A recent survey conducted by DCS Card Centre reveals a shift in financial preferences among young professionals in Singapore. The study found that 85% of respondents aged 21 to 35 prioritise flexible reward options when choosing financial products.
46% are interested in switching to financial products with interchangeable reward types.
57% believe that customisable rewards would reduce the need to switch cards.
42% prefer payment convenience, particularly through digital methods like mobile wallets.
The DCS survey showed strong demand for customisable credit cards, with 46% of respondents willing to switch for products offering rewards like cashback, miles and investment credits.
This growing preference for flexibility suggests that many young professionals in Singapore are moving away from traditional one-size-fits-all credit cards. With more than half of the respondents emphasising on rewards and benefits, it's evident that financial products have to adapt to these shifting desires.
The survey showed that 55% of the respondents indicated that the possibility of maximising rewards would prevent them from switching between several cards. Financial institutions are therefore urged to innovate and provide solutions that are responsive to changing individual needs.
DCS introduces Flex card to meet evolving needs
DCS Card Centre introduced the Flex card in 2024, offering tailored rewards based on a person's spending behaviour. The card will soon include a reward-switching feature, allowing cardholders to switch between miles, cashback and even investment credits, with the potential to add carbon credits in the future.
Furthermore, the Flex card combines D-Vault, a private virtual account that allows users with the flexibility to raise their spending limit. Deposits can be made via Monetary Authority of Singapore (MAS)-licensed digital payment token providers or bank transfers, offering greater convenience for larger transactions. The Flex card exemplifies how financial institutions can meet the changing needs of digitally native consumers by providing convenient and personalised financial products.
With young professionals in Singapore looking for more flexible and customised financial solutions, demand is increasing for adjustable credit cards. The popularity of DCS's Flex card reflects the transformation towards rewarding clients with custom-designed financial products responsive to their living requirements, ensuring convenience and value maximisation without the aggravation of maintaining multiple cards.