The Finest Debit Playing cards in Singapore (2020)

For a lot of Singaporeans, getting your first debit card as a broke pupil was a very thrilling expertise that meant you may lastly purchase stuff on-line with out wheedling Mother and Dad.

Aside from unlocking an entire new world of on-line gaming and quasi-contraband items, debit playing cards are handy too. Most debit playing cards in Singapore have a number of features as ATM playing cards, EZ-Hyperlink playing cards, CashCards and so forth.

However, as with bank cards, some debit playing cards are higher than others. Right here’s a rundown of one of the best debit playing cards in Singapore so you possibly can see how yours stack up.

Finest debit playing cards in Singapore (2020)

Finest DBS debit card: DBS Visa Debit Card

The DBS Visa Debit Card has my vote for being the among the finest debit playing cards in Singapore. You get 3% cashback for contactless (e.g. Visa PayWave, Apple Pay) transactions with the next circumstances met:

• Spend at the least $400 a month in your debit card
• Restrict money withdrawals to $400 or much less a month (applies to all of your DBS/POSB accounts)
• Cashback is capped at $20 a month

That is nice as a result of many supermarkets, eating places and retailers settle for PayWave. Provide to pay first for the household’s groceries or group dinners, and you’ll simply hit the minimal spend. Notice, although, that PayWave transactions are capped at $200 per transaction.

The money withdrawal limitation is somewhat annoying, however nobody’s stopping you from opening an account with one other financial institution.

Alternatively, you will get money while you make a purchase order at supermarkets and comfort shops which are Money-Factors. These aren’t counted by DBS as money withdrawals.

Different issues to know:

• Can be utilized abroad with no overseas transaction payment if paired with a DBS Multi-Forex Account
• Works as a NETS card (however NETS transactions don’t contribute to the $400 minimal spend)
• Has the SimplyGo operate so you possibly can faucet the cardboard on buses and trains with out having to top-up your card.

Finest POSB debit card: POSB PAssion Debit Card

Okay, I do know that is kinda dishonest since DBS and POSB are principally the identical financial institution, however my interior auntie gained’t let me get away with not together with the POSB PAssion Debit Card.

Purpose: This debit card comes with free PAssion membership (U.P. $12 for five years). Don’t know what’s so nice about that? My good friend, you clearly haven’t learn this masterpiece about PAssion card advantages by fellow auntie, Eugenia.

Oh and in case you spend at the least $400 a month on the POSB PAssion Card, you get 4% rebate at Large, Chilly Storage and Guardian. Nevertheless, since all these locations settle for PayWave, the DBS Visa Debit Card provides you a greater rebate.

When you’ve got a household, you additionally get 5% rebate at fashionable Singapore locations of points of interest and 1-for-1 tickets on the tenth of each month. This promotion ends 31 March 2020.

Different issues to know:

• 1% cashback at Takashimaya for all with no minimal spend
• Works as a NETS card
• Has the SimplyGo operate so you possibly can faucet the cardboard on buses and trains with out having to top-up your card. 

Finest Citibank debit card: Citibank Debit Mastercard

Effectively, this was straightforward. Citibank solely has the one debit card: Citibank Debit Mastercard. No matter whether or not you financial institution with Citibank commonly, it is a helpful debit card for frequent travellers.

This debit card (no annual payment, btw) works as a multi-currency card in case you hyperlink it to a Citibank International International Forex Account. Like with the DBS Multi-Forex Account, you possibly can simply convert SGD to 9 foreign exchange: AUD, CAD, EUR, HKD, JPY, NZD, GBP, USD and Swiss Franc.

Specify your most well-liked forex for the Citibank Debit Mastercard earlier than travelling, after which you may make abroad purchases in native forex and withdraw money from ATMs abroad with out conversion charges or admin costs.

So why decide this as an alternative of the DBS Visa Debit Card? Citibank has the higher international ATM community – in sure locations you gained’t discover DBS ATMs in any respect.

