Best Credit Cards for High Income Earners 2019

If you are a high spender who earns S$120,000 or more annually, there is a different set of credit cards designed to specifically target your wants and needs. Below, we analyse and compare the best credit cards for high income earners, each of whom provide a very distinctive set of benefits.

Table of Contents

Best Cashback Card for Affluent Consumers: HSBC Advance Credit Card

Consider this if you either make S$3,500 per month, have S$30,000 of cash savings or have a home loan with HSBC

Annual Income Requirement S$30,000
Foreigner Income Requirement S$40,000

For people who are wealthy enough to qualify for HSBC's Advance Banking status, HSBC Advance Credit Card is likely the best no-fee cashback card they can find. For them, this card combines a flat rate cashback of 3.5% with a perpetual waiver of its annual fee, making it an effective way to rack up savings over time. For high spenders, this card is especially rewarding because of its high cap on monthly rebate of S$125 vs. S$50-70 for most other cards. However, this card is not as effective for non-Advance customers, so we highly recommend that you read our detailed review to see if you can qualify for HSBC Advance Banking status.

Highlights

  • Annual fee: S$192.6, waived for Advance Customers
  • Rebate: Up to 3.5% of cash rebate for HSBC Advance Customers (1.5% for non-Advance customers)
  • 16% discount on petrol at Shell and Caltex
  • Welcome Bonus: A Samsonite Astra 55cm luggage (worth S$350) or S$100 cash back for new customers (S$50 for existing customers)
  • Read Our Full Review

Best Unlimited Cashback with Amex Perks: American Express True Cashback Card

Consider this if you spend more than S$5,000 per month and want American Express's services

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

American Express True Cashback Card is a great flat rate cashback card that combines value and convenience. First, it provides an unlimited cashback of 1.5% on everything. Therefore, it typically provides more rebate than most other cards for people who spend more than S$5,000 to S$6,000 per month. Not only that, Amex boosts your cashback to 3% during the first 6 months. Given American Express's renown for its high quality customer service, Global Dining Program and Global Assistance, this card could be a particularly good fit for high income individuals. Lastly, Amex True Cashback Card has no cap on cashback or monthly spend requirement, making it extremely easy to use.

Highlights

  • Annual fee: S$171.2, waived for the 1st year
  • Unlimited 1.5% cashback locally
  • Foreign exchange transaction fee: 2.5%
  • No cap on cashback or monthly spend requirement
  • Promotion: 3% cashback rewards rate boost for the first 6 months for up to S$5,000 of spend
  • Read Our Full Review

Highest Unlimited Cashback Rewards: Maybank FC Barcelona Visa Signature Card

Consider this if you spend more than S$5,000 per month and want to avoid paying an annual fee

Annual Income Requirement S$30,000
Foreigner Income Requirement S$45,000 for Malaysians; S$60,000 for Others

Maybank's FC Barcelona Visa Signature Card is an excellent choice for people who are looking for a combination of convenience of flat rate cards, high rewards rate and annual fee waiver. Maybank FC Barcelona Card's unlimited cashback is available at a rate of 1.6%, which is higher than 1.5% provided by its competing products. Not only that, this card's annual fee (S$120) is waived for simply charging S$10,000 on the card annually, while similar cards tend to charge a relatively high fee of around S$180. While it doesn't come with a petrol discount, we think this card works perfectly well for those who are looking for the convenience of a unlimited cashback without the high cost.

