Applying for a Credit Card Online
If you wish to save time in filing your credit card application, you may try applying for a credit card online. The process is quicker - at least in getting the credit card application submitted. Just as important, you can compare credit cards feature-for-feature on the credit card comparison websites.
Before your credit card application can be given further attention, you must meet two conditions of eligibility imposed by the Monetary Authority of Singapore (MAS): age must be at least 21 years; and, annual declared income must be at least S$30,000 for a normal credit card application (at least S$45,000 for gold credit card applications).
The information detailed below will have to be supplied in the credit card application. It is advisable to have the data at hand so you can fill out the application quickly.
- Name in full ( which should match the name in your NRIC or passport)
- Name to appear in the card
- Nationality and home country
- Marital status and number of dependents
- Passport or NRIC (National Registration Identification Card) Number
- Date of birth
- Gender
- Address in Singapore (with specifics of block/house number, street, postal code, etc.)
- Status of residence (e.g. self-owned, rented, etc.) and type (e.g. apartment, HDB, etc.)
- Length of stay at current address
- Preferred billing address (office or residence)
- Contact phone numbers (home; office; handphone)
- Email address
- Level of education
- Name of company/employer
- Nature of business
- Employer’s exact address
- Position or Job Title
- Length of employment
- Monthly salary
Although you have already filled out the online credit card application, the MAS guidelines still require you to submit copies of key documents, as described below (copies of the NRIC should include the front and back sides):
- For salaried employees: NRIC plus either the latest Income Tax Notice of Assessment, or the computerised payslip, or the History Statement on your Central Provident Fund (CPF) contributions. If you compare credit cards’ requirements, some banks require 12 months of CPF history while others require only 6 months.
- For commission-income or variable-income earners: NRIC plus either a 12-month History Statement of CPF contributions or the latest 2-year Income Tax Notice of Assessment.
- For self-employed: NRIC plus the latest 2-year Income tax Notice of Assessment.
- For foreigners and non-permanent residents: Valid passport and employment pass (valid for at least 9 months) plus proofs of income such as the latest Income Tax Notice of Assessment, or the most recent computerised payslip, or a certification from the company regarding employment and salary.
When you compare credit cards’ online application systems, you’ll note that some allow online submission of CPF statements by use of SingPass (Singapore Personal Access). In such cases, the card issuer’s system will provide you a URL address to be linked to the CPF website once you have submitted the online credit card application.
An approval team from your chosen card provider for a card such as the RBS Switch Platinum card proceeds to verify the information in your credit card application before final approval is given. The timing of your submission of supporting documents will determine the processing time. Compare credit cards and you’ll find that some systems can approve credit card applications in 1-3 days (from the time required documents are completed) while others take about two weeks.