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DBS Visa Debit Card – MoneySmart Review 2019

DBS Visa Debit Card review

Joanne Poh

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Haven’t used a debit card since you were too young and poor to apply for a credit card? The DBS Visa Debit Card just might change that. That’s because it claims to offer up to 5% cashback on contactless payment (that is, Visa PayWave or Apple Pay – which just about everyone accepts these days).

But is it too good to be true? Read the low down on this DBS debit card before you sign up.

 

DBS Visa Debit Card terms & conditions

DBS Visa Debit Card
Minimum age 16 years old
Eligibilty Have POSB Savings Account, DBS Savings Plus Account, DBS Autosave Account or DBS Current Account
NETS transaction limit $5,000 (daily)
ATM withdrawal limit $3,000 (daily)
Debit card transaction limit $2,000 (daily)
Foreign currency transaction fee 3.25% (None with a multi-currency account) 
Dynamic currency conversion fee 2.8%
Fee for SGD transactions processed outside Singapore 2.8%
Overseas ATM withdrawal fee 3.25% + $7 service charge per cash withdrawal 
Max. liability for unauthorised transactions $100
Card association Visa
Wireless payment Apple Pay, Samsung Pay, Google Pay or Visa payWave

 

Benefits of using the DBS Visa Debit Card

Even if you’re rolling in enough dough to get any credit card you want, you might still be tempted to sign up for a DBS debit card because there is no annual fee if you are at least 6 years old and have a DBS savings or current account.

The DBS Visa Debit Card gives you 5% cashback when you make contactless payment, up to $200 per transaction.

This includes Apple Pay, Samsung Pay or Google Pay. Sadly, the rebate is not valid for online transactions and normal signature-based payment. A cashback cap of $50 applies.

And this time, you don’t have to forgo cash – you can still get the rebate as long as your cash withdrawals are S$400 and below in the same month.

 

Bonus overseas perks of the DBS Visa Debit Card

The DBS Visa Debit Card can be linked to most POSB/DBS accounts, but to really maximise your perks you should link it to the DBS Multi-Currency Account, which lets you bank in 11 foreign currencies with no fees. Note that there’s a minimum balance of $3,000, though.

If you make the DBS Visa Debit Card the primarily linked card for this account, you can pay for your foreign currency purchases with no foreign exchange fees.

 

Who should use the DBS Visa Debit Card?

For a start, just about anyone can get hold of this card because it’s a debit card, i.e. there’s no minimum income and no annual fee. Yay! If you don’t qualify for a credit card (e.g. you’re still a student), this is hands down one of the best debit cards in Singapore you could be using right now.

But of course, it also means the funds are debited directly. You definitely cannot spend beyond your means. Think twice about getting this card if you’re planning for large purchases or if you have really poor self-control.

However, it works well as a day-to-day expenses card as there’s a generous bonus cashback on contactless payment. You probably use this payment method more than you think — when you’re at the supermarket and you tap your card at the Visa payWave machine, you’re making a contactless payment that would be eligible for rebates.

Don’t forget that you will need to spend at least $400 in a month to qualify for the cashback.

There’s also the “troublesome factor”. If you aren’t an existing POSB or DBS account holder, or if you don’t want to have to limit cash withdrawals from your account, you’ll have to sign up for a new savings or current account, which is an added inconvenience.

If you are a POSB or DBS account holder and are using a plain vanilla ATM or debit card, it wouldn’t hurt to swap it for the DBS Visa Debit Card.

 

Are there other cashback cards for contactless payments?

While DBS Visa Debit Card is one of the most generous debit cards out there when it comes to cashback, there are many credit cards that reward you similarly when you make contactless payments, such as the following:

DBS Live Fresh Card – Get 5% on Visa PayWave transactions linked with Apple, Samsung or Google Pay. The card also gives you 5% cashback on online shopping. Note, however, that the minimum spending requirement is a higher $600 a month, and there is a $60 a month cash back cap per month.

UOB Delight Card– Get 3% rebate on contactless transactions, including Visa PayWave, NETS FlashPay Auto Top-Ups for public transport, taxis and car park charges. The minimum spending requirement is the same as DBS Visa Debit’s, at $400, but the range of eligible contactless payments is wider.

BOC Family Card – This card is a nice complement to the DBS Visa Debit Card as it gives you 5% for NETS FlashPay Auto Top-Ups (first four top-ups), which doesn’t qualify for DBS Visa Debit’s 5% rebates. The minimum spending requirement of $800 is much higher, but you can also get cashback on a bunch of other stuff like supermarkets, hospital bills and telco bills.

Do you have the DBS Visa Debit Card? Share your reviews in the comments!

 

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Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.