan tenure ranging between 1 year and 5 years. However, longer the loan tenure, the higher will be the interest you will be paying on the loan. Additionally, if you are looking to repay your loan earlier than the agreed upon date/tenure, you may be imposed a prepayment penalty fee which will be a percentage of your loan amount. 

The following are some of the banks in Singapore that offer a loan tenure between 1 year and 5 years:

• DBS Bank
• POSB
• CIMB
• Maybank
• OCBC
• RHB Bank

Interest Rate Structure:

Interest rate is one of the most important components when taking a loan of any kind. Renovation loan is no different to this. There are two types of interest rates that banks in Singapore offer for their Renovation loan – fixed interest rate and variable interest rate. 

Fixed Interest Rate is also referred to as a flat rate structure wherein the instalment amount to pay each month will remain the same. Those who are more comfortable in knowing exactly how much they need to pay each month can opt for a renovation loan with a fixed interest rate. 

Variable Interest Rate on the other hand is often pegged to another rate or a base rate and the rise or fall of this rate will determine what the interest rate will be for the loan tenure. Variable interest rates in Singapore are pegged to one of the three – SIBOR (Singapore Interbank Offered Rate), SOR (Singapore Swap Offer Rate) or the bank’s rate. If the variable interest rate is pegged to the bank determined rate, it is more likely to be higher than when pegged to SIBOR or SOR. Variable Interest Rate structure is beneficial to those who have a higher cash flow and liquidity of assets and looking to repay the loan early. 

Tip: When looking up the interest rate structure offered by the bank, make sure to check the EIR or the Effective Interest Rate which will be the actual rate of interest you will be paying which includes other factors such as processing fees and any other fees involved in the loan. 

Fees, Penalties and Other Charges:

Renovation loans are no strangers to additional fees and charges. Most banks in Singapore impose fees and charges and penalties on their renovation loans. Some of these charges are as follows:

• Processing Fee – This fee is typically deducted upfront. 
• Administrative Fee
• Partial/Full Prepayment Fee
• Cashier’s Order
• Late Instalment Fee
• Cancellation Fee
• Handling Fee
• Insurance Premium
• Disbursement Fee
• Restructuring Fee etc.

Eligibility Criteria for Renovation Loan in Singapore:

All banks have eligibility criteria depending on which they accept or reject a renovation loan application. The following conditions must be satisfied by individuals interested in applying for a Renovation Loan:

• There are many banks that offer their Renovation Loans to Singapore Citizens, Permanent Residents and Foreigners. However, there are banks such as DBS bank and POSB that offer their Renovation Loan only to Singapore Citizens and Permanent Residents.
• Applicants must be at least 21 years of age to apply for a Renovation Loan in Singapore. The maximum age however differs. For instance CIMB offers this loan for up to the age of 50 years, Maybank offers this loan for up to the age of 60 years and POSB and DBS Banks offer this loan for up to the age of 65 years. 
• The annual income criteria to apply for a renovation loan in Singapore typically varies between S$24,000 and S$30,000.
• Other eligibility criteria such as minimum loan amount can be imposed depending on the bank you are applying to.
• Documentation Requirement for Renovation Loan in Singapore:

The following are the typical documents that you will be required to submit to any bank in Singapore when applying for a Renovation Loan:

• A front and back copy of your NRIC for Singaporean Citizens and Permanent Residents.
• A copy of your passport, Employment Pass/S Pass etc. for Foreigners.
• The completed application form.
• A proof of ownership document confirming that you own the property you want to renovate.
• Additional documents such as utility bills, bank statements, and cable/internet bill etc.
• If you are applying as joint applicants, you must provide a document showing the proof of relationship such as a Marriage Certificate, Birth Certificate etc.
• Income documents to be submitted include computerized payslips/commission statements, CPF Contribution History, Income Tax NOA (Notice of Assessment) etc.

BankBazaar in Singapore provides a complete solution for your financial needs in the country by visiting bankbazaar.sg you can learn more information regarding credit card and other banking products.

