Prepaid Credit Cards Singapore

 Don’t have an impressive credit history to boast of? Don’t have co-signors to help you leverage through their good credit scores? Are you a student with no credit history? There are many situations that can make you ineligible for credit cards in Singapore. Prepaid credit cards in Singapore, thus, emerge as the right option for people looking to build their credit score and enjoy the benefits of cashless transactions too. Prepaid credit cards in Singapore are issued by all major banks, as well as non-financial institutions, as well.

 Don’t have an impressive credit history to boast of? Don’t have co-signors to help you leverage through their good credit scores? Are you a student with no credit history? There are many situations that can make you ineligible for credit cards in Singapore. Prepaid credit cards in Singapore, thus, emerge as the right option for people looking to build their credit score and enjoy the benefits of cashless transactions too. Prepaid credit cards in Singapore are issued by all major banks, as well as non-financial institutions, as well.

A prepaid credit card combines the benefits of a debit card and a credit card. Even though one needs to make deposits to get a prepaid credit card issued, the cards follow the payment structure of a normal credit card. On the due date, the minimum or full payment is withdrawn from the deposit. Consumers just need to maintain the account balance.

Tips on Chosing a Prepaid Credit Card Singapore

A prepaid credit card, more than being a cashless transaction facilitator, is a smart way of building credit scores sans the risk of going in debt. Therefore ensure you read through the finer print of the card and look into the following areas:[br]

• The interest rate is not too high.
• The annual fee is zero or minimum possible.
• The card is acceptable at all major shopping destination.
• The card usage and payment history is reported to the credit bureaus, at least once in a quarter.
• The deposits are not too high as to be un-affordable throughout usage.
• The default penalties are low and the card has the standard ‘no interest’ period.

The key is to ensure that there are no features that defeat the purpose of enhancing credit scores, either by turning the prepaid credit card too expensive to maintain, or conflicting with the interest by not reporting.

A few of reliable prepaid credit cards in Singapore are issued by Western Union, DBS, May Bank and HSBC. They all feature low interest rates as well as amenable terms and conditions. Getting them is a cakewalk for people with accounts in these banks.