GXS FlexiCard—MoneySmart Review (2024)

The GXS FlexiCard is a very unusual credit card. While other credit cards impose interest charges of around 27.9% if you make a late payment, this card comes with zero interest. Most credit cards slap you with a 3.25% foreign transaction fee, but that for the GXS FlexiCard is also zero. And while practically every credit card has a minimum income requirement of (usually) $30,000 per year, the GXS FlexiCard’s income requirement is—you guessed it—zero.

What about its rewards? If you were thinking that the catch must be that the GXS FlexiCard doesn’t earn you any cashback/miles/rewards, you’d be mistaken. This card earns you instant cashback when you spend a minimum of $10 in a single transaction. 

So, what is the catch with the GXS FlexiCard? I can think of at least 2. Read on to find out what they are.

 

GXS FlexiCard—Is it MoneySmart?
Overall: ★★★☆☆ (3.2/5) Best for: Lower income earners, those who can use this card responsibly like a low-interest loan, and those looking for an overseas spending card with no foreign currency fees. The catch: While there is no interest per se, you do pay a flat $5 Flexi fee if you can’t make full payment. There’s also a $500 credit limit each month, and the cashback earned is randomised and capped at $3 per $10 or higher transaction.
Pros—What we like			Cons—What we don’t like
– 0% interest – Zero foreign transaction fees – Accessible; no minimum income requirement – Instant cashback per transaction, and no cap on how many rewards you can earn			– The interest is charged as a flat $5 fee instead of a percentage on your outstanding balance – Cashback earned is randomised. You get $3 if you’re lucky, and (from online reviews) a few cents if you’re not.
GXS FlexiCard at a glance
Category		Our rating		The deets
Earn rates: Cashback		★★☆☆☆		– Get rewarded with instant cashback for every eligible transaction that’s S$10 (or foreign currency equivalent) and above. – Cashback amount per reward is randomised—could be a few cents to up to $3. – No limit to number of rewards you can earn – Almost all categories are eligible for rewards. Exceptions include: transactions on the Grab mobile application in Singapore, investments, remittance services, stored-value card top-ups, gambling, religious, political, charitable and social service organisations – Fixed S$500 credit limit per month
Earn categories		★★★★★
Annual fees and charges		★★★★☆		S$54.50 (inclusive of GST). Waived for the first year.
Accessibility		★★★★★		No income requirement. Singaporeans and Permanent Residents (PRs) are eligible. Eligible age: 21 to 55 years old
Extras/periphery rewards		★★☆☆☆		– Each month, you can either pay in full or make a minimum payment from $15 with a $5 Flexi fee. – Balance carried to the next month will not incur any interest
Sign-up bonus		★☆☆☆☆		From now till 31 Dec 2024, get $20 cashback when you apply for the GXS FlexiCard and spend $200 on it by the end of the next calendar month. Terms and conditions apply.

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

 

GXS FlexiCard—MoneySmart Review (2024)

1. Summary
2. How much cashback do I get?
3. How the minimum repayment, Flexi fee, and late fee work
4. Summary of fees and charges
5. Can I get an annual fee waiver?
6. Should I get the GXS FlexiCard?
7. GXS FlexiCard promotion
8. Alternatives to the GXS FlexiCard

 

1. GXS FlexiCard: Summary

The GXS FlexiCard is branded as a “no-interest credit card with unlimited instant rewards and no minimum income requirement.” Briefly, let’s talk about those 3 things I bolded.

No interest

It’s true—the GXS FlexiCard does not have any interest charges. However, if you only make the minimum payment of $15 instead of full payment, you will incur a “Flexi fee” of $5. The interest is shifted from a percentage on your outstanding bill to a flat fee.

Unlimited instant rewards

For each transaction that is $10 and above, you get a chance to earn up to $3 cashback. The cashback is randomised and is per transaction—even if you bought a $500 set of headphones, you’ll still only earn $3 cashback at best. On the plus side, rewards are unlimited—if you’re super duper (unrealistically) lucky, you can earn $3 cashback again and again up till you hit your credit limit.

No minimum income requirement

The GXS FlexiCard is perfect if you’re just starting out in your career, a gig worker, or are self-employed. Income is not an eligibility requirement—though age (21 to 55 years old) and nationality (Singaporeans and PRs) are.

The only other thing you should know about the GXS FlexiCard is that it charges 0% foreign transaction fees. If you’re not chasing miles and just want a card for low-fee overseas spending, it’s an option.

 

2. GXS FlexiCard: How much cashback do I get?

Think of the cashback you earn from the GXS FlexiCard as a scratchcard system. For every transaction that’s at least $10, you get 1 sure-win “scratchcard” to earn a cashback reward. You only get 1 scratchcard/reward per transaction; spending $50 at one shot doesn’t earn you 5.

