13-04-2012, 12:17 PM
The Business Times
Published April 13, 2012
S'poreans own the most credit cards in the region: poll
By Amanda Eber
NOT only does Singapore have the highest penetration of platinum credit card holders in Asia, cardholders here also own the highest number of cards in the region
Results from the HSBC Credit Card Monitor Survey across eight countries show that 71 per cent of Singapore cardholders have platinum cards, compared to 56 per cent in Taiwan and 41 per cent in Hong Kong. Singaporeans also boast an average of 3.3 cards per person as compared to the 2.7 in both Hong Kong and Taiwan.
The survey polled 5000 people between 18 to 54 from eight countries including Singapore, Malaysia, Indonesia, Hong Kong and Australia. Both HSBC and non-HSBC cardholders were interviewed from May to November 2011.
Paul Arrowsmith, HSBC Singapore's head of retail banking and wealth management, credits these findings to the rise of the mass affluent in Singapore.
The mass affluent segment is typically defined as those with US$100,000 to US$1 million to invest. "[Their] 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 said.
Unsurprisingly, the survey also found that with more cards came more spending.
Singaporean cardholders spent an average of US$1,020 a month, a 19 per cent increase from the previous year to become the second highest spenders in the region. Only Australia registered a higher average spending value at US$1,320, while Hong Kong came in a distant third behind Singapore at US$730.
Published April 13, 2012
S'poreans own the most credit cards in the region: poll
By Amanda Eber
NOT only does Singapore have the highest penetration of platinum credit card holders in Asia, cardholders here also own the highest number of cards in the region
Results from the HSBC Credit Card Monitor Survey across eight countries show that 71 per cent of Singapore cardholders have platinum cards, compared to 56 per cent in Taiwan and 41 per cent in Hong Kong. Singaporeans also boast an average of 3.3 cards per person as compared to the 2.7 in both Hong Kong and Taiwan.
The survey polled 5000 people between 18 to 54 from eight countries including Singapore, Malaysia, Indonesia, Hong Kong and Australia. Both HSBC and non-HSBC cardholders were interviewed from May to November 2011.
Paul Arrowsmith, HSBC Singapore's head of retail banking and wealth management, credits these findings to the rise of the mass affluent in Singapore.
The mass affluent segment is typically defined as those with US$100,000 to US$1 million to invest. "[Their] 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 said.
Unsurprisingly, the survey also found that with more cards came more spending.
Singaporean cardholders spent an average of US$1,020 a month, a 19 per cent increase from the previous year to become the second highest spenders in the region. Only Australia registered a higher average spending value at US$1,320, while Hong Kong came in a distant third behind Singapore at US$730.