As a student in Singapore, having a credit card can be a useful tool to help you manage your expenses and build your credit score. That said, not all credit cards are the same, and it’s important to choose one that suits your needs and spending habits.
Unlike regular credit cards, student credit cards have low annual fees, a low credit limit, and no minimum income requirement. It also means that you have to be an enrolled student, or an NSF waiting to enter university to apply for one.
We’ll share with you the best student credit cards for undergraduates in Singapore in 2024. Whether you’re looking for cashback, rewards, or low interest rates, we’ve got you covered.
2024 Best student credit cards in Singapore
Whether you’re big on dining out, or a prudent individual looking to collect cashback, there’s a card well-suited for everyone.
Before diving into the details, here’s a quick overview on the best student credit card for you, according to your lifestyle.
| Best Student Credit Cards in Singapore | ||
| Best For | Credit Card | Benefits |
| Unlimited cashback on all spending | Maybank eVibes Card | 1% cashback on all spend |
| Unlimited cashback with no Annual Fee | CIMB AWSM | No annual fee, 1% cashback with no cap for dining, entertainment, online shopping and telco |
| Miles or Reward Points system | Citibank Clear Card | Citi Rewards points to offset dining and other purchases (1 point/ 0.4 miles per dollar spent) Exclusive dining deals at over 1,000 eateries in Singapore |
| Higher cashback on selected spending | DBS Live Fresh Student Card | Up to 5% cashback on entertainment spend such as Netflix, Spotify and McDonalds |
What is a credit card?
Credit cards are a monetary tool that allows consumers to borrow money from a card issuer so that they are able to purchase goods and services.
Often confused with debit cards, credit cards offer more flexibility and liquidity than the average debit card. Credit cards are useful for when you need to make a purchase but are low on cash at the moment, allowing you to have more flexibility with your cash flow.
Here are the key differences between a debit and credit card:
| Debit card | Credit card | |
| Transaction limit | Tied to the amount in your bank account | Work as a short term borrowing instrument. Transaction limit varies across credit cards |
| Repayment required | No repayment required | Repayment to be done within stipulated period |
| Penalty | No penalty | Penalty incurred during late payments, non-payment. |
| Credit score | Does not impact your credit score | Impacts credit score |
| Rewards | Usually little to no rewards tied to debit cards | Credit cards are usually tied to better rewards such as dining, grocery cashbacks, miles etc. |
Benefits of owning a credit card
Having your own credit card provides you with a multitude of benefits, as long as you are using it responsibly and paying your bills on time.
1. Building good credit score from a young age
The more you make use of your credit card to purchase items, the more you are “building credit”. Financial institutions will track your credit card activity and rank you based on your credit score.
If you regularly make late payments to your monthly bills, it is most likely that you will end up with a poor credit score. The reverse is true. Having a strong credit score will be beneficial in the future when you are looking to buy a new car, or even renting a house!
2. Using a credit card during an emergency
Credit cards can become a saving grace during times where unforeseen emergencies strike. Need to suddenly book a flight home while you’re currently studying overseas? Got into an unexpected accident and need some upfront cash?
By allowing you to take instant short term loans, credit cards can be a lifesaver especially when you may not have cash on hand.
3. Earn cash rebates when you spend
With cashback credit credit cards, you are able to get back a small amount of money back whenever you make a purchase — and as students with little to no income, any opportunity to save money is an opportunity worth signing up for. Most companies won’t offer rebates higher than 1%, but hey, it’s better than nothing!
4. Earn miles for your future holiday
With a miles credit card, you will be able to clock up points that can later be converted to miles for your next travel destination. With the accumulated miles points, you will be able to upgrade your flights to business and first class tickets, giving your next holiday an added touch of luxury.
Read more: How To Earn and Redeem Airline Miles: A Guide for Beginners
What makes for a good student credit card?
What makes a good student credit card often comes down to your own personal preferences and criteria. Here are a few factors you may want to consider when deciding which credit card to apply for:
1. Minimum income required
Credit cards usually charge an annual fee and require that the applicants have a minimum annual income. For undergraduates studying full-time without a job, this may be difficult.
That’s why a good student credit card would require no minimum income from its applicants, and ideally a low annual fee as well (usually waived in the first year).
2. Low to no annual fees
Ideally, a good student credit card will not charge an annual fee, such as the CIMB AWSM card. However, most student credit cards still carry an annual fee, which is usually waived for the first year after applying. Consider choosing a card that has a low annual fee that is still affordable, or one that has a longer annual fee waiver.
3. Student discounts and deals available
Everyone welcomes attractive discounts and deals. By signing up for a student credit card, the benefits that come with it are equally important. Some cards prioritise different types of promotions over others. Look into the credit cards available and pick one that offers discounts which suit your lifestyle and spending habits.
4. Eligibility requirements
Some student credit cards have different eligibility requirements, with some cards only available to students from certain tertiary institutions. It is best to check which cards are linked to your specific institution before applying.
5. Compatibility with EZ-Link cards
This feature is for those who dislike carrying multiple cards in their wallet. Selected student cards can also double as your EZ-Link card, without the hassle of needing to top up your card regularly.
