Looks like MAS (Monetary Authority of Singapore) wants to make sure that young people don't miss our Golden Period. In March this year, they removed the rule that required credit card companies to issue cards only to people with an income. That allowed Citibank to issue credit cards to students. OCBC will launch a similar card targeted at students in the coming weeks.
Our students are responsible people will not abuse the credit card:
"A credit card will come in handy when I want to buy that $399 Hugo Boss shirt. If I wait for my $150 weekly allowance, the shirt might be gone" - Sng Ren Zhong, JC Student, Straits Times 19 Jul 2007
I'm sure our MAS officials have done their due diligence on this issue and are not just blindly following global trends. Our highly paid civil servants in the MAS did this for the good of Singaporeans and not because it will enhance the profitability of the banks who are known to lobby for favorable policies in other countries. The change will give banks access to an additional 900,000 potential credit card users. I'm sure the MAS looked at what happened in other countries like Taiwan and S.Korean before making their decision.
With more students using credit cards and we can expect bigger crowds at Harvey Norman sales. Our citizens will be empowered - with buying power. They will have the freedom to buy whatever they want.....