71 per cent of Singapore cardholders have platinum cards

[Confuseous]

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

Results from the HSBC Credit Card Monitor Survey across eight countries show that 71 per cent of Singapore cardholders have platinum cards, compared to 56 per cent in Taiwan and 41 per cent in Hong Kong. Singaporeans also boast an average of 3.3 cards per person as compared to the 2.7 in both Hong Kong and Taiwan.

The survey polled 5000 people between 18 to 54 from eight countries including Singapore, Malaysia, Indonesia, Hong Kong and Australia. Both HSBC and non-HSBC cardholders were interviewed from May to November 2011.

Paul Arrowsmith, HSBC Singapore's head of retail banking and wealth management, credits these findings to the rise of the mass affluent in Singapore.

The mass affluent segment is typically defined as those with US$100,000 to US$1 million to invest. "[Their] expectations are also rising in tandem with their search for more value from their credit cards such as exclusive privileges, distinctive rewards and a high quality of service," he said.

Unsurprisingly, the survey also found that with more cards came more spending.

Singaporean cardholders spent an average of US$1,020 a month, a 19 per cent increase from the previous year to become the second highest spenders in the region. Only Australia registered a higher average spending value at US$1,320, while Hong Kong came in a distant third behind Singapore at US$730.

 

[Leongsam]

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.

 

[Ramseth]

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

 

[eErotica69]

The first freaking mass market Platinum Card was the Shitty bank SMRT Platinum Card.

When that card was launched, I knew that Platinum had lost its shine.

 

[ForFun]

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.

LeongSam,
We owe a lot to PAP, the first generation PAP. But this present bunch is different. I just don't feel a need to say 'thank you' to them.

 

[Char_Azn]

LeongSam,
We owe a lot to PAP, the first generation PAP. But this present bunch is different. I just don't feel a need to say 'thank you' to them.

Surviving the following crisis, Asian financial crisis, SARS crisis, global financial crisis, had nothing to do with the first gen PAP. Most of those guys who brought us through that is still around. In if you compare financial growth, salary growth vs our counterpart the other 3 Asian tigers, we came out ahead of all of them

 

[johnny333]

Surviving the following crisis, Asian financial crisis, SARS crisis, global financial crisis, had nothing to do with the first gen PAP. Most of those guys who brought us through that is still around. In if you compare financial growth, salary growth vs our counterpart the other 3 Asian tigers, we came out ahead of all of them

No one disputes that the original PAP team contributed to what Spore is today. However don't forget the contribution of millions of "lesser mortals" of Spore.

It's a fact that many of the original team have been side lined or exiled by LKY/his family & cronies The same fate is being shared by millions of "lesser mortals" who are now being discarded in favour of a younger generation of foreigners:(

So even if you are a PAP supporter, you are expendable.

 

[Fook Seng]

It also implies that Singaporeans have the highest credit card debts in Asia.

 

[Rogue Trader]

Surviving the following crisis, Asian financial crisis, SARS crisis, global financial crisis, had nothing to do with the first gen PAP. Most of those guys who brought us through that is still around. In if you compare financial growth, salary growth vs our counterpart the other 3 Asian tigers, we came out ahead of all of them

Very true! We have stayed ahead of the other 3 losers because PAP's brilliant FT policy. More foreigners means cheaper labour and more capital injection through property sale. I hope they keep bringing foreigners into this country!!!

 

[myo539]

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....

The mass affluent segment is typically defined as those with US$100,000 to US$1 million to invest."..... Singaporean cardholders spent an average of US$1,020 a month, a 19 per cent increase from the previous year to become the second highest spenders in the region. Only Australia registered a higher average spending value at US$1,320, while Hong Kong came in a distant third behind Singapore at US$730.

Wah, Singaporeans very rich.
Shouldn't they appreciate whoever created these opportunites to make them weathy and successful?

 

[bushtucker]

"platinum" is a very cheap world in the credit world of sinkapoor.

 

[Leongsam]

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

What's the REAL status symbol?

 

[Char_Azn]

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

What's the REAL status symbol?

That would be those cards by invitation only. Every bank has it's own name for those card, usually have the words Elite or Premier in it. Next would probably be traveler's card e.g. DBS Altitude Cards or Citbank Premier Miles Card, minimum $80K per annum to apply. Those "Platinum" card U probably can get it at 40-50K per annum. The rest, 30K can apply liao

 

[erection2015]

being a lifetime member of sbf is ....more so if the Boss winks at you everytime you login. :p

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

What's the REAL status symbol?

 

[po2wq]

being a lifetime member of sbf is ....more so if the Boss winks at you everytime you login. :p

4 tis, credit has 2 go 2 leongsam 4 creating n environment where evry1 has ze opportunity to b winked @ evrytime dey login ...

 

[johnny333]

That would be those cards by invitation only. Every bank has it's own name for those card, usually have the words Elite or Premier in it. Next would probably be traveler's card e.g. DBS Altitude Cards or Citbank Premier Miles Card, minimum $80K per annum to apply. Those "Platinum" card U probably can get it at 40-50K per annum. The rest, 30K can apply liao

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

 

[erection2015]

no no no....BosSam winks at me only...thats what he told me. He said everyone elase sees him as both eyes steadily open not winking.

4 tis, credit has 2 go 2 leongsam 4 creating n environment where evry1 has ze opportunity to b winked @ evrytime dey login ...

 

[cheebye]

25 years ago, i have already thrown away my gold card.

I strongly believe having cash is still the best.

Buy house in malaysia oso pay cash .... so cool.

Sell things oso collect cash ... so cool.

fark the pap to hell
if they breed, you will bleed.

 

[zhihau]

being a lifetime member of sbf is ....more so if the Boss winks at you everytime you login. :p

not those who received SBF PBM Kim Pai meh?

 

[Froggy]

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