Highlights

  • Annual fee: S$120, waived with S$10,000 of annual spend
  • 1.6% cashback on everything
  • 0.8 miles per S$1 spent on foreign currency transactions
  • Foreign exchange transaction fee: 2.75%
  • No cap on cashback or monthly spend requirement
  • No monthly minimum spend & Online price guarantee
  • Bonus: Chance to win a free trip for 2 to FC Barcelona Live game every season
  • Promotion: Receive a complimentary Samsonite Orfeo 69cm Spinner worth S$420 when you apply for 2 Maybank Credit Cards and CreditAble
  • Read Our Full Review

Unlimited Cashback & EZ-Link: Standard Chartered Unlimited Cashback Card

Consider this if you want unlimited amount of cash rebate and can spend more than S$5,000 per month

Annual Income Requirement S$30,000
Foreigner Income Requirement S$60,000

Standard Chartered Unlimited Cashback Card is an excellent choice for people who are looking for a simple flat rate card to use. Not only does it offer an unlimited rebate of 1.5%, it also provides various other benefits like petrol discounts (up to 24%) and Grab discounts (20%).

Highlights

  • Annual fee: S$192.6, 2 Year Waiver
  • 1.5% unlimited cash back on all your expenditure
  • Foreign exchange transaction fee: 3.5%
  • No minimum spend requirement
  • Up to 24% discount on petrol at Caltex
  • EZ-Link compatible
  • Promotion: Up to S$100 in cashback + Up to S$150 in Prime Now credits, 10% cashback & free Amazon Prime
  • 15% discounts & more on all Grab rides, GrabRewards Platinum Tier Status
  • Read Our Full Review
  • Read Our Full Review

No-Fee Cashback Card for Travel: CIMB Visa Infinite Card

CIMB Visa Infinite Card

Consider this if you want a no fee cashback card for travelling

Annual Income Requirement S$120,000
Foreigner Income Requirement S$120,000

CIMB Visa Infinite Card could be quite valuable for travellers who want a no-fee cashback card. While its rebate on local expenses (1%) is not as high as other cards, this card's rebate for travel, overseas and online foreign currency expenditures (2%) is actually quite high. Not only that, CIMB provides other valuable travel perks like low foreign currency transaction fee of 1% (vs 2.5-3.5% from other banks), complimentary lounge access and travel insurance. Best of all, all of these benefits come with zero annual fee without any conditions.

Highlights

  • No annual fee
  • Spend S$2,000 in a month to enjoy 2% rebate on travel, overseas and foreign currency transactions
  • 1% rebate on all other retail spends
  • Complimentary 3 lounge visits per year

Best Air Miles Card for Luxury Travel Perks: Citi Prestige MasterCard Credit Card

Consider this if you want special travel perks like free hotel nights and unlimited lounge access

Annual Income Requirement S$120,000
Foreigner Income Requirement S$120,000

Just as the name suggests, Citi Prestige MasterCard Card provides a great balance of high mile rewards and luxurious travel benefits. For example, it provides 1.3 miles for S$1 spent locally and 2 miles for S$1 spent overseas, similar to other top luxury miles credit cards in the market. However, Citi actually boosts this rewards by up to 30% if for loyal Citigold members. On top of this, this card provides complimentary nights at hotels, unlimited lounge access, complimentary travel insurance, airport limo transfers and special deals at golf courses and resorts.

Highlights

  • Annual fee: S$535
  • Annual income requirement: S$120,000
  • 1.3 miles and 2 miles for every S$1 spent locally and overseas, respectively, with the ability to boost your reward miles by up to 30% with a banking account with Citi
  • Special benefits at Four Seasons and Ritz Carlton around the world, unlimited complimentary 4th night at any hotel
  • Unlimited Airport Lounge VIP Access
  • Complimentary travel insurance
  • Promotion: Welcome gift of 25,000 miles upon card approval
  • Read Our Full Review

Best Miles Card for Overseas Spending & Business Travelers: Standard Chartered Visa Infinite Card

Consider this if you travel overseas frequently for business or shopping

Annual Income Requirement S$150,000
Foreigner Income Requirement S$150,000

Standard Chartered Visa Infinite Card is an excellent travel card for frequent business travelers. First, its 3 miles award for every S$1 spent overseas is the highest in Singapore for this category of spending. Also, Standard Chartered Visa Infinite Card provides plethora of other travel perks like HHonor Gold status, complimentary travel insurance, 6 complimentary lounge access per year, and discounts for golf clubs, Grab rides, yacht rentals and private jet usages. Award on local expenditure is also one of the best in the market at 1.4 miles per S$1 spent. For business travelers who spend a great portion of their time abroad, SC Visa Infinite card is a great way of earning miles quickly.

