You Should Consider These Credit Cards If You Are A High-Net-Worth Individual
Being a high-income earner is usually a great thing because it gives you the purchasing power to afford the things and experiences that you want. In short, you get to experience some benefits that the rest of the people in the society cannot afford.
Some of the cards are so exclusive that they can only be acquired on an invite-only basis. There are very few people at this elite level, although if you are not in this bracket but are still a high-income earner, you can still acquire some exclusive cards although they may carry a hefty annual fee. For example, the average annual, non-waivable fees for such cards should be in the S$500-600 ballpark.
Here are some of the cards that are best suited for high-income earners.
Standard Chartered Visa Infinite Card
This is one of the cards that require a higher income level in Singapore. The minimum annual income required for one to qualify for this card is S$150,000. It comes with a wide range of benefits, including 35,000 miles, which is awarded to the cardholder as a welcome gift. Those who use this card to pay for travel tickets are rewarded with travel insurance coverage with the coverage amount as much as S$1 million.
The card also gives cardholders a complimentary priority pass that allows them to access more than 850 airport lounges across the world. Since it is a cashback card, it allows cardholders to get back around 1.5% without imposing a minimum spending requirement. Cardholders also get to save as much as 21% on fuel if they refuel at Caltex.
AMEX Platinum Reserve Card
This is also one of the coveted credit cards that one can acquire in Singapore. However, just like its counterparts, its minimum annual income requirement is also high at S$120,000, while the annual fee for this card is S$535. The cardholder receives 50,000 membership reward points if they spend over $5000 in the first six months after their card is approved.
The AMEX Platinum Reserve Card also provides other rewards such as a 2-night stay at any of the 20 participating luxurious hospitality properties across the world. This complementary reward is provided once every year. The card also grants cardholders special access and elite membership as part of its offering. For example, cardholders get to pay half price when they visit hotels such as Swissotel Merchant Court, Swissotel The Stamford Singapore, and the Fairmont Singapore.
Cardholders also get special privileges such as invitations to guest chef dinners and other benefits at golf clubs, as well as other high-end facilities. Cardholders also have access to around-the-clock concierge service.
HSBC Visa Infinite Card
Those that wish to apply for this card are required to meet various qualifications, such as maintaining a S$30,000 fixed deposit with HSBC or an annual income of S$120,000. Cardholders pay an annual fee of S$ 650, but if you are an HSBC Premier customer, then your annual fee is significantly lower at S$488. The HSBC Visa Infinite Card awards cardholders with 40,000 miles, which is class-leading among all the high earner cards. This means that every $1 that you spend will earn you about 2.25 air miles. This means that it is the ideal card for business people who travel a lot.
The HSBC Visa Infinite Card provides various perks to cardholders. Those perks include faster immigration clearance at some of Singapore’s airports, Hilton Honors gold membership, and unlimited access to over 700 VIP lounges at airports across the world. Cardholders also benefit from free travel insurance benefits. It also offers round-the-clock concierge services to the cardholders regardless of their location.
The card provides some spending incentives such as red carpet treatment and limousine transfers at airports for every S$2,000 that they spend through the card. However, this kind of treatment can only be accessed up to 24 times per year.
OCBC Voyage Card
This is also one of the best cards for travelers thanks to its generous miles reward program called Voyage Miles, thus the name. Cardholders are awarded voyage miles, which they can redeem for hotel bookings or airline tickets. Anyone who wishes to subscribe to this card is required to have a minimum annual income of S$120,000. The card also attracts a S$488 annual fee.
Some of the perks provided by the OCBC Voyage Card include access to more than 80 VIP lounges in airports across the world. It also includes complimentary limousine transfers at airports, which can be redeemed when cardholders spend a minimum of S$3000 within 30 days using the card. However, this perk can only be redeemed twice in a month.
Cardholders access other benefits such as 24/7 concierge services, a 19% discount when they fuel at a Caltex station, and a travel insurance coverage of around S$1.5 million. The card also provides privileged access to some restaurants, package deals, special upgrades, and even golf clubs.
Citibank Prestige Card
The Citibank Prestige Card has a minimum annual income requirement of S$120,000. Cardholders pay a S$535 annual fee, and they also receive 25,000 miles as a welcome gift or the option of a tablet bundled with $498. Cardholders also earn 25,000 miles when they pay their annual fee. Some of the benefits of this card include travel privileges such as being awarded 2 miles for every dollar you spend overseas and 2 miles for every 1.3 miles they spend locally. Cardholders receive the awarded miles in the form of Citi dollars, and this means that they will not have expiry dates attached to them.
Some of the other perks that come with the Citibank Prestige card include access to more than 800 VIP lounges at airports across the world, as well as complimentary travel insurance. Cardholders that hold this card also get four limousine transfers at airports if they spend a minimum of S$1500 every three months. The card also provides an incentive for cardholders to book hotels or resorts through the round-the-clock concierge service by providing a free night at specific hotels or resorts. This is only accessible every time that the client books a 4-night stay.