71 per cent of Singapore cardholders have platinum cards

[jw5]

Like cash, leave no trace (WARNING - but not for $10k note)

Warning: Please don't carry around a $10k note.
It flies away and tears like any other piece of paper.

 

[Char_Azn]

Those cards are really useless. At the end of the day the banks will impose a limit based on your income level. This is the rule set by MAS. Banks can only increase your limit if you are travelling outside of Spore. I have about 5 cards but only use one or two cards otherwise I will have problems monitoring all my credit card bills.

I recently detected an unauthorised charge that someone made to my card. With the problems of skimming, theft of personal data, etc I'm now reluctant to use my cards & prefer to use cash. In fact I keep a tin box at home with a couple of thousand dollars of carry around cash which I refill as needed:o

If your monthly salary >$10K, no limit. As for tin box, beware of burglary. Low Crime != No Crime

 

[johnny333]

Like cash, leave no trace (WARNING - but not for $10k note)

I only use the $10k note to transfer money from one bank account to another account. It's really very convenient However when you are outside Spore, I don't think you can use the $10k note.

I heard from someone that 10K stolen notes can easily be detected & frozen by the authorities, leaving the innocent with a loss.

 

[Froggy]

I only use the $10k note to transfer money from one bank account to another account. It's really very convenient However when you are outside Spore, I don't think you can use the $10k note.

I heard from someone that 10K stolen notes can easily be detected & frozen by the authorities, leaving the innocent with a loss.

Whether you deposit or withdraw from banks they will note the note's serial number and your IC in any bank in Singapore. You can use the $10k note overseas as it si highly welcome by money changers cos they could sell it with higher commission, it is highly sought after at least in Thailand and Indonesia.

 

[johnny333]

Whether you deposit or withdraw from banks they will note the note's serial number and your IC in any bank in Singapore. You can use the $10k note overseas as it si highly welcome by money changers cos they could sell it with higher commission, it is highly sought after at least in Thailand and Indonesia.

It was an indonesian businessman who told me the problems of accepting Spore $1,000 & $10k notes. He found out the hard way when some notes he had were flagged as stolen. It's not easy for money changers outside of Spore to determine if a note has been stolen until after the fact.

The same goes for some US $100 notes because of many counterfeits out there. It's easier to avoid all the hassles & use smaller notes e.g. $100 Spore notes.

 

[Froggy]

It was an indonesian businessman who told me the problems of accepting Spore $1,000 & $10k notes. He found out the hard way when some notes he had were flagged as stolen. It's not easy for money changers outside of Spore to determine if a note has been stolen until after the fact.

The same goes for some US $100 notes because of many counterfeits out there. It's easier to avoid all the hassles & use smaller notes e.g. $100 Spore notes.

hmmm I have no problem so far and each time I get better rates in both countries . . . obviously for me I withdrew the money from the bank not exchange with someone. Still doing this.

 

[johnny333]

hmmm I have no problem so far and each time I get better rates in both countries . . . obviously for me I withdrew the money from the bank not exchange with someone. Still doing this.

You are obviously a trusted & valued regular customer of the bank

However If some stranger walks of the street with a $10k note, I'm sure it would raise some eyebrows in Jakarta, Malaysia,... & even Bangkok

 

[Froggy]

You are obviously a trusted & valued regular customer of the bank

However If some stranger walks of the street with a $10k note, I'm sure it would raise some eyebrows in Jakarta, Malaysia,... & even Bangkok

Oh yes, regular. Next two months open office in Jkt got to do this again but no worries la.

 

[johnny333]

Oh yes, regular. Next two months open office in Jkt got to do this again but no worries la.

Jakarta must have one of the worst traffic jams next to Manila. Maybe that's why they have so many Spas. People hang around in them until the peak hour jams subside.

 

[Jimmy1978]

Me thinks black is the new platinum. I mean look at DBS popular CC..out of 8, 4 of them are platinum credit card. Everyone is carrying one nowadays so if you want to hao lian..must have black card. hehe

 

[Narong Wongwan]

You are obviously a trusted & valued regular customer of the bank

However If some stranger walks of the street with a $10k note, I'm sure it would raise some eyebrows in Jakarta, Malaysia,... & even Bangkok

Yes i share same thoughts....must be regular.
Whenever i change $1K notes in BKK airport or thai banks they always check and recheck the notes....take up alot of time.
If flash $10K note they will summon manager....once or twice rejected (outisde of bangkok).
Regular money changer in malaysia.....give me higher exchange rate for these big notes and no questions asked....can even issue cheque, bank in or deliver the money for me.

 

[Meltdown]

Me thinks black is the new platinum. I mean look at DBS popular CC..out of 8, 4 of them are platinum credit card. Everyone is carrying one nowadays so if you want to hao lian..must have black card. hehe

10 years ago when I carried a Platinum card, people would take a second look because it was very rare in Singapore back then. Nowadays, platinum cards are a dime a dozen. Almost everyone has a platinum card now. It has lost it's rarity and exclusivity.

