A recent survey by DCS Card Centre has revealed a significant shift in the financial preferences of young working professionals in Singapore, with customisation and flexibility emerging as top priorities. The survey, which involved 1,000 respondents aged 21 to 35, found that 85% value the ability to customise their credit card rewards rather than being restricted to a single type.
The findings indicate a growing demand for dynamic and personalised financial products. Notably, 46% of respondents expressed willingness to switch to financial products that allow toggling between various reward types, such as cashback, miles, investment credits, and carbon credits. This preference highlights a desire for smarter, consolidated financial tools, with 57% believing flexible rewards could reduce the need for multiple cards.
Key factors influencing credit card ownership include rewards and benefits, prioritised by 55% of respondents, followed by payment convenience (42%) and digital-first payment methods (39%).
Lionel, Managing Director of Consumer Cards at DCS Card Centre, stated, “With Singapore’s young professionals demanding smarter, more intuitive solutions, financial institutions must innovate to meet consumer expectations by offering products that prioritise a client-centric approach and seamless digital integration.”
In response to these trends, DCS Card Centre launched the FLEX card in 2024, designed to offer personalised rewards tailored to individual spending habits. The card will soon feature a reward-switching option, allowing users to toggle between miles, cashback, investment credits, and carbon credits, aligning with personal financial goals without the need for multiple cards.
The FLEX card also includes D-Vault, a virtual account feature that increases spending limits through digital asset top-ups, ensuring compliance with the Monetary Authority of Singapore’s regulations. This innovation reflects the evolving landscape of credit card offerings in Singapore, driven by the demands of digitally savvy consumers.
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