Income Update for Credit Cards and Unsecured Loans

This service allows you to update your latest income records with us. This will help to avoid any inadvertent suspension of your credit cards and unsecured loan accounts as a result of outdated income information.

MAS RULES ON CREDIT CARDS & UNSECURED CREDIT FACILITIES
To help individuals avoid accumulating excessive debt, the following MAS rule1 took effect from 1 June 2015:

If your total interest-bearing outstanding balances2 on all credit cards and other unsecured credit facilities with banks and other credit card issuers in Singapore exceed the industry-wide borrowing limit3 for 3 consecutive months, you will generally not be able to:

  1. charge new amounts to your existing credit card(s) and/or use other unsecured credit facilities with all financial institutions;
  2. obtain credit limit increases on your existing credit card(s) and/or other unsecured credit facilities with all financial institutions;
  3. obtain new credit cards or other unsecured credit facilities from all financial institutions.

We therefore encourage you to update your latest income records with us if your income has changed.

Want to know more? Click here.

1 Regulations 16-18 of the Banking (Credit Card and Charge Card) Regulations 2013, and paragraphs 16-18 of MAS Notice 635 (“Unsecured Credit Facilities to Individuals”).
2 These include amounts rolled over on credit cards and balances outstanding on unsecured loans that accrue interest. Such balances do not include amounts charged to credit cards that are fully repaid by their due dates, and amounts outstanding on interest-free instalment payment plans. If, however, interest is imposed on a particular instalment due to late payment, the instalment amount will be included.
3 The borrowing limit starts at 24 times of your monthly income from 1 June 2015 to 31 May 2017, and will be progressively lowered to 18 times of monthly income from 1 June 2017, and 12 times of monthly income from 1 June 2019.