- The Straits Times
Singaporeans are a bunch of financially responsible credit card owners who pay off outstanding amounts on time – at least according to a study by market research company YouGov.
The study, published on Tuesday (March 26) with data from 1,006 Singaporeans, has found that 73 per cent of them own at least one credit card. Slightly over half own more than one credit card, while 10 per cent own six or more.
And among Singaporean credit card owners, a whopping 88 per cent pay off outstanding amounts on time. The remaining 9 per cent pay the outstanding amounts off partially, while 3 per cent pay the minimum amount on time.
When asked how frequently Singaporeans pay by credit card, 16 per cent indicated that they do so daily. Meanwhile, one in five swipe their cards on a weekly basis, and one in ten use their cards monthly. Only 8 per cent of respondents rarely pay by credit card.
According to the survey, the more Singaporeans earn, the more likely they are to own a credit card. Of respondents who have a household income of less than S$4,000 (US$2,955), 55 per cent own a credit card. But this percentage increases to 90 per cent for those with a household income of S$8,000 or more.
The survey also found that while 52 per of Singaporeans believe it makes good financial sense to have a credit card, 57 per cent also think that they promote excessive spending.
Travel, accommodation and F&B are the most popular credit card purchases
The study also found that respondents use their credit cards most often on travel tickets (81 per cent), followed by accommodation (76 per cent) and F&B (75 per cent).
- You Gov
According to the survey, 64 per cent of women are likely to use their cards for personal care goods, compared with only 43 per cent of men. Meanwhile, 76 per cent of men are likely to use them for electronic devices, higher than 65 per cent of women.
It also found that 65 per cent of Singaporean millennials – aged 25 to 34 – will likely use their cards on ride-hailing apps. This is much higher than 35 per cent of those aged 55 and above who would do the same.
Meanwhile, older Singaporeans (58 per cent) are more likely than those aged 18 to 24 (26 per cent) to use their cards on healthcare.
- Younger women in Singapore tend to spend more on travel and fashion as their careers become established: UOB study
- Apple just introduced a new rewards credit card that’s sure to be a game changer for iPhone users
- Almost a quarter of Singaporeans have faced racism when renting property: YouGov survey
- 6 in 10 Singaporeans admit that they don’t leave work on time just to ‘show face’