Need Personal Loan? Check for DBS Bank in Singapore

DBS Bank offers fixed rate interest packages for their personal loan, thereby enhancing better control over your finances.

What can you expect from a DBS Personal Loan?

You can get cash from this personal loan up to 4 times your monthly income and if you earn at least S$120,000 and above per annum, you can borrow up to 10 times your monthly income. 

The bank gives you the option to choose from comfortable loan tenures of 12 months, 24 months, 36 months, 48 months and 60 months.

The AIR (Applied Interest Rate) starts as low as 5.88% p.a. and goes up to 7.99% p.a. The EIR (Effective Interest Rate) ranges between 11.32% p.a. and 19.20% p.a.

You will have to pay a onetime processing fee which will depend on your loan tenure. If you choose a 12 or 24 month loan tenure, you will have to pay a processing fee of 3% of your loan amount with minimum monthly instalment starting from S$450. If you choose loan tenures of 36, 48 or 60 months, you will have to pay a processing fee of 2% of your loan amount where your monthly instalment will start as low as S$108.

Note – This is applicable to customers who earn a minimum income of S$30,000 per annum only. 

If your annual income ranges between S$20,000 and S$30,000 – 

• You will have to pay a flat AIR of 11%.
• You will be charged a processing fee of 4% of your approved loan amount.
• Your EIR will range between 20.01% p.a. and 26.62% p.a.
• Your monthly instalments will start as low as S$78 (for loan amount of S$3,000).

What you will love about the DBS Personal Loan

The bank is offering a promotion to its customers where the flat interest rate starts as low as 5.88% p.a. (slashed down from 7.99% p.a.) if you choose a loan tenure of 36 months, 48 months or 60 months. 

  

Your approved loan amount will be disbursed immediately into your DBS account.

If you already own a DBS Credit Card or a Cashline account, you do not have to submit any documents with your application. 

Are you a new customer of DBS Bank?

If you are a new customer of DBS, you will first have to apply either for a DBS Credit Card or a Cashline account before you become eligible to apply for the DBS Personal Loan. 

Are you eligible to apply for the DBS Personal Loan?

You are eligible to apply for the DBS Personal Loan if you are a Singapore citizen or a Permanent Resident. Note that foreigners are not eligible to apply for this loan. 

You must be at least 21 years of age and not older than 65 years in order to apply for this personal loan. 

All eligible applicants earning a minimum of S$20,000 and above per annum can apply for the DBS Personal Loan. 

You may be requested to submit the following documents to successfully apply for this loan:

• NRIC
• CPF Contribution History for the last 12 months.
• Income Tax NOA (up to last 2 years).
• Most recent computerized payslips OR have your salary credited into a DBS or POSB account. 

Whether you are a salaried employee, commission based employee or self-employed, you can apply for the DBS Personal Loan if you meet the eligibility criteria. DBS also offers a range of Personal Loan products including DBS Cashline and DBS Cashline Balance Transfer. 

Credit Card Benefits and Best Credit Cards in Singapore

We are no longer living in a world where owning a credit card is a luxury. Credit cards have become a part and parcel of our daily lives where we use them to pay for almost everything. Carrying hard cash in our wallets has become the thing of yesteryears. Many of us own more than 1 credit card depending on our lifestyle choices. Realizing this, top credit card issuers in Singapore today are offering a variety of credit cards categorizing them by benefits. 

Let’s have a look at the top bednefit categories for purchasing credit cards today:

Cashback/Cash Rebates – 

Cash Back or cash rebate credit cards offer cash back or cash rebates on specific or all purchases made on your card. Some credit cards offer higher cashback or rebates on specific purchases such as shopping, dining etc. and lower cash back or rebates on all other purchases.

Air Miles – 

Air miles credit cards are especially meant for those who travel frequently for work or pleasure. Every trip or booking made on select flights/hotels fetch higher air miles that can be used for future purchases. Such cards also offer discounts on hotel and flight bookings as well as other perks including complimentary airport lounge access, limousine rides to the airport and so on.

