Citi Clear Card...a credit card with no income requirement

[LiteMan]

Link: http://www.citibank.com.sg/APPS/por...redit Cards&path=/prod/det/cc_xx_clr_card.htm

Citibank seems to have launched a new credit card overnight.

It seems to be pitched at tertiary students and young working adults who probably won't have earned enough to the hit the magical 30k figure of annual income.

From what I see, the main features of this card are:

1) No income requirement (no need to produce extensive proof of earning power)
2) Credit Limit of $500.00 and that is fixed! (less worries about going bust)
3) anyone aged 18 and above can apply (good for the young people)
4) Every $5 spent becomes $1 Citidollars, when accumulated can be used for their Rewards programme

ONE more thing: applicants cannot apply if they already hold an existing Citibank credit card or ReadyCredit account...

So i think this seems to be some kind of transition product that lies somewhere in between debit cards and the normal category of credit cards...

I think everyone will rush for it one of these days.

 

[Thai_Rak_Thai]

other banks should be following suit

 

[monkeybusiness]

but if i do not have any accounts or transactions with citibank before, can i still apply for it?
or do i need to open up an account with them?

 

[itsme072]

and as soon as the cardholder reach the magical 30k, citi card will be their first choice. Clever move. But does MAS say anything?

 

[runestyx]

Can I apply for this card if I cancel all my citi cards? Looks like a good card to use for online transactions, no fear of pple stealing your card.

 

[gunyou]

wow. this card seems to have equal or even better offer then the citibank platinum clear card. what was citibank thinking? too bad they don't allow existing citibank card holder to apply, or i'll surely go for this instead...

on the other hand, i don't really agree with the idea of giving credit to people who doesn't even have an income. this card might plunge many young students into debt...

 

[gunyou]

Can I apply for this card if I cancel all my citi cards? Looks like a good card to use for online transactions, no fear of pple stealing your card.

good idea. no fear of having ur cc info being hijacked online. i would gladly cancel my platinum clear card for this, too bad i'm stuck with an instalment plan

 

[LiteMan]

This is a very bold move by Citibank to break into the local market dominated by the three local banks, if successful they can gain lotsa more users this way.. I am also not sure if MAS will want to say anything since this new product breaks the mold of the usual credit card.

Can't help but feel that this card seems like some kind of "Credit Card Light"...as versus "Coke Light"

 

[nicholaslee]

28% interest per annual

 

[coffeeSG]

newspaper ever reported a few months ago that mas want to do something for people not qualifying 30k for credit card. think this is 1st such product.

 

[coffeeSG]

requirement: only need photocopy of ic

 

[Paradox81]

wow. this card seems to have equal or even better offer then the citibank platinum clear card. what was citibank thinking? too bad they don't allow existing citibank card holder to apply, or i'll surely go for this instead...

on the other hand, i don't really agree with the idea of giving credit to people who doesn't even have an income. this card might plunge many young students into debt...

I agree with u totally. What r they thinking giving 18 year olds the opportunity to spend future money... money that they haven even started earning? The papers this morning reported that a boy turning 18 wants to use this card to buy a $399 hugo boss shirt. He sure noe how to enjoy life.

 

[Hitokirii]

I agree with u totally. What r they thinking giving 18 year olds the opportunity to spend future money... money that they haven even started earning? The papers this morning reported that a boy turning 18 wants to use this card to buy a $399 hugo boss shirt. He sure noe how to enjoy life.

haha... i think a lot of ppl will get a psp , new handset , etc..... which they may not have enuf cash on hand to buy now

buy first , think about debt later. accumulate the monthly statements at home and let it snowball... =)

 

[alamak_]

more bankruptees... or is it their parents kena bankrupt...

 

[daylight]

I agree with u totally. What r they thinking giving 18 year olds the opportunity to spend future money... money that they haven even started earning? The papers this morning reported that a boy turning 18 wants to use this card to buy a $399 hugo boss shirt. He sure noe how to enjoy life.

ask his daddy to pay for his credit card bills.
easy way out.

 

[mosmos]

the fees and charges such as early termination or exceed spending limits, looks

source: https://www.citibank.com.sg/SGGCB/A...lobal_htm/forms/cc_clear/cc_clear_instant.htm

 

[sAVaGEmP5]

Hmm so this is considered like any other cc just that 1 month cnanot go more than $500 ? got wat benefits ? tat $1 credit ?

 

[Thai_Rak_Thai]

it would benefit students who want to buy couple of drinks or take their peers out for dinner....

but casino, laptop, holiday tours...cannot

 

[Bakadead]

it would benefit students who want to buy couple of drinks or take their peers out for dinner....

but casino, laptop, holiday tours...cannot

Agree.


Specific cards are targetted at specific people

They are just doing demographic profiles in marketing.


Young Adults like me who are awaiting ns, those in ns and fresh working adult would love to start experiencing the benefits of using a CC.

I been sticking to my uob debit mini for sometimes now and really enjoying the benefits esp cathy movie tickets for 12% discount.

Gonna apply for this and start keeping the card to use it benefits. You never know when you will need it Any idea if i can just apply via citibank outlet like those at tampines mrt?

 

[mosmos]

Agree.


Specific cards are targetted at specific people

They are just doing demographic profiles in marketing.


Young Adults like me who are awaiting ns, those in ns and fresh working adult would love to start experiencing the benefits of using a CC.

I been sticking to my uob debit mini for sometimes now and really enjoying the benefits esp cathy movie tickets for 12% discount.

Gonna apply for this and start keeping the card to use it benefits. You never know when you will need it Any idea if i can just apply via citibank outlet like those at tampines mrt?

you can apply online now.

https://www.citibank.com.sg/SGGCB/A...o?path=/global_htm/forms/cc_clear/instant.htm