No minimum pay needed for new credit card

[Published on 19 July, 2007]

A radically new type of credit card with no minimum income requirement and just
$500 in credit has arrived in Singapore.

Global banking giant Citibank yesterday launched Singapore’s first-ever credit
card that does away with the standard $30,000 minimum annual income

The American bank is taking advantage of a recent regulatory change and will
start taking applications for its new Citi Clear Card from today. The card,
mainly aimed at students and other young adults, will have higher 28 per cent
interest on rollover balances.

University students will be the prime targets as they are more likely to embark
on well-paying careers on graduation, becoming potentially lucrative clients.
Indeed, tertiary students were highlighted as a target group by the three local
banks which are looking to launch similar credit cards soon.