How do your credit card habits stack up with other Singaporeans? Check out these new survey results from BankBazaar.sg

Photo: Coconuts Media
Photo: Coconuts Media

Presented by BANKBAZAAR.SG



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The Little Red Dot attracts top global companies, investors, entrepreneurs, so it’s no surprise that we pride ourselves on our money moves. Now that we got that humble brag out of the way, let’s see how savvy our habits are when it comes to credit cards.

BankBazaar.sg commissioned a survey of over a thousand Singaporeans to find out how we choose and use credit cards. Whether you’re carrying a wallet full of plastic, or prefer cold, hard cash, it’s worth a read.

How do Singaporeans choose a credit card?

Bank websites and comparison sites are the top sources of information on credit cards. Just about 25% of respondents aged 18-24 prefer to go directly to bank branches for information. No surprise there!

Respondents across all age groups agreed that recommendations on which cards suit their needs and profile, and the ability to check their eligibility for a credit card are the top two most important reasons behind applying for credit cards through comparison sites.

The top factors when it comes to choosing a card are convenience and benefits. Singaporeans want low annual fees and easy applications. Who needs cumbersome offline applications and extra bills to worry about?

How do Singaporeans use their credit cards?

With our love of shopping, watching shows, and consuming media online (ah hem) it’s not surprising that 77% of respondents own at least one credit card. Within that card-carrying group, 50% have 1-2 cards and 23% own more than 5 credit cards. That’s a lot of plastic!

The older you are the more cards you’re likely to accumulate. Almost half of the 18-24-year-olds own just one card, while ages 25-34 generally own 1-3 cards. If you’re 35 years plus you’re more likely to own 5 or more cards.

The top three most important benefits for card owners are cashback, shopping discounts, and rewards points, while the most frequent credit card transactions are groceries, dining, and online shopping. That figures since we love a peaceful night in, ordering food, watching iFlix and shopping online.

Why BankBazaar.sg?

BankBazaar.sg is a leading neutral online marketplace for financial products, allowing you to shop for loans and credit cards just like you buy everything else, online.

Considering getting a new credit card? Head on over to BankBazaar.sg to compare the various options out there and apply for a credit card best suited to your needs. You can also get money-wise with helpful articles and infographics—easy, convenient, and no befuddling finance jargon!



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