What's the best priority banking credit card? - The MileLion
Many banks offer special credit cards to their priority banking customers, but which ones are actually worth holding?Priority banking opens the door to all sorts of otherworldly delights, like free drinks and. . .
Many banks offer special credit cards to their priority banking customers, but which ones are actually worth holding?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 solddodgy financial productsby RMs of better-than-average attractiveness. But what I really want to focus on are thecredit 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 thesix-digit range. Needless to say, there exists an entire strata of banking relationships above this, such asHSBC Premier Elite(S$1. 2M AUM) orStandard Chartered Priority Private(S$1. 5M AUM) — but we’ll save that for another time. What credit cards are available to priority banking customers?Here’s a rundown of the various credit cards offered to priority banking customers. 💳Priority Banking Credit Cards(Sorted Alphabetically)CardAnnual FeeMin. AUMDBS Treasures AMEXNo longer available for applicationNoneS$350KHSBC Premier MastercardApplyNoneS$200KMaybank Premier World MastercardApplyNoneS$300KOCBC Premier Visa InfiniteApplyNoneS$350KStanChart Priority Visa InfiniteApplyNoneS$200KUOB Privilege Banking CardApplyNoneS$350KAll these cards have a minimum income requirement of S$30,000 p. a. , though those aged above 55may be able to applywith a lower income of S$15,000, net personal assets or a guarantor. Also, some cards technically have annual fees, but they’re waived so long as you maintain your priority banking relationship — for example, the HSBC Premier Mastercard waives its S$708. 50 annual fee for qualified HSBC Premier customers. I should probably highlight that there are two more credit cards that priority banking customers can apply for: the StanChart Beyond Card and OCBC Premier VOYAGE. However, these come with three or four-digit annual fees, and it wouldn’t be fair to compare them to fee-free cards. You can read separate reviews on these in the links below:Review: StanChart Beyond CardReview: OCBC VOYAGE❓What about the Maybank Privilege Horizon Visa Signature?Maybank Privilege Bankinghas a minimum AUM ofS$50K, so it doesn’t really fit into the priority banking category (I’m instead takingMaybank Premier). That said, it’s worth mentioning theMaybank Privilege Horizon Visa Signature,which compared to the regularHorizon Visa Signature offers:S$20 off two Grab rides to the airport per yearPerpetual annual fee waiver (not that it’s hard to get the annual fee on the regular Horizon waived anyway)Min. spend of S$500 for lounge access (vs S$1,000 for regular Horizon)Earn rates💳 Priority Banking Credit Cards: Earn Rates(Sorted by Sum of Local + FCY General Spend)CardLocalFCYHSBC Premier MastercardApply1. 68 mpd2. 76 mpdDBS Treasures AMEXNo longer available for application1. 2 mpd2. 4 mpdMaybank Premier World MastercardApply0. 4 mpdUp to 3. 2 mpdOCBC Premier Visa InfiniteApply1. 28 mpd2. 24 mpdUOB Privilege Banking CardApply1. 2 mpd1. 2 mpdStanChart Priority Visa InfiniteApply1 mpd1 mpdThere’s little doubt the HSBC Premier Mastercard reigns supreme when it comes to earn rates, with 1. 68 mpd on local and 2. 76 mpd on FCY spend. Sure, those rates drop to 1. 4 mpd and 2. 3 mpd respectivelyif you opt to earn KrisFlyer miles,but even then it’s still the leader. The only card that can beat it is the Maybank Premier World Mastercard, which earns an uncapped 3. 2 mpd on FCY spend with a minimum monthly spend of S$4,000 (or 2. 8 mpd with a minimum monthly spend of S$800). However, this same benefit is also available toregular Maybank World Mastercard customers. While the table above addresses general spending rates, a couple of cards also offer bonuses for selected categories of spending. 