Dining – 

If you are a foodie, there are special credit cards meant just for you. Such credit cards offer rewards and discounts on dining establishments across Singapore, complimentary drinks at bars, 1+1 meals and much more.

Rewards – 

You can earn up to 20X rewards on these credit cards when you use your Rewards Credit Card at merchant establishments.

Grocery – 

If you need a credit card specifically for your daily essentials, go for a grocery credit card which will earn you discounts, maximize your savings, cashback and more when you shop at supermarkets and essentials stores.

Shopping – 

There are plenty of ways to make your money back after shopping, especially if you have your shopping credit card that offers rewards, cash back, discounts, offers and more shopping offers, as many banks are tied up with top brands to provide such offers to their cardmembers.

Petrol – 

Refueling every other day can become a hassle financially as prices of petrol will never go down, it is constantly increasing in geometric progression! Owning a petrol credit card can maximize your savings at Caltex, Esso and any other petrol station in Singapore.

Check out the latest post on best petrol credit card in Singapore

Entertainment – 

If you love watching movies, buying popcorn and soda at theatres, plays, shows and events, concerts etc. but hate that you cannot afford them regularly, then buy an entertainment credit card that offers 1+1 movie tickets, free popcorn, discounts on plays and concerts and more that can revamp your lifestyle.

Student – 

Who said only grownups can have all the fun? Student credit cards are meant for students who may or may not have a source of income and need a credit card for their daily living. 

Now that you know the types of credit cards offered on the island, do you know what the best credit cards in Singapore are?

StandChart Manhattan World Master Card

If you are looking at a cashback credit card, look deeper into this one!

• Choose a category between Shopping, Travel, Groceries and Dining & Leisure. 
• Receive a S$138 cashback if you charge 3 retail transactions till 30 Sept 2017
• Enjoy 20% off on Uber rides.
• Receive a Caltex StarCash card worth S$150 while sign up.
• Enjoy a discount of 15% on Jewellery purchase. 

For more about Standard Chartered Manhattan World Master Credit Card and its Reviews visit

https://www.bankbazaar.sg/credit-card/manhattan-world-mastercard.html

HSBC Visa Platinum Credit Card

Cashback and Entertainment combination never looked hotter!

• Get an HSBC All Day Movie Card worth S$85 free with this card as a welcome gift.
• Earn 5% cash rebate on your recurring bills.
• Get up to 5% cash rebate on your petrol and grocery purchases.
• Avail up to 2% cash rebate on your dining escapades.
• Attractive promotions and rewards programme offered.

For more details on HSBC Visa Platinum Credit Card and its Reviews in Singapore visit below link:

https://www.bankbazaar.sg/credit-card/hsbc-visa-platinum.html

UOB PRIVI Miles American Express Card

Miles to go before you sleep and earn miles on your way even before you wake up!

• Earn 6 miles per S$1 spent on major airlines and hotels.
• Earn 2.4 miles per S$1 spent overseas.
• Earn 1.4 miles per S$1 on local spend.
• Earn 20,000 loyalty miles each year.

For more details on UOB PRIVI Miles American Express Card and its Reviews in Singapore visit:

https://www.bankbazaar.sg/credit-card/uob-prvi-miles-platinum-american-express-card.html

Citibank Rewards Card

It is a gift that keeps on giving!

• Apply for this card and receive S$120 cash back.
• Earn 20X rewards at select merchant outlets.
• 10X rewards on shopping throughout the year.
• Choose reward points or air miles for your purchases.
• Redeem your points from an array of merchandise using Citi ThankYou Rewards.

For more details on Citibank Rewards Card and its Reviews in Singapore visit below link

https://www.bankbazaar.sg/credit-card/citibank-rewards-card.html

American Express Credit Cards Overviews in Singapore

American Express Provides Some Best Featured Credit Cards in Singapore

American Express is one of the leading banks across the world. In Singapore alone the bank offers a variety of 9 different credit cards with a host of benefits specific to each card. In addition to offering such benefits, loyalty to the brand is rewarded through the “Preferred Loyalty Program” where cardmembers will earn miles, STAR$ and membership reward points.

