Citibank, DBS & UOB: Increase Credit Limit Guide (Singapore)

Key Takeaways

• Credit card limits in Singapore depend on income, age, and MAS regulations.
• Banks such as Citibank, DBS, and UOB manage individual credit lines in accordance with national guidelines.
• Requests for permanent credit limit reviews or increases require updated income documentation and justifications.
• This article compares the credit limit increase process across Citibank, DBS, and UOB, and provides detailed guidelines for each bank’s process.
• Temporary credit limit increases are fuss-free and straightforward to apply for.

Imagine you are planning your wedding or purchasing a big-ticket item, only to realise your credit card limit is not enough. How do you increase your UOB credit card limit?

In Singapore, understanding the factors that influence your credit limit is essential for effective financial management. While many believe that banks alone set these limits, the reality is that the Monetary Authority of Singapore (MAS) imposes strict regulations on unsecured credit to safeguard consumers from taking on excessive unsecured debts. Major banks like Citibank, DBS, and UOB must assess your eligibility based on these guidelines before setting and/or increasing your credit limit.

This article explores how income and age affect credit limits, what the UOB credit limit review entails, and the options available if you’re looking to increase your UOB credit card limit, or Citibank and DBS credit card limits. We also share our real-life experience with the credit limit review process at Citibank, DBS, and UOB.

Whether you’re seeking a temporary boost for an unexpected expense or a permanent credit limit increase due to a salary raise, understanding these elements can help you navigate your financial landscape more effectively.

What Influences Your Credit Limit in Singapore?

Contrary to common assumptions, banks are not the only ones making decisions. The MAS enforces strict regulations on credit limits to prevent unsecured credit from leading to financial difficulties. Major financial institutions such as Citibank, DBS, and UOB must evaluate your eligibility under these guidelines before determining your credit limit.

Here’s a summary based on income and age:

For borrowers under 55 years old:

• Income < $30,000/year: Max. limit of 2 times monthly income
• $30,000 to $119,999/year: Max. limit of 4 times monthly income
• ≥ $120,000/year: No regulatory limit; subject to bank discretion

For individuals aged 55 and older:

• Income ≤ $15,000/year: Limited to $2,500
• $15,001 to $29,999/year: Max. limit of 2 times monthly income
• $30,000 to $119,999/year: Max. limit of 4 times monthly income
• ≥ $120,000/year: No regulatory limit; subject to bank discretion

In short, unless you earn a six-figure salary or can show significant assets (generally $2,000,000 or more), you fall under the abovementioned credit limit categories.

What Can You Do If You Need More Credit

Not every financial requirement can be postponed until a salary raise occurs. This is why many banks, such as Citibank, DBS and UOB, provide two useful options: permanent credit limit reviews and temporary credit limit enhancements.

Well, what are temporary and permanent credit card limit increases?

#1 Temporary Credit Limit Increases

These convenient options are ideal for particular, short-term situations such as weddings, hospital visits, or emergency travel. They are straightforward to apply for and usually processed on the spot.

#2 Credit Limit Reviews (Permanent Increases)

If your yearly earnings have risen, you may ask for a permanent review of your credit limit. This procedure requires you to provide updated payslips and/or IRAS NOAs, depending on the bank.

#3 Advance Payments

A strategic workaround, though not a formal increase — some banks permit you to temporarily enhance your available credit by making a partial prepayment on your existing balance. Citibank offers this option under certain conditions.

#4 Multiple Credit Cards

MAS credit limits are set per bank rather than per individual borrower. For instance, a person with an annual income of $36,000 could have one credit card with UOB, Citibank, or DBS, with its own credit limit.

The benefit of this arrangement is that you could, in theory, access three credit lines. However, the downside is that managing several cards can strain your finances if not handled carefully.

Who Can Increase Their UOB Credit Limit, And How To Apply For A Higher Credit Limit

Principal holders of UOB credit cards who have experienced an increase in their salary can request an increase in their UOB credit limit through the UOB iBanking portal or mobile app.

Note that a formal UOB credit limit review can only be conducted via the iBanking portal.

To facilitate a formal UOB credit limit review, banking customers will need to furnish the bank with their latest computerised payslips and their IRAS Notice of Assessment. The bank may request additional documents where necessary.

UOB Credit Limit Review Process

Read below for a clear step-by-step guide on how to increase your UOB credit card limit permanently and temporarily.

Step-by-Step Process to Increase UOB Credit Card Limit Permanently

1. Log in to UOB Online Banking: Access your account through the UOB iBanking portal.
2. Navigate to Credit Card Services: Find the section dedicated to credit card management.
3. Request Limit Increase: Select the option to request a credit limit increase. Follow the prompts to provide the necessary information.
4. Submit Required Documents: Upload all required documents, such as proof of income and the IRAS Notice of Assessment.
5. Review and Confirm: Double-check all information before submitting your request.
6. Wait for Approval: The bank will take some time to process your UOB credit limit review request. This may take a few days, and you will be notified of the outcome.
7. Follow Up: If you do not receive a response within the expected timeframe, consider contacting UOB customer service for an update.