💳 Priority Banking Credit Cards: Earn Rates(Specialised Spending)CardEarn RateRemarksMaybank Premier World MastercardApply4 mpdImperial Treasure, Les Amis Group, Valiram Group, Luxury Galleria at RWS, selected golf boutiques, Singapore petrolUOB Privilege Banking CardApply2 mpdLocal luxury spend, overseas dining and shoppingLounge access💳 Priority Banking Credit Cards: Lounge Access(Sorted by Most to Least Visits Per Year)CardPrincipalSupplementaryHSBC Premier MastercardApplyUnlimitedUnlimited(max. 3x cards)StanChart Priority Visa InfiniteApply6MYShareNoneMaybank Premier World MastercardApply2CYShareNoneOCBC Premier Visa InfiniteApply2MYNo ShareNoneUOB Privilege Banking CardApplyNoneNoneDBS Treasures AMEXNo longer available for applicationNoneNoneLegendWhether visits are tracked by calendar yearCYor membership yearMYWhether lounge visits can or can’t be shared with guestsShareNo ShareThe HSBC Premier Mastercard wipes the floor with the competition again, offering unlimited Priority Pass visits for the principal and up to three supplementary cardholders. This even includes non-lounge experiences likeairport restaurants and spas. The StanChart Priority Visa Infinite, its closest competitor — if you can even call it close — recentlyslashed its lounge benefitfor Priority Banking members from 12 to six visits. It can fall to as little as two visits if you do not maintain the S$200,000 AUM. The Maybank Premier World Mastercard and OCBC Premier Visa Infinite offer just a couple of lounge visits, and the remaining cards offer none. Airport limo rides💳 Priority Banking Credit Cards: Airport Limo(Sorted by Lowest Spend Per Ride)CardMin. SpendMax RidesMaybank Premier World MastercardApplyS$3,000 within three months for 2 rides2 rides per yearHSBC Premier MastercardApplyS$12,000 per quarter for 2 rides8 rides per yearDBS Treasures AMEXNo longer available for applicationN/AN/AOCBC Premier Visa InfiniteApplyN/AN/AStanChart Priority Visa InfiniteApplyN/AN/AUOB Privilege Banking CardApplyN/AN/AComplimentary airport limo transfers aren’t really a feature of priority banking cards, but the Maybank Premier World Mastercard offers the best deal: spending S$3,000 within a three-month periodunlocks two airport transfers. Unfortunately, two rides a year is all you can earn. If you need more than that, the only remaining option is the HSBC Premier Mastercard, which awards two rides to cardholders who spend S$12,000 in a calendar quarter, capped at eight rides per year. Truth be told, if no-spend limo rides are what you’re after, then you’ll need to look at the tierabovepriority banking. ProgrammeMin. AUMLimo rides(Per Year)OCBC Premier Private ClientS$1. 5MUnlimitedCitigold Private ClientS$1. 5M2-16 ridesHSBC Premier EliteS$1. 2M8 ridesStanChart Priority PrivateS$1. 5M8 ridesDBS Private AccessS$1. 5M2-8 rides*Maybank Private WealthUS$1M6 rides*Unlimited rides for DBS Private Bank customers withat least US$5M AUMOther perksCardOther PerksHSBC Premier MastercardApplyComplimentary GP consults and flu vaccination withPremier Health & Wellness1-for-1 dining dealsat Como Group restaurants and Shangri-La Singapore5% cashback atApple Storefor HSBC PremierWorld Elite Mastercard benefitsStanChart Priority Visa InfiniteApplyReimbursement forAPEC Business Travel Cardapplication feeVisa Infinite benefitsMaybank Premier World MastercardApplyRegional golf programmeOCBC Premier Visa InfiniteApplyVisa Infinite benefitsUOB Privilege Banking CardApplyUp to 20% off dining at The Fullerton Hotel, Fullerton Bay Hotel, Pan Pacific Hotels GroupComplimentary home and vehicle assistanceVisa Infinite benefitsDBS Treasures AMEXNo longer available for applicationHSBC Premier Mastercard customers enjoy a range of miscellaneous benefits, includingtwo complimentary GP consultsand a flu vaccination each year at Parkway Shenton clinics and1-for-1 set mealsat the Como Group restaurants and Shangri-La Singapore. StanChart Priority Visa Infinite customers enjoy areimbursement of the S$100 application feefor an APEC Business Travel Card, which is probablythe best S$100 you’ll ever spend. UOB Privilege Banking Card customers will bereimbursed for repair billsof up to S$100 per visit, twice per year, for electrical, plumbing and locksmith assistance. They will also be covered for roadside repair and towing of up to S$100 per event, twice per year. Otherwise, there isn’t much to talk about here, apart from generic World Elite or Visa Infinite benefits. ConclusionIt shouldn’t come as a surprise that most priority banking credit cards are rather underwhelming, with the notable exception of the HSBC Premier Mastercard. At the end of the day, there’s only so much banks can offer for cards with perpetual annual fee waivers, and if it’s benefits you’re after, you should look at something in theS$120K segment. The good news is that you don’tneedany of these to rack up miles quickly. In fact,most of the cards that I recommendare available at the S$30,000 income mark, no AUM necessary. Any other priority banking cards worth mentioning?Aaron WongAaron founded The Milelion to help people travel better for less and impress chiobu. He was 50% successful.