Why I haven't seriously looked for and applied for any Diners Club cards. What's the difference between Diners Club, MasterCard, VISA. UnionPay, NETS?
Why I haven't seriously checked out any of the diners club credit cards.
I actually did look a little seriously, half-half serious,
Anw, 3 of the cards that I looked at previous when searching for the best credit card of cos now you would already know the best credit card i recommend now is the Maybank Family and Friends after which is the Citibank Cashback Credit Card and then after the CIMB Platinum MasterCard.
Anyhow,
First I took some time to read up on articles and what not, google and wiki to find all these, so appreciate if you can help to like this video, not getting paid, did it cos I'm weird and nerdy like that. With that aside,
First what is the difference between them? Diners, MasterCard, Visa, Amex.
The are different card brands, some of them tie up with banks to issue cards, like Visa, Unionpay and MasterCard for example. Some of them issue their cards themselves directly, like Amex and Diners Club - most of the time. In terms of leading market share, Visa is dominating - it has a 2/3 lead against the 2nd competitor, UnionPay which is followed closely with only about a 9% lead by MasterCard in 3rd place, Amex is pretty small comparing like this, they only have less than 10% market share of the Mastercard, the 3rd in line, Then in 5th there's also JCB, locally in Singapore we don't see alot of JCB, and then theres many others, Diner's club is squeezed in 6th place. with just 1/4 of Amex's share. Diners actually started out pretty well and was one of the first in charge card markets, the first and largest for a while until they were overtaken by the other newer players.
3 Diners Club cards I had checked out,
1) Diners Club International Credit Card.
Cos it was the first one showing when I checked out their website. Yes, their own website, for some reasons, probably financial, they don't seem to be listed on any of the local retailers sites who collate and refer all available marketed local credit cards. ohwells. So this card didn't seem to offer any amazing bonus, one positive one I saw was the airport lounge access. Then the usual insurance coverage which most other travel credit cards have, and then there's the Club reward points system, when every $1 spent would give your 1 club points. And what can you do with those club points? Most of their reward exchange are rated at 4000points for a voucher worth $10. Giving them the benefit of doubt and taking their best reward exchange rates, it would be Nature's Farm $10 voucher for 2800points.
This means by spending $2800 they are rewarding you a whopping $10. 0.3%. Nope, You didn't hear wrong, 0.3%. Any flat cashback credit card w/o promotion will easily win it. This should be in my list of worst credit cards next time.
2) Diners Club / Don Don Donki Cobrand Credit Card
I checked that out because as a millennial in Singapore, we all love going to Don Don Donki to spend some of our hard earned moolahs. To make it rain in Don Don Donki with the background music playing. It offers 5% or 2% rebates based on how much you charge to it at Don Don Donki outlets. Yeap, only spending on Don Don Donki outlets $500 or $1000 to get you those sweet 2 or 5% rebate. So it could be a good card if you are spending $1000 monthly there. Else BAD CARD! Or rather, get a flat cashback card and you can get 1.5, 1.6 or even 2.5% on all spend!! Check out my 4 flat cashback credit cards video on this card. I mean don't, click now, watch later, we still have 1 last card to cover in this video.
3) Diners Club / Sheng Siong Cobrand Credit Card
Similar to the Don Don Donki Cobrand Credit Card, it offers 5% for $1000 spent and 2% for $500 spent on only Sheng Siong Outlet. I could see more people find this easier since Sheng Siong is pretty competitive in its groceries pricing and it has many outlets. BUT! Bank of China do have a similar card with Sheng Siong, the Bank of China Sheng Siong Card. IT offers a whopping 12% cashback on Sheng Siong spending with minimum spending of only $400. Easily achievable if you buy for you household. That card also offers 5% on Grab rides and 1% on overseas spend Plus annual fees of only $32 and fee waivers available, even if they don't, it's rebates or cashback would easily pay for itself. All these, the Diners Club / Sheng Siong Cobrand Credit Card does not have. So I rather people apply for the Bank of China one if they really want a Sheng Siong grocery shopping card.
Alright the 3 bad cards that I checked out on Diners Club, if they really don't have any good reward cards, it's no wonder their market share is so tiny.
Hope this has been helpful and hope that you stay safe a stay healthy, thank you for watching next video we should be back to our credit card series to continue with our credit score calculation, so we'll see you guys next time!
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