Credit Limit Singapore - What It's Based On & How to Increase It (2024)
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.
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
Above 55 Years Old
Summary of MAS Credit Limits in Singapore (2024)
| Annual Income | Credit Limit (≤55 Years Old) | Credit Limit (>55 Years Old) |
|---|---|---|
| ≤S$15,000 | N/A (not eligible) | S$2,500 |
| S$15,000 to S$30,000 | (Min. S$30,000) 2X monthly income | 2X monthly income |
| S$30,000 to S$120,000 | 4X monthly income | 4X monthly income |
| >S$120,000 | No regulatory limit | No regulatory limit |
Why Is Your Credit Limit Lower Than the MAS Amount?
4 Best Credit Cards for Credit Limit Increase (2024)
Standard Chartered Simply Cash Credit Card
- Cash Back on Eligible spend
- Up to 2%*
- Min. Spend per month
- S$0
- Cash Back Cap per month
- Unlimited
Get S$380 Cash via PayNow or earn 5,040 SmartPoints when you apply and meet the spend criteria! T&Cs apply.
Additionally, enrol in our Rollin' Rewards campaign for FREE and stand a chance to win 50,000 SmartPoints. That’s enough to redeem ANY item from our Rewards Store, such as a Sony BRAVIA 3 85-Inch 4K Ultra HD Google TV (worth S$5,799) + an Apple iPhone 16 Plus 128GB (worth S$1,399).
Other offers you can enjoy:
- UPSIZED UNLIMITED 2% CASHBACK on your credit card purchases when you spend over S$500! Only for MoneySmart applicants!
- A chance to win a Porsche Taycan Base (2025) in SC Million Reasons to be Happier Lucky Draw! T&Cs apply.
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.
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American Express True Cashback Card
- on up to $5,000 spend in the first 6 months for new Card Members.
- 3.0% Cashback
- all subsequent eligible purchases
- 1.5% Cashback
- Cash Back Cap
- Unlimited
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.
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% Unlimited Cashback
- S$1,000
- on Overseas Spend (till 31 Jan 2025)
- Additional 3% Cashback
PLUS receive S$30* eCapitaVoucher(s). T&Cs apply.
CIMB World Mastercard is a no-annual fee credit card that gives you 10% cashback on all eligible categories (with a lower min. monthly spend of S$600).
Citi Cash Back+ Card
- Cash Back on Eligible Spend
- 1.6%
- Min. Spend per month
- S$0
- Cash Back Cap per month
- Unlimited
Get UPSIZED S$370 Cash or 5,040 SmartPoints in as fast as 5 weeks when you spend S$500 within 30 days. T&Cs apply.
Additionally, enrol in our Rollin' Rewards campaign for FREE and stand a chance to win 50,000 SmartPoints. That’s enough to redeem ANY item from our Rewards Store, such as a Sony BRAVIA 3 85-Inch 4K Ultra HD Google TV (worth S$5,799) + an Apple iPhone 16 Plus 128GB (worth S$1,399).
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.
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$1 = 1.3 Miles
Unlike cards with minimum spend required, the OCBC 90°N MasterCard Get lets you enjoy cash rebates at up to 2.1% from your earned miles (in terms of Travel$) with no minimum spend needed and no caps. Additionally, an annual fee waiver is available.
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DCS CASHBACK Card
- on all eligible transactions
- Up to 5% Cash Rebate
- Airport Lounge Access and Insurance Coverage
- Complimentary
- Annual Principal Fee
- S$196.20 (inclusive of GST)
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.
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.
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.
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.
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.
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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.
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!
