Almost half of Singaporeans losing cash to bad credit card deals

All that glitters is not gold when it comes to posh cards.

Gold credit cards come with a sense of prestige, but a large number of Singaporeans are suffering bad deals because these expensive cards.

According to a report released by EnjoyCompare.com, 42% of Singaporeans put personal image ahead of the quality of the deal they were getting when making a credit card application.

This means that people are losing hundreds of dollars every year because they don't check available deals for the best rates and offers.

"A great-looking credit card is great for your ego, but think about what you're getting for your money. Just because a credit card is gold in colour doesn't mean you're getting gold card treatment, and that means that they're missing out on lower interest rates and fantastic loyalty deals," said Mark Hall of EnjoyCompare.