SG millennials, Gen Z want rewards customisation in credit cards

Over 1 in 2 said that being able to customize rewards will reduce the need to switch.

Singapore’s millennials and Gen Z are ready to ditch their one-size-fits-all credit cards for a card offering more customization in rewards structures, found DCS Card Centre.

Nearly 1 in 2 (46%) of the 1,000 respondents aged 21-35 years old said that they will consider switching or applying for a financial product that allows them to toggle between different reward types.

This suggests that they want to be able to customize the rewards they get from their cards, such as cash rebates, miles, rewards points, investment credits, and even carbon credits.

Over 1 in 2 (57%) of respondents believe that having the ability to optimize rewards would reduce their need to switch cards, the survey found.

In terms of credit card ownership and usage, over half (55%) of respondents said that rewards and benefits are the most important features of a credit card. Meanwhile, 42% prefer ease of transactions; whilst 39% value digital-first pay through contactless and mobile wallet payments.

"With Singapore’s young professionals demanding smarter, more intuitive solutions, financial institutions must innovate to meet consumer expectations by offering products that prioritize a client centric approach and seamless digital integration," said Lionel, MD Consumer Cards at DCS Card Centre.