Highlights

  • Annual fee: S$588.6
  • 1.4 miles and 3 miles for every S$1 spent locally and overseas, respectively.
  • Hilton HHonor Gold status, complimentary VIP lounge access, and Gold Class Infinite Experience Package (i.e. discounts for golf clubs, yachts and private jets)
  • Promotion: Welcome bonus of 35,000 miles (or 15,000 miles and a Samsonite 28" luggage)
  • 15% discounts & more on all Grab rides, GrabRewards Platinum Tier Status
  • Read Our Full Review

Miles Credit Card with Flexible Miles Redemption: OCBC Voyage Card

Consider this if you want the ability to redeem your miles whenever you want, without blackout dates

Annual Income Requirement S$120,000
Foreigner Income Requirement S$120,000

OCBC Voyage Card stands out among premium miles credit cards due to its flexible mile redemption program. In fact, OCBC Voyage Card is the only one in the market that allows you to redeem miles for any flight at any time, without a long process time or blackout dates. This feature could be quite critical for busy professionals who may not be able to book their vacations in advance. Not only that, OCBC Voyage card also comes with great mile benefits like 1.6 miles per S$1 spent on local dining and retail, with another 2.3 miles for S$1 spent overseas. Although it has a rather high annual fee of S$488, OCBC Voyage helps offset the cost with 15,000 welcome bonus miles and an opportunity to buy 150,000 miles for S$3,210 (S$0.02 per mile), which is a great deal if you can redeem it for business class flights or better.

Highlights

  • Annual fee: S$488, no waiver
  • 1.6 mile per S$1 spent on local dining and retail spend, 2.3 miles for S$1 spent overseas
  • Flexible miles redemption program that allows you to book any flight you want at anytime
  • Unlimited VIP lounge access, complimentary travel insurance and free airport limo service
  • Min annual income: S$120,000
  • Promotion: S$50 cashback when you apply for 2 OCBC credit cards online
  • Bonus: Ability to buy 150,000 KrisFlyer Miles for S$3,210 (S$0.02 per mile)
  • Read Our Full Review

Best Air Miles Credit Card for Affluent Consumers: UOB PRVI Miles American Express Credit Card

UOB PRVI Miles American Express Card

Consider this if you want to maximise mile rewards without paying an extravagant annual fee

Annual Income Requirement S$80,000
Foreigner Income Requirement S$80,000

For high spenders, UOB PRVI Miles American Express Credit Card could be one of the most cost-effective way of earning miles. It offers one of the highest flat-rate mile awards in the country at 1.4 miles per S$1 spent locally and 2.4 miles per S$1 spent overseas, all while charging an annual fee of just S$256.80 that is waived for the first year. In contrast, other luxury cards with similar mile awards charge an annual fee of S$500 or higher. Not only that, UOB PRVI Miles card provides 20,000 loyalty miles every year if you can spend at least S$50,000 on the card annually (S$2,500 per month). However, this card does not offer as many travel perks like lounge access or complimentary hotel nights. Therefore, this card works well for people willing to forgo perks in order to build up high mileage and dodge high fees.

Highlights

  • Annual fee: S$256.8, waived 1st year
  • 1.4 miles for S$1 spent locally, 2.4 miles for S$1 spent overseas, 6 miles on S$1 spent on travel
  • Welcome Bonus: 10,000 welcome bonus miles when you spend S$6,000 within 3 months of approval date
  • Promotion: 20,000 loyalty miles every year with at least S$50,000 of spend on the card (exclusive to American Express version)
  • Read Our Full Review

Most Comprehensive Airport Benefits: HSBC Visa Infinite Credit Card

HSBC Infinite Visa Card

Consider this if if you want the most comprehensive airport benefits like unlimited lounge access, comprehensive travel insurance and numerous airport limousine transfers and expedited immigration clearance

