Best Premium Credit Cards for High-Income Earners in Singapore
Premium credit cards come with all the perks and benefits of regular credit cards, plus a few extra bells and whistles. Designed specially for affluent Singaporeans who make at least S$120,000 a year, they naturally also come with hefty annual fees.
Premium credit cards are certainly more exclusive and offer a plethora of lifestyle, dining and travel perks all year round. So if you're a high-income earner, or are aspiring to be one, here's what you can look forward to if you're planning to get a premium credit card.
Perks for Premium Cards
Miles
Though many cards can earn miles at competitive rates, premium cards often separate themselves from the pack by not having an expiry date on the miles that you earn. This allows you to spend more time accruing miles for a bigger reward, rather than being forced to spend them as they are about the expire lest they lose their value.
Travel Benefits
Many premium cards are geared towards overseas spend, and therefore come with travel benefits and perks to complement this preference for overseas spending. Some of these benefits can include free travel insurance, priority passes, lounge access, and even free hotel nights.
Lifestyle Privileges
Premium cards also can come with lifestyle privileges, such as dining, retail, golfing benefits, and more. These may come in the form of discounts with specific brands, green fees, spa privileges and dining benefits.
Exclusive Benefits
There are yet other cards that provide exclusive benefits that can’t be found elsewhere. These can include anything from exclusive dining invites to exclusive memberships at hotels and airlines.
Disadvantages of Premium Cards
Such luxurious benefits and perks do come with a downside, though. Most, if not all, premium cards come with a hefty annual fee. Though some cards do allow a waiver of this payment, there are usually rather high minimum spend conditions attached to that waiver. Another condition that may be difficult to meet is if the card in question has a minimum spend to access some of the more exclusive benefits. In such cases, if you are unable to consistently meet the spending requirement of your card, its remaining benefits may not be worth the annual fee. In the same vein, another requirement that these cards often have is a minimum income requirement, which some individuals may find prohibitive.
Premium Cards to Consider
DBS Altitude Visa Signature Card
- Pros
- Great for online travel bookings
- Cons
- Those willing to pay an annual fee for more bonus miles
- Affluent travellers who are willing to pay a high fee for luxury travel perks
Citi Prestige Card
- Pros
- Great luxury benefits
- Ideal for higher budgets
- Great golfing and travel perks
- Cons
- Very high annual fees
- Unsuitable for moderate budgets
Standard Chartered Visa Infinite X Credit Card
- Pros
- Earn up to 300,000 bonus welcome miles
- Earn 2 miles/S$1 spend overseas
- Special privileges with elite hotels
- Cons
- Bonus miles limited to affluent consumers
- Very high & unwaivable S$702 annual fee
- Lower rewards rates than other lux. cards
OCBC VOYAGE Card
- Pros
- 2.2 miles per S$1 overseas retail and dining spend
- 1.3 miles per S$1 local retail spend
- 15,000 annual bonus renewal miles (worth S$150)
- Unlimited lounge access, limo transfers & more
- Up to 19% fuel savings with Caltex
- Cons
- High S$488 annual fee (no waiver)
- Recurring bills ineligible for rewards
- Access to limo transfers requires S$5,000 minimum spend
American Express Singapore Airlines KrisFlyer Ascend Credit Card
- Pros
- Luxury travel perks
- Great rewards with Singapore Airlines
- Elite travel memberships
- Cons
- Not suitable for high overseas spend
- High annual fee
American Express Platinum Credit Card
- Pros
- Exclusive local privileges
- Great local dining discounts and rewards on designer brands
- Cons
- Lacks luxury travel perks
- Limited miles accrual
Maybank World MasterCard
- Pros
- Great perks for golfers who enjoy local and global courses
- Good fit for budgets between S$1,000 to S$2,000 monthly
- Awards dining and high-end retail shopping
- Cons
- Not a good fit for non-golfers or infrequent golfers
- Doesn't reward everyday spend
- Lacks travel perks and privileges
DBS Vantage Visa Infinite Card
The DBS Vantage Visa Infinite Card is a card that provides an enormous amount of value to the cardholder. First of all, it comes with a complimentary Accor Plus Explorer Membership, which includes a free night stay at over a thousand restaurants and 50% off at more than 1,400 restaurants. On top of that, you will receive 12,500 renewable DBS points when you pay the annual fee for this card. These rewards amount to S$783 in value, well above the S$550 annual fee for the card. The annual fee can also be waived with a S$60,000 annual spend. In addition, this card also provides complimentary and discounted lifestyle perks, as well as Priority Pass privileges and Dining City collaboration deals.
Conclusion
In all, premium credit cards not only provide you with access to better miles rate bonuses for specific purchases, but also often provide exclusive bonuses to affluent spenders. So whether you are a frequent traveller or enjoy indulging in shopping and dining, there’s sure to be a premium card suitable for you.
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Fiona is a full-stack marketer working in the digital sphere for more than six years.
A self-proclaimed foodie and bargain hunter, she wants to bring the best deals and value to the community around the world. When not working on her pet projects, Fiona can be found sipping a coffee while reading a paperbacks or watching mystery thrillers on Netflix and Disney+.