11 Jul '11, 5am

High-end cardholder segment fuels growth engine for card issuers

SINGAPORE: Despite the economic downturn, the high-end credit card segment has managed to expand by a third over the last two years according to latest figures from the Credit Bureau Singapore (CBS). CBS figures show that the number of affluent cardholders in Singapore has expanded by 30 per cent from 2008 to 2010, and by 27 per cent from 2009 to 2010. Although elite cardholders make up about 2 per cent of the credit card population, the segment proved one of the fastest growing, with more than 23,000 affluent cardholders in 2010, compared to just some 18,000 in 2009. CBS used two criteria to define affluent cardholders: a total monthly credit card balance of S$10,000 or more, at least three times in the year; and full settlement of the balance immediately or by the next payment due date. CBS statistics also show that the wealthier the cardholder, the more rapid the growth...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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