DCS Card Centre conducted a survey highlighting a significant shift in financial preferences of young professionals in Singapore.The study, which surveyed 1,000 respondents aged 21 to 35, found that an overwhelming 85% value flexible reward options.Customisation and flexibility are now top priorities when selecting financial products.

Notably, 46% of respondents said they would consider switching or applying for a financial product that allows them to toggle between different reward types, such as cash rebates, miles, reward points, investment credits, and even carbon credits, although many expressed the need for more information before making a decision. This growing preference signals a demand for dynamic, personalised rewards, eliminating the need to juggle multiple cards to maximise benefits.

Key factors influencing credit card ownership and usage:

• Rewards and benefits: 55% of respondents prioritise these as the most important feature of a credit card
• Payment convenience: 42% prefer ease of transactions
• Contactless and mobile wallet payments: 39% value digital-first payment methods

Furthermore, 57% of respondents believe that having the ability to optimise rewards would reduce their need to switch cards, emphasising the opportunity for financial institutions to retain customers by adopting adaptable reward structures. With the rise of digitally savvy consumers, the demand for personalised financial solutions is expected to continue shaping the evolution of credit card offerings in Singapore.   

"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," said Lionel, MD consumer cards at DCS Card Centre.

DCS Card Centre launched FLEX in 2024—a card designed to offer personalised rewards tailored to individual spending habits and lifestyle needs. To further enhance its value, a reward switching feature will be introduced in the coming months. This feature will allow cardholders to toggle between miles, cashback, investment credits, and the upcoming carbon credits, enabling better alignment with their personal financial goals without the need for multiple credit cards.

FLEX also integrates D-Vault, an exclusive virtual account that allows cardholders to increase their spending limit by linking it to their card. Top ups via digital assets are securely processed through MAS-licensed digital payment token (DPT) service providers, ensuring compliance and regulatory oversight. Alternatively, users can fund their D-Vault account through bank transfers via the DCS Cards app, providing effortless flexibility for large purchases.

Re-disseminated by The Asian Banker