Best Credit Cards for High Net Worth individuals in Singapore 2018

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Cards for HNI

Let’s be honest. All of us, at some point, have wished for a bottomless pit of money so we never have to think twice before indulging. Whether it is to buy a S$35,000 cocktail (here’s looking at you Jewel of Pangaea) or drive a supercar. And if we are being truly honest, then we have also wished for swimming pools filled with money like the ones we saw in cartoons.

Well, as they say, if wishes were horses.

But, for an elite group of people, these aren’t wishes as much as they are a reality. And while they may not be diving into a pool filled with money, they do have enough money to build a pool wherever they are in the world if they do wish to take a swim. We’re of course talking about high net worth individuals. Those people, who only need to flash an exclusive credit card to have the world at their feet.

And while we may not know who those people are, we do have a fair bit of understanding about the exclusive credit cards they carry.

Here are the best credit cards for high net worth individuals in Singapore for the year 2018:

1. Citi ULTIMA Card

It’s only befitting that we start this list with the card that first provided Singaporeans (a lucky few) with a taste of the high life – the Citi ULTIMA Card.

You earn 4 ULTIMA$ for every S$1 you spend locally and 5 ULTIMA$ per S$1 spent overseas. But, if you qualify for this card, you aren’t going to be too bothered by the points you earn because what it really is about is the suite of benefits that come with this card.

Cards for HNI

Source: Citi website

Take, for instance, the Airfare Privilege Program, where all you need to do is buy a first class or business class ticket and have your companion’s airfare taken care of by Citi.

You also get all the benefits that come with travel credit cards (albeit at a much higher amount) such as complimentary travel insurance, airport transfers, and unlimited access to over 600 airport lounges.

But more excitingly, you get to enjoy unsurpassed hotel privileges, the opportunity to buy a whisky blend so rare that some of the distilleries where the whiskies were made no longer exist, the ability to receive complimentary styling services, or enjoy a meal and complimentary champagne at celebrity chef Wolfgang Puck’s restaurant.

Cards for HNI

The rare John Walker
Picture courtesy of Citi website

And if none of this works for you, maybe this will – the APEC Business Travel Card. With this card, you enjoy fast-track APEC lanes at major airports across the globe and you don’t have to individually apply for visas for short-term entry to participating countries. Oh, and before we forget to mention it, the card is free!

You can, of course, apply for the APEC Business Travel Card otherwise as well, but with the Citi ULTIMA Card you don’t have to pay the S$100 fee!

How do you get it? Well, it’s an invite-only card so if you meet the requirement Citi is looking for, then this card is yours!

Annual fee: S$4,160.16. And no, this fee cannot be waived.

Check out: 5 Champagne Brunches in Singapore That You Have to Try to Call Yourself a Foodie

2. The American Express Centurion Credit Card

From the card that started it all in Singapore to the card that started it all across the globe – the American Express Centurion Credit Card. Better known by its other names such as the Black Card, the is-this-card-even-real card, or the card that is so shrouded in mystery that it simultaneously exists and doesn’t (a bit like Schrodinger’s cat).

The Black Card has always been one of those credit cards everyone talks about but no one actually completely has any clue about.

But here’s what we do know about the Amex Centurion Credit Card:

  • This isn’t a card you should use if you are concerned about earning miles.
  • From all accounts, the miles earning rate you get with the Centurion Credit Card is similar to that of Amex’s Platinum Credit Card.
  • You get access to Amex’s Fine Hotels and Resorts programme. Benefits of this programme include:
    • Room upgrade on availability.
    • Early check-in and late check-out (subject to availability).
Cards for HNI

Source: American Express Fine Hotels and Resorts website

  • Reservations at Centurion Reserved Restaurants if your reservation request is made via the Centurion concierge.
  • Get a personal shopper while you indulge in a little retail therapy at some of the best brands in the world. And if shopping with too many people around isn’t your cup of tea, you are in luck because with the Centurion Card you also enjoy access to after-hours shopping!

These are just some of the benefits we know of. The rest is still shrouded in mystery.

Related: AMEX Platinum Credit Card Review: For Those Who Dine Differently

But if rumours are to be believed, the Centurion concierge service will go that extra mile (and more) to ensure that your requests are always fulfilled. If one tale is to be believed, a customer requested Centurion’s concierge service for the horse that Kevin Costner rode in his film Dances with Wolves. The service traced the horse to Mexico and had it sent to Europe.

If this isn’t setting unrealistic standards in the service industry, we don’t know what is.

How do you get it? By invite only. But it helps if you charge at least $250,000 per year to your Amex Platinum Credit Card. Or so we have been told.

Annual fee: Again, going by hearsay, the card has an admission fee of S$7,490 and an annual fee of S$7,490. That’s S$14,980 in the first year alone!

