For many retirees in Singapore, the idea of owning a credit card can seem either unnecessary or out of reach. Common misconceptions—such as the belief that retirement equates to a lack of “qualifying income”—have long discouraged seniors from applying. But times are changing.
As of mid-2025, financial institutions in Singapore have become more inclusive towards older applicants. Major banks like DBS, OCBC, and soon UOB now accept CPF LIFE monthly payouts as part of credit card income assessments. Retirees can also apply by meeting minimum annual income thresholds (from S$15,000), demonstrating net personal assets of at least S$750,000, or applying with a guarantor.
Credit cards are not only accessible for retirees—they can also be tremendously useful, offering:
- Fraud protection during transactions
- Cashback or reward points on essential spending
- Travel perks for those enjoying their golden years abroad
- Convenient payment options without carrying large sums of cash
Now, let’s explore what makes a credit card retiree-friendly, followed by six excellent options available in Singapore today.
What to Look For in a Retiree-Friendly Credit Card
Choosing the right credit card during retirement means focusing on value, convenience, and relevance. Here are some key features retirees should prioritise:
- Low or Waivable Annual Fees
Helps minimise fixed costs for those on a budget. - Relevant Cashback/Rewards Categories
Look for cards that reward everyday purchases—groceries, dining, public transport, utilities, even healthcare. - No or Low Minimum Spend Requirements
Cards with S$0–S$500 thresholds offer greater flexibility. - Simple and Transparent Rewards
Avoid complicated tier systems. Straightforward cashback or point redemptions are ideal. - Supplementary Card Options
Useful for sharing with trusted family members or caregivers. - Enhanced Security Features
Real-time fraud alerts and biometric logins provide peace of mind. - Lifestyle Perks
Enjoy merchant discounts, dining deals, or travel insurance if relevant to your needs.
The 6 Best Credit Cards for Retirees in Singapore (2025)
Here’s a curated list of six credit cards that cater to different retiree lifestyles. Whether you’re a casual spender, a travel enthusiast, or a grocery bargain hunter, there’s something here for you.
1. CIMB Visa Signature Card
- Best For: Cashback on daily essentials
- Eligibility: Minimum annual income of S$30,000 (CPF LIFE accepted); no annual fee
- Annual Fee: $0 (forever waived)
- Key Features:
- 10% cashback on groceries, online shopping, petrol, and pharmaceuticals
- Monthly cashback cap: S$100 (with min. spend of S$800)
- Free supplementary card
- Why Retirees Love It: High rebates on retirement-friendly spending, no annual fee, and a simple structure.
2. NTUC Link Credit Card by Trust
- Best For: Grocery & FairPrice purchases
- Eligibility: CPF LIFE-recognised income accepted; available to NTUC members and general public
- Annual Fee: $0
- Key Features:
- Up to 21% savings at FairPrice Group stores (includes rebates and Linkpoints)
- No foreign transaction fees
- Integrated NTUC membership card
- Why Retirees Love It: Superb for those who shop regularly at NTUC FairPrice—Singapore’s most popular supermarket chain.
3. Standard Chartered Smart Credit Card
- Best For: Low spenders and online shoppers
- Eligibility: Minimum annual income of S$30,000; consider asset-based eligibility for retirees
- Annual Fee: $0 (waived perpetually)
- Key Features:
- 6% cashback on selected merchants (online and offline)
- Unlimited 1.6% cashback on all other spending
- No minimum spend
- Why Retirees Love It: Perfect for modest spenders who want fuss-free cashback on various purchases.
4. DBS Altitude Card
- Best For: Travel-savvy retirees
- Eligibility: Income from CPF LIFE and other regular sources accepted (S$30,000+ annually)
- Annual Fee: S$194.40 (waived for first year, can be waived with min. spend)
- Key Features:
- Earn 1.2 miles per S$1 on local spend; 2 miles overseas
- Non-expiring miles
- Complimentary travel insurance
- Up to 2 free airport lounge visits per year
- Why Retirees Love It: Offers flexibility and value for those exploring the world post-retirement.
5. HSBC Revolution Credit Card
- Best For: Easy-to-earn rewards
- Eligibility: Minimum income of S$30,000; accepts retirees with asset-based or income qualifications
- Annual Fee: $0
- Key Features:
- Earn 10x reward points on online and contactless payments
- Wide range of redemption options (vouchers, miles, cash credit)
- Free supplementary card
- Why Retirees Love It: Straightforward and generous rewards system; no annual fees to worry about.
6. UOB One Card
- Best For: Utility bill cashback and consistent spending
- Eligibility: From S$30,000 annual income; CPF LIFE eligible
- Annual Fee: S$192.60 (waived first year, subsequent waivers with spending)
- Key Features:
- Up to 3.33%–5% cashback monthly with min. spend tiers (S$500, S$1000, S$2000)
- Additional rebates for Singapore Power utility payments
- Petrol savings at Shell and SPC
- Why Retirees Love It: Ideal for retirees with predictable monthly spending, especially on household bills.
Summary Table
| Card Name | Key Benefit | Annual Fee | Eligibility Highlight | Notable Features |
|---|---|---|---|---|
| CIMB Visa Signature | Cashback on essentials | $0 | S$30,000 / CPF LIFE | 10% cashback on groceries, petrol |
| NTUC Link by Trust | Grocery savings | $0 | CPF LIFE | 21% rebates at FairPrice |
| SC Smart Credit | Fuss-free cashback | $0 | S$30,000 / assets | 6% select cashback, no minimum spend |
| DBS Altitude | Travel perks | S$194.40 (waived) | S$30,000 / CPF LIFE | Non-expiring miles, free lounge access |
| HSBC Revolution | Online/contactless rewards | $0 | S$30,000 / assets | 10x points, no annual fee |
| UOB One | Utility cashback | S$192.60 (waived) | S$30,000 / CPF LIFE | Rebates on utilities, petrol |
Important Tips for Retirees Applying for Credit Cards
- Documenting Income Sources: CPF LIFE payouts, rental income, and dividend payments all count as income for many card applications.
- Know Your Credit Limit: Credit limits are generally 2–4 months of declared income. For low-income applicants, a minimum of S$500–S$2,500 is common.
- Use Responsibly: Always pay your balance in full. Avoid interest by treating credit cards as payment tools, not borrowing instruments.
- Review Existing Cards: Compare your current card benefits with new offerings to ensure you’re getting maximum value.
Conclusion
Retirement doesn’t mean financial limitations—it’s a time to enjoy life with confidence and convenience. With the right credit card, retirees in Singapore can enhance daily living, save on essentials, and reward themselves without unnecessary fees or complexity.
The six credit cards listed here offer a great balance of value, rewards, and security. Choose one that fits your lifestyle, and enjoy the peace of mind that comes from smart, strategic financial decisions.
