Wise Singaporeans among heavy credit card users

A whopping 62% of Singaporeans turn to credit cards when paying.

According to Nielsen Global Survey of Investment Attitudes, the usage of credit cards in Singapore ranks amongst the highest in the world (8th position) with 62 percent of Singaporean respondents saying they use credit cards as a common payment method for dining, shopping and entertainment activities, ahead of countries such as Australia (54%), Thailand (50%) and Malaysia (39%).

Here's more from Nielsen:

The Asia Pacific and global averages are 59 and 52 percent respectively. Singaporeans are also amongst the most prudent users of credit - 80 percent of credit card users indicated they repay credit card balances for all cards in full each month, compared to the Asia Pacific average (75%) and the global average (68%).

In other Asia Pacific markets, 87 percent make full repayments in Japan, while in contrast only 27 percent do so in Vietnam. Another nine percent of Singaporean consumers repay some of their credit cards in full each month while 7 percent repay only the minimum required. Only 1 percent indicated they pay less than the minimum required. 

“Credit cards provide multiple benefits to consumers, from rewards such as air miles to convenience and prestige,” said Joan Koh, Nielsen’s Managing Director for Singapore. “While enjoying these benefits, Singaporeans are also prudent at managing their credit, a behaviour which is generally consistent with their investment styles.”