GXS Credit Card Review 2026: Best Cashback Card for Grab and Singtel Users?

If you already live inside the Grab and Singtel ecosystem, the new GXS Credit Card is built to reward the spending you're doing anyway. It's an unlimited cashback card from digital bank GXS—jointly owned by Grab and Singtel—offering GrabCoins on Grab spend, cashback on Singtel bills, and 1.75% cashback on everything else.

What makes it interesting is the structure: instead of one flat rate, 3 reward mechanics run side by side, and your Grab earn rate scales up the more you spend across the board each month. It's built for people who like consolidating their everyday spending onto a single credit card—Grab rides, food delivery, phone bill, and groceries all working together to unlock better rewards.

Before you apply, it's worth understanding exactly how those rates scale, what counts as eligible spend, and the fine print around minimum spend. Here's a full breakdown of how the GXS Credit Card works, what it earns, and whether it deserves a spot in your wallet.

GXS Credit Card—Is it MoneySmart?
Image: GXS Overall: ★★★☆☆ Best for: Grab users who travel overseas regularly, as well as Grab and Singtel households who spend consistently across both. The catch: Unless you clear a $500 monthly minimum on off-Grab spend, your local Grab spend earns only the base 3% rate—no matter how much you spend on Grab that month. Bracketed cashback tiers also mean only certain portions of spend earn the full cashback rate advertised.
Pros—What we like		Cons—What we don't like
Uncapped cashback on all cashback categories Flat 10% GrabCoins on all overseas Grab spend, with no minimum spend and no cap Zero foreign transaction fees Flexible credit limit and choice of repayment date at sign-up First-year annual fee waived for approvals by 31 December 2026		Local Grab spend is split into brackets (3%/5%/10%), so only spend above $1,000 in a cycle earns the full 10% Minimum spends apply to qualify for bonus cashback on Grab transactions and 1.75% general cashback GrabCoins are credited to your Grab account, not your card, and can't be converted to cash or transferred
GXS Credit Card at a glance
Category	Our rating	The deets
Earn rates: GrabCoins/Cashback	★★★☆☆	1.75% base cashback on general spend, uncapped ($500/month minimum spend)  1.75% Singtel cashback, uncapped, no minimum spend  3%/5%/10% bracketed GrabCoins on local Grab spend, tiered minimum spends Flat 10% GrabCoins on overseas Grab spend, no minimum spend
Earn categories	★★★☆☆
Annual fees and charges	★★★★☆	$196.20/year $0 for the first year for approvals by 31 December 2026
Accessibility	★★★☆☆	Singaporean/PR minimum income: $30,000 Foreigners minimum income: $120,000 (EP/S Pass/1Pass, 6+ months validity)
Extras/periphery rewards	★☆☆☆☆	Flexible credit limit via GXS FlexiLoan  Choice of repayment date at sign-up
Sign-up bonus	★☆☆☆☆	Limited-edition metal card for the first 1,000 physical card orders from 18 August 2026

See our credit card ranking rubric to find out how we rank credit cards.

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1. GXS Credit Card—summary

The GXS Credit Card is an unlimited cashback Visa Signature card built around 3 separate reward mechanics:

• GrabCoins on Grab spend (transport, GrabFood, Grab Mart, Grab Express)
  • Local Grab spend: bracketed from 3% to 10% cashback, depending on how much you've spent
  • Overseas Grab spend: flat 10% cashback
  • All Grab cashback is awarded in the form of GrabCoins
• Base cashback of 1.75% on general (off-Grab) retail spend—unlimited, but gated behind a $500 monthly minimum
• Singtel cashback of 1.75% on eligible Singtel bill payments—no minimum spend, no cap

Base cashback and Singtel cashback land directly in your credit card account by the first day of your next billing cycle. GrabCoins work differently: they're credited immediately, transaction by transaction, straight into your linked Grab account rather than onto your card statement.

Three extra features round out the package:

• Zero FX fees
• You get a flexible credit limit you can also tap for cash via GXS FlexiLoan—handy if you'd otherwise consider a separate personal loan
• You get the freedom to choose your own repayment date when you sign up

None of the above is unique to GXS, though. For example, the recently launched Trust Freedom Card skips FX fees too, and lets new-to-Trust customers choose their own repayment date at sign-up as well. To me, these are starting to look like standard features on digital-bank cashback cards.

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2. How the GXS Credit Card works

* Credited into credit card account by next billing cycle
^ Credited into linked Grab account immediately after each transaction

General (off-Grab) unlimited spend

General retail spend outside of Grab and Singtel earns 1.75% cashback, with no cap on how much you can rack up in a billing cycle. The catch: you need to clear $500 in eligible spend that month to qualify for the 1.75%. 

