Best Credit Cards for No Credit History 2024
Finding a great credit card without having credit history can be challenging. In many cases, however, lack of credit history can be waived for cards with low S$500 credit limits, or with a fixed deposit as collateral. Based on these features, our credit card experts identified and compared some of the best credit cards for no credit history below.
| Best Credit Cards for No Credit History | Card Features | |
|---|---|---|
| Waiver w/ Fixed Deposit | HSBC Revolution | 2 miles per S$1 on dining, entertainment & online |
| CIMB Plat MC | 10% rebate on medical, transport & dining | |
| S$500 Credit Limit | CIMB AWSM | 1% rebate on dining, entertainment, online & telco |
| SC Manhattan S$500 | 0.25% rebate on all spend | |
Best Cards for Credit Waivers with Fixed Deposit Payment
Some credit cards waive lack of credit history when you pay a fixed deposit as collateral. If you can afford the payment, you can access cards with much higher rewards rates.
Best Miles for Social & Online Spend: HSBC Revolution Card
- Pros
- Great rewards on local dining and entertainment
- Online shopping perks
- No-fee card
- Cons
- Lacks rewards for frequent travellers who spend large amounts overseas
- Not suitable for low budgets
HSBC Revolution Card is a great, affordable option as a first credit card, as long as you’re willing to pay a fixed deposit. Those willing (and able) to pay S$10,000 as collateral can receive a waiver for lack of credit history. This waiver is later returned, but will not earn interest in the meantime.
Returning to rewards, HSBC Revolution Card is by far the best on the market for local social & online spenders. Cardholders earn 2 miles per S$1 on local dining & entertainment, as well as for online spend (including travel bookings and bill pay). There’s no minimum spend requirement and no rewards cap, so earning is fairly easy and straightforward. In addition, the S$160.5 fee is waived with S$12,500 annual spend, making the card quite affordable. Overall, if you don’t have credit history but can afford to pay a fixed deposit, HSBC Revolution Card offers the best way to earn miles.
- Annual fee: S$160.5, 2-year waiver, subsequently with S$12,500 annual spend
- 2 miles per S$1 spend on local dining & entertainment, online spend (unlimited)
- Online rate includes travel bookings, recurring bills & transit payments
- No minimum spend requirement
- Up to 20.2% fuel savings with Caltex, 14% with Shell
- Annual fee: S$160.5, 2-year waiver, subsequently with S$12,500 annual spend
- 2 miles per S$1 spend on local dining & entertainment, online spend (unlimited)
- Online rate includes travel bookings, recurring bills & transit payments
- No minimum spend requirement
- Up to 20.2% fuel savings with Caltex, 14% with Shell
Best No-Fee Cashback for Medical, Transport & Dining: CIMB Platinum MasterCard
- Pros
- Awards cashback for global transport
- Cashback for medical expenses and travel spend in foreign currency
- No annual fee credit card
- Cons
- Doesn't award cashback on everyday essentials
- No cashback on online spend
If you can afford to pay a S$10,000 fixed deposit as a credit waiver (returned later), CIMB Platinum MasterCard is an excellent choice for a first-time credit card. Cardholders earn at top market rates of 10% cashback on a variety of categories, including medical, transport & petrol, dining, travel spend in foreign currency and transactions with select electronics & furnishings vendors. While there’s an S$800 minimum spend requirement, cardholders can earn up to an incredible S$100/month–or up to S$1,200/year. Other perks include eCommerce Purchase Protection, and the credit card is free forever.
- Annual fee: Free
- 10% cashback on medical, transport & petrol, dining, overseas travel & select electronics/furnishings vendors
- CIMB 0% Interest i.Pay Instalment Plan
- Annual fee: Free
- 10% cashback on medical, transport & petrol, dining, overseas travel & select electronics/furnishings vendors
- CIMB 0% Interest i.Pay Instalment Plan
Best Cards with S$500 Credit Limits for those with No Credit History
Many credit cards with S$500 credit limits waive, or do not require, established credit history. The following cards are great options available to young working adults.
Best Cash Back Card for No Credit History: CIMB AWSM Card
- Pros
- Students, NSFs & low-income consumers earning less than S$30,000/year
- People with high spend on dining, entertainment, online shopping & telco
- Individuals interested in discounts & deals in Indonesia and Malaysia
- Cons
- Individuals who earn more than S$30,000/year
- People who tend to eat in, and prefer to shop offline
- Young adults looking for cashback on their utilities spend
If you’re looking for your first credit card, you should definitely consider CIMB AWSM Card. In order to qualify, you must either be a student or a salaried employee earning at least S$18,000, if younger than 35 years old. This is fairly reasonable for most first-timers with no credit history. Cardholders earn 1% rebate on dining, entertainment, online & telco with no minimum spend and no cap on earnings. This rate is great because it covers key spend categories for many young adults, and is also 4x the rebate offered by some alternatives.
