HSBC to Increase Annual Income Requirement of Credit Cards to S$65,000
HSBC will soon increase the annual requirement of its credit cards to S$65,000 regardless of customer profile. This is more than double of the regulatory minimum requirement of S$30,000 that is set by MAS.
According to some online chatter, this will kick in 1st October 2025. I have received confirmation that this is indeed true so those affected would want to apply before this date.
Reduce income requirement with deposits
For applicants who do not meet this new requirement, HSBC allows for two ways to sidestep the higher income requirement:
- Place a fixed deposit collateral of S$10,000; or
- Maintain a Total Relationship Balance (TRB) of at least S$50,000 with the bank
Placing a fixed deposit collateral for credit cards in place of satisfying annual income requirements has been a common practice across banks. It’s also referred to as applying for a “secured credit card”.
Maintaining a TRB, however, to qualify for a credit card is a rather new concept that HSBC is introducing. The bank is allowing applicants who maintains at least S$50,000 with the bank to reduce the annual income requirement to S$30,000:
| Profile | With TRB < S$50,000) | With TRB ≥ S$50,000 |
|---|---|---|
| Singaporeans / PR (Salaried Employees) | S$65,000 | S$30,000 |
| Singaporeans / PR (Self-employed / Commission-based) | S$65,000 | S$40,000 |
| Foreigners | S$65,000 | S$65,000 |
What is part of TRB?
According to HSBC, TRB includes:
- Credit Balances for demand deposit accounts, time deposits and
Dual Currency Plus (DCP) - Market value for unit trusts, retail securities, and non-capital guaranteed
structured products - Nominal value for capital guaranteed structure products and bonds
- Surrender value for insurance policies
You can refer to HSBC’s document on TRB here.
Sign up by 30th September for the current income requirements
If you sign up by 30th September 2025, the old annual income requirements apply with no TRB or fixed deposit collateral needed:
| Profile | Annual Income Requirement |
|---|---|
| Singaporeans / PR (Salaried Employees) | S$30,000 |
| Singaporeans / PR (Self-employed / Commission-based) | S$40,000 |
| Foreigners | S$40,000 |
Incidentally, the current sign-up promo has been extended to 30th September. Apply for the HSBC Revolution below, or choose one of the other HSBC cards here.
Gross monthly income of ≥S$5,417 required, up from S$2,500
With the change, salaried applicants will require a gross monthly income of at least S$5,417 to qualify for HSBC cards, a big increase from the S$2,500 per month regulated by MAS.
As someone who did not qualify for credit cards for a good number of years during my working life, I’ve always felt that it was quite unfair that rewards and goodies were reserved for higher income individuals. A higher income requirement will just exclude more people from the perks and benefits credit cards can offer.
In any case, if you’re someone who wants to earn more from credit cards, savings accounts and other financial deals, stay subscribed to the Telegram so you can be notified of news and deals. Leave notifications turned on so that you don’t miss time-sensitive updates!
H/T: Milelion
Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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