, Singapore

Singaporeans are less satisfied with their credit cards in 2018

Overall satisfaction levels fell by 9 points to 718.

Singaporeans have expressed growing discontent over their existing credit cards with overall satisfaction falling 9 points to 718, according to a yearly study conducted by market research firm J.D. Power. 

Also readSingaporeans ditch bank visits to go mobile

The downtrend comes on the heels of a 30-point improvement in 2017 and 2016 as consumer discontent coincides with a drop in satisfaction over the credit card issuer’s rewards programme.

“This drop in satisfaction shows that cardholders are not only hungry for more rewards, but also that issuers competing on rewards alone is a never-ending battle, and this is not financially sustainable in the long term,” Anthony Chiam, regional practice leader, financial services at J.D Power said in a statement.

Explosive mobile usage in Singapore which has lent support to digital banking came at the expense of slower growth in the uptake rates of credit card mobile apps, the study noted. Mobile app usage has lost pace as growth slowed to 8 percentage points in 2018, reversing gains from an 18-percentage-point expansion in 2016-2017.

Also readMobile wallets linked to credit cards jumped to 40%

In fact, nearly half (44%) of cardholders have indicated their willingness to apply for credit cards of non-bank companies if the rewards and benefits package are attractive enough.

The report noted that Singaporeans remain satisfied with American Express as it holds the top slot in credit card satisfaction for the fourth straight year with an index ranking of 764. DBS ranks second (724) whilst Citibank trails closely behind to round out the top three (723). On the other hand, OCBC and UOB booked index readings that were below the study average of 718 at 717 and 697 respectively.

The 2018 Singapore Credit Card Satisfaction Study examines customer satisfaction with the products and services provided by their main financial institution based on customer interaction (29%); rewards (18%); benefits and services (17%); credit card terms (16%); communication (16%); and key moments (4%).

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Singapore Business Review in your inbox
They failed to properly monitor individuals onboarded as advisors, directors.
Chua spent 18 years with UBS Wealth Management prior to his new role.
Private-sector economists polled by the Monetary Authority of Singapore expect higher growth, faster inflation in 2021.
The leading F&B establishment operator expands its retail line of condiments and flavourings.
This deepens SGX’s partnership with Nikkei Inc.
These three stocks saw significant growth in trading turnover year-to-date.
The project with a 280-bed capacity is expected to operate by 2022.
Singapore Airport Terminal Services saw the sharpest decline during Monday's trading, with a 1.21% drop.
And the G-7 states demand a probe on the origins of the COVID-19 pandemic.
Approximately 35% of MSEs in the F&B and retail sectors saw their earnings drop by more than half during the Phase 2 Heightened Alert period, according to a DBS survey.
Enterprise Singapore extends the programme that supports food and beverage businesses in providing food delivery services.
The Baht 40b debentures were 1.52 times oversubscribed.
The fund was announced at the inaugural CapitaLand Sustainability X Challenge.
Mapletree Logistics Trust saw the sharpest decline during Friday's trading, with a 0.99% drop.
This may be one of the last times the troubled water treatment firm could meet with securities holders before shutting down.