Thats what they always claim, but after 1 year, take up rate no good, they will start offering it to those with $48k annual income, happened with a few cards like Platinum reserve, started off with $120k requirement, after a while started issuing to those with much less income.
Really? Which cards? As far as I am aware, none of these cards (usually branded as Visa Infinite or World Elite Mastercards) have lowered their requirement. Some of them might be offered to someone with low income, but high assets (& thus a member of the bank's priority banking). I'm talking about cards like Citi Prestige, HSBC Visa Infinite, Amex Platinum Charge Card (NOT the credit card).
In the newspaper article, it was reported that OCBC is in 3rd or 4th place in the credit card race. Will this card move them to 1st place? Somehow I don't think so.
OCBC thinks that it can, by enticing high spenders to use this card instead of whatever other card they are already using.
I also disagree. Rewards-wise, yet to prove that it is superior to other available cards. Perks and privileges-wise, also doesn't seem to match what those top-tier cards provide.
If they are so interested in attracting those with higher income, then they should be offering lifetime fee waiver like they did for their Frank Card.
Most of the top tier cards like those I mentioned above do not give fee waiver, ever. You can plead, beg, threaten the bank, they will not budge. Take the most exclusive card in the market right now. Amex Centurion card. In the US, it has a joining fee of USD7,500 and an annual fee of USD2,500. All non-waivable. It's about the same here in Singapore. But, you can bet the really rich have and use this card. Why? Because they value the perks and privileges more than the 2,500.
Even if we look at the lower tier cards, many would pay the annual fee for cards like DBS Altitude or Citi Premiermiles cards because they get something as valuable (or more valuable) back, in the form of air miles.
Long story short, fee waivers don't move the needle. Value for money does.
Earning 120K PA today is not HNWI lah bro
Not I say one. OCBC say one. I was surprised as well at the 'low' salary requirement given their stated aim of attracting high net worth and affluent customers.