Credit Card Privileges: Are they worth it?

One of the great benefits of holding a premium credit card is the list of privileges available to members.

While many card come with an annual fee that may weigh in at a couple of hundred dollars, are the benefits you get in return worth the money?

In a competitive credit card market where banks are trying their hardest to draw the attention of new customers the answer is clearly ‘yes’, which leaves the prospective cardholder with the job of trying to find the best deal to suit their lifestyle.

We dipped into the extensive list of deals available to applicants who want something extra from their membership. For example, the HSBC Premier MasterCard Credit Card offers a whole pile of extra benefits, with the best being reserved for the keen executive golfer – complimentary green fees as top clubs, golf insurance and a golf concierge. Of course, if you have no interest in the noble pastime of knocking a small ball down a hole, then this card would probably be of no interest to you.

Citibank’s Dividend Credit Card, on the other hand, is pretty typical of premium cards offering extensive cardholder benefits. Despite its S$192 annual fee, it offers drivers at least 18% discount on fuel at major service stations. With the high price of motoring on the island, this will certainly appeal to drivers, but no so much for those without a car.

With credit card discounts seemingly everywhere, the best deals are on shopping and dining experiences. American Express, for example offers a Platinum card with deals on nightlife, spa breaks, golf and  shopping. But the real draw is in eating out – with S$450 worth of Palate membership giving up to half price discounts at a string of restaurants.

The credit card scene in Singapore is possibly the most competitive in the world in terms of member benefits. It’s worth the effort to research the market to find the card that best suits you and works best for your financial position. It’s pointless signing up for a card with benefits that you’re never going to use, so shop smart and find the account that works for you.

Article by Jason Taylor – [email protected]