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Cardholders whose cumulative total outstanding unsecured amount exceeds 6 times their monthly income

Banking (Credit Card and Charge Card) Regulations 2013

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—(1) This regulation does not apply to —(a)any individual who —(i)has an annual income of at least $120,000 (or its equivalent in foreign currency);(ii)has financial assets (net of any related liabilities) that exceed $1 million (or its equivalent in foreign currency); or(iii)has total net personal assets that exceed $2 million (or its equivalent in foreign currency); or(b)any Singapore cardholder who, in relation to a card issuer or any of its affiliated corporations —(i)only holds credit cards or charge cards referred to in section 57G(b) of the Act that are issued by the card issuer or any of its affiliated corporations; and(ii)has not been granted any fully unsecured or partially secured non-card credit facility by the card issuer or any of its affiliated corporations (other than any fully unsecured or partially secured non-card credit facility that is a loan referred to in regulation 6(9)).(2) Subject to regulations 18B(2) and (3A), 18C(4) and (6A), and 23A(7A), a card issuer must not —(a)increase the credit limit of a relevant card or facility if —(i)at the time of application by the Singapore cardholder for an increase in the credit limit of the relevant card or facility, the Singapore cardholder’s cumulative total outstanding unsecured amount exceeds 6 times the Singapore cardholder’s monthly income; and(ii)the increase in the credit limit of the relevant card or facility will cause the Singapore cardholder’s total approved unsecured credit limit to exceed 12 times the Singapore cardholder’s monthly income; or(b)issue any fully unsecured or partially secured credit card or charge card to an individual who is a citizen of Singapore or a permanent resident if —(i)at the time of application by the individual for the credit card or charge card, the individual’s cumulative total outstanding unsecured amount exceeds 6 times the individual’s monthly income; and(ii)the issuance of the credit card or charge card results in an increase in the aggregate unsecured credit limit granted to the individual which causes the individual’s total approved unsecured credit limit to exceed 12 times the individual’s monthly income.(3) For the purposes of paragraph (2)(a), a “relevant card or facility” refers to —(a)any fully unsecured credit card issued by the card issuer to a Singapore cardholder;(b)any supplementary credit card issued by the card issuer under a credit card mentioned in sub-paragraph (a) having a separate limit from that credit card;(c)any partially secured credit card issued by the card issuer to a Singapore cardholder;(d)any supplementary credit card issued by the card issuer under a credit card mentioned in sub-paragraph (c) having a separate limit from that credit card;(e)any fully unsecured charge card issued by the card issuer to a Singapore cardholder;(f)any supplementary charge card issued by the card issuer under a charge card mentioned in sub-paragraph (e) having a separate limit from that charge card;(g)any partially secured charge card issued by the card issuer to a Singapore cardholder;(h)any supplementary charge card issued by the card issuer under a charge card mentioned in sub-paragraph (g) having a separate limit from that charge card;(i)any fully unsecured non-card credit facility granted by the card issuer to a Singapore cardholder to whom the card issuer has issued a credit card or charge card; or(j)any partially secured non-card credit facility granted by the card issuer to a Singapore cardholder to whom the card issuer has issued a credit card or charge card.

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