What's the best priority banking credit card?
This article explores the credit card offerings associated with priority banking services in Singapore, focusing on perks and eligibility requirements. It clarifies that priority banking typically requires a minimum of six-digit assets under management and compares various fee-waived and premium card options.
Why it matters
It provides practical financial guidance for high-net-worth individuals looking to maximize the benefits of their banking relationships.
Priority banking opens the door to all sorts of otherworldly delights, like free drinks and angbaos, the ego-boosting ability to skip the branch queues, and that all-familiar rite of passage: being hard sold dodgy financial products by RMs of better-than-average attractiveness.
But what I really want to focus on are the credit cards. Many banks offer exclusive credit cards to their priority banking customers, and in this post, we’ll look at what perks they offer.
For the purposes of this discussion, I’ll be defining priority banking (also called privilege or premier banking) as a relationship with a minimum AUM in the six-digit range. Needless to say, there exists an entire strata of banking relationships above this, such as HSBC Premier Elite (S$1.2M AUM) or Standard Chartered Priority Private (S$1.5M AUM) — but we’ll save that for another time.
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