Millennials and Gen Z in Singapore demand customisable credit card rewards, survey reveals

SINGAPORE: Singapore's millennials and Gen Z are increasingly looking for more personalised credit card options, favouring flexibility in earning rewards. A recent survey by DCS Card Centre featured in the latest Singapore Business Review report reveals that nearly half (46%) of the respondents aged 21-35 are open to switching or applying for a financial product that offers the ability to toggle between different types of rewards, such as cash rebates, air miles, loyalty points, investment credits, and even carbon credits. This growing preference for customisation signals a shift away from traditional one-size-fits-all credit cards as young consumers seek more tailored options to suit their diverse lifestyles and financial goals. The survey, which polled 1,000 individuals, also uncovered that 57% of respondents believe the ability to optimise rewards would reduce the need to switch credit cards frequently. This suggests a strong demand for products that allow users to easily adjust their reward structures based on personal needs and preferences. When asked what features matter most in credit cards:

• 55% cited rewards and benefits as their top priority.
• 42% prioritised ease of transactions.
• 39% valued digital-first payment methods such as contactless payments and mobile wallets.

"In response to the growing demand from Singapore's young professionals for smarter, more intuitive financial solutions, institutions must innovate and deliver products that prioritise customer-centric features and seamless digital integration," said Lionel, managing director of consumer cards at DCS Card Centre. As young consumers continue to reshape the financial landscape, it’s clear that financial institutions must adapt by offering credit cards that provide greater flexibility, convenience, and personalisation to meet the expectations of this tech-savvy generation.