Is there a way to bypass the bank's requirement for credit card application?

Hi, The annual minimum requirement of 30,000. Is it for every year? what if next year I don't meet the minimum income requirements? Will they cancel my card?

Unfortunately, the $30k annual income requirement is set by the Monetary Authority of Singapore and banks have to be compliant or risk being fined or worse. This is pretty serious stuff; you can read more on the MAS website here: https://www.mas.gov.sg/regulation/explainers/Is...

There are a few things you can do, though.

1. One as you mentioned, is to put cash in a fixed deposit account, thus making it a secured loan (credit cards are categorised as unsecured loans). Why not consider this? The minimum sum you need to put in is $10k – this is not your full $30k sum. Furthermore, the FD should be able to beat the % you are getting with your 0.05% bank. You should be able to get more than 0.05% after holding the FD for at least three months with DBS: https://www.dbs.com.sg/personal/rates-online/singapore-dollar-fixed-deposits.page https://www.dbs.com.sg/personal/deposits/fixed-deposits/s-dollar-fixed-deposit
   But do check in with DBS for all their updated T&C as well, as you will need to hold the FD for a minimum period to earn the interest. Additionally, you will need to hold the FD for as long as you want to keep the credit card – at least until your annual salary reaches the $30k minimum cap. However, I can also understand why you want to keep the $30k in what I assume is your DBS Multiplier account. You might be gunning for the higher tier of interest for the bank account, but if your spending every month is less than $2k, it frankly isn’t very significant IMO. I’m not very sure how much your spending is every month, but hitting the $2k range on a $30k annual salary sounds painful (at least to me).

2. Another way if you die-die want a credit card is to get a supplementary card from someone who already owns one. But seeing that your objective is to take advantage of the multiplier effect, this really defeats the purpose as you are not the principal cardholder. Okay, next!

3. Do you have other sources of income? According to the MAS website, non-employment income such as rental income can count as your annual income. Maybe you have a side hustle or you are renting out a room in your flat… Since you are really close to the $30k mark (just $500 shy), the gap should easily be filled after renting out a room for just a few months.

4. Ask for more salary (or a promotion). Another way is to ask your boss to pay you more… or perhaps find a job that pays a bit better. Do note if you get a new job, there is more paperwork to fill up if you have been working there for fewer than three months.

5. Are you secretly asset-rich? According to the MAS website, if you have total net personal assets of at least S$2 million or total net financial assets of at least S$1 million, you are also eligible to apply for a credit card.
   Hope this answer helps and good luck!