GXS says you can earn up to $3 cashback each time. If you get that on a $10 purchase, that’s a fantastic cashback rate of 30%.

But more realistically, you’re not going to spend exactly $10 per transaction, and that means your cashback rate will be lower. Plus, it seems new users are more commonly earning just a few cents per reward instead of the $3 golden egg:

If earning cashback is your main objective, the GXS FlexiCard is not for you. The randomised nature of the cashback mechanism just isn’t something you can rely on to rake in cashback.

 

3. GXS FlexiCard: How the minimum repayment, Flexi fee, and late fee work

What is the minimum I must repay each month?

Scenario 1: If your total billed amount is $15 or less at the end of the month, you have to repay the full sum you owe.

Scenario 2: But if your total billed amount is more than $15 at the end of the month, the minimum you have to pay is $15. You can carry over the remaining balance to the next month with no interest charged.

 

What is the GXS FlexiCard’s Flexi fee? 

Assuming it’s the second scenario and you pay $15 (or more, but just don’t make the full payment), you’ll also incur what GXS calls a “Flexi fee”. This is a flat $5 fee you cough up to delay the full payment with no interest.

While $5 is lower than being charged 27.9% interest on the outstanding balance, as practically every other credit card will charge you, remember that owing the bank money still comes at a price. Don’t make it a habit just because it’s a cheaper option.

 

What is the GXS FlexiCard’s late fee? 

If you fail to make full payment in the first scenario or fail to pay at least $15 in the second scenario, you’ll incur a late fee. This is a flat $50.

 

4. GXS FlexiCard: Summary of fees and charges

Here’s a quick look at the GXS FlexiCard fees, charges, and more.

GXS FlexiCard fees and charges
Annual card fee	S$54.50 (inclusive of GST) Waived for the first year.
Minimum monthly repayment	$15 (unless total billed amount is less than $15)
Flexi fee	S$5 if payment is not made in full.
Late fee	$50 if the minimum payment is not met
Interest charges	None
Credit limit	S$500
Foreign currency transaction fee	None

Note: Currently, GXS does not offer cash withdrawal services locally or overseas.

 

5. GXS FlexiCard: Can I get an annual fee waiver?

The GXS FlexiCard comes with an annual fee of S$54.50 (inclusive of GST). I’m a little disappointed about this, since there are credit cards without a $500 credit limit and with higher cashback that don’t charge an annual fee—the CIMB World Mastercard, for example.

On the bright side, at least the first year’s annual fee is waived for the GXS FlexiCard. Can the fee be waived for subsequent years? Since it’s so new, it remains to be seen whether GXS will readily accept fee waiver requests.

However, they have published instructions on how to request for a GXS FlexiCard fee waiver:

Option 1: Via the GXS Help Centre

1. Log in to the GXS Bank app
2. Navigate to the GXS Help Centre and tap on ‘Get help’
3. Select ‘Contact us via email’
4. Choose ‘Fee waiver’, specify the fee type, and provide a reason for the waiver
5. Tap ‘Submit request’

Option 2: Via GXS FlexiCard transaction history

1. Log in to the GXS Bank app
2. Navigate to your transaction history
3. Select the transaction for which you want a fee waiver
4. Tap on ‘Get help’, then ‘Contact us via email’
5. Choose ‘Fee waiver’, specify the fee type, and provide a reason for the waiver
6. Tap ‘Submit request’

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ALSO READ: How to Get Credit Card Annual Fee Waivers and Still Enjoy Rewards and Perks

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6. Should I get the GXS FlexiCard? 

GXS Bank has this to say about who their new credit card is for:

“The GXS FlexiCard is designed for consumers who are new to credit or who often struggle with access to credit products due to a lack of credit bureau history. These include individuals who are about to embark on or have just started their careers, gig workers and entrepreneurs.”

While I can see the usefulness of the GXS FlexiCard for such groups of people, I am also wary. If you’re “new to credit”—or actually, even if you aren’t—the last thing you want to do is get into the habit of owing money.

The GXS FlexiCard makes it relatively less expensive to carry money owed into the next month with its $5 flat fee instead of the usual 27.9% interest rate. This is useful; essentially, you can use this card like a low-interest $500 loan (if you max out the credit limit). However, don’t make it a practice to owe the bank money.

 

Get the GXS FlexiCard if you:

• Are a gig worker, self-employed, or currently don’t have an income that would qualify you for other credit cards. The GXS FlexiCard has no income requirement.
• Can responsibly use the GXS FlexiCard as if it’s a small loan for necessary purchases. You can charge up to $500 in a month to the card, and pay back only $15 + a $5 Flexi fee. The outstanding balance you carry over will not incur interest.
• Need a card to use for overseas spending that will not incur a foreign transaction fee. In this sense, the GXS FlexiCard functions a bit like YouTrip or Revolut, except you don’t need to top it up. That said, if you want a zero foreign transaction fee card with rewards, consider the Amaze Card or the Trust Cashback Credit Card. The latter 2 also don’t require top-ups.
• Can foresee that you may have trouble paying back your credit card bills in full—at least the GXS FlexiCard won’t charge you 27.9% interest. However, if you do know you’ll have trouble with this, perhaps you should rethink your budgeting and saving habits altogether.

