One in three Singaporeans ditch their travel credit cards

As much as 551,000 Singaporean card holders may have said goodbye to their cards, says Finder.com.

One in three Singaporeans who had a travel credit card at the beginning of the pandemic may have already swapped it out, reports Finder.com.

A survey by Milieu of 1,008 Singaporeans aged between 16 and above found that 33% of those surveyed have swapped out their travel credit cards and opted for a different credit card option. Equating this to Singapore’s adult population using travel credit cards, Finder.com posits that as much as 551,000 Singaporean adults could have said bon voyage to their card during the past few months.

As much as 435,000 may also be planning to get rid of their travel card if travel restrictions remain in place during 2021, Finder.com stated.

Men are more likely to change their travel card than women, with close to two-fifths (38%) having made the switch to another card compared to a touch over a quarter of women (26%).

Demographic-wise, young Singaporeans are most likely to say goodbye to their cards, with 43% of those aged 25-34 saying sayonara to their travel credit cards, along with 39% of 18-24 year-old holders.

Meanwhile, for those who decided not to swap their travel credit card, "laziness" was noted as the top reason (i.e. “I can’t be bothered”), tied with contentment with their current provider, both at 36%. Gender-wise, 36% of both men and women both said that they couldn’t be bothered switching—the top choice for women and the second top choice for men.

Whilst the lack of travel options this year have dented the appeal of travel credit cards, Finder.com’s editor-in-chief Angus Kidman noted that consumers should not jump the gun in dropping their travel credit cards.

“Whilst travel is not going to return to pre-COVID levels for some time, there are still benefits available from a travel credit card,” Kidman said. “Check to see if when your points expire or if there are spending requirements to keep them active. As long as you meet expiry conditions banking those points for a trip once travel becomes possible.”

Kidman also advised holders to check if their card lets you redeem your points with merchants or retailers, rather than traditional travel providers like airlines or hotels.

“Whilst you won’t get the same value from your points compared to using them for travel if they're going to expire it's better to get at least some value from them,” he added.