I want to apply for credit card. Can anyone tell me how does it work? Is it the same like debit card? Have to top up money inside then able to use?? Which bank offer lowest interest rate? What's the requirement?
You can take a look at this article: http://learn.moneysmart.sg/credit-cards/credit-card-basics/how-do-credit-cards-work/ It is different from debit card. In short, based on my own understanding, using a credit card is like using borrowed money. The bank extends a credit limit to you in which you can use the card to purchase item. At the end of a billing cycle, you care required to repay the amount that you have used. You can choose to repay only the minimum sum, but that would mean the bank will charge interest for the remaining amount that you have yet to pay back. Hence, it is easy to fall into debts if one does not pay the bills in full or promptly. This is another article that is informative: http://www.moneysense.gov.sg/Understanding-Financial-Products/Credit-and-Loans/Types-of-Loans/Credit-Cards/Things-to-Watch-out-for.aspxRead more
Just walk pass any credit cards road show and the sales rep will tell you the process. Basically, need to check your cpf contribution to see if you are eligible. However, some banks may not be so strict on your monthly income figure. But if your monthly income is too low, you wouldn't be able to apply for a credit card. After getting a credit card successfully, every month you need to pay the bill if you use it. There's also a yearly membership fee that you need to pay (that can be waive off if you use the card frequently, subjected to bank's approval for waiver).Read more
credit card is what they say 'future money'. if I'm not wrong, you have to earn a minimal sum of money per annual to sign for one credit card. won't advice if you're not good at controlling your money, cause many fall into debts and go into bankruptcy.