Signing up for Credit Card

Nice lah, congrats on getting your new job! The first few months will be crucial in building up both your financial standing and discipline. Since you'll be entering into your first full-time job (I assume), there are a few things you should consider before you get your credit card.

Firstly, there are a few ways you can apply for a credit card before you start work and/or immediately after you start work. There are some cards that students can sign up for already, such as:

• Maybank eVibes

• Citibank Clear

• DBS Live Fresh Student

• CIMB AWSM etc.

Now, before you apply for one now or in the future, I've got some tips for you!

1. Develop and maintain healthy spending attitudes and habits. Credit cards are designed to encourage spending, having strong financial disciplines will help you make smarter spending choices.

2. If you already have a debit card that can facilitate online and offline transactions, it may be wiser to apply for a credit card after you have passed your probation period. By then, you will have a better grasp of this new phase of personal finance management. In addition, some banks may require a few months' worth of payslips to qualify. So, take the time to settle into your new job at a comfortable pace!

3. If you are not in a rush to apply for a credit card, then you won't need to go for the secured credit card where a security deposit may be needed.

If you want a debit card that does more, check out Hugo, a personal finance app with a Visa debit card that you can use in online, contactless, and physical transactions. Together with the Hugo app, it helps you save money while you spend. The savings can then be used for investing via the app, starting with gold at this stage. I would say it's probably suitable for what you need at the moment. All you need is an existing savings account with any bank in Singapore to create a new Hugo account. Oh, and there are no card admin or usage fees.

Wishing you all the best in your new job! Jiayou!​​​

Hi Anon,

If you mean whether you can sign up as of now, ie before working, I believe the only way to do so is to 1) use a student credit card or 2) use a secured credit card. Since you're asking about welcome gifts, I assume you don't want student credit cards.

If you're not drawing a salary now, I don't think you'll be able to apply for a regular (unsecured) credit card. But if you want to, you can apply for a secured credit card by applying for a FD of $10k or more with the relevant bank as collateral. But I wouldn't advise this since you'll start work in May, so you may be able to apply for a card as early as June.

Welcome gifts tend to be extended or repeated, so I wouldn't be too worried about missing out on the signup rewards now.

Hope this helps & all the best!

Regards,
thefrugalstudent