Nearly 1 in 3 Singaporean millennials prefer cashback cards

Cashback cards are preferred due to their instant benefits.

Singapore’s millennials still prefer cashback cards but airmiles credit cards are catching up, according to a survey by financial comparison platform Singsaver.

Almost two-fifths (32%) of respondents said they used cashback cards the most, whilste 26% use airmiles cards. Instant benefits (35%) was cited as the number one reason for using cashbacks, followed by ease of use (20%) and availability of options (8%).

Respondents use their cashback cards mainly on groceries (29%), followed by dining (28%), travel (15%) and transport (5%).

On the other hand, millennials use airmiles cards to travel more (38%), enjoy upgrades and perks (18%), and lounge access (14%).

Cashback cards allow users to redeem a percentage of the amount they spent, while airmiles cards grant rewards as part of a frequent flyer programme.