Annual Income Requirement S$120,000
Foreigner Income Requirement S$120,000

HSBC Visa Infinite Credit Card stands out due to its superb travel perks. For example, this is the only card that provides up to 24 airport limousine transfers and expedited immigration clearance every year. Not only that, it comes with some other excellent luxury travel perks like unlimited VIP lounge access and complimentary travel insurance that are on par with other premium cards. However, this card's mile rewards are rather weak at 1 mile per S$1 spent locally in first year and 1.25 miles per S$1 spent locally from the 2nd year (as long as you spend S$50,000 on the card annually). Its overseas rewards are similarly lower than its competition at 2 miles per S$1 in 1st year and 2.25 miles per S$1 from the 2nd year.

Highlights

  • Annual fee: S$650 (S$488 for HSBC Premier customers)
  • 1.0 miles/S$1 spent locally in 1st year, 1.25 mile/$1 spent locally from 2nd year (min annual spend of S$50,000)
  • 2.0 miles/S$1 spent overseas in 1st year, 2.25 mile/$1 spent overseas from 2nd year (min annual spend of S$50,000)
  • Complimentary travel insurance
  • Unlimited VIP lounge access
  • 1 complimentary limousine transfer & 1 expedited immigration clearance with every S$2,000 spent in a month (max 24 times per year)
  • Promotion: 35,000 welcome bonus miles

Best Hotel Perks for Staycations in Singapore: American Express Platinum Reserve Credit Card

American Express Platinum Reserve Credit Card

Consider this if If you want big discounts at high end hotels in SIngapore

Annual Income Requirement S$150,000
Foreigner Income Requirement S$150,000

While American Express Platinum Reserve Credit Card's mile rewards are somewhat subpar, it still stands out in the market due to its generous hotel rewards. For instance, this card provides complimentary "2 day, 3 nights" hotel stay every year at more than 20 Fraser Hospitality hotels worldwide. Not only that, this card can get you very cheap room nights at hotels like Amara Sanctuary Resort Sentosa, Hotel Fort Canning and The Quincy for about S$150 to S$190 nett. Throw in various 50% discounts at hotel restaurants in Singapore, you can use the card to enjoy some fabulous staycations in Singapore for very cheap. However, this card's inherent points reward of 2 points per S$1.6 spent is extremely low, and is equivalent to roughly 0.7 miles per S$1 spent.

Highlights

  • Annual fee: S$650 (S$488 for HSBC Premier customers)
  • 2 rewards points per $1 spent (equivalent to roughly 0.69 miles per S$1 spent)
  • Free 3 day 2 night stays at over 20 Fraser Hospitality hotels worldwide
  • Special hotel room rates in Singapore under American Express Near-Away
  • Complimentary travel insurance
  • Complimentary in-flight Boingo Wi-Fi
  • Complimentary Tower Club membership (S$1,450/year value)
  • Promotion: 50,000 Membership Rewards points with minimum spend of S$5,000 in first 6 months of Card Membership (roughly equivalent to 27,778 miles)

Best Air Miles Card for Golfers: Maybank World Mastercard

Consider this if you are an avid golfer who travels frequently to golf clubs worldwide

Annual Income Requirement S$80,000
Foreigner Income Requirement S$80,000

Maybank World Mastercard is the best miles credit card in Singapore for avid golfers because it provides its cardholders complimentary green fees all year around at 79 world-class fairways in 15 different countries. Not only that, it provides 4 miles per S$1 spent on retail and dining, with more savings on petrol and hotel restaurants. Furthermore, its annual fee of S$240 is much lower than those of other luxury cards that provide worse golf privileges.

