The Evolution of General Spending Cards: Is the “Miles Game” Losing Its Luster?
For years, the general spending credit card was the cornerstone of the savvy traveler’s wallet. It was simple: put your everyday expenses on one card, earn a consistent stream of points, and trade them for that dream business-class flight. However, the landscape is shifting. As banks tighten their belts and consumer habits evolve, the “set it and forget it” era of credit cards is facing a reckoning.
What we are seeing now is a move away from broad, high-earn categories toward hyper-targeted rewards. For cardholders, this means the once-reliable general spending card—like the DBS Altitude—is transitioning from a “must-have” to a “take it or leave it” utility.
The Death of “Easy” Miles
The golden age of miles cards was defined by generous bonus categories for travel bookings and frequent, lucrative overseas spending promotions. Today, that value proposition is eroding. Banks are increasingly removing bonus earn rates on travel portals and scaling back the aggressive, bi-annual promotions that once made general spending cards feel like high-octane tools.
Why the change? Financial institutions are shifting their focus toward AI-driven personalization and high-margin product segments. As noted in recent DBS Group research, the future of banking lies in the “Trusted AI Financial Hub,” where rewards are becoming increasingly personalized rather than standardized. For the average consumer, this means the days of universal 3 mpd (miles per dollar) on all hotel and flight bookings are likely a relic of the past.
The New Benchmark for General Spending
As general spending cards lose their “hero” status, cardholders must look at the fine print that actually matters: points expiry, pooling, and transfer fees. The most resilient cards in a changing market are those that offer flexibility. Features like non-expiring points and the ability to pool points across multiple cards—a hallmark of the DBS rewards ecosystem—are far more valuable in the long run than a slightly higher, but fleeting, earn rate.
When choosing a card in today’s market, ask yourself:
- Is the annual fee worth the “rebate” in miles? Buying miles at ~1.9 cents each via annual fee renewals is only a deal if you have a high-value redemption strategy.
- Is the minimum transfer block reasonable? High minimums often leave “orphan miles” stuck in your account, effectively lowering your return on investment.
- Are the perks actually usable? Two lounge visits a year are great, but only if you actually travel frequently enough to use them before they expire.
Did You Know?
The “democratization” of miles cards in 2016, which saw banks drop income requirements to the MAS-mandated S$30,000, changed the industry forever. It forced a competitive race to the bottom on entry requirements, but it also forced banks to monetize their portfolios through stricter reward structures and higher transaction fees.
Frequently Asked Questions
Does it make sense to have multiple general spending cards?
Generally, no. Because most general spending cards offer similar, modest earn rates, you are better off consolidating your spending to reach higher reward tiers or to benefit from pooled points, which reduces the number of conversion fees you pay.
What is the “haircut” when using instant conversion apps like Kris+?
While convenient, instant transfers often come with a loss in value. You might lose 15% or more of your potential miles compared to a standard bank-to-airline transfer. Use these only for topping up an account for an immediate, urgent flight redemption.
Is the American Express or Visa version better for general spenders?
Usually, the Visa version holds a slight edge due to complimentary lounge access. Unless there is a specific, limited-time welcome bonus unique to the AMEX version, the Visa variant typically provides better long-term utility for the average traveler.
The Road Ahead
The future of credit card rewards will be defined by “utility over quantity.” As banks move toward more restrictive T&Cs, your best defense is to stay informed. Don’t be afraid to cancel cards that no longer serve your lifestyle. A streamlined wallet—containing one high-quality general spending card and two specialized bonus-category cards—is the smartest way to navigate the miles game in 2026 and beyond.
What’s your strategy for 2026? Are you sticking with your legacy general spending card, or have you moved to a high-rebate or specialized miles strategy? Share your thoughts in the comments below, or subscribe to our newsletter for the latest credit card strategy updates.