Assuming you do qualify, your cashback will be credited to your card account by the first day of your next billing cycle. It can be used to offset future card spend, but not withdrawn as cash, transferred, or used against fees, interest, or other balances.

Singtel spend

Eligible Singtel bill payments earn a flat 1.75% Singtel cashback—the most straightforward rate on the card, with no minimum spend and no cap. It's calculated on your total eligible Singtel transaction amount, and credited the same way as that for the base cashback: directly to your card account by the first day of your next billing cycle. 

Do note that eligible transactions are tied to specific Singtel billing channels, so paying through a third-party reseller or an unofficial channel may not count. According to the GXS Credit Card terms and conditions, eligible Singtel transactions  must be classified under MCC 4814 by any of the following merchants:

• BS WHATSAPP BOT
• WWW.SINGTELSHOP.COM
• SINGTEL SME ESHOP
• SINGTEL DIGITAL SALES
• EMS
• SINGTEL PRE-AUTH (MYBILL)
• SINGTEL MYACCOUNT
• SINGTEL (Others Batch)
• SINGTEL CAST
• MYSINGTELAPP STBILL
• SINGTEL NCE APPLICATION
• Singtel PLAN SALE
• SINGAPORE TELECOMMUNICATI

Local Grab spend

This is the part worth reading twice: your local Grab spend isn't rewarded at a single flat rate—it's split into brackets, a bit like a tax bracket:

• First $499.99 Grab spend: You earn 3% cashback
• Next $499.99 Grab spend: You earn 5% cashback
• $1,000 Grab spend onwards: You earn 10% cashback

Notice that we specified Grab spend above. That’s because there is one more condition to unlock the 5% and 10% cashback rates: you must also spend $500 each month outside of Grab. 

If you've spent $500 or more off-Grab this cycle, the bonus brackets are unlocked:

If you haven't spent $500 off-Grab this cycle, the bonus brackets stay locked, and every dollar of Grab spend earns the base rate only:

In other words: the base 3% never disappears, no matter what you spend off-Grab. What disappears is the stacking on top of it—so a big month on Grab alone doesn't guarantee you the 10% rate.

The bracketed cashback also means even a big Grab spender who cleans the $500 off-Grab minimum doesn't actually earn 10% on their whole Grab bill. If they spend $1,050 on Grab in a month, they’d earn 3% on the first $500, 5% on the next $500, and 10% on just the last $50. That averages out to an effective cashback rate of about 4.3% across their Grab spend, nowhere near the headline 10%. We’ll talk more about the effective cashback rate you’ll earn in section 6 on how to calculate your cashback.

Overseas Grab spend

Grab transactions made outside Singapore are the exception to all this bracketing: they earn a flat 10% back in GrabCoins on every dollar, no matter your local spend or tier, and with no minimum spend needed. This bonus rate is also unlimited, and applies to all types of Grab transactions—transport, food, and more. Paired with the card's zero foreign transaction fee policy (more on that below), it's a very strong pick if you use Grab regularly while travelling.

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3. Where do your GrabCoins actually go?

Remember that while the general 1.75% cashback and 1.75% Singtel cashback are credited to your card account, your Grab spending “cashback” is awarded to you in the form of GrabCoins. Let's get specific on where they land, when, and under what conditions.

GXS Credit Card—Where do your GrabCoins go?

GrabCoins are credited directly into your linked Grab account, not your GXS card statement. They join any other GrabCoins you earn through Grab's own loyalty programme and can only be spent on eligible Grab transactions. They have no cash value, can't be exchanged for currency, and can't be transferred out.

This also means that should Grab decide to devalue or improve the GrabCoins to S$ rate (currently 500 GrabCoins ≈ S$1), the value of the GrabCoins sitting in your Grab account will also change accordingly.

GXS Credit Card—When are GrabCoins credited?

 Both local and overseas GrabCoins are credited immediately, per transaction—not at the end of the billing cycle like base cashback or Singtel sashback. Because local Grab rewards are bracketed, the rate you earn on any given transaction depends on your cumulative Grab spend for the cycle at that point. In other words, let’s say you have spent $499 already, on which you earn 3% cashback. Spend that pushes you past $500 starts earning the higher 5% bracket rate from that point on, but your earlier $499 worth of transactions in the cycle aren't retroactively bumped up.

GXS Credit Card—How are GrabCoins credited?

