Over seven in ten cardholders
in Singapore are platinum cardholders in 2011, up from 68 per cent over the
previous year, according to a survey carried out by HSBC. 

With 71 per cent of
cardholders owning platinum cards, Singapore registered the highest penetration
of platinum card holders across Asia, followed by Taiwan (56 per cent) and Hong
Kong (41 per cent).

Singaporeans have an
average of 3.3 cards per individual followed by Hong Kong and Taiwan (both
2.7).

Singapore also has
among the highest proportion of multiple cardholders in Asia. Around three in
four cardholders in Singapore (73 per cent), Hong Kong (76 per cent) and Taiwan
(72 per cent) hold more than one credit card.

Despite the
popularity of having several cards, the survey observed an increase in
proportion of cardholders who used only one card from 30 per cent in 2010 to 34
per cent in 2011.

“Our survey points
to an emerging trend towards increased take up of platinum cards in the
Singapore market,” said Paul Arrowsmith, head of retail banking and wealth management,
HSBC Singapore.

“Credit cards have become an integral part of the consumer
lifestyle in Singapore, in particular the mass affluent whose 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 adds.

Singapore cardholders were the second highest spenders
in the region with an average monthly spend of $1,020 per month, up 19 per cent
over the previous year. The highest spenders in Asia were Australian
cardholders, with an average monthly card spend of $1,320 in 2011.

Hong Kong ranked third at $730 per month. Another
observation from the survey is that fewer Singapore cardholders have taken up
merchant-specific installment plans, a drop from 34 per cent in 2010 to 28 per
cent in 2011.

While Singapore
cardholders use more than one card, they consolidate 77 per cent of their card
spending on their main card, a trend also seen in their regional counterparts,
Hong Kong (78 per cent) and Taiwan (77 per cent). On the key drivers or perks
influencing Singapore respondents on the choice of main credit card, attractive
rewards programme (42 per cent) is perceived as most important followed by
attractive usage benefits (14 per cent).

Increasing numbers
of Singapore respondents intend to apply for a new card. This has gone up from
one in ten (11 per cent) to almost one in five (17 per cent). Attractive
rewards programme (46 per cent) is the key criterion for Singapore respondents
in selecting their preferred new credit card, followed by attractive usage
benefits (17 per cent), attractive welcome gifts (15 per cent) and annual fee
waiver (14 per cent).

The findings are from the
HSBC Credit Card Monitor survey, which aims gain a better understanding of
customers‟ perception and attitudes towards credit cards. The survey
interviewed around 5,000 general cardholders, mostly between the ages of 18 to
54, in eight markets including Hong Kong, Singapore, Taiwan, Malaysia, India,
Australia, Indonesia and Philippines. This includes all credit cardholders,
HSBC as well as non-HSBC. The survey was conducted face-to-face or via the
telephone from May to November 2011.