Premium Credit Cards are exclusive and costly cards. You can’t get hold of them easily and when you do you usually shell out a hefty sum for that. But if you earn enough to qualify for a premium card, you probably won’t find the cost that daunting.
Features of Premium Credit Cards
The main feature of premium credit cards is their exclusivity. Carrying a premium credit card is a status symbol.
Some basic features of Premium Credit Cards are:
- Most premium credit cards have an annual fee upwards of S$2000.
- Membership of premium cards are often ‘invitation only’.
- These cards help you avail a number of services not open to other cardholders, besides the usual combination of points, cashback and air miles.
- These cards come highly personalized with name, signature and photos of your choosing embossed on the cards.
- These cards have a high credit limit compared to normal Rewards Credit Cards.
- The joining fee is waived off for Premium Credit Cards. Subject to an expenditure threshold, the annual fees of the cards can also be waived.
Benefits of Premium Credit Cards
The benefits of owning premium credit cards are pretty larger than life sized. The benefits vary from card to card, but one benefit remains the same – the prestige it brings in being a premium cardholder.
Some of the benefits include:
- Unlimited credit offers on some cards.
- Special membership/entry at exclusive clubs.
- Invitations to premier bespoke events held island-wide, and in some cases at foreign shores as well.
- Priority reservations at fine dining restaurants and luxury hotels.
- Access to leisure sporting activities like golf.
- Privilege of using private yachts for luxury cruises for self, family and friends.
- Exclusive spa treatments at exotic spa locations worldwide.
- Assistance of a personal concierge, akin to a personal assistant, for all lifestyle choices and events.
- VIP access to airport lounges at all national and international airports, and other special amenities for travelling.
- VIP tickets to entertainment events, like box seats at sporting venues or movie theatres.
- Comprehensive travel insurance coverage for you and your family.
- Greater earning of bonus points for joining and spending on these cards.
The eligibility criteria for Premium cards is a three-pronged one.
- You have to earn an annual income upwards of S$500,000.
- You have to have assets to the tune of S$2 million to S$5 million parked in the particular bank the card of which you are getting.
- Some premium cards are invitation only, which means you can’t apply for the cards but the bank will have to offer you the cards and the privileges associated with it.
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How to apply for Premium Credit Cards
As stated above you can’t apply for the premium cards in most cases. The banks have to offer them to you. What you can do is enquire about the cards and their specific eligibility criteria online or at the bank once you decide on the card you would like to own. Most banks let you register your interest for the card. Make sure you fall into the required income bracket to get the banks to actually offer you these cards.
Premium Credit Cards available in Singapore
- UOB Visa Infinite Card - This card which comes by invitation only.
- First year fee waived for those registering interest on approval.
- Access to the most exclusive clubs, prestigious hotels and Michelin-starred restaurants.
- Exclusive access to prestigious private clubs, yacht privileges, personal concierge, & more.
- 2 air miles for every Singaporean dollar spent on selected luxury brands, and overseas dining & shopping.
- 3 miles for every Singaporean dollar spent on selected cruises, Insight Vacations packages and hotels booked through UOB Travel.
- Earn 1.2 miles for every Singaporean dollar spent on all other purchases.
Eligibility: Minimum annual income of S$350,000.
Annual Fee: S$1,926.
Supplementary Card: Free for life for first 2 cards, S$374.50 yearly for subsequent card.
- ANZ Signature Priority Banking Visa Infinite Credit Card
- Travel insurance coverage of up to S$1.5 million for you and up to S$100,000 for your family, plus travel inconvenience coverage of up to S$1,000.
- Complimentary one-way airport limousine transfer to or from Changi Airport with a minimum spend of S$5,000.
- Two complimentary access to over 800 DragonPass lounges around the world with a minimum spending of SGD5,000.
- 2 Rewards Points for every S$5 local retail spend made on the Card. 8 Rewards Points for overseas spending of the same amount.
- Additional 10,000 bonus Rewards Points awarded after every 12-month period from the date of card issuance.
- Get up to 50,000 air miles – 35,000 for paying first year annual fee, 11,000 miles for spending S$5,000 in the first month, 4,000 miles for the amount spent (0.8 miles per Singaporean dollar).
Eligibility: An ANZ Signature Priority Banking clients, and an AUA (Assets Under Administration) of S$150,000.
Annual Fee: S$600.
- UOB Privilege Reserve Card
- Member privileges include a complimentary personalized concierge service.
- Access to a four hour private yacht experience (up to 14 people) at S$2,540.
- Complimentary medical concierge services provided by Parkway Hospitals Singapore.
- Complimentary privileges with your hotel and airlines reservations.
- Enjoy 6 months complimentary safe deposit box rental.
Eligibility: Maintenance of a minimum deposit amount of S$2 million.
Annual Fee: S$3852.
- DBS Insignia Visa Infinite Card - This card which comes by invitation only.
- S$1 million credit limit.
- 100,000 welcome air miles.
- Complimentary two nights’ stay at selected properties.
- Earn 2 air miles per S$1 spent overseas and 1.6 miles spent locally.
- Complimentary access to any of the 1000 airport lounges worldwide.
- Fast tracked immigration with complimentary SpeedPasses within Asia.
- Up to 50% off on dining, excluding beverages at Grand Hyatt Singapore.
- Complimentary entry to group classes Yoga, Pilates, Zumba and Circuit training.
- 20% off on Spa treatments and total bill at Oasis post appointment.
- Use of tennis courts and badminton studio for a nominal fee (S$10 + 7% GST per hour).
Eligibility: Minimum annual income of S$500,000, or S$3 million in assets at DBS.