Have you always felt that shares are too expensive to buy and haven’t bought any? Or perhaps you haven’t invested in any shares yet—which you really should, but if you’re not sure how to, you should really check out our beginner’s guide to investing—you’ll soon be able to get a share (haha see what I did there?) or more.
The new Tiger BOSS Debit Card from Tiger Brokers (Singapore) and Wise Asia lets users earn fractional shares for every dollar spent.
Wait, what? We know about credit cards that give cashback, miles and rewards when you spend on the card, but giving shares is a first.
Now before you get too excited, you’re not suddenly going to get a basketload of shares and become rich. What the Tiger BOSS Debit Card offers are fractional shares.
According to Investopedia, “A fractional share is a portion of an equity stock that is less than one full share”. So if you can’t get your hand on a high-performing stock just because it’s too expensive, now’s your chance to.
Tiger BOSS Debit Card—MoneySmart Review 2024
- Tiger BOSS Debit Card—Summary
- Tiger BOSS Debit Card—How does it work?
- Tiger BOSS Debit Card—Pros and cons
- Should I get theTiger BOSS Debit Card?
- How does theTiger BOSS Debit Card compare to other unlimited cashback cards?
- Tiger BOSS Debit Card—Sign-up promo
- Alternatives to the Tiger BOSS Debit Card
Tiger BOSS Debit Card—Is it MoneySmart? |
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Overall: ★★★☆☆ (3.5/5) |
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Pros—What we like | Cons—What we don’t like | ||||
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Tiger BOSS Debit Card | |||||
Category | Our rating | The deets | |||
Earn rates: Cashback | ★★★☆☆ |
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Earn categories | ★★★☆☆ | ||||
Annual fees and charges | ★★★★☆ |
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Accessibility | ★★★★★ |
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Extras/periphery rewards | ★★☆☆☆ |
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Sign-up bonus | ★★★★☆ |
From now till 13 May 2024, new sign ups will get:
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See our credit card ranking rubric to find out how we rank credit cards.
Tiger BOSS Debit Card summary
The Tiger BOSS Debit Card was launched “to address the challenges faced by new investors, particularly limited capital”, according to Ian Leong, Tiger Brokers’ CEO.
Tiger Brokers hopes to make investment more accessible to more people, create more awareness about the compounding of wealth, and nurture a more financially informed generation of investors. This also kind of inspired the “boss” in the card name so more people can feel like a boss when navigating the financial markets and be in control of their finances.
So by offering the Tiger BOSS Debit Card, regular folks like you and I now have a chance to get a share of more expensive stocks that would normally be out of our reach, since they require a large initial investment.
Think of the fractional shares just like the cash back or miles that you gain when you spend on your other cards. Furthermore, there’s also no expiry date or lock up with the fractional shares earned so you can basically hold them forever. Of course, the shares are still subjected to market fluctuations.
Tiger BOSS Debit Card—How does it work?
With the Tiger BOSS debit card, you’ll earn 1% of your spend, like cash back, in TSLA (Tesla) fractional shares* for every transaction made.
This applies to everyday spending from groceries and dining to shopping or transport rides. Some categories are not eligible for the cashback such as utilities, insurance, parking, etc. The full list is available on Tiger’s website.
So let’s say you paid $200 for your groceries using your Tiger BOSS debit card, you’ll get 1% of $200 which is $2.
To be eligible for the share, you have to earn more than $1 in cash back. So you’ve got to at least spend $100, which gives you a cashback of $1. If you haven’t earned $1 of cash back, you can accumulate your spending on the card.
Note that the TSLA share is only during this promotion period until 30 April 2024. There’s no guarantee that Tiger will continue to give the same TSLA share after.
Tiger BOSS debit card | |
Annual Fee (Principal Card) | $0 |
Foreign Currency Transaction Fee | Mid-market exchange rate, with a nominal fee*
No conversion fees for payments made using funds from the currency wallet |
Overseas ATM withdrawal fee | SGD 5 administrative fee and 2% service fee per withdrawal |
Minimum Income | N/A |
Card Association | Visa |
Contactless Payment | Apple Pay, Google Pay |
Tiger BOSS Debit Card—Pros and cons
With favourable foreign exchange rates, any spending overseas is also eligible for the cashback, so that’s great news for those who like to go on shopping sprees when they’re on holiday.
What’s more, because of its partnership with Wise, cardholders can take advantage of competitive foreign exchange rates when they spend overseas. There’s also no worry about safety because if you lose your card, you can also freeze it instantly.
If you use it at an ATM overseas to withdraw cash though, there will be a $5 admin charge and a 2% service fee per withdrawal, so it’s probably better to just stick to card payments.
To help you keep track of your transactions, you can opt to be notified for every transaction.
Should I get the Tiger BOSS Debit Card?
If you want to get it, the application is free. All you need to do is sign up for a Tiger Trade account and register for the BOSS card on the Tiger Trade app. The card will be delivered to you in 10 business days
If you can’t wait for the card to arrive via snail mail and just have to purchase something immediately, you can also use the virtual card. Simply add it to an e-wallet like Google Pay or Apple Pay. Make sure you top up your Tiger account first.
While it’s a way to bring more users onto Tiger Brokers, it could be beneficial for those new to investing or those searching for a different brokerage. Check out our review of Tiger Brokers for more information.
Tiger BOSS Debit Card sign-up promo
Those who sign up will receive 1% cashback in TSLA fractional shares. You have to make a successful transaction* on the card before 30 April 2024 to qualify for the TSLA fractional shares.
During the promo period, the first eligible purchase that you make on the card gives you a $5 cash reward for you and your friend.
As part of the sign-up promo, you’ll also get $5 for every successful referral made, provided they spend using the card and also stand a chance to win $888 for every three successful referrals. There’s also a very generous limit on referrals—you can make up to a maximum of 300 referees!
Bear in mind that the campaign runs only for a limited time.
*Terms and conditions apply.
Alternatives to the Tiger BOSS Debit Card
Well, it’s a bit tough to compare the Tiger BOSS Debit Card to any others when it’s the first of its kind. But since you get cashback in the form of shares, we’ll compare it to some cashback credit cards.
The OCBC INFINITY Cashback Card is an unlimited cashback credit card that gives 1.6% unlimited cashback with no minimum spend.
The UOB Absolute Cashback Card comes with 1.7% cashback.
Another is the Citi Cash Back+ Card with 1.6% cashback which does not expire.
If you’re still unsure about what card to get for yourself, check out our ultimate list of credit card reviews for the low-down on credit cards in Singapore.
P.S. Here’s our MoneySmart credit card ranking rubric
The Tiger Boss Debit Card isn’t a credit one but the rubric applies!
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.
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Earn categories | This category looks at the breadth rather than depth of your earnings.
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Annual fees and charges |
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Accessibility | Minimum income requirements:
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:
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 |
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