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FIs to be allowed to issue credit cards to individuals above 55 years of age who meet any one of the following criteria:

(a) annual income of at least S$15,000;

(b) total net personal assets exceeding S$750,000⁵ ;

(c) guarantor with annual income of at least S$30,000.⁶

What is the maximum credit limit that can be granted to an individual above 55 years old who has applied for a credit card based on him holding net personal assets of at least S$750,000? Is the individual’s income taken into account in determining the credit limit?

In general, if an individual’s net personal assets do not exceed S$2 million, an FI is required to take into account the individual’s income in determining the maximum credit limit that can be granted. Income can include non-employment income such as rental income. The table below summarises the relevant regulatory credit limits.

Table: Regulatory Credit Limits for Individuals above 55 years old 

Net Personal Assets Annual Income Regulatory Credit Limit of Unsecured Credit Cards
≥ S$750,000 to ≤ S$2m < S$30,000 2 months’ income
≥ S$30,000 to < S$120,000 4 months’ income
≥ S$120,000 No regulatory limit
> S$2m Any No regulatory limit

Apart from unsecured credit cards, individuals can also consider alternative convenient payment instruments such as secured credit cards and debit cards. Secured credit cards are cards secured on deposits of at least S$10,000 while debit cards are payment cards which deduct amounts charged directly from the individuals’ bank accounts.

⁵ The term “net personal assets” refers to the total value of the individual’s assets less his liabilities. Assets should be substantiated by documents provided by the borrower. In addition, lenders should take reasonable steps to ascertain the liabilities of the borrower, including by obtaining a written declaration from the borrower.
⁶ A guarantor who is a Singapore citizen or permanent resident is required to have an annual income of at least S$30,000.

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