{"id":28198,"date":"2019-07-21T11:50:45","date_gmt":"2019-07-21T03:50:45","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=28198"},"modified":"2022-06-13T17:23:48","modified_gmt":"2022-06-13T09:23:48","slug":"how-much-must-you-earn-to-own-a-car-condo-credit-card-and-country-club","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/how-much-must-you-earn-to-own-a-car-condo-credit-card-and-country-club\/","title":{"rendered":"How Much Must You Earn to Own a Car, Condo, Credit Card, and Country Club?"},"content":{"rendered":"
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In Singapore, the 5C’s (car, condo, credit card, country club, cash) are on par with your O-level results. That is, they’re all overrated and unfair reflections on your success in life. But no matter how “real” we pretend to keep it, many of us do <\/em>care about these. So here’s how much you’ll need to learn to own all that:<\/p>\n

First, the credit card<\/h3>\n

This one is straightforward. To qualify for a credit card, you generally need to earn at least $30,000 per annum (unless it’s one of those $500 student credit cards). Foreigners often need to earn about twice that.<\/p>\n

For the snobbish, invite-only <\/em>credit cards, you generally need to earn at least $180,000 per annum; sometimes even higher.<\/p>\n

There isn’t really a monthly cost to owning a credit card, so long as you repay it on time. Otherwise, the interest rate is about 26 per cent per annum, and minimum repayments are either $50 or five per cent of the outstanding sum. There’s an annual fee that’s often around $180, but we discount this since you can often waive it with a phone call (except for American Express).<\/p>\n

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You generally need to earn at least $30,000 per annum to sign up for a credit card.<\/figcaption><\/figure>\n

Second, the car<\/h3>\n

For our example, we’ll use a typical family sedan; something along the lines of a Toyota Altis 1.6 (A). This sort of vehicle has an Open Market Value (OMV) of $20,000 or below. At the time of writing, the typical price for such a car – with COE – is about $91,000.<\/p>\n

The maximum Loan to Value (LTV) ratio is 70 per cent of the car’s value. On a seven-year loan (the maximum loan tenure) at seven per cent per annum, this comes to a down payment of about $63,700. Monthly loan repayments are roughly $910.<\/p>\n

(There are also other costs, such as the registration fees, etc. But we’re looking at how much you need to earn <\/em>here, not the total cost).<\/p>\n

And if that was it, school buses would be out of business and car park owners would be billionaires by now.<\/p>\n

You also need to factor in:<\/p>\n