Most cardholders in Singapore stay loyal to their first card issuer and have the highest outstanding balance with it, a first-time study by Credit Bureau Singapore Pte. Ltd. on credit card loyalty reveals.
Credit Bureau Singapore officials did not respond to PaymentsSource requests for comment. But in a statement, William Lim, the company’s executive director, said the findings suggest issuers should take a long-term view and work harder to court young consumers and other first-time account holders.
In Singapore, cardholders on average have credit cards with three banks, but they mostly use the first two issued to them, the study found. As of April 10, 295,940 consumers had their highest credit card balances with their first card-issuing bank, while 232,884 had their highest balances with their second card issuer, according to the study.
Further, the average highest outstanding balance of SG$3,155 (US$2,259 or 1,847 euros) on consumer’s first cards was about 2.2 times more than the SG$1,447 average on their second issuer’s cards.
Credit Bureau Singapore conducted the study in the first quarter of this year by surveying 750,000 consumers in Singapore who used two or more credit card