Debit cards gain favour among consumers even as credit card preferences shift

Banks are seeing shifts in the way people use credit cards. PHOTO: ISTOCKPHOTO
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Consumers are increasingly opting for debit cards as the pandemic has made them more wary of chalking up credit card debt.

Lenders are also seeing shifts in the way people use credit cards, with cashback gaining traction even as customers hold on to their miles in the hope of travel eventually resuming.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.