Tech unicorn Seize has taken e-wallets to the following degree — final yr, the homegrown firm introduced their latest launch, the GrabPay Mastercard. This features a digital card, in addition to an precise, bodily card you can signal and swipe nearly in all places in Singapore (Mastercard, mah).
So how is Seize’s “bank card” in Singapore holding as much as the various e-wallet suppliers? Let’s discover out.
1. How does the GrabPay Mastercard work?
Key options of the GrabPay Mastercard:
- Debits funds out of your GrabPay pockets
- Can be utilized anyplace that accepts Credit cards (together with abroad)
- Can be utilized on- and offline
- Has 2 variations: a digital one, and a bodily card
It will appear that the GrabPay Card is extra to reinforce the GrabPay system, meant to widen the scope of retailers GrabPay is accepted at.
It’s not precisely meant to compete with banks within the bank card area (not for now, a minimum of). In reality, it’s really extra of a debit card. Simply that as a substitute of debiting out of your checking account, the cash is deducted out of your GrabPay e-wallet.
There are 2 variations: a digital and bodily one. For present GrabPay customers, the GrabPay Mastercard does appear fairly a giant and worthy improve. Nevertheless, if you happen to don’t use GrabPay, there’s most likely not a lot incentive so that you can begin now (extra on that under).
2. The place is the GrabPay Mastercard accepted?
With the GrabPay Mastercard, now you can use your GrabPay steadiness nearly in all places, on- and offline.
Beforehand, GrabPay was solely out there at chosen retailers. You needed to search for the GrabPay brand on their SGQR sticker, then scan the QR code along with your app to ship the cash over.
Whereas GrabPay (together with different QR code cost programs like PayNow, Paylah! and FavePay) had been getting more and more widespread within the current yr or so, it’s nowhere close to Visa and Mastercard’s league.
By partnering Mastercard, GrabPay is now accepted nearly in all places, even on-line. So long as the shop accepts Mastercard, they are going to settle for the GrabPay Mastercard. It really works like an everyday Mastercard — you may swipe and signal it as you’ll some other card.
3. What GrabRewards are you able to earn with the GrabPay Mastercard?
Relying on which Seize membership tier you’re on, every GrabPay Card transaction means that you can earn 3 to six GrabRewards factors per $1 spent. Right here’s an infographic from Seize’s web site for instance.
At an “change price” of 10 GrabRewards factors to 1 KrisFlyer mile, that’s… not loads. You’ll principally earn 0.3 to 0.5 miles per $1 spent.
However that’s nonetheless higher than nothing, particularly for transactions like insurance coverage premium funds, which most bank cards exclude from incomes any factors or cashback in any respect.
4. What safety features does the GrabPay Mastercard have?
Curiously, the bodily GrabPay Mastercard is numberless. That actually implies that there isn’t any quantity printed on the cardboard itself.
That is primarily a safety function, as a result of it makes bank card theft and fraud rather more tough. Though Singapore is sort of secure, such crimes are fairly prevalent in different international locations — as such, this function is especially helpful for travellers.
After all, the cardboard isn’t really “numberless”. You may nonetheless entry your card quantity through your Seize app, so you may make on-line purchases and retrieve your card particulars everytime you want.
For those who lose your card, you may instantly block it through the app too.
5. How a lot does it cost for international forex transactions?
One other function that makes this card good for travellers — when journey opens up once more — is the aggressive international transaction price of two%.
For those who’ve been scrutinising your card’s T&Cs, you’ll have observed that many banks now cost 3.5% or extra for foreign exchange transactions. Yikes.
After all, whenever you transact abroad, the ultimate quantity you pay = the worth in international forex x change price x international transaction price.
Seize solely controls the final one. For the change price, it’s determined by Mastercard.
Seize is, nonetheless, fairly clear about these fees — customers can verify the quantity charged straight on the Seize app. You received’t have the ability to verify the speed earlier than swiping your card, however that’s fairly customary throughout all bank cards anyway.
A caveat: Whereas utilizing GrabPay Card on foreign exchange transactions is perhaps cheaper than the common bank card, it’s nonetheless not as low-cost as a devoted multi-currency pay as you go card like Clever, YouTrip or Revolut.
6. Does the GrabPay Mastercard work with Apple Pay?
Since most financial institution playing cards are suitable with Apple, Google and Samsung Pay, many people have gotten used to tapping our telephones to make cost.
However this isn’t one thing we must always take as a right. For example, the GrabPay Mastercard is presently solely suitable with Samsung Pay. When you’ve got a Samsung telephone, you don’t really want the bodily card. You may simply add the digital card to Samsung Pay, and use it offline.
Nevertheless, it isn’t but out there to be used with Apple and Google Pay, which most individuals use. That is frankly unacceptable in 2021.
7. What different perks does the GrabPay Mastercard include?
Lastly — and maybe most apparently — the GrabPay Mastercard comes with 3 sorts of umm, “insurance coverage”.
Cellular safety insurance coverage
For those who pay your month-to-month cell invoice along with your GrabPay card, your telephone will probably be protected in opposition to unintentional injury or theft. The insurance coverage is supplied by AIG, issued by Seize.
Do word that the protection will cease if you happen to fail to pay your invoice in any month, solely resuming 15 days later.
Learn: full particulars of GrabPay’s cell safety insurance coverage
E-commerce safety
That’s not all. For those who make a web-based buy utilizing your GrabPay Mastercard, you can be protected in opposition to “incomplete supply or if flawed/faulty merchandise are delivered”.
This sounds good in concept (and it is perhaps), however there are fairly a number of exclusions to the merchandise lined. Some notable ones embody: money, bullion, tickets of any sort, meals and different consumables.
You will discover the extra particulars right here: full particulars of GrabPay’s e-commerce safety.
Flight delay passes
Lastly, if you buy your flights utilizing your GrabPay Mastercard and it will get delayed for over 2 hours, you will get complimentary passes into airport lounges.
You may declare them for as much as 2 registered flights per calendar yr. You will discover out extra right here: MasterCard flight delay passes
Conclusion — who ought to get the GrabPay Mastercard?
Again when journey was really potential, the GrabPay Mastercard was a reasonably helpful product. The numberless function makes it safer, and it provides a extra aggressive international transaction price than most banks.
However what about now?
Properly, the GrabPay Mastercard might be extra for these already hooked on the Seize platform and its rewards scheme. Nevertheless, if you happen to’re not already utilizing GrabPay, there’s not a lot of a distinction — there aren’t any direct reductions or incentives.
It doesn’t struggle within the bank card area, so that you don’t earn issues like miles and cashback. If that’s what you’re after, the GrabPay Mastercard received’t be appropriate for you as the one incentives are the Seize Rewards factors.
Personally, I don’t suppose it’s value switching over to the GrabPay Mastercard as a result of many banks have began to exclude Seize top-ups of their advantages, particularly for money again.
That implies that though a $100 top-up to your GrabPay pockets will depend in direction of your month’s complete spend (for individuals who have to hit a minimal spend), it might not be eligible for bonus money again, air miles or rewards.
Discovered this text helpful? Share it with anybody on the fence in regards to the GrabPay Mastercard.
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