Exploring Options: Top Secured Credit Cards In Singapore

In Singapore’s energetic business landscape, access to credit is crucial for expansion and adaptability. Nevertheless, secured credit cards offer a precious solution for those who may not fulfill the conventional credit criteria. These cards are supported by collateral, ordinarily a fixed deposit, rendering them accessible to a broader range of people and companies.

Let’s delve into the accessible choices in secured credit card singapore, examining their eligibility criteria and distinctive advantages.

Some of the best-secured credit cards for your business:

DBS Altitude Secured Credit Card

The DBS Altitude Secured Credit Card is a known player, in the secured credit card market in Singapore.

  1. Applicants must be between 21 and 70 years old to be eligible for this card and maintain a fixed deposit account with S$10,000 in a DBS fixed deposit account.
  2. What sets this card apart is its rewards system. The deposited amount continues to earn interest and cardholders can earn up to 10 miles for every S$1 spent.
  3. Additionally, there’s a sign up bonus of 10,000 miles available after paying the fee. Foreign currency deposits are also accepted, with a value of S$10,000, in Singapore dollars.

HSBC Secured Revolution Card

Business owners seeking a secured credit card solution can also turn to the HSBC Secured Revolution Card.

  1. To qualify or enter, applicants must be 21 or older and provide a fixed deposit of at least S$10,000 as collateral.
  2. The card distinguishes itself with its comprehensive rewards system, awarding points for various types of spending. Cardholders enjoy up to 10x points or 4 miles for every dollar spent.
  3. The absence of an annual fee is another appealing feature, allowing business owners to focus their resources on growth.
  4. Offsetting spending using reward points or monthly installments adds a layer of financial flexibility.

UOB PRIVI Miles Card

The UOB PRIVI Miles Card is another notable contender in the secured credit card landscape.

  1. Applicants must be 21 or older and provide a fixed deposition of at least S$10,000 as collateral. 
  2. This card offers a diverse range of benefits that cater to both business and personal needs. Alongside reward points for local and international spending, cardholders receive complimentary personal accident and medical cover and travel insurance.
  3.  A sign-on bonus of S$150 sweetens the deal, while the annual fee of S$256.80 is waived for the first year, lightening the financial burden for new cardholders.

CIMB Visa Signature Secured

The CIMB Visa Signature Secured card could be the optimal match for individuals seeking to maximize their cash-back potential.

  1. Qualification requirements have an age of atleast 21 and a predetermined deposit of at least S$10,000.
  2. This card boasts a distinctive advantage: 10% cash back on particular acquisitions. Groceries, beauty & health commodities, pet shops, and animal medical services align with this classification, presenting considerable savings for card possessors.
  3. Additionally, a further benefit of this card is the exemption of the yearly membership charge throughout ownership, offering sustained economic alleviation.

Choosing the Right Card for Your Business:

With an array of secured credit card options at your disposal, the decision-making process might seem overwhelming. However, selecting the best card for your business involves considering several crucial factors.

  1. Firstly, assess your spending habits and business needs. Are you looking to accumulate miles for travel, or prefer cash back for everyday expenses? The DBS Altitude Secured Credit Card and HSBC Secured Revolution Card cater to the former with reward points and miles systems, while the CIMB Visa Signature Secured card’s cash-back feature appeals to the latter.
  2. Secondly, examine the collateral requirement. All the featured cards require a minimum fixed deposit of S$10,000. Still, the ability to deposit in foreign currency (as offered by the DBS Altitude Secured Credit Card) might be a deciding factor for international business owners.
  3. Thirdly, consider the supplementary benefits that align with your business needs. The UOB PRIVI Miles Card’s comprehensive travel insurance coverage might be particularly enticing for businesses with frequent travel requirements.

Secured credit cards in Singapore are a solution for businesses needing credit access but may not meet the eligibility requirements. The DBS Altitude Secured Credit Card, HSBC Secured Revolution Card, UOB PRIVI Miles Card and CIMB Visa Signature Secured Card offer advantages and rewards tailored to business needs. When choosing the secured credit card, it’s important to consider your spending patterns, collateral options and the additional perks that can contribute to your business’s success. With these cards, you can confidently navigate the world of credit to drive your business forward.

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