What benefit strikes your fancy for American Express Credit Card?

Cashback

The American Express True Cashback Card rewards you from the day you own this shiny piece of plastic. You will earn 3% cashback on all your purchases for the first 6 months when you spend up to S$5,000 on this card. This is a welcoming that all cashback fanatics dream of. After you complete 6 months, you will earn 1.5% cashback on everything you spend on. And guess what? There is no minimum spend required to qualify for this cashback. There is also no cap to how much cashback you will earn. So tighten your purse strings and let your AMEX card lose instead. If you are in the mood to spread the love, you can gift your friends and family supplementary cards where the fee for the first 2 cards are waived perpetually. Gifting doesn’t get cheaper or better than this. As a member, you will also enjoy AMEX privileges including Global Assist and Global Dining Programs.

Dining

You can choose between 2 dining credit cards offered by American Express – The American Express Platinum Credit Card and the American Express Platinum Reserve Credit Card. With both these cards you will enjoy up to 50% savings on your dining and related payments across 60+ restaurants. They are also the official Card Partner for the Michelin Guide Singapore. With these dining credit cards you will be a member of the Platinum Dining Programme which will include “Love Dining @ Restaurants” and “Love Dining @ Hotels” dining progammes as well as “The Far Card Classic Membership”. The AMEX Platinum Reserve Credit Card offers additional platinum lifestyle benefits including “Luxury Yacht Privileges”, exclusive invitations to events, complimentary drinks at some of the best Singapore bars and more.

Travel

American Express offers a range of credit cards specifically to those who travel frequently. The American Express Singapore Airlines KrisFlyer Credit Card offers 2 KrisFlyer miles per S$1 spent on specific airlines and cashback of S$150 at Singapore Airlines. The American Express Singapore Airlines KrisFlyer Ascend Credit Card also offers 2 KrisFlyer miles per S$1 spent on specific airlines + complimentary airport lounge access across the world. The American Express Singapore Airlines PPS Club Credit Card offers 2 KrisFlyer miles per S$1 spent on specific airlines + up to 1.4 KrisFlyer miles on all other eligible purchases and The American Express Singapore Airlines Solitaire PPS Credit Card offers up to 1.5 KrisFlyer miles on all other eligible purchases. Additionally, all AMEX Travel Credit Cards offer a “Welcome Bonus” of 5,000 KrisFlyer miles when you charge your card for the very first time.

Shopping

With the American Express Capital Card you will earn 3X STAR$ per S$1 spent and additional 10X STAR$ on eligible purchases at CapitaLand Malls. Shop with peace of mind because you will get complimentary parking every day at the mall when you spend S$1,200 per calendar month. You will receive 1 STAR$ on all your other expenses. As a welcome offer, you will receive up to 50,000 STAR$ if you spend S$888 within the first 6 months.  The American Express True Cashback Card will also fetch you 1.5% cashback on all your shopping escapades with no minimum spend required and no cap to how much cashback you can earn.

Entertainment

The American Express Rewards Card allows you to choose 5 of your favorite places in Singapore where you will earn 1 Membership Point for every S$1 that you spend. You will also earn bonus points on all eligible purchases and enjoy exclusive travel offers, dining privileges and much more. Other AMEX cards that offer you entertainment and lifestyle privileges include The American Express Platinum and Reserve Platinum Credit Cards, The American Express Singapore Airlines PPS Club Credit Card and The American Express Singapore Airlines Solitaire PPS Credit Card.

Golf

Enjoy platinum golf privileges at more than 40 golf clubs across the world and all year long complimentary green fees in Singapore, Malaysia, Philippines, Thailand and Indonesia with the following AMEX Credit Cards - The American Express Singapore Airlines PPS Club Credit Card, The American Express Singapore Airlines Solitaire PPS Credit Card and The American Express Platinum Credit Card. With The American Express Platinum Reserve Credit Card, you can still enjoy tee off in 40 of the region’s best golf clubs and country clubs.

