Premium Credit Cards: Which Gives High Income Earners The Best Value?

Premium credit cards come with premium price tags and perks. But are they worth your hard-earned money? 

Premium credit cards are fancy: they come with perks, benefits and all the bells and whistles that regular credit cards don’t offer. Designed specifically for the affluent amongst us who make at least S$120,000 annually, it is no surprise that these premium credit cards also come with hefty annual fees.

While premium credit cards are exclusive by nature and offer a slew of money-saving lifestyle, travel and dining perks all year round, are they really worth your money? Find out as we break down what each premium credit card below has to offer.   

Comparison: credit cards for high income earners

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Best credit cards for affluent high income earners

#1 Citi Prestige Card 

Citi Prestige Card lets you earn unlimited 1.3mpd locally and 2mpd on overseas spend. Miles are earned in the form of flexible Citi ThankYou points that do not expire. They can be exchanged for frequent flyer miles, hotel stays, cash rebates and more. 

A travel-oriented premium credit card through and through, cardmembers and one travel companion enjoy unlimited access to over 1,300 Priority Pass lounges worldwide. 

Cardmembers also enjoy a free night stay when they book a minimum consecutive four-night stay at any hotel or resort via Citi Prestige Concierge. That’s in addition to all the other travel, lifestyle and dining perks Citi Prestige Card offers. 

• Annual fee: S$540 with 25,000 miles
• Min. income requirement: S$120,000

Who is it best for: Citi banking customers with Citigold/Citigold Private Client relationship can get up to 30% additional ThankYou Points, depending on their spending and depth of relationship with the bank. Frequent travellers will benefit from the Citi Prestige Card, too. 

#2 OCBC Voyage Card 

OCBC Voyage Card lets you earn unlimited, expiry-free 1.3mpd locally and 2.2mpd spent in foreign currency. Although the miles earning rate is slightly more generous, bear in mind Voyage Miles are awarded for every S$5 spent on a per-transaction basis. This can make things a little tricky as you may potentially lose out on miles over time because of transaction amounts that aren’t an exact multiple of S$5. 

You can redeem Voyage Miles for flights on any airline anytime without blackout dates via the Voyage Concierge. Your other option is to convert them into KrisFlyer Miles. Unlike many other credit cards that charge a fee to convert credit card rewards into frequent flyer miles, OCBC Voyage offers a waiver for their customers who hold this credit card. On a side note, cardmembers are free to redeem their Voyage Miles for cash rebates if that’s what they prefer. 

The OCBC Voyage Card provides unlimited free visits to over 80 Plaza Premium lounges worldwide for ardent travellers along with other VIP travel-oriented perks. Cardmembers also have access to an array of health and wellness deals with HealthPass by OCBC. 

• Annual fee: S$488 with 15,000 miles or S$3,210 with 150,000 miles 
• Min. income requirement: S$120,000

Who is it best for: Frequent travellers and people looking to bag 150,000 miles with payment of the S$3,210 annual fee when signing up and renewing their Voyage Card membership. OCBC Premier Banking, Premier Private Client and Bank of Singapore customers can enjoy accelerated rewards by earning 1.6mpd locally and 2.3mpd spent in foreign currency. 

#3 Standard Chartered Visa Infinite Credit Card 

Standard Chartered Visa Infinite Credit Card lets you earn 1.4mpd locally and 3mpd on overseas spend. While generous, this applies only if a minimum eligible spend of S$2,000 is made within the statement cycle. The base earn rate of 1mpd is meagre at best. Miles are awarded in the form of 360° Rewards Points. 

This card lets you enjoy up to six free visits to Priority Pass lounges each Priority Pass membership year. You can also apply for the Income Tax Payment Facility to earn rewards when you charge your income tax to your card. 

Standard Chartered Visa Infinite Credit Card doesn’t offer bonus miles or rewards points upon card renewal. 

• Annual fee: S$588.50 
• Min. income requirement: S$150,000 (S$30,000 for Priority/Private Banking customers) 

Who is it best for: Standard Chartered Priority Banking clients will benefit from the S$30,000 minimum annual income requirement and perk of earning rewards on select mortgage loans, current and savings accounts, fixed deposits, and investments, as long as they spend S$500 per month on their card.

#4 HSBC Visa Infinite Credit Card 

HSBC Visa Infinite Credit Card lets you earn 1mpd locally and 2mpd on overseas spend. From the second year onwards, you may earn 1.25mpd locally and 2.25mpd on overseas spend if you charge at least S$50,000 to your card in the previous membership year. Miles are awarded in the form of HSBC Rewards Points. 

On a brighter note, you stand to enjoy unlimited complimentary access to over 1,100 airport lounges around the world along with generous, comprehensive travel insurance coverage of up to USD$2m for you and your family. There are also plenty of 1-for-1 deals available at a touch via the free ENTERTAINER with HSBC app. 

However, HSBC Visa Infinite Credit Card does not (officially) offer bonus rewards upon card renewal. Another thing to note? Your rewards expire at the end of a 37-month period.  

• Annual fee: S$488 (HSBC Premier customers) or S$650
• Min. income requirement: S$120,000

Who is it best for: Jetsetting HSBC Premier customers who happen to be big spenders will benefit most from the HSBC Visa Infinite Credit Card. This card offers unbeatable complimentary travel insurance coverage, along with stellar travel perks. 

Are such hefty annual fees justifiable? 

The answer can differ from person to person: it’s highly subjective. While all of the above-mentioned premium credit cards offer fantastic travel perks, those aren’t the only benefits they offer. 

To determine if it’s justifiable to pay such hefty annual fees, take a good look at your lifestyle and spending habits. It pays to do your homework: 

• Check out the various lifestyle and dining offers that each card has to offer
• Prioritise the offers and benefits most important to you or most likely to be utilised frequently (e.g. travel benefits, dining offers, shopping deals, golfing privileges) 
• Consider your relationship with the bank 
• Ascertain if generous renewal bonus is a non-negotiable

Even if you’re affluent, it doesn’t hurt to spend your money wisely, use credit cards, deals and offers to your advantage. 

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