You may also be interested in CIMB AWSM Card for its convenience, affordability and perks. Cardholders can ‘tap & go’ to pay for bus and train rides. They also have access to exclusive MasterCard privileges and CIMB Deals & Discounts, which offer specials throughout SE Asia. Finally, CIMB AWSM Card is free forever. If you have no credit history and want a starter credit card, there’s no better option.
- Annual fee: Free
- Accessible to working adults earning up to S$30,000/year
- 1% unlimited cashback on dining, entertainment, online shopping & telco
- No minimum spend requirement
- S$500 credit limit
- Access to CIMB Deals & Discounts
- Annual fee: Free
- Accessible to working adults earning up to S$30,000/year
- 1% unlimited cashback on dining, entertainment, online shopping & telco
- No minimum spend requirement
- S$500 credit limit
- Access to CIMB Deals & Discounts
Best Flat Rebate Card for No Credit History: Standard Chartered Manhattan S$500 Card
- Pros
- Low-income young adults earning less than S$30,000/year
- People looking for a straightforward cashback card
- Cons
- Students & NSFs looking to maximise cashback rewards
- Consumers seeking cards with extra benefits & rebates
- People who want to avoid card fees altogether
Standard Chartered Manhattan S$500 Card is worth considering if you don’t have any credit history, and don’t want to pay a big fixed deposit to earn a waiver. Consumers must be students, or low income working adults earning at least S$18,000/year. This is one of the only cards available to employees at this salary level. Cardholders earn 0.25% flat rebate on all spend.
While this rebate rate is fairly low, SC Manhattan S$500 Card is great for new starters. There are no categories or merchants to track; all spend earns rewards. There’s a S$32.1 annual fee, which is quite low and waived 1 year. Overall, if you want an easy-to-use rebate credit card to build credit, consider SC Manhattan S$500 Card.
- Annual fee: S$32.1, 1-year waiver
- Accessible to working adults earning up to S$18,000/year
- 0.25% unlimited rebate on all spend, no minimum requirement
- S$500 credit limit
- Annual fee: S$32.1, 1-year waiver
- Accessible to working adults earning up to S$18,000/year
- 0.25% unlimited rebate on all spend, no minimum requirement
- S$500 credit limit
No-Fee Card w/ Credit Waiver & Rebates on Electives: CIMB Visa Signature Card
- Pros
- Rewards online shopping, groceries and beauty spend
- Rewards pet spend and cruises
- No annual fee credit card
- Cons
- Lacks discounts on transport & petrol
- Speciliazed spend
- Doesn't fit frequent travellers
CIMB Visa Signature Card is worth considering as a first-time card, though consumers must pay a S$10,000 fixed deposit as a credit waiver (which is returned later). This deposit, however, may very well be worth it–cardholders earn a market-topping 10% cashback on groceries, online shopping, beauty, petcare and cruises, up to S$100/month. It’s worth mentioning that there’s an S$800 minimum requirement, so low spenders may not be a great match. However, cardholders also enjoy great perks–like free travel insurance–and the credit card is free forever.
- Annual fee: Free
- 10% cashback on groceries, online shopping, beauty, petcare & cruise lines
- Free travel insurance & global concierge
- CIMB 0% Interest i.Pay Instalment Plan
- Annual fee: Free
- 10% cashback on groceries, online shopping, beauty, petcare & cruise lines
- Free travel insurance & global concierge
- CIMB 0% Interest i.Pay Instalment Plan
Summary of Best Credit Cards for No Credit History 2024
Below, we've prepared a summary of our picks for the best credit cards for no credit history in 2024.
| Card | Best for... | Annual Fee | |
|---|---|---|---|
| HSBC Revolution | Social & Online Spend | S$160.5 (waiver) | |
| CIMB Platinum MasterCard | Medical, Transport & Dining | S$0.0 |
| Card | Best for... | Annual Fee | |
|---|---|---|---|
| HSBC Revolution | Social & Online Spend | S$160.5 (waiver) | |
| CIMB Platinum MasterCard | Medical, Transport & Dining | S$0.0 |
Compare the Best Credit Cards for No Credit History by Dollar Value
The graph below represents the approximate value-to-consumer (in SGD) of the best credit cards for those with no credit history in Singapore. Dollar values are calculated based on approximate rewards earned with a S$2,000 monthly spend for 2 years. This number varies, however, depending on individual spending habits.
Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.