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Rewards debit cards

Get more value out of your everyday purchases with a rewards debit card.

Zyane Tan
Zyane Tan

Posted

Fact checked
Lady with debit card

A rewards debit card is linked to your transaction account and allows you to earn rewards when you use your debit card to make purchases. There are different rewards programs on offer, allowing you to accrue everything from Qantas frequent flyer points, to perks like free wine or shopping discounts.

If you want to join a reward program without the stress of accumulating interest, a rewards debit card could be the solution.

What's in this guide?

How do I get rewards from my debit card in Singapore?

When you open a rewards transaction account with a Singapore bank or financial institution, you will be issued a debit card to help with making purchases and withdrawing funds. Your debit card will typically be linked to either the Mastercard or Visa network.

The card is automatically linked to a rewards program – allowing you to earn or redeem the particular reward. For example, you need to use your DBS/POSB debit card at a participating restaurant to redeem your 1-for-1 offer.

Bank accounts and debit cards with perks

Debit cardPerks
DBS Debit Card
  • Up to 3% cashback when you spend on the following:
    • Online food delivery. Up to 3% cashback
    • Local transport. Up to 3% cashback
    • Local Visa Contactless. Up to 1% cashback
    • Foreign currency. Up to 2% cashback
  • Up to 10% cashback on online food delivery and local transport for new cardholders who apply online by 31 December 2020.
  • To be eligible for cashback, you’ll need to spend at least S$500 on Visa and keep your cash withdrawals to S$400 and below in the same month.
  • No foreign exchange fee on international purchases when you link this card to your DBS Multi-Currency Account (MCA).
UOB One Debit Card
  • Up to 3% rebates:
    • Dairy Farm Singapore merchants. Up to 3% rebate when you shop at 7-Eleven, Cold Storage, Giant, Guardian, Jasons and Marketplace.
    • Grab transactions. Up to 1% rebate.
  • Monthly rebates for both Dairy Farm Singapore and Grab capped at S$20.
  • To be eligible for rebates, you’ll need to meet a minimum monthly spend of $500 on your UOB One Debit Card.
  • Annual fee: $18 p.a. (Waivable with minimum 12 transactions per year)
HSBC Everyday Global Debit Card
  • 5% rebate each month when you spend a minimum of $600 on five or more eligible transactions on everyday essentials.
  • $20 rebate with a minimum transaction amount of $300 on online purchases. Limited to first 1000 eligible transactions/month.
OCBC Yes! Debit Card
  • Unlimited 1% cash rebate when you shop with selected merchants, including:
    • Fast food: Macdonald’s, Subway, Burger King
    • Convenient stores: Cheers, 7-11
    • Online stores: Zalora, Lazada, iHerb, Fairprice Online
    • Transport : Grab, Comfort, CityCab, TADA, Go-Jek
  • To be eligible, you’ll need to spend a minimum of $400 per month.
  • Exclusive deals and discounts at partner merchants across various spending categories.
    PAssion POSB Debit Card
    • 6% cashback on eligible dining (online and in-stores) and local attractions
    • 4% rebate (or 6x TapForMore points) for every dollar spent online or in-stores at participating Dairy Farm Group (DFG) stores
    • Up to 4% cashback on online spend (Available for the first 50,000 customers, from 1 April to 30 September 2020)
    • Free PAssion membership (worth $12)
    • Up to 10% cashback (capped at $50 per month) for the first 2 months on Dining and participating Dairy Farm Group (DFG) stores when you apply online by 30 September 2020. Requires a minimum spend of $500 per month from card approval date to qualify.

    Note: Information provided is accurate at the time of writing (31 August 2020)

    What types of rewards can I get in Singapore?

    In order to receive the most value from your transaction account rewards program, it is important to analyse what rewards will benefit you most. These will include such things as:

    • Points to dollar ratio. Check to see how many points you are earning for every dollar that you spend.
    • Bonus points. Some programs will give you bonus points for using your reward debit card while shopping with their partners or even just having a balance in your account.
    • Cashback offers. Carefully read the terms and conditions to make sure you’re eligible for the cashback. Typically you’ll get 1 to 3% back of a purchase amount.
    • Promotions. Most debit cards offer time-limited promotions with the bank’s partner merchants, so you may be entitled to discounts and freebies when you spend at these establishments with your card.
    • Prizes. In some cases, you can win prizes for making a transaction too.

    What reward type is best for me?

    Points are typically more beneficial for frequent flyers whereas cashback offers tend to be more beneficial for those who don’t travel much. Many frequent flyer programs let you redeem points from a partner airline. Discounts and prizes are an added bonus and can suit any type of rewards recipient.

    How do I compare debit cards that offer rewards?

    • Fees. Check to see if you are going to have to pay any monthly or annual fees for the use of your reward debit card.
    • Joint accounts. You can increase your point earning potential if the bank allows additional cards to be issued for the same account.
    • Daily limits. Look closely to ensure that you are not limited in how much you can purchase daily using your reward debit card.

    Compare reward cards

    Are there any benefits or drawbacks to using a rewards transaction account?

    Benefits

    • There is usually no annual or monthly fee. Unlike reward credit cards, reward debit cards generally don’t charge a monthly fee.
    • Your credit rating doesn’t matter. Unlike a credit card, you don’t have to worry about being turned down for a reward debit card due to your credit history.
    • Don’t need to worry about accumulating debt. Since the money is being withdrawn from your available funds, you are not accumulating any debt by making purchases with a reward debit card.
    • You earn reward points. Your everyday shopping expenditures may accumulate reward points or cashback.

    Drawbacks

    • You receive an average return. Debit cards typically have a lower earn rate and there are a few restrictions around cashback. It may not necessarily be the best value in terms of redeeming rewards, but at least you’re using your own money and avoiding an annual fee.
    • Spending limitations. You are limited with the amount of money you can spend by what is available in your transaction account.
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    What are the risks?

    Not only is a reward debit card linked to a rewards account, it is also a direct line to the funds available in your transaction account. You should always keep that in mind to avoid the following:

    • Don’t get too carried away. Having the same ability to make purchases as you would with a credit card, you could be tempted to spend money on items that you normally wouldn’t.

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