Gig workers in Singapore face unique financial challenges. According to a 2023 DBS study, they are the most financially stretched group in the country, often spending more than they earn. On average, gig workers use up 112% of their monthly income, compared to just 57% for typical salaried employees. With savings shrinking—down to only 1.7 months of expenses saved on median by May 2023—many find themselves with little safety net. DBS recommends having at least 12 months’ worth of expenses saved, especially for those with irregular incomes, though this target can seem far off for many.

In this context, securing a credit card might feel like an uphill battle. However, having the right credit card can actually help gig workers manage cash flow better, earn rewards, and prepare for emergencies—if you know how to navigate the process.

1. Why Is Getting a Credit Card Tough for Gig Workers?

Gig workers earn through flexible, short-term, or on-demand jobs rather than a steady monthly salary. This group includes freelancers, commission-based sales agents, private-hire drivers, delivery riders, and part-time tutors.

Here are some challenges they face when applying for credit cards:

• Irregular income & lack of payslips: Unlike salaried employees, gig workers often have fluctuating earnings and may not receive regular payslips, making proof of income more complicated.
• Banks’ preference for salaried applicants: Many banks tend to favour full-time employees with stable jobs, considering gig workers as higher risk. This can result in stricter approval criteria, longer processing times, or lower credit limits, even if you’re financially responsible.
• Higher financial stress & credit risks: Unpredictable income can make it harder to keep up with monthly payments. Missing payments may lead to extra fees, increased interest, and a lower credit score, which makes future approvals tougher.

2. Eligibility: How Can Gig Workers Qualify for a Credit Card?

Despite these hurdles, gig workers can get credit cards in Singapore by fulfilling certain criteria:

• Meet income requirements: The Monetary Authority of Singapore (MAS) sets minimum income guidelines, generally $30,000 annually for applicants under 55. However, banks may offer cards with lower income requirements but capped credit limits, typically $500.
• Pass banks’ additional checks: Beyond MAS rules, banks evaluate your income stability, employment type, and credit history.
• Submit up-to-date supporting documents: Providing clear and current proof of your financial situation helps banks assess your eligibility accurately.

Here are the MAS minimum income requirements by age:

Note: “Income” includes non-employment earnings such as rental or investment income. Using a guarantor bases your credit limit on their income.

Banks may require a higher minimum income (around $40,000) for gig workers compared to salaried individuals due to income variability.

3. What Documents Can Gig Workers Use to Prove Income?

Since gig workers often don’t have regular payslips, banks accept various alternative documents to verify income:

• Income Tax Notice of Assessment (past 1–2 years): Critical for showing annual income, especially for freelancers or commission-based workers.
• CPF contribution history (last 12 months): Useful for self-employed individuals with regular CPF payments.
• Bank statements (last 3 months): Show deposits from gig work, commissions, or other income sources.
• Computerised payslips (if any, last 1–3 months): For part-time or commission-based work.
• Employment letter certifying income: Especially if recently employed (within 3 months).
• Annual bank statements showing dividends or interest income: For those supplementing income with investments.
• CPF LIFE or pension payout statements: Important if you’re above 55 or semi-retired.

Foreigners usually need to provide additional documentation compared to Singaporeans or Permanent Residents.