Best debit cards in Singapore for January 2021
Earn rewards from your everyday spending with a fuss-free debit card.
The best debit cards don’t just limit you to cash withdrawal and payments. They are also jammed-packed with value-added benefits that can help you save both time and money.
Although there is no single best debit card on the market, you can definitely find one that’s best suited to your individual needs. So if you’re looking to apply for your first debit card, or switch up from your existing one, make sure to consider your lifestyle and spending habits alongside the card’s features.
To help you narrow down your search, we’ve highlighted some of the most appealing debit card offers available in Singapore.
DBS Visa Debit Card
Get up to 3% cashback from transport, local contactless and online transactions.
The DBS Visa Debit Card tops of our list as one of the best debit cards in Singapore for multiple reasons. For starters, it offers 3% cashback on two essential spending categories; online food delivery and local transport. Additionally, you’d earn 2% cashback on all foreign currency spend (including online purchases) and 1% on local contactless transactions (e.g. Visa PayWave, Apple Pay).
In order to qualify for cashback, you’d need to spend a monthly minimum of $500 and limit cash withdrawals to $400 or less. The total cashback is capped at $20 per month.
This card also charges no foreign exchange fee on overseas transactions, which is an added benefit to frequent online shoppers. On top of cashback from local transport, you can also pay for your fare conveniently through its ‘Tap and SimplyGo’ feature without having to top up or carry an extra EZ-link card.
Overall, the DBS Debit Card offers great value due to the diversity and versatility of these selected transactions. Since most retail merchants in Singapore now accept contactless payments, simply tap your card at these NFC-enabled POS terminals while you’re out shopping to get back some value from your expenses.
UOB One Debit Card
Earn rebates on groceries, transport, online shopping and more.
The UOB One Visa Debit Card offers a wide range of rewards when you spend at selected merchants, namely 3% rebate on Dairy Farm Singapore (merchants include 7-Eleven, Jasons and Market Place), 3% rebate at Shopee Singapore and 1% rebate on Grab transactions when you spend a minimum of $500 within the calendar month. However, do take note that rebates are capped at $20 monthly.
Some of its other attractive features include exclusive UOB card privileges, contactless transport fare payment via SimplyGo and free overseas cash withdrawals (available at UOB ATMs in Malaysia, Singapore and Thailand only).
This card is associated with the UOB One account, which offers boosted interest rates based on the size of your balance. So if you’re looking to earn high-interest rates and able to meet its requirements, this card is an excellent option to consider.
OCBC Plus! Visa Debit Card
Gain up to 7% rebate on groceries and daily essentials, plus a host of other benefits.
If you shop regularly at Fairprice stores (which includes Unity and Warehouse Club), the OCBC Plus! Visa Debit card is definitely worth considering. However, you’d need to spend at least $200 or $500 on the card per month (outside of FairPrice stores) to qualify for the rebates. The rebate earn rate will be determined based on which of the minimum spend brackets you met.
With a minimum spend of $200, you’d be entitled to 4% off at FairPrice stores, Unity and Warehouse Club. When you charge at least $500 per month, this rebate will increase to 7%. For transactions at FairPrice ON, you’ll get 3% rebate in LinkPoints regardless of which level of minimum spending you’ve met.
In addition, this card also offers attractive savings on fuel, telco bills and other daily essentials, plus LinkPoints rebates at over 200 participating Plus! merchants nationwide.
OCBC Yes! Debit Card
Get an unlimited 1% cash rebate from your daily spending.
If you’re looking for a debit card that offers rebates for a wide range of spending categories with no earn cap, the all-in-one OCBC Yes! Debit Card is a great option to consider.
As long as you meet a minimum monthly spend of $400, you’d be entitled to unlimited 1% cash rebate for taxi rides, fast food, online shopping and purchases at convenience stores. Selected merchants include ASOS, Lazada, Grab, Comfort, McDonald’s, Subway and 7-Eleven.
While you may potentially to earn higher rewards with this card, do bear in mind that you’ll need to spend more than $2,000 a month to gain more value than the DBS Visa Debit Card and UOB One Card. A similar alternative to this card is the OCBC Frank Debit Card.
Standard Chartered XtraSaver Debit Card
Benefit from up to 15% cashback on petrol and 3% cashback on other purchases.
The Standard Chartered XtraSaver debit card offers some of the best petrol rebates. So if you drive frequently, this is definitely one to consider.
Earn 7% cashback when you refuel in Singapore and Malaysia, plus 1% cashback on all other Mastercard transactions. To qualify for this cashback programme, you’re required to maintain an account balance of at least $6,000. If you have a larger account balance above $200,000, you’d qualify for a much higher cashback rate of 15% for petrol and 3% on other Mastercard transactions.
However, the card comes with a $20 annual fee and monthly cashback is also capped at $40 for petrol and $100 for other spend categories.
London-based fintech startup Revolut is one of the most highly valued neobanks in the world – and we can see why that’s so. With 12 million users at the time of writing, Revolut’s top-tier prepaid debit card, Revolut Metal, comes with an impressive array of features and perks that’s not typically offered by traditional banks. Not to mention, the sleek Metal card is crafted from a single sheet of reinforced steel.
Benefit from competitive multicurrency exchanges, 1% rebate on all spend, fee-free overseas withdrawals (up to $1,050 monthly) and up to five virtual cards for safer online transactions. Other perks include complimentary travel insurance, LoungeKey Pass access at over 1,000 airports and free airport lounge passes for you and up to three accompanying guests when flights are delayed for more than an hour.
It does have some drawbacks, however. The card comes with a non-waiver fee of $19.99 (monthly) or $199 (yearly) and does not allow cash withdrawal from local ATMs. So before you apply, make sure that the benefits you gain will outweigh the cost of this card. Alternatively, Revolut also offers a free Standard plan and cheaper Premium plan.
How do these debit cards compare?
Although most debit cards in Singapore offer some form of rewards, there are a few factors that can help you compare your options.
You should always make sure that the annual fee doesn’t outweigh the savings you’ll receive from the rewards. Even if a card has $0 annual fee for the first year, make sure to account for the standard annual fee in case you wish to retain the card for subsequent years.
Reward cap and qualifying criteria
Debit cards that offer attractive rebate earn rates typically come with a monthly earn cap. This means that once your you have reached the specified amount (e.g. maximum $20 rebates per month), you’ll not be able to gain any more rebates from your transactions. Also, you’ll usually be required to spend a minimum amount (e.g. $400 in Visa transactions) on your card in order to qualify for rebates. So before applying for the card, make sure to consider if these requirements are within your means.
Debit cards in Singapore are generally free and equipped with similar features – ranging from ATM access to contactless payments. However, it’d be beneficial to keep an eye out for extra perks that the issuing bank may offer to get more value from the card, such as multi-currency support, money insights, welcome offers and zero foreign transaction fees.
While these are some of the most rewarding debit cards available in Singapore, you should always compare other options before applying. You can use our debit cards guide to compare more options and find the right card for you.