HSBC Credit Card Income Requirement Singapore Increased

Here’s a summary of the key takeaways from the provided text regarding HSBC’s credit card application changes in Singapore:

* Higher Income Criteria: HSBC is increasing the income requirement for new credit card applications.
* Relationship Balance Exception: Existing HSBC customers with a total relationship balance (deposits, investments, insurance) of $50,000 or more are exempt from the higher income criterion.They still need to earn at least $30,000/year.
* Impact on Lower Balance Customers: Customers with less than $50,000 in total relationship balances will be subject to the new, higher income requirements.
* All Cards Affected: The higher income criterion applies to all HSBC credit cards,including the HSBC Premier Mastercard.
* Strategic Shift: HSBC is becoming more selective and focusing on affluent clients and institutional business globally, aligning Singapore with this strategy.
* Impact on Middle Income: Those earning between $30,000 and $65,000 may find it harder to qualify unless they have meaningful savings/investments with HSBC. This particularly affects younger professionals and first-jobbers.
* Alternatives Exist: Consumers can explore credit card options with other banks (DBS, UOB, OCBC, Citi, StanChart), which generally still have a $30,000 income requirement for basic cards and $120,000 for premium cards.
* Citi’s Response: Citi states they will adjust income requirements based on market trends and strategic priorities.

In essence, HSBC is tightening it’s credit card eligibility, prioritizing customers with higher income or significant existing relationships with the bank.