Take Advantage of Your Student Status with these Singapore Credit Card Perks
If you’re anything like most students, you might have the occasional struggle with cash flow. With studies taking up all of your time, it can be hard to find space in your life for a part-time job and without that steady income, managing your finances can seem quite daunting.
Luckily, Singapore banks offer a range of credit cards suitable for students. They are specifically designed with your financial situation in mind, so they have no minimum income requirements and low annual fees. As a result, they also offer a relatively low credit limit, meaning you won’t accidentally overspend and rack up too much debt.
Banks consider the student market to be an important one to harness. If they can develop your trust and loyalty before you start earning, they are likely to retain your patronage when you graduate and get your first paycheck. Of course, university students are expected to demand the highest salaries of all workers once they graduate, so banks are working hard to earn your attention. This means you can take advantage of loads of amazing perks and offers when it comes to choosing a credit card.
The benefits of having a student credit card
It’s a great idea to have a student credit card as it will give you financial flexibility. Should a large utility bill or unexpected illness occur, you have a means with which to manage your cash flow until things return to normal.
Credit cards mean you can spend money online or on apps such as Grab and Foodpanda, as a bonus, your funds are better protected against fraud since easier to spot and block scam transactions.
It’s also a good idea to start building a good credit score early if you are planning to buy a house or a car on finance in the future. It’s never too soon to start proving that you’re a trustworthy lendee in the eyes of the banks.
Enjoy freebies and discounts with your new student credit card. Read on to discover which cards to go for and how to make the most of those amazing perks.
How to make the most of credit card perks
Here are some of the amazing perks you can get with some of Singapore’s best credit cards:
DBS Fresh Student Card
With the DBS Live Fresh Student Card, you get free entry to Zouk and drinks discounts. Touted as Singapore’s most popular night club, if you are a party animal who loves nothing more than hitting the dance floor, this card is the obvious choice. You also get 0.3% cashback on everything you buy and your Foodpanda orders juts got S$10 cheaper for when you have the hangover hunger the next day.
To take advantage of these amazing perks you need to be a student at one of the 6 local universities or 5 polytechnics. So that’s the NUS, NTU, SMU, SUTD, SUSS, SIT, Nanyang Polytechnic, Ngee Ann Polytechnic, Temasek Polytechnic, Singapore Polytechnic or Republic Polytechnic.
Maybank eVibes Card
Compare that with the Maybank eVibes Card, the market leader offering an impressive 1% cashback on everything you spend with no merchant restrictions. This card could genuinely save you money. You will also be enrolled in Maybank’s TREATS programme, which dishes out S$1 meal coupons and discounted amusement park tickets. Plus, there is currently an offer for a signup gift of an Adidas watch.
There is a long list of eligible schools for this card and they even accept NSFs who are waiting to start.
CIMB AWSM Card
Another “awesome” card offering 1% cashback on all your purchases on dining, entertainment, online shopping and telephone bills.
A relatively new entry to the market from this Malaysian bank, students and NSFs can apply, but it is also available to the working adults who earn a minimum of S$18,000 but less than S$30,000.
Standard Chartered Manhattan $500 Card
Offering only 0.25% cashback on your expenditure and open to just five schools within Singapore, there are definitely better offers out there.
Citibank Clear Card
From one of the biggest banks in Singapore, the Citibank Clear Card awards you return vouchers at Ajisen Ramen and Swensen’s. So if you like ice cream and Japanese food, this is the card for you.
This card has the widest range of schools on the eligibility list, including business schools like INSEAD and JP Jain. Plus there is no upper age limit, meaning students of any age can apply.
BOC Qoo10 Platinum Mastercard
With an impressive 3% to 10% in Qmoney rebates with a minimum spend of $200, this card is ideal if you love online shopping. Your spend on taxis and public transport will even count towards your rebates. Another card with no upper age limit, this is great for students no matter what their birth certificate says.
How long are student credit cards valid for?
Most student cards have an upper age limit of between 29 and 32, so graduates are able to continue using your card or even reapply if you return to education later on. That said, many of these cards have waived fees which may begin to be charged after several years of use.
The notable exceptions to the above are the Citibank Clear Card and the BOC Qoo10 Platinum Mastercard which have no upper age limit, ideal for any “mature” students who need credit. Finally, it’s worth noting that the CIMB AWSM Card is a great choice for graduates who have just begun earning but don’t quite qualify for regular credit cards yet.