Who are metal credit cards suitable for?
- High spenders. If you use your credit card to spend big, you might benefit from the rewards and benefits offered by a metal credit card.
- Frequent travellers. Given their proclivity for generous travel-related rewards, metal credit cards are a good match if your job or leisure takes you around the globe.
- Status seekers. Let's not deny it - having a metal card feels premium. If that's important to you, a metal credit card might be just what you're after.
Who metal credit cards are not for
- Low income earners. The minimum income criteria on these cards is generally on the high side. Do not apply if you do not earn enough to qualify.
- Infrequent travellers. Since most metal credit card offers really packe a travel-related punch, if you don't travel much then you won't get value from — and will waste money paying the annual fee for — their free airport lounge access, travel insurance, etc.
- First timers. If you are a student or have little to no credit history, you'd probably be best off building your income and credit before considering a higher level card since you're quite likely to be declined.
What to compare for metal credit cards
When considering a metal credit card, it's essential to weigh various factors and ask crucial questions. Here's what to look at:
- Annual fees. Are you willing to pay a higher annual fee for a metal credit card, and is it worth the rewards and benefits on offer?
- Rewards and benefits. How do the rewards and benefits of the metal card stack up against other credit cards? Are they truly more valuable or just more flashy? Would a black card do the job?
- Eligibility requirements. Will you qualify for a particular metal credit card based on your income, credit history, and other factors?
How to compare metal credit cards
- List down your financial priorities and goals.
- Research the available metal credit cards in Singapore and their features.
- Compare the cards based on annual fees, rewards, and benefits that align with your lifestyle.
- Check the eligibility requirements for each card to ensure you qualify.
- Read review websites and forums for unbiased insights from cardholders.
- Talk to friends or family who have experience with metal credit cards.
- Review your findings and make an informed decision based on your research.
Pros and cons
- Prestige and status associated with the card.
- Often boast premium rewards and benefits.
- Higher annual fees compared to regular cards.
- Additional benefits aren't worth the cost for some.
- Higher minimum criteria to qualify.
Do the rewards and benefits of a metal credit card outweigh the higher annual fees?
Whether the rewards and benefits outweigh the higher annual fees depends on your spending habits and lifestyle. If you're a frequent spender, traveler, and prioritise benefits like lounge access, a metal credit card might be worth considering.