I knew I had to share this piece of news the moment I saw it - not because American Express is ranked number 1 again in the 2016 Singapore Credit Card Satisfaction Study but because it has been quantified and how often do you actually see a press release with a graph?! According to the study, the overall satisfaction index ranking is based on a 1,000-point scale and American Express has come up on top with 738 points, beating the study average by 41 points.
What is more interesting to see however is that UOB is ranked the lowest at 678 Points, 19 points shy of the study average. Everyone knows I love the UOB suite of cards - it contributes the most to my miles each month which in turn results in fantastic (and free!) premium cabin flights like this. The study shows that amongst cardholders who pick their cards based on cashback, the overall satisfaction is 712. UOB has terrible cashback cards - the best is probably the UOB Visa Signature Credit Card which gives 5% (upon satisfying a number of conditions) and I guess it is difficult to compete with products like the Standard Chartered SingPost Platinum Visa Credit Card which gives up to 7% cashback - interestingly enough, Standard Chartered is ranked fourth lowest in the latest study as well.
If you look at how the scores are being calculated, Interaction gets a 36% weightage and we all know for a fact that American Express is the market leader on this - if you have spoken to a customer service officer from ANZ or UOB, you will know exactly how much better AmEx is in this component. If you look past the amazing dining benefits that American Express cardholders have with a number of hotels and restaurants, the rewards and benefits on these cards are actually terrible so I can only imagine how badly UOB scored on interaction in order to warrant the last spot on the list.
The article does raise an interesting point about how cashback rewards are slowly losing its lustre - so the only question in my head is this: Are consumers in Singapore finally seeing points and miles for what it is worth?
The ANZ Travel Visa Signature Credit Card was one of my favourite credit cards in Singapore when I first starting working - it once offered complimentary and unlimited lounge access, limousine transfer after spending a reasonable amount and paying the annual fees (S$200) for 10,000 miles seem to be pretty reasonable. Starting from 01 April 2017 however, the ANZ Travel Visa Signature Credit Card will no longer offer lounge access (yes not even the horrible DragonPass Airport lounge access) and there will no longer be anymore renewal miles when you pay the annual fee - how is this even a travel card anymore?!
When I wrote about the OCBC VOYAGE Card last month, I mentioned that cardholders will have access to a dedicated concierge that can assist you in making restaurant reservations, travel itinerary planning and also provide to you a range of other services (so long it is legal!) that cardholders like myself can enjoy. One of the feedback that I have gotten from that article was that the Visa Infinite brand itself has a concierge that cardholders can benefit from - as such, I felt the desperate need to basically compare both the Visa Infinite Concierge and the VOYAGE Exchange (private concierge service for OCBC VOYAGE Card) to find out whether or not the higher annual fee (after factoring in the value of renewal miles) is justified.
I have written a number of articles on which credit card to get in Singapore in order to maximise miles accrual and I have always deliberately excluded the HSBC Advance Visa Platinum Credit Card because of the conditions required to get this card (it is not just about the annual income requirement). More importantly, the 10X HSBC Rewards Points promotion was supposed to end last year but it has been extended until 31 March 2017.
Having the right credit card in Singapore is extremely important if you travel quite a bit - it can help you rake up significant miles which you can use for free premium cabin travel and some of the credit cards actually have tangible travel benefits like free airport lounge access and limousine transfer amongst other things. There are two main types of credit cards in Singapore that offer complimentary airport lounge access - one requires a minimum spend and one does not. Check out my summary of credit cards in Singapore that offer complimentary lounge access below!
The OCBC VOYAGE Card allows you to earn up to 2.3 VOYAGE Miles (redeemable for KrisFlyer Miles) per S$1 and it offers some pretty impressive benefits like a personal concierge service, unlimited access to Plaza Premium Lounges and other Visa Infinite perks. Is this card worth its S$488 annual fee? Find out everything you need to know about maximising the benefits on the OCBC VOYAGE Card.
If you have seen my complete list of credit card renewal miles in Singapore, you would have noticed that the UOB Reserve Card offers 100,000 renewal miles each year. One of the ways to get invited for this exclusive credit card is to be a UOB Privilege Reserve Client with S$2,000,000 in deposits/investments with the bank. Not much is known about this card until now - find out what the benefits of this ultra-elite card is.
The Citi Rewards Card is one of the best Singapore credit card (in my opinion) to have in 2017. When you charge the right type of transaction to this credit card, you can earn up to 10X Citi Dollars (equivalent to 4 miles per S$1). While there are ways to verify whether or not a transaction will earn you 10X points thanks for crowd-sourcing, I recently realised that you can check on the number of points awarded per transaction (after it has been posted) which really helps to verify and mitigate some risk in those large purchases.
There are no lack of elite credit cards in the Singapore market but let's face it - the regular one for the masses are the ones with the best benefits in terms of mile accrual. Of course there are some exceptions (i.e. using a Centurion Card on EXTRA Partners) but most of the best cards for mile accrual in Singapore are credit cards that most working Singaporean adult can qualify for. With that being said, there may be instances where people cannot qualify for the credit card they want and there may be many different reasons like bad credit score or insufficient annual income. One way around this is to apply for a secured credit card instead as this will provide you access to a card you really want (even if you do not meet the general criteria for it!).
If you saw my article last week on the credit cards to get in 2017, you would have (and should have!) noticed a new addition - the OCBC Titanium Rewards Card. Let's be honest here, OCBC has not been on the list of credit cards to get (for mile accrual) in the last couple of years. So when I found out that the OCBC Titanium Rewards Card now gives up to 10X OCBC$ (which translates into 4 miles per dollar), I had to check it out for myself. My conclusion? This could very well be OCBC's best credit card in the market right now for mile chasers.
As 2016 comes to an end, it is important to look ahead in the new year and plan for your mileage accrual (and redemption!) next year. Miles are worth a lot - especially when you use them wisely and redeem them in premium cabin classes. Obviously, there are people in the market that prefers cash backs over miles for instant gratification and sometimes I feel like no amount of convincing can sway them over but in all honestly, we need them. We can't have the whole Singapore fighting to redeem those premium cabin seats all at once! So here it is, the list of the best credit cards in Singapore to get in order to earn maximum miles.