Bankbazaar Singapore, a loan and credit card comparison marketplace which helps Singaporeans to compare quotes from different lending institutions, recently published its survey which was conducted among Singaporean credit card users. The financial market researchers of the company tried to find out the most sought-after credit card reward among Singaporeans. At a press conference, the surveyors stated that cashback is the most preferred credit card reward among Singaporeans as per their findings. —
The survey was conducted by Bankbazaar Singapore to have an in-depth understanding of Singapore’s credit card industry’s growth potentials. According to the survey, shopping discounts are the second most sought-after credit card rewards in Singapore, with reward points standing at the third place, followed by other common rewards such as restaurant discounts, fuel discounts, and discounts on travel, air miles, and discounts on lifestyle products.
The survey also indicated that Chinese Singaporeans are driving the growth of the credit card industry in Singapore.
“About 77% of the Chinese Singaporeans told that they prefer cashback over any other type of credit card reward. On the other hand, 48% Malays prefer cashback rewards. We have also found interesting info on how Singaporeans use their credit cards mostly”, said a member of the research team.
According to the survey, most credit card users use their cards for shopping groceries. “Also, we found that people who are aged between 45 and 54 years use their cards for grocery shopping the most. On the other hand, younger Singaporeans use their cards for online shopping. Cashback cards have certainly burgeoned in popularity as these cards offer a great value to the users. We think cashback rewards are the simplest form of rewards, which is one of the many reasons people prefer these rewards.
One of the researchers from the team commented that there are quite a few reasons behind the growing popularity of cashback credit cards in Singapore. “First off, it saved the user from the hassle of managing their rewards. The cashback is automatically credited to their respective bank accounts. Also, they can use the money as they wish, compared to other rewards, which are subject to certain terms and conditions”, he told the press.
About the Company
Bankbazaar Singapore is an online credit card marketplace in Singapore.
To know more, visit https://www.bankbazaar.sg/
Release ID: 314558