Debit cards are the best option for regular expenses, such as paying for fuel, buying groceries, and dining in a restaurant. When you pay using a debit card, money is taken immediately out of your savings or checking account to which the card is linked. With debit cards, you can develop sound spending habits because they limit your spending to not more than what you have.
A debit card helps you to stay within a budget by making only the essential purchases. They provide cashback, incentives, and discounts, making them a preferred option for everyday payments in Singapore. With the best debit card Singapore can offer, you can get cashback for purchases, make contactless payments through NETS or PayPass methods, and withdraw cash from any ATM.
Some Benefits of Debit Cards in Singapore
Most people in Singapore prefer debit cards to keep track of spending and avoid accruing debt by using them more frequently. Some debit cards are popular among Singaporeans owing to several benefits they provide.
- Offer Cashbacks and Rebates
When you use your debit card for entertainment, grocery, and shopping, you get interesting rebates, as well as cashback. Up to 9% cashback is available with some debit cards, such as the PAssion POSB Debit Card, on paying utility bills, shopping, dining, and grocery with yuu merchants.
If you shop online or at participating dairy farm stores, you can receive a 4 percent rebate if your monthly shopping list totals 400 SGD or more. Otherwise, you can tap for more points. You can use each of the 150 points to deduct 1 SGD from your subsequent purchases, or you can choose to convert them into shopping vouchers.
If you are a regular visitor to Takashimaya, you can earn 1% cashback on every purchase you make. The other major perks are S$20 travel reimbursements on bus and MRT journeys through April 30, 2024, when you use DBS/POSB Debit Cards to pay for expenses, like groceries. With this, you can meet your daily expenses.
Some select places also offer one-for-one deals every month on the 10th on attractions or entertainment.
- Zero Annual Fee
The majority of debit cards offered by major banks in Singapore do not charge yearly fees. For example, you do not have to incur any yearly maintenance fee for having the PAssion POSB Debit Card.
- Card Usage Restrictions
With a debit card, you can set daily restrictions by default. It will assist you in keeping an eye on your expenditures and withdrawals. You can impose daily limitations on Debit Card spending, NETS transactions, and ATM withdrawals if you hold the PAssion POSB Debit Card. You may use iBanking’s “Change Debit Card Limit” feature to modify these limitations online if you would like.
- Contactless Payments
It is possible to make contactless payments using a debit card, eliminating the need for cash or card swipes. By tapping or holding your card on the contactless card reader, you can make the payment. When it comes to the PAssion POSB Debit Card, you can make contactless payments through the NETS, MasterCard, or PayPass networks.
- Extra Benefits
Certain debit cards provide you access to exclusive benefits. You can have a five-year complimentary membership worth 12 SGD using the PAssion POSB Debit Card. With it, you can also take part in various Community Club events and courses, paying only membership fees.
Other than these, the PAssion POSB Debit Card also enables you to get discounts at PAssion retail outlets and check out library materials through complimentary partner membership with the National Library Board.
In addition, with MasterCard or Cirrus logos, you can withdraw cash from ATMs across the world. With DBS/POSB contactless cards, you may also travel by bus or rail. A simple touch of a SimplyGo on bus card readers and rail gantries suffices in place of top-ups.
It would be easy and handy for you to save on your everyday expenses if you have the best debit card in Singapore that offers the aforementioned benefits.
