Best Premium Credit Cards in Singapore 2024
updated: Nov 04, 2024
Best Premium Credit Cards in Singapore 2024
| credit_card | Airmiles Local | Cashback Travel | Rewards Points Retail | offers_rewards | apply | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
0.69 miles per S$1.60 spent | n_a | 10 points per dollar | eligible_rewards (1) | on_provider_website | eligible rewards (1) on_provider_website | ||||||
1.5 miles per dollar | 1.5% | 3.75 DBS Points | eligible_rewards (2) | on_provider_website | eligible rewards (2) on_provider_website | ||||||
n_a | Unlimited 2% | n_a | eligible_rewards (3) | on_provider_website | eligible rewards (3) on_provider_website | ||||||
Up to 1.25 miles per dollar | n_a | n_a | N/A | ||||||||
Best Premium Credit Cards in Singapore 2024
American Express Platinum Credit Card
on_provider_website
| Airmiles Local | 0.69 miles per S$1.60 spent |
|---|---|
| Cashback Travel | N/A |
| Rewards Points Retail | 10 points per dollar |
| REWARDS | |
| |
eligible_rewards (1)
card_details
DBS Vantage Visa Infinite Card
on_provider_website
| Airmiles Local | 1.5 miles per dollar |
|---|---|
| Cashback Travel | 1.5% |
| Rewards Points Retail | 3.75 DBS Points |
| REWARDS | |
| |
eligible_rewards (2)
card_details
CIMB Visa Infinite Card
on_provider_website
| Airmiles Local | N/A |
|---|---|
| Cashback Travel | Unlimited 2% |
| Rewards Points Retail | N/A |
| REWARDS | |
| |
eligible_rewards (3)
card_details
HSBC Visa Infinite Credit Card
| Airmiles Local | Up to 1.25 miles per dollar |
|---|---|
| Cashback Travel | N/A |
| Rewards Points Retail | N/A |
card_details
What is a premium credit card?
A premium credit card – also known as a metal credit card – is a prestigious credit card targeted at high-income earners. The eligibility criteria for a premium credit card is usually an annual income of S$120,000 or more.
It offers luxurious and exclusive privileges and discounts with top dining, hotel and nightlife establishments. Other privileges include bonus miles, airport lounge access, airport limousine transfers and more.
Some premium credit cards are also by-invite basis only, further enhancing their elusiveness and exclusive allure as far as credit cards go.
Why get a premium credit card?
Exclusive only to high-income earners, premium credit cards offer more rewards for your spending. This could be more miles per dollar (mpd) spent, unlimited lounge access, complimentary hotel stays, limousine transfers and more.
What counts as a premium credit card?
While there is no official term for such cards, premium credit cards are ones offered exclusively to high-income earners. These prestigious credit cards are also expensive to keep in your wallet, with annual fees of over S$400.
Who should get a premium credit card?
Besides earning an annual income of at least S$80,000 to S$120,000, you should also be a frequent traveller. Premium credit cards target those who travel often by offering a higher miles per dollar rate. However, you could also be required to spend a significant amount each month to earn your reward.
Do all banks offer premium credit cards?
Most banks in Singapore have a premium credit card available for high-income earners. You do not have to be an existing customer of the bank to apply for their premium credit card. Certain premium credit cards are also inaccessible to the general public, even if you meet the criteria of having a high net worth. Instead, the bank will be the one approaching you with the proposition for applying for their exclusive metal credit card.
Things to look out for when choosing a Premium Credit Card
Choosing a premium credit card requires careful consideration to ensure it aligns with your lifestyle, preferences, and financial goals. Here are some important factors to look out for:
Annual fees
Premium credit cards often come with higher annual fees. Evaluate whether the benefits and rewards outweigh the cost of the fee.
Rewards programme
Assess the rewards structure – whether it's miles, cashback, or points – and how well it matches your spending habits and preferences.
Travel benefits
If travel perks matter to you, check for airport lounge access, travel insurance coverage, and discounts on flights and hotels.
Dining and entertainment privileges
Consider the dining and entertainment benefits, such as discounts at restaurants, access to exclusive events, and entertainment offers.
Concierge services
Premium cards often come with dedicated concierge services that can assist with travel bookings, reservations, and more.
Specialised benefits
Depending on your interests, look for specialised benefits such as golf privileges, spa discounts, or luxury retail partnerships.
Complimentary memberships
Some premium cards provide complimentary memberships to loyalty programs, hotel loyalty programs, or other exclusive clubs.
Customer support
Premium cards often come with dedicated customer support for quick assistance with inquiries or issues.
Who should use a Premium Credit Card?
Premium credit cards are designed for individuals who have specific lifestyle preferences and financial capabilities that align with the benefits and features these cards offer. Here's who might benefit from using a premium credit card:
High spenders
Premium credit cards typically come with higher credit limits and rewards on various spending categories. If you have substantial monthly expenses and can take advantage of rewards programs, a premium card might be suitable.
Dining and entertainment enthusiasts
Many premium cards offer exclusive dining privileges, gourmet experiences, and entertainment benefits. If you often dine out at upscale restaurants or attend events, these cards can provide unique offers.
Concierge service users
Premium cards often include dedicated concierge services that can assist with travel bookings, reservations, event tickets, and more. If you value personalized assistance, a premium card might be appealing.
Luxury experience seekers
Individuals who enjoy luxury experiences like spa treatments, golf, and exclusive events might find value in the specialized benefits offered by premium cards.
High-income or high-net-worth individuals
Premium cards often have higher annual fees. Individuals who can comfortably cover the fee while maximizing the card's benefits are ideal candidates.