Credit Limit Singapore - What It's Based On & How to Increase It (2023)

Are you spending close to your credit card limit and wondering how you can get a credit limit increase? How is the credit limit even determined in the first place? Take charge of your credit limit with the following information.

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How Is Your Credit Limit Calculated in Singapore?

The credit limit on your credit card (or any unsecured credit facility such as a credit line) is determined by the bank issuing it, but ultimately, it is governed by the Monetary Authority of Singapore (MAS). So whatever credit limit the bank gives you, it has to comply with MAS guidelines. Depending on your age, your total credit limit (across all credit cards) must be within the following boundaries.

Up to 55 Years Old

Your credit limit is determined by your annual income (can be non-employment income, e.g. rental income). If your annual income is S$30,000 or below, your credit limit is capped at 2X your monthly income. If you earn S$30,000 to S$120,000 a year, your credit limit is up to 4X your monthly income. There is no regulation on your credit limit if you earn S$120,000 or more a year.

Above 55 Years Old

Income requirements are lower for those above 55, but you need have at least S$750,000 to S$2m in net personal assets (e.g. property, shares). Your credit limit is based on your annual income as well. For those earning up to S$15,000, your credit limit is up to S$2,500 only. If earning S$15,000 to S$30,000, your credit limit is 2X your monthly income. Only if you are earning S$30,000 to S$120,000, will you get 4X your monthly income as the credit limit.

Summary of MAS Credit Limits in Singapore (2023)

Annual IncomeCredit Limit (≤55 Years Old)Credit Limit (>55 Years Old)
≤S$15,000N/A (not eligible)S$2,500
S$15,000 to S$30,000(Min. S$30,000) 2X monthly income2X monthly income
S$30,000 to S$120,0004X monthly income4X monthly income
>S$120,000No regulatory limitNo regulatory limit

Why Is Your Credit Limit Lower Than the MAS Amount?

You might have done your calculations and realised that your credit card credit limit actually falls short of the MAS guideline. For example, if you earn S$3,000 a month, you would expect your credit limit to be S$12,000 - but it's actually S$10,000 instead. This is perfectly normal. The MAS guideline is an upper limit, not a minimum. Credit card providers can offer you any credit limit below the MAS guideline; in fact, they may offer a lower amount after analysing your credit history, existing debt, employment circumstances and so on. Consumers are also not obliged to take the highest possible credit limit, and can choose a lower credit limit if they want to avoid overspending.

How to Get a Credit Limit Increase? 3 Options to Try

Assuming that the credit limit on your favourite credit card is already at the regulatory limit, you might be wondering if there is any way to still increase your credit limit for a big purchase. Here are 3 credit limit increase methods you can try. Bear in mind that, since MAS regulations, there are, well, limits to how much of an increase you can get.

Option 1

Temporary Credit Limit Increase

Make an online request for a temporary credit card credit limit increase for travel, wedding, hospitalisation or compassionate purposes (be prepared with proof of your life circumstances!). You must pay off the bill before the credit limit increase expires, or you may get charged an overlimit fee.

Option 2

Request Credit Limit Review

To get a permanent credit limit increase, you will need to show that your income has gone up since the time you got the credit cards. You'll need to submit your latest income documents, e.g. payslips, CPF statement, or Income Tax Notice of Assessment.

Option 3

Make Advance Payment

Another way to increase your credit limit is by making advance payment on your credit card - check with your credit card provider on the procedure on this. This method makes sense if you have a have a large amount of cash but a small credit limit, and you need a temporary credit limit increase for a large purchase.

Can You Get a Credit Limit Increase With Another Credit Card Provider?

Yes, you can. The MAS credit limit regulations are imposed on financial institutions, not on individual consumers. Let's say you earn S$3,000 a month. If you sign up for DBS credit cards, DBS will offer you a credit limit of S$12,000 across all your cards, no matter how many you sign up for. This is the maximum you can borrow from DBS. But if you sign up for a new credit card provider, say Citibank, Citi will give you another S$12,000 credit limit across all Citi cards. And so on. However, we would caution against opening multiple credit card accounts for the sake of increasing your credit limit, especially if you have trouble managing your debt. Failing to pay all your bills in full in on time can damage your credit score.

4 Best Credit Cards for Credit Limit Increase (2023)

MoneySmart Exclusive
Earn Unlimited 1.5% Cashback
MoneySmart Exclusive
Earn Unlimited 1.5% Cashback

Standard Chartered Simply Cash Credit Card

Cash Back on Eligible spend
Up to 1.5%
Min. Spend per month
Cash Back Cap

Apply and Spend S$500 to get S$330 Cash via PayNow OR an Nintendo Switch OLED (worth S$479) OR an Apple Watch SE, 40mm GPS (worth S$382.50).

PLUS get a S$20 Cash Bonus by placing your Credit Card on file and making a minimum spend with selected merchants. T&Cs apply.

Valid until 15 Jun 2023

Standard Chartered Simply Cash Credit Card is a simple, no-frills card with 1.5% rebate on all spending and a first year annual fee waiver.

