How to tap credit card perks and spend safely in retirement without falling into a debt trap
Sign up now: Get ST's newsletters delivered to your inbox
Retirees aged 65 and above can use their CPF LIFE payouts as a valid source of income when they apply for unsecured credit card facilities.
PHOTO: REUTERS
- Retirees aged 65 and above in Singapore can use their CPF LIFE payouts or other income sources to qualify for unsecured credit cards if they meet the $15,000 annual income threshold.
- Credit cards offer retirees convenience, cash rebates, and the ability to manage payments like insurance premiums, but require careful spending to avoid debt traps.
- Experts advise retirees to hold no more than two credit cards and to pay their balances in full and on time to avoid high interest charges and financial risks.
AI generated
SINGAPORE – Credit cards offer convenience, discounts and short-term flexibility, but some retirees may worry about scams, overspending and managing repayments on a reduced income.