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We have posted a few posts on the benefits of using credit cards for day to day payment of daily necessities. How can one who is still studying or does not have a qualifying income obtain a credit card to take advantage of these discounts and privileges?

1. Find someone to give you a supplementary card
If you are unable to apply for one as a main cardholder, why not consider getting someone to sponsor a supplementary card? Of course, it would be really good if one can get a supplementary card without a need to repay the debts but we should learn to be independent over time isnt it? Anyone above the age of 18 years old will qualify for a supplementary card.
2. Secured credit cards
Secured credit cards have been around for a long time, but not a lot of people of aware of this. Essentially what you need is to place a fixed deposit with any bank (usually minimum S$10000) and you apply for a credit card. It’s that simple! And you are eligible for all credit card privileges tied to that card. However, your credit limit is subject to the various banks T&C. For instance, DBS will give you a credit limit of $10000 for a $10k deposit whereas HSBC will give you $5k only.
3. Credit card with a limit -$500
Many banks are offering credit cards with a reduced credit limit of $500 to tertiary students in Singapore. Anyone above 18 years old is eligible to apply, but if you are below 21 years old, parental consent is required and they will need to act as a guarantor (in case you default)
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