HSBC raises income criterion to $65k for new credit card applications here

Move aligns with its focus on serving more affluent clients; no changes at most banks

- Chor Khieng Yuit Senior Business Correspondent

New HSBC credit card applicants now need a minimum annual income of $65,000, up from $30,000 - a move that aligns with the bank's focus on serving more affluent customers, a spokesperson said.

The Straits Times understands that the three local banks DBS Bank, UOB and OCBC Bank, as well as the foreign banks Citi Singapore and Standard Chartered Singapore, are not raising the income criterion for their credit cards, which stays at $30,000.

HSBC, Citi and StanChart are among the foreign banks here with qualifying full bank licences, meaning they can offer a range of services similar to the three local banks.

Since Oct 1, new HSBC credit card applicants, including foreigners who are existing HSBC customers, need to earn at least $65,000 a year.

Existing HSBC customers who are Singapore residents will also be affected if they have less than $50,000 in total relationship balances when they apply for a new card.