Different issues to know:

• Can be used for ERP funds with none saved worth
• Has the SimplyGo operate so you possibly can faucet the cardboard on buses and trains with out having to top-up your card. 

Finest Normal Chartered debit card: Normal Chartered XtraSaver Debit Card

Normal Chartered has a number of debit playing cards, and the one you’ll get is dependent upon which checking account you select. In the event you plan to financial institution with StanChart, take into account the Normal Chartered XtraSaver Debit Card which is linked to the XtraSaver account.

So long as you preserve a minimal stability of $6,000 in that account, you will get a really respectable 7% cashback on petrol (together with Malaysia), capped at $40 a month. When you’ve got an account stability of at the least $200,000, you possibly can stand up to fifteen% however the cap doesn’t change.

You additionally get 1% cashback on all different spending charged to your debit card.

Nevertheless, there’s a $20 annual payment, and Citibank doesn’t let you know the way it will get waived.

Different issues to know:

• Works as a NETS card
• Annual payment of $20

Finest UOB debit card: UOB Debit Card / UOB Direct Visa Debit Card

UOB has a number of debit playing cards in its secure, however I’d urge you to disregard the snazzier-looking ones just like the KrisFlyer UOB Debit Card and the UOB Delight Debit Card. Two phrases: Annual charges.

Sure, imagine it or not, UOB costs annual charges on their debit playing cards – and a few will not be that straightforward to waive.

The boring-sounding UOB Debit MasterCard and UOB Direct Visa Debit Card are UOB’s plainer choices, however their annual charges are waived for 3 years and subsequently take simply 12 transactions to waive.

Both card could be paired with the UOB One financial savings account, which helps you to get larger curiosity in case you spend at the least $500 a month in your card.

Aside from that, there’s nothing very particular in regards to the UOB debit playing cards. Their greatest perk is the SMART$ rebates programme, the place you earn factors at a bunch of taking part retailers corresponding to petrol kiosks and supermarkets. The factors could be redeemed towards your subsequent buy, successfully supplying you with a modest rebate.

The UOB Direct Visa Debit Card now has 1% rebate on Seize. However that’s contingent on a minimal spend of $500 on Seize within the month, and the max cashback is $20. I don’t know if that is for salespeople who get to say their transport prices, however who spends $500 on Seize?!

Different issues to know:

• Works as a NETS card
• Annual payment of $18 (waived for 3 years)
• Has the SimplyGo operate so you possibly can faucet the cardboard on buses and trains with out having to top-up your card. 

Finest OCBC debit card: OCBC Plus! Visa Debit Card

For one of the best OCBC Debit Card, we suggest the OCBC Plus! Visa Debit Card, because it was a robust one for individuals who buys groceries at NTUC Fairprice (virtually each Singaporean who’s not on RedMart).

For the OCBC Plus! Visa Debit Card, you get an honest 4% rebate at NTUC FairPrice, Unity and Warehouse Membership in case you spend $200 outdoors of the “NTUC community” that month. Spend $500, and your rebate goes as much as 7%. You additionally get 3% hyperlink factors when procuring on FairPrice On. 

The draw back is that the OCBC Plus! Visa Debit Card has an annual payment of $24. That is waived for the primary 12 months and subsequently takes $1,200 of spending per 12 months (avg. $100 a month) to waive.

Assuming you’re in your early 20s or a pupil, as an alternative of the OCBC Plus! Visa Debit Card, the OCBC YES! Debit Card is a extra inclusive card that you would be able to profit from. You get 1% rebate on “day by day Visa spend” with a minimal spend of $400. Take observe that that it solely applies for transactions from chosen retailers, however the annual payment is waved perpetually, so it’s nice for youthful debit card customers (e.g. college students).