Nowadays, black cards are the ones that project exclusivity. However, I suspect that 10 years from now it will also lose it's exclusivity given that banks will eventually issue black cards to almost anyone. A piece of plastic that is colored black is as easy to manufacture as pieces of plastics that are colored platinum or gold.

American Express cards were traditionally considered more exclusive because they were harder to qualify. However, I suspect that AMEX cards will eventually lose their exclusivity given that they have started to allow banks to issue them. The banks will eventually issue AMEX cards en masse which will dilute the brand making it just another credit card like Visa and MasterCard.

Anyone who wants to project exclusivity and high social status using a credit card based on its color will be constantly at the mercy and whims of the banks. Credit card exclusivity based on its color usually doesn't last more than 10 years just like cars.

The latest model of Merc S-Class is exclusive today. But, 10 years from now that same car will no longer be exclusive when newer models have been released and seen on the roads.

 

[yinyang]

Whenever i change $1K notes in BKK airport or thai banks they always check and recheck the notes....take up alot of time.
If flash $10K note they will summon manager....once or twice rejected (outisde of bangkok)..

Wah, you guys in diff league. Can't even recall handling 1k note, never mind 10k piece:o Guess it's convenient when bring your stash across borders.

On validating cash in LOS, even happens with small $50 notes in some bkk banks and worse in up country. Have this small gadget to sift through each note. Then, can even ask for ID by some, kns

 

[Froggy]

Yes i share same thoughts....must be regular.
Whenever i change $1K notes in BKK airport or thai banks they always check and recheck the notes....take up alot of time.
If flash $10K note they will summon manager....once or twice rejected (outisde of bangkok).
Regular money changer in malaysia.....give me higher exchange rate for these big notes and no questions asked....can even issue cheque, bank in or deliver the money for me.

If you have a few of them $10k notes, Superich in Bangkok will be very happy usher you into private room and manager will come and give you good rates. Don't exchange in banks la.

 

[Meltdown]

If the majority have "platinum", then it's just ordinary.

What's the REAL status symbol?

Nothing. A piece of plastic that is colored Black today will no longer be exclusive and a status symbol 10 years from now just by looking at the past trend on how banks eventually issued gold and platinum cards en masse.

The one item that is a REAL status symbol that a person can carry which will last for generations is a high end watch made by Patek Philippe or Vacheron Constantin. They really make limited pieces each year for the world market. Patek Philippe makes about 40,000 pieces a year while Vacheron Constantin between 15,000 to 20,000 pieces a year. Compared that to Rolex which makes between 800K to 1M pieces a year which is neither exclusive nor REAL status symbol when almost any Tom, Dick, and Harry are also wearing one.

 

[myfoot123]

Now $20,000pa can own a credit card. It is a very lucrative market for the bank because it works like "AH LONG".

 

[lifeafter41]

Nothing. A piece of plastic that is colored Black today will no longer be exclusive and a status symbol 10 years from now just by looking at the past trend on how banks eventually issued gold and platinum cards en masse.

The one item that is a REAL status symbol that a person can carry which will last for generations is a high end watch made by Patek Philippe or Vacheron Constantin. They really make limited pieces each year for the world market. Patek Philippe makes about 40,000 pieces a year while Vacheron Constantin between 15,000 to 20,000 pieces a year. Compared that to Rolex which makes between 800K to 1M pieces a year which is neither exclusive nor REAL status symbol when almost any Tom, Dick, and Harry are also wearing one.

So far, my Casio tough solar watch, last more than 5 years, without batt change. Will keep all posted if can last for generations.

 

[laksaboy]

One good thing about the proliferation of credit cards is that the banks are desperate to attract and retain customers. They throw in lots of perks, fee waivers etc. If you call them up and 'threaten' to cancel your card, they'll cry and beg you not to leave.

Besides being convenient for dining and shopping, a credit card is also very handy for online transactions.

Of course, since almost everyone has a credit card the exclusivity and prestige of having one diminishes, but if you source your self-esteem from a plastic card, I daresay you have some psychological issues that need to be worked out.

 

[Froggy]

So far, my Casio tough solar watch, last more than 5 years, without batt change. Will keep all posted if can last for generations.

Yes mine too lasted so long but did change the belt once though.

 

[cass888]

Plat cards, black cards, are for losers. Real people carry only Infinite cards and the run-off-the-mill Elites carry the Centurion card.

NOT only does Singapore have the highest penetration of platinum credit card holders in Asia, cardholders here also own the highest number of cards in the region

Again credit has to go to the PAP for creating an environment where everyone has the opportunity to become very wealthy in a short period of time.

The silver-gold era in Singapore is over. Even NTUC gets OCBC to issue platinum cards to uncles and aunties.

10 years ago when I carried a Platinum card, people would take a second look because it was very rare in Singapore back then. Nowadays, platinum cards are a dime a dozen. Almost everyone has a platinum card now. It has lost it's rarity and exclusivity.

Nowadays, black cards are the ones that project exclusivity. However, I suspect that 10 years from now it will also lose it's exclusivity given that banks will eventually issue black cards to almost anyone. A piece of plastic that is colored black is as easy to manufacture as pieces of plastics that are colored platinum or gold.