More seniors to benefit as 3 local banks recognise CPF Life payouts as income proof for credit card applications
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More seniors aged 65 and above will be able to apply for credit cards as DBS, UOB and OCBC will recognise CPF Life payouts as income proof.According to a statement on Tuesday (June 10), DBS said that the policy kicks in from June 11 (Wednesday).The move folloMore seniors to benefit as 3 local banks recognise CPF Life payouts as income proof for credit card applications
More seniors aged 65 and above will be able to apply for credit cards as DBS, UOB and OCBC will recognise CPF Life payouts as income proof.According to a statement on Tuesday (June 10), DBS said that the policy kicks in from June 11 (Wednesday).The move follows the Monetary Authority of Singapore's recent confirmation that banks can consider CPF Life payouts as a valid source of income for retirees above 65 years old interested in applying for unsecured loan facilities, such as credit cards.OCBC Bank will similarly allow seniors aged 65 and above applying for any OCBC credit cards to use CPF Life payouts as income proof beginning June 11, reported The Straits Times (ST).«DBS’ official and clear recognition of CPF Life payouts acknowledges these monthly payouts as reliable, lifelong income, giving seniors fairer access to credit options that may have previously been out of reach,» the bank said, adding that CPF Life payouts are now on par with other typical income proofs. Read more