Best Secured Credit Cards for Bad Credit in Singapore (2024)

UOB is one of the most prominent credit card issuers in Singapore that offer secured credit cards. Most of their credit cards are eligible; you will find the option to get the credit card with a fixed deposit collateral of S$10,000 under the income requirements section.

MoneySmart recommends the UOB PRVI Miles Card for those with bad credit ratings. It has no minimum spending requirements and no cap, making it easy to use without the temptation to overspend.

This credit card also lets you earn miles at a higher-than-average earn rate particularly for transactions made on major airlines and hotels booked through Expedia and Agoda via UOB PRVI Miles website.

If you are not keen on miles, you can choose to redeem your UOB reward points (UNI$) for preferred rewards in the UOB rewards catalogue, offset of bills, or convert to cash rebates.

Another UOB credit card worth considering is the UOB Lady's Card, which is now available to both men and women. You can apply for this card with a fixed deposit collateral of S$10,000.

Like the UOB PRVI Miles Card, there is no minimum spending requirement. There is, however, a rewards points cap of 1,800 UNI$ per month.

What's great about this credit card is that you can choose your favourite spending category, in which you'll get up to 25X UNI$ (10 miles per S$1) when you spend. These include useful day-to-day categories like Fashion, Dining, Travel, Beauty and Wellness, Family, Transport or Entertainment.

Like UOB, DBS/POSB also allows applicants to sign up for a secured credit card with a minimum S$10,000 placed in a fixed deposit account as collateral. To apply for a secured credit card, you have to go down to a POSB/DBS branch in person. It is open to applicants aged 21 to 70 years old.

One of the best credit cards DBS has for such applicants is the simple, straightforward DBS Altitude Visa Signature Card. It has no minimum spend and no cap, and lets you earn miles on practically everything.

While the miles earn rate is lower than that of the UOB PRVI Miles Card, the DBS Altitude Card's miles do not expire, so there is less pressure for you to redeem them in a hurry. You can also choose to redeem shopping/dining vouchers or cash back if you prefer.

If you want a simple cashback credit card that does not require you to jump through hoops or hit a minimum spending requirement, you can consider the POSB Everyday Card. You can apply for this over the counter at a DBS/POSB branch and open a fixed deposit account of at least S$10,000 at the same time.

It's one of the few lifestyle cashback cards in Singapore with no minimum spend to hit. You can get 5% rebate for purchases at Sheng Siong and online purchases at participating merchants/retailers, up to 3% on phone and electricity bills.

HSBC is yet another bank that allows you to apply for a secured credit card. To do so, you will need to open a fixed deposit account with HSBC and put in at least S$10,000 as collateral.

HSBC has a couple of no-minimum-spend credit cards, which are great if you do not want to feel pressured into overspending. For cashback, you can opt for the HSBC Advance Credit Card, which gives you a straight 1.5% cash back with no minimum spend.

There is a tiered cashback system, meaning you get a bumped-up cashback rate if you (a) spend more than S$2,000 a month and/or (b) become an HSBC Advance customer. However, neither of these are a requirement for getting this card.

If you prefer collecting rewards points/miles to cashback, you can opt for the HSBC Revolution Credit Card, which is as easy to use as the HSBC Advance Card. It, too, has no minimum spending requirements.

The HSBC Revolution Credit Card gives you 10X rewards points on much of the typical Singaporean's day-to-day spending, such as online spending, dining and entertainment (e.g. movies). Note that there is cap of 10,000 rewards points per calendar month on eligible purchases.