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.