DBS Visa Debit Card – MoneySmart Review 2019
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 3% cashback on contactless payment.
What exactly is “contactless payment”? That’s Visa PayWave or Apple/Google/Samsung Pay – which just about everyone accepts these days). And as of 6 Jun 2019, you can get 3% cashback on the bus/MRT thanks to the SimplyGo programme, which lets you replace your old EZ-Link card with a credit/debit card.
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|
|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 3% cashback when you make contactless payment, up to $200 per transaction. On top of Visa PayWave, contactless payment also includes Apple Pay, Samsung Pay or Google Pay, as well as paying for public transport by SimplyGo.
Sadly, the rebate is not valid for online transactions and normal signature-based payment.
There are some catches, though. You need to spend at least $400 a month and the cashback is capped at $20 per month. Finally, you also need to make sure your POSB/DBS cash withdrawals are $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.
Standard Chartered Spree Card – If you find the minimum spending and maximum cash withdrawals rather onerous, consider opting for the no-minimum-spend StanChart Spree Card. You get a 2% rebate on contactless payments without having to jump through hoops.
Do you have the DBS Visa Debit Card? Share your reviews in the comments!