 

Don’t get the GXS FlexiCard if you:

• Prioritise rewards—the cashback you earn with the GXS FlexiCard is randomised. You could just earn a few cents per transaction, and larger transactions don’t guarantee you larger rewards. Don’t count on this card for cashback—it’s just a small bonus.
• Earn at least $30,000 a year as a Singaporean, or $42,000 to $45,000 as a Permanent Resident. This would qualify you for most entry-level cashback credit cards out there, all of which have better cashback rates than the GXS FlexiCard’s randomised system.
• Need to spend more than $500 a month on your card—the GXS FlexiCard has a fixed $500 credit limit. 
• Will be tempted to make purchases you don’t really need, knowing that you won’t incur interest charges. Don’t get a credit card that will introduce debt into your life!

 

7. GXS FlexiCard promotion

From now till 31 Dec 2024, get $20 cashback when you apply for the GXS FlexiCard and spend $200 on it by the end of the next calendar month. Terms and conditions apply.

As far as credit card promotions go, $20 cashback isn’t very generous. But it’s better than nothing if you were gonna get the GXS FlexiCard anyway.

 

8. Alternatives to the GXS FlexiCard

If income requirements are a barrier to entry for you but you still want rewards, look beyond credit cards. The DBS Visa Debit Card earns you up to 4% cashback when you spend on online food delivery and 3% on local transport. Plus, it also has no income requirement.

If you want to use the zero foreign transaction fee feature of the GXS FlexiCard, consider the multi-currency cards like YouTrip or Revolut. You’ll need to top these up, and you won’t earn any rewards with them.

Want to earn cashback on your overseas spending, but still don’t want to pay foreign transaction fee? Use the Amaze Card by linking your Mastercard to it, or get the newly launched Trust Cashback Credit Card. I’m not a fan of the latter for local use as a cashback credit card, but it’s good for overseas spending since it doesn’t charge you foreign currency fees.

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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.

Is that credit card MoneySmart? Our MoneySmart credit card ranking rubric
Category	Our rating
Overall	The average rating for the credit card on the whole, calculated from the ratings for the individual categories below. Plus, we’ll give you a one-liner on who we think the credit card is best suited for.
Earn rates: Air miles / Cashback / Rewards points	Air miles / Cashback / Rewards points. This category looks at the depth rather than breadth of earn rates. 5 stars means this card’s got the highest earn rates within that credit card type. 3-4 stars mean it’s average 1-2 stars reflect earn rates that are below average.
Earn categories	This category looks at the breadth rather than depth of your earnings. 5 stars: Earn with ANY spend. 3-4 stars: Earn on a large number of categories (e.g. all dining, transport and retail, but not telco bills) OR earn on 1 very broad category (e.g. all contactless/mobile payments). 1-2 stars: Earn a decent rate only on selected categories, such as fast food only.
Annual fees and charges	5 stars: $0  4 stars: $1-200 3 stars: $201-500 2 stars: $501-$999 1 star: $1,000 and up We dock a star if fee waiver is NOT allowed.
Accessibility	Minimum income requirements: 5 stars: Less than $30,000 a year 4 stars: Around $30,000 a year for Singaporeans and $40,000-$45,000 for non-Singaporeans 3 stars: $30,000-$60,000 a year for Singaporeans, $40,000-$70,000 for non-Singaporeans 2 stars: $60,000-$120,000 a year for Singaporeans, $70,000-$120,000 for non-Singaporeans 1 star: $120,000 and up for either, or both Exclusivity: We dock 1-2 stars if there is/are another category/categories that make the card exclusive and very specific to a certain clientele.
Extras/periphery rewards	These include: Travel benefits, such as airport lounge access Lifestyle benefits, such as spa privileges Dining benefits, such as complimentary AMEX Love Dining or Entertainer with HSBC subscriptions We count the number of benefits and award between 0.5 to 2 stars for each, depending on how good the perk is.
Sign-up bonus	5 stars: The gift(s), cash, or miles are the highest we see out there compared to other credit cards of the same type (miles, cashback, etc). Also easy to attain these welcome bonuses. 3-4 stars: Average but not disappointing sign-up bonus compared to other credit cards. You aren’t losing out. 1-2 stars: You are probably losing out in terms of the welcome bonus you’re getting; there are other similar credit cards with sign-up bonuses that are better or easier to attain.

Check out our ultimate list of credit card reviews for the low-down on credit cards in Singapore.