Debit cards are similar to credit cards in digital payment capabilities. With debit cards, you can keep within a budget by spending money on what is available. They are a popular choice among people in Singapore as a means of payment for everyday purchases and offer cash rebates, rewards, and discounts. Like an ATM card, a debit card in Singapore allows you to withdraw cash at any ATM point and pay with PayPass, MasterCard, and NETS contactless.
Various Features and Benefits of Debit Card Singapore
Debit cards in Singapore come with several features, and hence, they are growing in popularity among people who are wary of running up debts. Here are some of the key features and benefits of debit cards.
- No Annual Fee
Most debit cards offered by leading banks in Singapore come with no annual fee. For instance, the PAssion POSB Debit Card from DBS/POSB is free of annual maintenance charges.
- Rebates and Cashbacks
You can enjoy exciting cashback and rebates using your debit card for shopping, buying groceries, and entertainment. Some debit cards like the PAssion POSB Debit Card offer up to 10 percent cashback on groceries, dining, and shopping.
If your monthly grocery list is 400 SGD or more, you can gain a 4 percent rebate if you buy online or from participating Diary Farm Group (DFG) stores. If not the rebate, you can enjoy ‘6x TapForMore’ points. For every 150 points, you get to offset 1 SGD on your next purchase, or you can opt for converting them into shopping vouchers and KrisFlyer miles.
There is also a one-for-one deal for entertainment or attractions on the 10th of every month at some selected places.
- Contactless Payments
With the latest debit card, you can make contactless payments, which means you don’t have to carry cash or swipe a card. All you need to do is hold your debit card on the contactless card reader or just tap. For instance, the PAssion POSB Debit Card allows you to make contactless payments with PayPass, MasterCard, and NETS. With it, you can become a part of Singapore’s initiative to go cashless.
- Card Usage Limits
You can have daily limits set by default on a debit card. It will help you have a check on your withdrawals or spending. By having the PAssion POSB Debit Card, you can set daily limits on ATM withdrawals, NETS transactions, and Debit Card spend transactions. If you so desire, you can change these limits online using the option ‘Change Debit Card Limit’ on iBanking.
- Additional Card Benefits
Some debit cards offer you membership privileges. With the PAssion POSB Debit Card, you can enjoy free membership, worth 12 SGD for 5 years. The PAssion membership makes you eligible to participate in Community Club courses, facilities, and activities at member rates.
Further, you can also enjoy the Complimentary National Library Board Partner Membership and borrow library items, as well as enjoy discounts at more than 2000 PAssion merchant outlets.
Other than this, you can also withdraw cash from ATMs abroad using Cirrus logos or Mastercard. You can also travel on trains or buses using DBS/POSB contactless cards. You don’t require any top-ups, just a tap with a SimplyGo on bus card readers and train gantries.
Having a debit card Singapore with the features mentioned above will help you save on your daily spending while making it simple and convenient.