Highlights

  • Annual fee: S$240, 1 year waiver
  • 2 complimentary green fees per month at 79 world-class fairways in 15 countries
  • 10X TREATS points (or 4 miles) per S$1 spent at select retail and dining establishments
  • 19.1% savings on petrol in Singapore (including the 4 miles per S$1 spent on petrol)
  • Up to 20% savings at select SPG Hotel and Resorts restaurants
  • Complimentary VIP Access to JetQuay at Changi Airport
  • Bonus: Receive a complimentary Samsonite Orfeo 69cm Spinner worth S$420 when you apply for 2 Maybank Credit Cards and CreditAble
  • Read Our Full Review

No-Fee Cash Back Card for Golfers: CIMB World MasterCard Credit Card

CIMB World Mastercard

Consider this if you want a free credit card with golf benefits

Annual Income Requirement S$120,000
Foreigner Income Requirement S$120,000

CIMB World MasterCard Credit Card is a great no-fee cashback card for golfers. First, CIMB World MasterCard offers 1% cashback on all local and overseas spend so you can save while golfing in Singapore and in other countries. On top of this, they also provide complimentary green fees at 40 golf courses around SE Asia. Finally, you can enjoy all of these benefits free of charge since its offered with no annual fee.

Highlights

  • No annual fee
  • Unlimited 1% rebate in Singapore and overseas
  • Complimentary travel insurance
  • Complimentary green fees at 40 golf clubs in SE Asia
  • 1% foreign exchange transaction fee
  • Read Our Full Review

Compare the Best High Income Credit Cards

In case you want a quick look at our picks, here are ValueChampion's best credit cards for high income earners.

High Income Credit CardsHighlightAnnual Fee
HSBC Advance3.5% rebate, no annual feeS$0.0 for AdvanceLearn More
Amex True CashbackUnlimited rebate of 1.5%S$171.1Learn More
Maybank FC BarcelonaUnlimited rebate of 1.6%S$120.0Learn More
Citi PrestigeHigh miles & travel benefitsS$535.0Learn More
SC Visa InfiniteOverseas spend & business travelS$588.5Learn More
OCBC VoyageDining & flexible miles redemptionS$488.0Learn More
MB World MasterCardGolf benefitsS$240.0Learn More
HSBC Visa InfiniteAirport benefitsS$650.0
Amex Platinum ReserveHotel benefits in SingaporeS$535.0
UOB PRVI Miles AmexHigh miles, low annual feeS$256.8
High Income Credit CardsHighlightAnnual Fee
HSBC AdvanceLearn More3.5% rebate up to S$100/month, no annual feeS$0.0 for Advance
Amex True CashbackLearn MoreUnlimited rebate of 1.5%S$171.1
Maybank FC BarcelonaLearn MoreUnlimited rebate of 1.6%S$120.0
Citi PrestigeLearn MoreHigh miles & travel benefitsS$535.0
SC Visa InfiniteLearn MoreOverseas spend & business travelS$588.5
OCBC VoyageLearn MoreDining & flexible miles redemptionS$488.0
Maybank World MasterCardLearn MoreGolf benefitsS$240.0

Compare the Best Credit Cards for High Spenders by Dollar Value

To help you find the best credit card for high spenders, we have prepared a chart below organizing credit cards by 2-year dollar value*. We have estimated an average Singaporean's monthly expenditure patterns through research to model out likely savings from credit cards. You should note that the dollar value can heavily depending on your spending habits, so make sure to read through each card's review and see if it fits your monthly budget. There are also other "intangible" benefits like complimentary travel insurance and free access to airport lounges whose values are difficult to quantify but nevertheless incredibly valuable to some consumers.

A graph displaying how best credit cards for high income earners compare to one another in terms of their rewards

*ValueChampion calculates the dollar value of rewards based on S$6,000 of monthly spending. We sum the value of points, miles and cashback in dollar terms and subtract the annual fee over a 24-month period. The estimates here are ValueChampion's alone, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Duckju Kang

Duckju is the Senior Vice President of ValueChampion Singapore. He covers the financial services industry, consumer finance products, budgeting, and investing. He previously worked in the financial services industry, including at such hedge funds as Tiger Asia and Cadian Capital.

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