Best Secured Credit Cards for Bad Credit in Singapore (2025)
If you have a poor credit score, you probably find it very hard to get your credit card application approved. This is because banks don't want to take on the risk of lending you money, even if you have already repaid your old debts and are on the right financial track now. However, those with a bad credit rating can still apply for a secured credit card in Singapore. Here's how they work and some recommendations.
Can You Really Get A Credit Card If You Have Bad Credit?
If you have a bad credit rating, you may get rejected when you apply for a regular credit card, because the bank does not want to take on the risk of default. However, you can opt to apply for a secured credit card instead. Here's how they work.
How Do Secured Credit Cards Work?
Some banks allow you to get a credit card by parking at least S$10,000 with the bank. The bank then treats your money as collateral. This does mean you also need to have at least S$10,000 in cash on hand to apply for one! Typically, you will need to fill in a secured credit card application form and open a fixed deposit account with the bank.
What is The Credit Limit on a Secured Credit Card?
For regular credit cards, the credit limit is about 4X your monthly income. With secured credit cards, however, the credit limit is usually about 80% to 100% of the fixed deposit collateral. So if you put down a S$10,000 fixed deposit, your credit limit may range from S$8,000 to S$10,000.
Do Secured Credit Cards Come with Benefits?
Yes, secured credit cards offer the same benefits as regular credit cards, such as miles, rewards points or cashback. Choose one that fits your spending needs. Provided you always repay your bills in full and on time, getting a secured credit card is also a good way to build up your credit score and improve your credit rating.
Exclusive: Most Popular Credit Cards in Singapore
MoneySmart has helped over 3 million users find the best credit cards in the market. Curious to know what people searched for? Find out in this members-only report and get insights on which card you can apply for next!
Plus, try out our personality quiz to find which card matches your taste!
Frequently Asked Questions
Can I still apply for credit card with bad credit?
- Having a bad credit score or credit rating really hurts your chances of getting a credit card. But as long as you still have at least S$10,000 in cash, you can still apply for a secured credit card with the above banks. Of course, you won't really be getting "credit", since you need to put the cash in upfront. But a secured credit card can still be useful if you are, say, spending overseas (it is less risky than carrying around a wad of cash) or buying items online.
How do I increase my credit limit for a secured credit card?
- The minimum deposit for a secured credit card in Singapore is S$10,000, and the credit limit is usually either this amount or a bit less. If that proves to be too small an amount for your needs, you can usually get your bank to increase it as long as you put more money into the fixed deposit account.
What if I need the money in the fixed deposit account urgently?
- Note that once you put money into the fixed deposit account for your secured credit card, you will not be able to withdraw it unless you cancel your card! The bank will then release the money, but it can take up to 30 days (or more) to process this. So do make sure that you have a large enough emergency fund before you park the S$10,000 for a secured credit card.
Are there alternatives to a secured credit card?
- If you have a poor credit rating and insufficient funds to get a secured credit card, you can opt for a debit card, or a prepaid credit card such as the Fevo Mastercard or GrabPay Card. In all cases, you will need to have cash on hand before you can spend it. However, a secured credit card is better for building your credit rating, so if you want to improve your credit score in the long run, consider switching to one when you have saved up the S$10,000.
