All that glitters isn’t gold. As sayings go, it stands up well to the passage of time. And as far as the EnjoyCompare.com website, recent evidence in Singapore suggests people are getting ripped off simply by falling for the allure of credit cards because they look “cool” in a wallet or purse.

All that glitters isn’t gold. As sayings go, it stands up well to the passage of time. And as far as the EnjoyCompare.com website, recent evidence in Singapore suggests people are getting ripped off simply by falling for the allure of credit cards because they look “cool” in a wallet or purse.

Such findings, experience suggests, are as relevant to the wealthy as for the broader population, particularly in a fast-growing region of the world with high material aspirations.

Nearly half of Singaporeans surveyed by the website said they've signed up for a credit card because they thought it would look impressive.

People are losing hundreds of dollars every year because they don't check available deals for the best rates and offer, the website – perhaps unsurprisingly given its own business model – says.

Some 42 per cent of Singaporeans admit to signing up for a card because they thought it would make them look more impressive in front of friends or colleagues when they used it.

The same poll found that (some people gave more than one answer): 24 per cent looked for the lowest available interest rate; 19 per cent looked for a card that offered a high spending limit; 12 per cent wanted a low annual fee, 8 per cent looked for outstanding loyalty or points deals.