Step-by-Step Process to Increase UOB Credit Card Limit Temporarily

1. Log in to the UOB TMRW mobile app: Access your account conveniently using the mobile banking app.
2. Select Your UOB Credit Card: Tap on your credit card and then navigate to “Services”.
3. Tap on “Temporarily increase credit limit”: Fill out the fields accordingly and select the reason for wanting an increase from the drop-down menu. Amend the dates required as necessary. No income documents are required.
4. Tap on “Save”: The bank will notify you of the outcome thereafter.

Comparison: UOB Credit Limit Review vs Citibank vs DBS

Citibank Credit Limit Review Process:

• Via the Citi mobile app, go to your Credit Card or Ready Credit account.
• Tap on “Manage” and navigate to either “Permanent Credit Limit Increase” or “Temporary Credit Limit Increase.” Temporary credit limit increases do not require any income documents from cardholders.
• For a permanent credit limit request, you can apply with ease using a Myinfo pre-filled form via Singpass. Alternatively, download the request form, attach income documents, and submit by email.

Citibank’s temporary credit limit boosts can stretch up to 60 days, providing more flexibility than other major banks in Singapore.

DBS Credit Limit Review Process:

• Via the DBS digibank app, go to your Credit Card account.
• Select your credit card and navigate to “Settings.”
• Choose either “Credit Limit Review” or “Temporary Credit Limit Increase.”
• Fill out the fields as requested by the bank, then submit your application. Note that for a permanent credit limit increase request, you’ll have to furnish the bank with your employment details and income proof.

Personal Experience: Permanent UOB Credit Limit Review Process vs Citibank vs DBS

Curious about how long it really takes to increase the credit limit for UOB, DBS and Citibank, we’ve gone ahead and tried the process to get real, first-hand results.

Is a Temporary or Permanent Limit Increase Right for You?

Your financial circumstances will determine the best option. A temporary increase is suitable for short-term, manageable needs. Conversely, a permanent raise might be better if your income has increased or your spending habits have changed.

Regardless of your choice, be careful not to confuse a higher credit limit with increased disposable income. In Singapore, credit card interest rates can surpass 27-28% per annum, making it one of the costliest forms of debt if not paid off in full each month before their due date.

Personal Loan: An Alternative to Increasing Credit Limit

Extending your credit limit may address immediate financial needs. Still, for longer-term or more extensive projects such as renovations, debt consolidation, or tackling wedding expenses, a fast cash loan might be a more viable option.

At Galaxy Credit, we offer personal loans with competitive interest rates, flexible terms, and repayment options tailored to your unique needs. This approach helps you prevent excessive interest charges and maintain a healthy credit profile. You can apply for a loan on our website whenever you’re ready, using the integrated Singpass Myinfo system to expedite the process.

Otherwise, feel free to contact us to learn more about how we can help or our services. Our friendly loan officers are happy to speak with you.

FAQs: Citibank, DBS & UOB Credit Limit Review

How fast does Citibank process a credit limit review?

It depends on whether you use Myinfo or documents/forms when putting in your Citibank credit limit review request. From personal experience, the process was immediate with MyInfo. The bank also set a credit limit of 4X the monthly income, in line with MAS regulations. It can take 5-10 business days for standard processing involving documents/forms.

How fast does DBS process a credit limit review?

The method you choose to submit your DBS credit limit review request, either Myinfo or documents/forms, will determine how long the process will take. For Myinfo submissions, it can take about five working days. For submissions via documents/forms, it can take up to 15 working days.

How fast does UOB process a credit limit review?

It varies depending on whether you utilise Myinfo or documents/forms to submit your UOB credit limit review request. UOB may offer instant approval if you utilise Myinfo and successfully submit all required documents between 8:30 AM and 9:00 PM on a business day. For traditional methods such as uploading or emailing documents, it can take up to 2 weeks, or longer if documents are incomplete or missing.

Can I secure a temporary increase in credit limit for travel?

Yes, absolutely. Banks like Citibank, DBS and UOB all grant temporary credit limit increases for travel.

Do major banks in Singapore offer temporary credit limit increases for other reasons?

Of course. Medical, wedding, and compassionate reasons often warrant temporary credit limit approvals for major banks in Singapore, such as Citibank, DBS and UOB.

What’s the usual UOB credit card limit for someone earning $60,000 annually?

In line with MAS regulations, an individual should be granted a credit limit of approximately $20,000 if he or she earns an annual salary of $60,000. That’s because the monthly salary is $60,000/12, which is $5,000, and regulations allow banks to set credit limits of up to four times an individual’s monthly salary (i.e. 4 x $5,000, in this example).