With these features in mind, let’s dive into which student credit card will best suit your needs and how you can go about applying for one!
Student credit card comparison
| Credit card | Annual fee | Credit limit | Key benefits |
| DBS Live Fresh Student Card | S$196.20 (Waived for 5 years) | S$500 |
|
| Citibank Clear Card | S$30.52 inclusive of GST (waived for the first year) | S$500 |
|
| Maybank eVibes Card | S$5 quarterly service fee (waived for the first 2 years) | S$500 |
|
| CIMB AWSM Card | Free | S$500 |
|
Now that you have an overview of the different types of student credit cards in the market, here is more information on each of the credit cards stated above to help you make a more informed decision.
- Annual Fees: S$196.20 (Waived for 5 years)
- S$500 credit limit
| Eligibility | No minimum income required 21-27 years old Singapore Citizen/Permanent Resident Eligible Undergraduates from NUS, NTU, SMU, SUTF, SIM, SIT, Nanyang Polytechnic, Ngee Ann Polytechnic, Temasek Polytechnic, Singapore Polytechnic and Republic Polytechnic |
| Benefits | 5% cashback on McDonald’s, McDelivery, Starbucks, Golden Village, and your favourite music, movies & TV series streaming services Tap to pay for bus and train rides using SimplyGo, no top-ups needed |
| Documents Needed | Scanned NRIC (front and back) Student Matriculation Card (front and back) |
| Must Not Be | An existing DBS/POSB Credit Card and/or other unsecured facilities with DBS/POSB |
- Annual Fees: S$30.52 inclusive of GST (waived for the first year)
- S$500 credit limit
| Eligibility | No minimum income required 18 years old and above* Singapore Citizen/Permanent Resident Eligible Undergraduates from NTU, NUS, SMU, SIM, SUTD, SIT, SUSS, University of Chicago Booth School of Business, DigiPen, ESSEC, GIST-TUM Asia, INSEAD, S P Jain, Tisch, UNLV, Nanyang Polytechnic, Ngee Ann Polytechnic, Republic Polytechnic, Singapore Polytechnic, Temasek Polytechnic, LASALLE-SIA, NAFA, EDHEC-Risk Institute and Sorbonne-Assas International Law School. |
| Benefits | Earn 1X reward point (or 0.4 miles) for every S$1 spent Discounts and privileges at over 1000 Citibank Gourmet Pleasures establishments and retailers island-wide Up to 14% year-long fuel savings at Esso and Shell |
| Documents Needed | Scanned NRIC (front and back) Copy of Student Matriculation Card (front and back) |
| Must Not Be | An existing primary/basic Citi Credit Card/ Citibank Ready credit customers (supplementary cardmembers are eligible) |
*Applicants below 21 must get their parent/guardian’s consent to the application, and guarantee for the payment of outstanding balances
- 18-30 years old
- Singapore Citizen/Permanent Resident
- S$5 quarterly service fee (waived for the first 2 years, subsequent waiver when you use your card at least once every 3 months)
| Eligibility | No minimum income required 18-30 years old Singapore Citizen/Permanent Resident Must be existing tertiary students or National Service Full-time (NSF) men that are accepted to these institutions: LASALLE, NAFA, NIE, NP, NTU, NUS, NYP, RP, SIT, SMU, SP, SUSS, SUTD & TP |
| Benefits | Earn 1% cash rebate on everything you buy when using the eVibes card |
| Documents Needed | Photocopy of NRIC (front and back) Photocopy of applicant’s Student ID Card |
| Must Not Be | An existing Maybank Principal Credit Cardmember or CrebitAble customer Earning $30,000 and above per annum |
- Annual Fees: Free for life for all Principal and Supplementary cards.
- No minimum income required from students or NSFs
- S$500 credit limit
| Eligibility | No minimum income required 18-29 years old Singapore Citizen/Permanent Resident Eligible Undergraduates from NTU, NUS, SMU, SIM or University of Chicago Graduate School of Business, Asia Campus |
| Benefits | Unlimited 1% cashback on dining, entertainment, online shopping and all things telco Enjoy over 1000 CIMB Deals and Discounts across dining, retail and lifestyle outlets in Singapore, Malaysia and Indonesia Easy travel for bus and train rides with SimplyGo No annual fees No minimum spending requirement |
| Documents Needed | Photocopy of NRIC (front and back) Photocopy of applicant’s Student ID Card/ Student Card/ Matriculation Card (front side) |
| Must Not Be | An existing CIMB Credit Cardmember |
Use your credit card responsibly
After you have identified the card for you, you need to bear a few things in mind before taking the leap. It is imperative that you track what you are spending on, as it can become easy to overspend with a credit card — and the last thing you would want is a bill shock!
In fact, learning how to avoid developing bad habits when it comes to credit cards is the first step in becoming more financially responsible.
Remember, credit cards should be a tool in which one learns how to build better money habits, not as an excuse to spend more.
Read more: Eight Spending Habits That Brings You Greater Happiness