Likewise, you can claim exclusive rewards when you sign up via MoneySmart as a new-to-StanChart customer.

Unlimited Cashback
Welcome Bonus (min. spend of $5,000 on eligible purchases in 6 months)
3.0% Cashback
Cash Back
Cash Back Cap

The Amex True Cashback Card is another credit card with the same value proposition: 1.5% cashback on all spending, no minimum, no cap.

The main advantage this credit card has is that it offers a bumped-up 3% cashback for the first 6 months, up to S$5,000 spend. However, bear in mind that fewer merchants accept Amex compared to Visa and Mastercard.

MoneySmart Exclusive
MoneySmart Exclusive

CIMB World Mastercard

Unlimited Cashback on the following categories (Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods)
Up to 2%*
Min. spend per month to qualify for 2% Cashback
Cash Rebate cap

Apply and spend S$988 to receive S$280 Cash via PayNowT&Cs apply.

Valid until 24 Jun 2023

CIMB World Mastercard is a no-anuual fee credit card that gives up to 2%* Unlimited Cashback on the following categories: Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods.

MoneySmart Exclusive
Faster Gift Redemption | Extra $50 Cash via PayNow
MoneySmart Exclusive
Faster Gift Redemption | Extra $50 Cash via PayNow

Citi Cash Back+ Mastercard®

Cash Back on Eligible Spend
Min. Spend per month
Cash Back Cap

Apply and Spend $500 to get S$300 Cash via PayNow + S$50 CASH BONUS OR an Sony WH-1000XM5 Wireless Noise Cancelling Headphones (worth $575) OR a Nintendo Switch OLED (worth S$479) OR a Hinomi H1 Pro Ergonomic Chair (worth S$559). T&Cs apply.

Valid until 12 Jun 2023

Similar to the Standard Chartered Simply Cash Credit Card, Citi Cash Back+ Card is an easy-to-use cash back credit card up to 8% cash back on dining, groceries and petrol and a first year annual fee waiver.

Online Promo
Earn Miles That Don't Expire
Online Promo
Earn Miles That Don't Expire

OCBC 90°N Card

on Agoda accommodations worldwide
S$1 = Up to 7 Miles
on Foreign Currency spend
S$1 = 2.1 Miles
on Local spend
S$1 = 1.3 Miles
Online Promo:
Apply and spend S$500 within 30 days from card approval to get a Samsonite Polygon Spinner 28" Luggage (worth S$640) OR spend S$1,000 for 2 consecutive months within 60 days from card approval to receive S$250 Cashback. T&Cs apply.
Valid until 30 Jun 2023

Unlike cards with minimum spend required, the OCBC 90°N MasterCard Get lets you enjoy cash rebates at up to 2.1% from your earned miles (in terms of Travel$) with no minimum spend needed and no caps. Additionally, an annual fee waiver is available.

Online Promo
Online Promo


on all eligible transactions
Up to 5% Cash Rebate
Airport Lounge Access and Insurance Coverage
Annual Principal Fee
S$194.40 (inclusive of GST)
Online Promo:
Apply for a minimum of any 2 DCS cards and spend a minimum of $350 monthly for 2 consecutive months to receive a pair of GOTRIP luggage bags (worth S$500). T&Cs apply.
Valid until 30 Jun 2023

A pretty generous 5% cash rebate for all eligible transactions with a minimum spending of S$400 (per month) is one of the perks you'll be entitled to when you use your DCS CASHBACK Regular Credit Card. If your monthly spending is lower at about S$150 or slightly more, you'll be eligible for a 2% cash rebate for all your transactions on your DCS CASHBACK S$500 Limit Credit Card.

Alternatively, Consider a Personal Loan Instead

If you need cash urgently to tide you through a rough time or an emergency, a credit limit increase may not be the best option. If you are not confident of repaying your bills on time, they may result in high-interest debt that is difficult to conquer. You may want to consider a personal loan instead, which have lower interest rates and more affordable instalment repayment plans. MoneySmart's personal loan calculator allows you to compare the different personal loan interest rates side by side.

Frequently Asked Questions

How much credit limit can I get in Singapore?

Per MAS regulations, your credit limit is determined by your income. For most credit card users in Singapore, the maximum credit limit is 4X your monthly income. But credit card providers may offer you less, depending on your credit history and circumstances.

Will bank increase my credit limit?

It depends on the situation. If your income has substantially increased between now and the time you got the credit card, then it's very likely that the bank will increase your credit limit upon reviewing your latest income documents. In special circumstances, e.g. in a medical emergency, banks are also willing to extend the credit limit temporarily. If you do not have a legitimate reason to ask for a credit limit increase, proceed with caution - asking for more credit for no good reason could damage your credit score.

Is it better to have higher credit limit?

A credit limit increase can certainly be a lifeline if you are strapped for cash and need to make your essential purchases on credit for the time being. But it is not always a good thing! With a higher credit limit, your risk of overspending and getting in debt gets higher. Don't forget that having higher credit limits also means bigger bills to pay. If you are unable to pay in full and on time, it will definitely impact your credit score and make it harder to borrow in the future.