Income Update for Credit Cards and Unsecured Loans
At a Glance
If your total interest-bearing outstanding balances1 on all credit cards and other unsecured credit facilities with banks and other credit card issuers in Singapore exceed the industry-wide borrowing limit2 for 3 consecutive months, you will generally not be able to:
- charge new amounts to your existing credit card(s) and/or use other unsecured credit facilities with all financial institutions;
- obtain credit limit increases on your existing credit card(s) and/or other unsecured credit facilities with all financial institutions;
- obtain new credit cards or other unsecured credit facilities from all financial institutions.
Refer to Revised unsecured credit rules FAQ for more details
If your account is already suspended, please visit: Reinstatement of Suspended account to update your income and uplift the suspension.
1 These include amounts rolled over on credit cards and balances outstanding on unsecured loans that accrue interest. Such balances do not include amounts charged to credit cards that are fully repaid by their due dates, and amounts outstanding on interest-free instalment payment plans. If, however, interest is imposed on a particular instalment due to late payment, the instalment amount will be included.
2 The borrowing limit is 24 times of your monthly income and will be progressively be lowered to 18 times your monthly income from 1 June 2017, and 12 times of your monthly income from 1 June 2019.
Mandatory documents required
|For Singapore Citizens and Permanent Residents|
|Employment Pass with at least 6 months validity; and |
* Income record/ documents must not be dated more than 3 months prior to date of application.
1 Your salary must be credited via GIRO, to your own DBS/POSB Account for the last 3 consecutive months and your current annual income meets our minimum income criteria. Salary credited into joint account will not be considered.
2 Monthly CPF contribution is subject to an income ceiling of $6,000 per month currently.
3 You can now download your Income Tax Income Notice of Assessment at myTax Portal with your Singapore or IRAS Pin. The service is free. Log on to https://mytax.iras.gov.sg for more details.