Concierge

Top AMEX Credit Cards also offers its customers concierge services. If you choose between The American Express Platinum Reserve Credit Card, The American Express Singapore Airlines Solitaire PPS Credit Card and The American Express Singapore Airlines PPS Club Credit Card, you will enjoy 24 hour concierge service for recommendations, reservations and more.

American Express also categorizes their credit cards according to “Preferred Loyalty Program” benefits where credit cards will enjoy the following loyalty program benefits:

• KrisFlyer Miles – The KrisFlyer miles earned on eligible purchases will be credited into your KrisFlyer Account directly where they can be used for future purchases. The AMEX Credit Cards that offer KrisFlyer Miles include The American Express Singapore Airlines KrisFlyer Credit Card, The American Express Singapore Airlines KrisFlyer Ascend Credit Card, The American Express Singapore Airlines Solitaire PPS Credit Card and The American Express Singapore Airlines PPS Club Credit Card.
• STAR$ - The STAR$ that you earn on The American Express CapitaCard will be converted into CapitaVouchers that can be redeemed in the following ways:
• 5,000 STAR$ = S$5 CapitaVoucher.
• 10,000 STAR$ = S$10 CapitaVoucher.
• 50,000 STAR$ = S$50 CapitaVoucher.
• Membership Rewards – Under this programme, specific AMEX Credit Cards will earn Membership Reward points that never expire. You can then use these reward points to choose from more than 200 rewards in the Membership Rewards Catalogue. AMEX Credit Cards that offer Membership Rewards include The American Express Platinum Credit Card, The American Express Platinum Reserve Credit Card and The American Express Rewards Card.

No matter which American Express Credit Card you choose, you will reap the benefits of “American Express Selects”, “Preferred Loyalty Program” and more. You need to be 21 years to own a principal credit card and 18 years to own a supplementary credit card. Singapore citizens, Permanent Residents and Foreigners are eligible to apply for American Express Credit Cards. The minimum income criteria will depend on the credit card you choose.

Best Petrol Credit Cards by Banks in Singapore

While Singapore may be a relatively small island, petrol prices aren’t very cheap. With more people opting for public transport, it becomes necessary to justify the price paid towards not just the car, but also the petrol that goes into it. Credit cards have come a long way since their inception and nowadays, given the large competition amongst credit card issuers, catering to the expenses and lifestyle of a cardholder is a common strategy. From women to frequent flyers, from keen savers to the elite spenders, there’s a credit card for everyone and it comes as no surprise that there are credit cards aimed at those who spend considerable amounts on fuel. Most of these credit cards are not marketed as petrol cards but rather daily use cards. Their goal is to cater to the common everyday expenses and petrol being one such expense, is also taken into consideration. The best credit cards for fuel expenses in Singapore are as follows.

OCBC 365 Credit Card

Card Benefits

This card is aptly named as it offers cashback year long. The minimum spend requirement to avail cashback is quite low at S$600 a month. The card offers cashback on almost every type of expense including 6% cashback on weekend dining, 3% on weekday dining, 3% on groceries, online shopping, and recurring telco bills. The petrol savings one can get from this card is one major cause for its popularity. The card provides savings of up to 23.9% when used at select petrol stations and a cashback of 8% when used at any other petrol station.

Eligibility Criteria

The card has an annual fee waiver of two years post which the card charges a fee of S$192.60 for the primary card and S$96.30 for the supplementary card. The card requires a minimum annual income of S$30,000 for Singaporean nationals or permanent residents and S$45,000 for foreign applicants.

Citi Cashback Card

Card Benefits

The Citi Cashback card is among the top contenders for best cashback credit card in Singapore. It offers a high rate of cashback on grocery expenses and dining expenses incurred anywhere in the world, at 8%. The petrol benefits of the card include savings of up to 20.88% at Esso fuel stations, savings of 20.8% at Shell petrol stations and a cashback of 8% on petrol expenses incurred at any other station. The cashback provided on dining, groceries, and petrol is 0.25% and the additional 7.75% is awarded when the minimum spend charged to the card in a calendar month is above S$888. The 7.75% cashback awarded on petrol, dining, and groceries is capped at S$25 per month.