Check out: Saved S$100,000? 5 Investment Options to Make Your Money Grow in Singapore

3. UOB Reserve Card

With a minimum asset under management (AUM) of S$2 million, you can become the proud owner of the UOB Reserve Card. Like all of the cards on this list, the rewards pale in comparison to the services offered.

Here’s how UOB’s Reserve Card makes you feel truly privileged:

  • You get to enjoy a complimentary meal along with a guest on your birthday month either at Corner House or Yan Ting at The St. Regis Singapore.
  • You also get to enjoy exclusive deals on your birthday month at some of the finest hotels and restaurants in Singapore. After all, wouldn’t a complimentary birthday cake and a bottle of wine reduce the pain of turning a year older?
Cards for HNI

Source: UOB website

  • Get 24-hour access to a dedicated concierge service to take care of all your needs. And don’t worry if you fall sick because you also get to enjoy complimentary medical concierge services.
  • You also receive a 1-month complimentary Keyes membership and get the opportunity to buy rare wine, whisky, and sake.

Related: A Comprehensive Guide to Raising Financially Smart Children

In addition to all of this, if you are a parent worried about your child’s future, UOB will take care of that too! Yes, you read it correctly the first time.

UOB in association with AUG Global Network will provide your children with guidance when it comes to studying overseas. This service also includes application fee waivers for applications made to participating institutions and personalised group visits and study tours to renowned institutions overseas.

How do you get it? Well, you should have guessed by now that the card is an invite-only card.

Annual fee: From what we have heard, this card will set you back around S$3,852 annually.

4. DBS Insignia Visa Infinite Card

The credit card that has the distinction of being Singapore’s first metal credit card, DBS’ Visa Insignia Credit Card comes with a credit limit of up to S$1 million.

What is the miles earning rate on this exclusive card?

Well, you get 2 miles for every S$1 you spend overseas and 1.6 miles per S$1 you spend locally. But this isn’t why high net worth individuals want this card. They want it for these privileges:

  • Unlimited access to over 1,000 airport lounges across the globe.
  • Fast track immigration in Asian airports.

Read: 6 Top Destinations to Travel from Singapore between Nov and Jan

  • A dedicated Insignia Service Ambassador to take care of all your needs.
  • Personalised styling services courtesy of Club 21 Style Services.
  • Discounts at some of the leading hotels in the world.

Did we mention that these are just a few of the privileges you get with this card? You can check out all the details of the DBS Insignia Visa Infinite Card here.

How do you get it? Rumour has it that if you have an annual income of S$500,000 then you will be one of the lucky few who may receive an invite to apply for the card.

Annual fee: If we are to believe what some cardholders have to say, the annual fee for this metal card is S$3,210.

5. OCBC Elite World Card

Looking for a way to tell the person with whom you are having a conversation that you have made it in life, but don’t want to seem like a snob? Well, maybe you could casually flaunt your OCBC Elite World Card instead!

With the OCBC Elite World Card, you get 3 OCBC$ per S$1 that you spend overseas and 1 OCBC$ for every S$1 that you spend in Singapore.

Additionally, you also get:

  • Access to private TPC golf courses across the U.S.A. (For the uninitiated TPC golf courses are where the professionals go to tee off).
  • A concierge service ready and willing to cater to any and all of your needs.
Cards for HNI

Source: OCBC Elite World Card welcome book

  • Access to your preferred airline’s VIP programme.
  • Discounts on meet and greet services at over 450 airports.
  • Hotel benefits such as late check-out at more than 1,000 renowned hotels such as The Luxury Collection, Westin, Aloft, Le Meridien, St. Regis, and more.
  • Invitations to exclusive events.

How do you get it? For one, you need to be an OCBC Premier Banking customer which means that you must have a minimum deposit balance of S$200,000 per month with OCBC.

And for another, application for this card is by invite only.

Annual fee: Around the vicinity of S$1,605 (or so we are told), making this one of the most affordable cards on this list.

Honorary mention – J.P. Morgan Reserve Card

Known as the card made for 1 percent of the 1 percent, this card has a reasonable annual fee of around $450 (or so people say) but to get it you need to have J.P Morgan manage your assets which reportedly needs to be at least $10 million.

Check out: Singapore Salaries and Recruitment Trends for the Next Six Months of 2018

A fun fact about this card – it is made from brass and palladium (if you are wondering where you have heard the term palladium before, well it powers Iron Man’s Arc Reactor)!

The one thing that is clear is that all of these cards fall under a category we would like to call “if you have to ask”. Which translates to, if you have to ask for the price, then maybe you shouldn’t be getting it.

So, while you can always dream of owning one of these cards one day and having a pool of money to dive into, for now, what you can do is get a credit card that suits your lifestyle the best! And when you have that card in hand, the possibilities are endless (or until you reach the cap on your earnings for the month)!

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