Different issues to know:

• Annual payment of $24 (waived for 1 12 months)
• 4% or 7% rebate at NTUC + reductions at Esso
• Has the SimplyGo operate so you possibly can faucet the cardboard on buses and trains with out having to top-up your card. 

Finest HSBC debit card: HSBC Debit Card

HSBC has two debit playing cards, the  one HSBC Debit Card. It has no annual charges – yay.

Just like the Citibank debit card, it presents abroad money withdrawal with no transaction payment at HSBC ATMs. Nevertheless, that is ONLY for HSBC Advance and Premier account holders. In the event you do qualify, the nice factor is that HSBC has a robust ATM community in nations like Hong Kong.

In the event you journey quite a bit, the HSBC On a regular basis International Debit Card may very well be extra appropriate. It’s linked to the multi-currency On a regular basis International Account. You get $0 payment in 10 currencies for retail procuring and $0 payment on abroad money withdrawal throughout HSBC ATMs worldwide.

Look out additionally for the limited-time-only promotions. For instance, HSBC is now working a 7% off on Agoda bookings and complimentary important programs from completely different eating places.

Different issues to know:

• Works as a NETS card
• Has NETS FlashPay operate so you possibly can prime up and faucet for public transport, you may as well hyperlink it up with SimplyGo
• Can be utilized to withdraw money from money factors like 7-11, Chilly Storage, Guardian and ATMs with “atm5” image

Finest Maybank debit card: Maybank Platinum Debit Card

Maybank presents two debit playing cards: the Maybank Platinum Debit Card (Mastercard) and the Maybank Manchester United Platinum Visa Debit Card.

However until you’re a hardcore Man U fan, you in all probability gained’t get a lot utility out of the latter. Its rewards are primarily for followers, e.g. reductions on soccer jerseys.

For the remainder of us, particularly those that continuously go to Malaysia, the free Maybank Platinum Debit Card is fairly helpful. It helps you to withdraw money from Maybank ATMs with no transaction charges. Keep in mind, nonetheless, that overseas change charges apply.

The identical service can be accessible at Maybank ATMs in Indonesia, Philippines, Brunei and Cambodia, however these is perhaps tougher to find.

Different issues to know:

• Earn Maybank TREATS rewards factors
• Works as a NETS card
• Has NETS FlashPay operate so you possibly can prime up and faucet for public transport
• Can be utilized to withdraw money ATMs with “atm5” image

Debit playing cards 101: What’s a debit card?

Today, banks merely eschew the standard ATM card (the one you employ to withdraw money) and simply concern account-linked debit playing cards to checking account holders. Typically, debit playing cards are accepted wherever bank cards are. They work on the identical bank card networks, both Visa or Mastercard.

Whenever you cost a purchase order to your debit card on Visa or Mastercard, the funds are deducted straight out of your checking account. This course of may take a couple of days (so that you may not see a dent in your financial institution stability instantly after making a purchase order) however it should occur robotically.

The distinction between debit and bank card is that while you use a debit card, the cash is straight debited out of your financial savings account. When paying through a bank card, you might be utilizing credit score, or “future cash”, as you’ll solely pay for the purchases on the finish of your billing cycle month, when a consolidated bank card month-to-month assertion is shipped.

Debit card vs bank card – what’s the distinction?

Right here’s a fast cheat sheet to the distinction between bank cards and debit playing cards:

You’ll be able to pay for a similar pair of footwear utilizing a debit card or a bank card. In each circumstances, you key within the card quantity and safety particulars (e.g. a CVV2 quantity). The important thing distinction lies in what occurs after that cost is made.

Whenever you use a bank card, you pay with borrowed cash from the financial institution. The financial institution pays the service provider on your footwear. On the finish of the month, the financial institution will ask you to return the cash.

That’s why it’s tougher to get a bank card than a debit card – the previous often has some form of minimal earnings requirement. The banks need to just be sure you even have the means to pay them again.

Do you employ a debit card or bank card? Inform us why within the feedback.

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