Eligibility Criteria

The card has an annual fee waiver of one year for the primary card and two supplementary cards post which, the card charges a fee of S$192.60 for the primary card and S$96.30 for the supplementary card. The card requires a minimum annual income of S$30,000 for Singaporean nationals or permanent residents and S$42,000 for foreign applicants.

HSBC Visa Platinum Card

Card Benefits

The card provides a cash rebate of 5% on recurring mobile bills, cable TV bills and internet bills. The card offers cash rebates on dining and grocery expenses as well. Petrol expenses, in addition to cash rebates, are also awarded instant discounts. When the card is charged with a minimum amount of S$400 every month for all 3 months in a calendar quarter, the card provides a cash rebate of 3% on petrol and up to 16% instant discount. If the card is charged with S$800 or more every month for all 3 months in a calendar quarter, the cash rebate provided is 5% for petrol and an instant discount of up to 16%.

Eligibility Criteria

The card has an annual fee waiver of two years for the primary card and a lifetime waiver on the supplementary card. Subsequent annual fees of the primary card is S$192.60. The card requires a minimum annual income of S$30,000 for Singaporean nationals or permanent residents and S$40,000 for foreign applicants.

DBS Bank Offers Credit Cards for Women in Singapore

DBS Women Credit Card

Credit cards may offer a slew of rewards and benefits but very few of them cater solely to the needs of women. The DBS range of women credit cards provide everything a lady cardholder may need. DBS Woman’s MasterCard and DBS Woman’s World MasterCard are the credit cards offered for women and provide great perks which include shopping benefits, flexible payment options and lifestyle perks.

Card Benefits: 

The DBS range of women’s credit cards are reward cards that earn reward points on qualifying expenses charged to the card. The DBS Woman’s MasterCard earns 5 DBS points or 10 miles for every S$5 spent on online shopping expenses. 1 reward point is credited to the cardholder one working day after the transaction and the additional 4 points will be credited within the 16th of the next calendar month and is applicable on the first S$1,000 retail spend incurred in a calendar month. The DBS Woman’s World MasterCard earns 10 DBS points or 20 miles for every S$5 spent on online shopping expenses. 1 reward point is credited to the cardholder one working day after the transaction and the additional 9 points will be credited within the 16th of the next calendar month and is applicable on the first S$2,000 retail spend incurred in a calendar month. The Woman’s World MasterCard also earns 3 reward points or 6 miles for every S$5 spent overseas.

The card comes from the house of DBS Credit Card and it provide lifestyle benefits such as perks at True Fitness and True Yoga that include complimentary benefits, waiver of joining fees when signing p for 24 month memberships and complimentary personal training sessions.

Cardholders also get reward points when they use their card for taxi bookings made through the DBS MasterPass using the ComfortDelGro Taxis booking app. DBS Woman’s MasterCard earns 5 times the reward points and the World MasterCard earns 10 times the reward points.

While the purchases may be rewarded, payment is usually a hassle but the DBS Woman’s range of credit cards offer cardholders a preferred payment plan that combines all their retail spend into one instalment plan. Cardholders can convert their retail purchases into instalments of 12 months at 0% interest and 0% processing fees. The minimum required amount to avail the instalment plan is S$500.

Eligibility Criteria: 

The DBS Woman’s MasterCard requires cardholders to be over 21 years of age and earn a minimum annual income of S$30,000 if the applicant is a Singaporean National and S$45,000 if the applicant is a foreign national. The annual fee of the card is waived for the first year with subsequent annual fees costing S$160.50 for the principal card and S$80.25 for the supplementary card. The DBS Woman’s World MasterCard requires a higher annual income of S$80,000 for both Singaporean and foreign applicants and charges an annual fee of S$192.60 for the primary card and S$96.30 for the supplementary card. the annual fee is waived for the first year.

If you are meeting with the above requirements then you can apply for DBS Woman's Master Card with just few clicks.