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highincome It is almost a rite of passage that after all of us graduate and once the first paycheck comes in, we start applying for credit cards as a form of societal status and also to enjoy the perks and benefits that they bring. Of course, there will be some who will aspire to own the special invite-only cards such as Centurion, Ultimate or World Elite. BT has an article here with the credit cards for the ultra high networth individuals but unfortunately, these cards will remain out of reach for most of us despite us slogging for the rest of our lives.

In Singapore, there is a herd mentality in almost anything and everything around us. Just look at the number of LAN shops that sprouted in the millennium, or the prices of petrol for that matter. I have compiled a list of credit cards for the “high income earners”, and interestingly enough, you will realise that the minimum income for all these cards happen to $120k per annum. When HSBC Visa Infinite was first introduced, I recall that the minimum income required was $250k, but given the intense competition in this credit card market, I guess the marketing people have to think of ways to make their product more successful.

The above cards come with special perks that are not found in the run of the mill credit cards, such as private check in at JetQuay and free spa and gym in the hotels. And of course, given the hefty annual fees, they do give out a lot of “free miles”. If you recall a previous article that I’ve written on the frequent flier miles cards, ANZ Travel Visa Signature stood out as it offered 1.4 miles for $1 spent locally and 2.8 miles for overseas spending. Well, the T&Cs have been revised for the latter and now 2.8 miles is only for selected partners, airlines and spending in Australia and New Zealand. (Refer here for more details). As for local spending, UOB PRIVI is the fastest earner with 1.6 miles per $1 spent locally and 2.5 miles for overseas spending.

Of course, if you talk about dedicated spending at partner merchants, then AMEX Platinum members would still be the best (Refer here). As everyone has different spending habits, do look through the various cards before deciding on one that will be best suited for your lifestyle.

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