To receive anything at all, you'll need to actively link your GXS Credit Card to your own personal Grab account and be an eligible Grab user for GrabCoins. Skip this step, and any GrabCoins you'd otherwise earn are simply forfeited—with no retroactive credit once you do link up. 

Note that GrabCoins aren't pegged 1:1 to your dollar spend, and they round down to the nearest cent before conversion (unlike Base Cashback and Singtel Cashback, which round up). As stated in their terms and conditions:

Each GrabCoins Reward is calculated by multiplying the value of the Eligible Grab Transaction by the applicable percentage, rounding this result down to the nearest cent, and then converting this resulting amount into GrabCoins at Grab's prevailing rate. 

Since the transaction amount converts into GrabCoins at Grab's prevailing rate at the time, the redeemable value can differ slightly from the percentage quoted.

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4. What counts as eligible spend?

Not every dollar you put on the card earns at the rates above—here's how spend is categorised, and what falls outside them.

Key exclusions to know

A handful of categories are excluded from the 1.75% base cashback rate:

• Healthcare and education—hospitals, medical equipment and supplies, and school fees at every level, from elementary school right up to vocational and correspondence schools
• Government-related payments—tax payments, court costs, fines, and bail or bond payments
• E-wallet and transit top-ups—GrabPay, YouTrip, ShopeePay, Dash, Razer Pay, NETS FlashPay, EZ-Link, and Transit Link
• Financial and quasi-cash transactions—money transfers, brokerage and securities platforms, cryptocurrency exchanges, and ATM cash withdrawals
• Insurance premiums, gambling and betting transactions, and charitable, political, or religious organisation payments
• Instalment payment plans, balance transfers, and cash advances
• Overseas and foreign-currency transactions—Base Cashback only applies to spend processed and denominated in Singapore dollars within Singapore, so this is separate from the Grab-specific overseas rate covered in Section 2

Note that local Grab spend itself doesn't earn base Cashback—it earns GrabCoins instead, under the mechanic we covered in Sections 2 and 3.

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5. Fees, charges, and card eligibility

Fees

Eligibility

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6. Cashback calculation

Let's say you spend the following in a month:

Here's how that $45.00 in local GrabCoins breaks down, since your $1,050 in Grab spend crosses all 3 brackets (and your $1,230 off-Grab spend clears the $500 minimum needed to unlock the 5% and 10% brackets):

Notice that even though this spender crossed into the 10% bracket, only $50 of their $1,050 in Grab spend actually earned it. The rest earned 3% and 5%—which is why "10% cashback on Grab" overstates what most people will actually see, even among heavier Grab spenders.

Effective cashback rate across all spend: Add every reward together ($75.41) and divide by total spend ($2,410), and you get an effective rate of 3.13% across the month. That's a decent number, but notice it's nowhere near the 10% headline: that rate only ever applies to a slice of your Grab spend above $1,000, and Grab spend itself is usually only a portion of your total monthly spend. 

Effective cashback rate across Grab spend: Even looking at Grab spend alone in this example ($1,130 combined local and overseas), the effective rate works out to about 4.7%—still well under 10%, because most of the local portion sits in the 3% and 5% brackets.

How the effective rate climbs (or doesn't) as you spend more on Grab

To see how the effective rate moves even as Grab spend grows, here's the GrabCoins earned and effective rate at a few different local Grab spend levels. Note that here, we are assuming the $500 off-Grab minimum has been met that cycle, unlocking the bonus brackets:

Even at $1,500—well past the $1,000 threshold—the effective cashback rate is only 6%, because the first $1,000 of that spend is still sitting in the 3% and 5% brackets. It takes more Grab spend beyond $1,000 before the effective rate climbs meaningfully closer to the 10% headline.

If the $500 off-Grab minimum isn't met that cycle, none of the bonus brackets apply at all—every one of these spend levels would earn a flat 3% instead: $27.50 becomes $22.50, $39.95 becomes $29.97, and $90.00 becomes $45.00.

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7. Is the GXS Credit Card worth it?

Bonus cashback cards almost always come with a minimum spend attached, and GXS is no exception—clear $500 in off-Grab spend, and you unlock the bonus GrabCoins brackets. What's less standard is what happens next: instead of a single bonus rate on all your Grab spend, GXS splits it into brackets, so only spend above $1,000 in a cycle earns the full 10%. It's a more layered structure than most cashback cards on the market, and worth understanding before you assume you're getting the headline rate.

On the unlimited side, the picture is simpler: most unlimited cashback cards in Singapore don't ask for a minimum spend at all.

