Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
COVID-19 leads to a Singaporean credit card migration
Over half a million Singaporeans have switched from a travel card to another type of credit card in COVID-19's wake.
The coronavirus pandemic is impacting all facets of our daily lives, so it’s no surprise that there have been some changes to our money habits. A third (33%) of those who had a travel credit card pre-COVID-19 have now opted for a different credit card option. This equates to around 551,000 cardholders. A further 435,000 will look to get rid of their travel credit card if travel doesn’t become viable within the next year.
Men are far more likely to have ditched their travel credit card
Men are more likely to have switched from a travel card than women, with 38% of men saying they’d ditched their travel card in favour of another type of credit card, compared to 26% of women.
Younger Singaporeans drop travel cards
The two youngest age brackets were also the most likely to have gotten rid of their travel card, with 43% of those aged 25-34 making the switch, along with 39% of those aged 18-24.
At the other end of the spectrum, only 23% of those over the age of 55 ditched their cards, along with only 25% of those aged 45-54.
Those earning over $12,000 a month are least likely to switch
Only 27% of those earning over $12,000 said that they’d made the switch from a travel credit card following the COVID-19 pandemic. Interestingly, the group most likely to have made the switch is those from the income bracket immediately below ($9,000-$11,999), with 41% saying they’d ditched their card.
Singles not actively dating are least likely to switch cards
Those who are single but not dating were the group least likely to drop their travel card in favour of another credit card, with only 22% moving cards. Married couples were also less likely than other relationship categories to say that they’d switched their card (28%).
At the other end of the spectrum, singles who are actively dating (47%) and those who are in a relationship (42%) were much more likely to say they’d switched their credit card.
Why aren’t people switching credit cards?
As with most things in our lives, laziness is a core driver, which is probably why “I can’t be bothered” was tied with being happy with their current card as the number one reason that Singaporeans didn’t switch their cards (36%). Rounding out the top three reasons was that people were planning on cashing in their points (26%).
| Reason | Overall |
|---|---|
| I can’t be bothered | 36% |
| I’m pleased with the measures my card provider has offered (e.g. cancelled annual fees, etc) | 36% |
| I plan to redeem points for other non-travel rewards (e.g. gift cards, appliances, etc) | 26% |
| I’ve taken out another rewards card | 11% |
| Some other reason not listed | 9% |
| I haven’t switched, but plan to if travel doesn’t become viable within the next year | 15% |
Men and women are just as lazy as each other
36% of both men and women said that they couldn’t be bothered switching, which was the top choice for women and the second top choice for men. The top reason men didn’t switch cards was that they were happy with their current provider.
| Reason | Men | Women |
|---|---|---|
| I can’t be bothered | 36% | 36% |
| I’m pleased with the measures my card provider has offered (e.g. cancelled annual fees, etc) | 39% | 33% |
| I plan to redeem points for other non-travel rewards (e.g. gift cards, appliances, etc) | 26% | 26% |
| I’ve taken out another rewards card | 12% | 9% |
| Some other reason not listed | 8% | 11% |
| I haven’t switched, but plan to if travel doesn’t become viable within the next year | 19% | 12% |
Apathy is strong in young people
Not being bothered to switch was the overwhelming choice for those aged 18-24 (57%) and was also the top choice for those aged 35-44 (36%). Being happy with their current provider was the number one reason to stay put for those aged 25-34 (39%) and 45-54 (38%) and those over the age of 55 (51%).
| Reason | 18-24 | 25-34 | 35-44 | 45-54 | 55+ |
|---|---|---|---|---|---|
| I can’t be bothered | 57% | 36% | 36% | 34% | 25% |
| I’m pleased with the measures my card provider has offered (e.g. cancelled annual fees, etc) | 24% | 39% | 22% | 38% | 51% |
| I plan to redeem points for other non-travel rewards (e.g. gift cards, appliances, etc) | 20% | 27% | 31% | 30% | 19% |
| I’ve taken out another rewards card | 12% | 12% | 14% | 8% | 8% |
| Some other reason not listed | 10% | 9% | 14% | 5% | 9% |
| I haven’t switched, but plan to if travel doesn’t become viable within the next year | 14% | 22% | 17% | 15% | 10% |
Image: Getty Images
More guides on Finder
-
How to check your credit card application status
We’ll help you check your credit card application progress with major banks and give you tips for the application process.
-
UOB Delight Credit Card Review
Get bonus rebates on groceries, contactless transactions and household bills with the UOB Delight Credit Card.
-
UOB Preferred Platinum Visa Card Review
Earn rewards on your daily spending and save on shopping, dining, petrol and more with the UOB Preferred Platinum Visa Card.
-
UOB Professionals Platinum Card Review
Earn generous rewards when you spend with the UOB Professionals Platinum card including perks on dining, shopping and fuel.
-
UOB JCB Card Review
Earn accelerated rebates and get a one-year fee waiver with the UOB JCB Card.
-
UOB UnionPay Platinum Card
Earn 2% cash rebates with no minimum spend, enjoy fuel savings and more with UOB.
-
How long does it take to get a credit card?
Learn about the factors behind how long it takes for you to get a new credit card.
-
Best credit cards for golf
Find out how you can save on green fees, and enjoy a range of other cardholder perks with a credit card that offers golf rewards.
-
Credit cards for foreigners in Singapore
Compare credit cards for foreigners living in Singapore and learn what details you need to provide for your application.
-
Best credit cards for big purchases
When it comes to big-ticket items, here’s how a credit card could work for you.
Ask Finder