• UOB Absolute Cashback Card — 1.70%, no minimum spend
  • Limited time 2% on contactless spend till 31 January 2027
• Citi Cash Back+ Card — 1.6%, no minimum spend
• Standard Chartered Simply Cash Card — 1.5%, no minimum spend

Looking at other no-minimum cards, the DCS Ultimate Platinum MasterCard offers 2% cashback with no minimum required. There is a cap of $200 cashback per month, which you’ll hit once you spend $10,000.

GXS's 1.75% technically beats the UOB, Citi, and SC cards on paper (though not the DCS card's 2%), but only if you clear $500 in eligible spend a month. If you'd hit that anyway, it's a genuine win. If you typically spend less, an unlimited no-minimum card might suit you better.

One other unlimited cashback card also gates its rate behind a minimum: the CIMB World Mastercard asks for $1,000 in monthly spend to unlock 2% cashback, and stands out as one of the few cashback cards that also comes with airport lounge access.

Pros of the GXS Credit Card

• Uncapped cashback on both the 1.75% base cashback and Singtel cashback rates
• Flat 10% GrabCoins on all overseas Grab spend, with no minimum spend required
• Zero foreign transaction fees on unlimited overseas transactions
• Flexible credit limit and choice of repayment date at sign-up
• First-year annual fee waived for approvals by 31 December 2026

Cons of the GXS Credit Card

• Local Grab spend is bracketed—only the portion above $1,000 in a cycle earns the full 10%, so the effective rate on your Grab spend will usually sit well below the headline figure
• Miss the $500 off-Grab minimum, and your entire Grab spend falls back to 3%, regardless of how much you've spent on Grab
• GrabCoins are credited to your Grab account, not your card, and can't be converted to cash or transferred
• GXS retains broad discretion to update the value of its GrabCoins, so the GrabCoins you’ve earned are susceptible to devaluations should they lower the conversion rate of GrabCoins to S$.

Is this card for you?

Ask yourself if you:

• Already spend regularly on Grab (rides, food delivery, or Mart) and want to be rewarded for it
• Pay your Singtel bill by credit card and want cashback with no strings attached
• Are comfortable with a bracketed reward structure rather than one flat bonus rate
• Travel to countries where Grab operates and want to earn on that spend without FX fees

If most of these sound like you, the GXS Credit Card is a rewarding pick for Grab-and-Singtel households. If your Grab spending is occasional and light, though, the bracketing may mean you rarely see better than the entry-level 3%.

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8. GXS Credit Card promotion

Metal version of the GXS Credit Card (Image: GXS)

There's no typical sign-up bonus for the GXS Credit Card, but there is one perk on the table: a limited-edition metal card, available to the first 1,000 customers who order a physical card from 18 August 2026. Note that this is a one-time, quantity-limited perk rather than an ongoing sign-up offer, so act fast if you want a shiny metal card.

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9. Alternatives to consider

Citi Cash Back Card: Better suited to drivers and regular private-hire commuters. It offers 8% cashback on petrol and private commute spend and 6% on dining and groceries, with an $800 monthly minimum. Total cashback is capped at $80 per statement month across all retail categories combined—not tiered by category, so spenders across multiple categories will hit that ceiling faster than the headline rate suggests. Since its 8% applies on various private commute spend, it’s more suitable if you aren’t a Grab loyalist and may also use other ride-hailing services to get around.

UOB One Card: A stronger pick for Grab loyalists chasing one high rate. It earns 8.33% cashback on Grab spend with a $600 monthly minimum (plus at least 10 transactions that month). The downside is that the minimum needs to be met in every month of the quarter to qualify. Miss one month, and you lose the bonus rate for the whole quarter, not just that month.

DBS Live Fresh Card: Like the Citi Cash Back Card, this card is worth a look if transport more broadly—not just Grab, but ride-hailing and taxis too—is your priority. It earns 6% cashback on transport spend with an $800 monthly minimum, capped at $20 a month, which works out to about $333 of transport spend before you hit the ceiling. You’ll notice its 6% is lower than Citi Cash Back’s 8%, but the DBS Live Fresh Card may do better for you if you’re a shopaholic, with its 6% cashback on shopping.

Want to stay in the GXS family but prefer a different reward structure? Our GXS FlexiCard review covers GXS's other card in full.

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P.S. Here’s our MoneySmart credit card ranking rubric

In case you’re wondering, here’s how we decide on our credit card rankings.

Check out all our MoneySmart credit card reviews: The Ultimate List of Credit Card Reviews in Singapore.

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