What is a debit card
A debit card is a card with 16-digit card numbers, expiration dates, and personal identification number PIN codes.
Who can apply for a debit card
Any individuals aged 16 and above with a valid bank account can apply for a debit card from the respective banks of the bank account.
Here are some debit cards to consider:
Card |
DBS Visa Debit |
| Features | Simply spend a minimum of S$500 on Visa and keep your cash withdrawals to S$400 and below in the same month for up to 3% cashback. |
| Annual Fee | $0 |
| Website | https://www.dbs.com.sg/personal/cards/debit-cards/dbs-visa-debit |
| Eligibility | At least 16 years old and have a POSB Savings Account, DBS Savings Plus Account, DBS Autosave Account or DBS Current Account. |
Card |
PAssion POSB Debit Card |
| Features |
|
| Annual Fee | $0 |
| Website | https://www.posb.com.sg/personal/cards/debit-cards/passion-posb-debit-card |
| Eligibility | At least 16 years old and have a POSB Savings Account, DBS Savings Plus Account, DBS Autosave Account, or DBS Current Account. |
Card |
Safra DBS Debit Card |
| Features | Enjoy 2% cash rebate on your local Mastercard contactless transactions and 1% cash rebate on your online shopping! Plus, you get a 0.3% cash rebate on all other retail transactions. |
| Annual Fee | $0 as long as remained SAFRA member |
| Website | https://www.dbs.com.sg/personal/cards/debit-cards/dbs-safra-debit-card |
| Eligibility | At least 16 years old
Applicant must be an existing SAFRA member. DBS’ approval of your application for the SAFRA DBS Debit Card and/or DBS’ issuance of the SAFRA DBS Debit Card to you is subject to you maintaining your SAFRA membership. Existing SAFRA members whose Card applications which DBS has not approved shall be issued the SAFRA Membership Card. You will need to have one of the following accounts to apply for the card:
|
Card |
DBS Takashimaya Debit Card |
| Features | 3% voucher rebates
Additional 10% off during selected sale events in-store Enjoy complimentary delivery service when you meet the following spend amount:
|
| Annual Fee | $5 (Fee waiver of 3 years) |
| Website | https://www.dbs.com.sg/personal/cards/debit-cards/dbs-takashimaya-visa-debit |
| Eligibility | At least 16 years old
DBS Savings Plus, DBS Autosave, DBS Current, or POSB Savings Passbook account |
Card |
FRANK by OCBC |
| Features | 1% cashback for selected merchants
Use it as your ATM card, transport card, and debit card to earn cashback |
| Pricing | $0 |
| Website | https://www.frankbyocbc.com/products/cards/debit-card |
| Eligibility | At least 16 years old and have a OCBC account |
Card |
UOB One Debit Card |
| Features | Up to 3% cashback on online shopping, groceries, health and beauty, convenience stores, transport, food delivery, and petrol. |
| Pricing | $0 |
| Website | https://www.uob.com.sg/onecards/uob-one-debit-card.html |
| Eligibility | At least 16 years old and have a UOB account |
Card |
Citibank Debit Card |
| Features | Multi-currency, transact securely online, use as ezlink card, exclusive citibank debit mastercard privileges |
| Pricing | $0 |
| Website | https://www.citibank.com.sg/gcb/deposits/debit-card.htm |
| Eligibility | At least 16 years old and have Citibank account |
Card |
HSBC Debit Card |
| Features |
|
| Pricing | $0 |
| Website | https://www.hsbc.com.sg/debit-card/ |
| Eligibility | At least 16 years old and HSBC account |
Card |
Maybank Platinum Debit Card |
| Features |
|
| Pricing | $0 |
| Website | https://www.dbs.com.sg/personal/cards/debit-cards/dbs-visa-debit |
| Eligibility | At least 16 years old and Maybank Savings Account holders and Current Account holders |
Card |
NTUC Plus! Visa Rebate Debit Card |
| Features |
Up to 8% off in-store purchases at FairPrice, Unity and Warehouse Club stores Up to 7% off on online purchases at FairPrice Up to 20.3% fuel savings |
| Pricing | $0 |
| Website | https://www.ocbc.com/personal-banking/cards/ntuc-plus-rewards-debit-card |
| Eligibility | NTUC Union members |
Card |
OCBC Plus! Visa Rebate Debit Card |
| Features |
Spend a minimum of S$200 monthly anywhere outside of FairPrice to qualify for:
Spend a minimum of S$500 monthly anywhere outside of FairPrice to qualify for:
|
| Pricing | $0 |
| Website | https://www.ocbc.com/personal-banking/cards/cpa/plusdebit/ |
| Eligibility | At least 16 years old |
Card |
Standard Chartered XSaver Debit Card |
| Features | Earn 15% Cashback on petrol
Up to 3% Mastercard transactions |
| Annual Fee | $0 |
| Website | https://www.sc.com/sg/save/current-accounts/xtrasaver/ |
| Eligibility | At least 18 years old |
Card |
DBS UnionPay Platinum Debit Card |
| Features | Enjoy up to 5% cashback all year round when you shop and dine.
The DBS UnionPay Platinum Debit Card offers you unmatched privileges and rewards. With acceptance at millions of merchants worldwide and no ATM fee for overseas cash withdrawals, it’s the seamless way to pay in Singapore and Mainland China. With 5% cashback on all spends in Chinese Yuan (CNY), 1% cashback on all other foreign currency spend, and 0.5% cashback on all local spend, the DBS UnionPay Platinum Debit Card takes you places, and rewards you for it. |
| Annual Fee | $0 |
| Website | https://www.dbs.com.sg/personal/cards/debit-cards/dbs-unionpay |
| Eligibility | At least 16 years old and have a POSB Savings Account, DBS Savings Plus Account, DBS Autosave Account or DBS Current Account. |
Card |
HomeTeamNS-PAssion POSB Debit Card |
| Features | Up to 2% rebate on your spend, exclusive privileges with HomeTeamNS and PAssion memberships, 1-for-1 offers on the 10th of every month. |
| Annual Fee | 5 years: S$100 10 years: S$150 |
| Website | https://www.dbs.com.sg/personal/cards/debit-cards/dbs-visa-debit |
| Eligibility | You must be at least 16 years old and have a POSB Savings Account, DBS Savings Plus Account, DBS Autosave Account, or DBS Current Account. Your signature will be verified against any of your signature records with the Bank. Please ensure that the signature on the application form matches the Bank’s record.
Applicant must be an existing HomeTeamNS member to apply for the HomeTeamNS-PAssion-POSB Debit Card. |
Debit vs credit card
Debit card
A debit card draws funds directly from your bank account to fund your spending.
Credit card
A credit card allows you to borrow money from the card issuer up to a certain limit for your purchase or withdraw cash.
Advantages of debit card
Debtless
Using a debit card instead of a credit card means that you are spending within your means, as your spending is deducted from your bank account directly. If you do not have sufficient funds in your bank account, then your debit card transaction will be unsuccessful.
Easy cash withdrawals via ATM
Some debit cards can double up as ATMs cards as they have an all-in-one function. If you are in need of cash, simply look for the widely accessible and available ATMs in Singapore.
No annual fees
Another major perk of having a debit card is not having to pay annual fees. For credit cards, they charge cardholders $100 to $300 per year. However, some credit cards have their annual fees waivered.
Disadvantages of debit card
Limited money
Using a debit card for your transactions means being limited to spending the amount of money available in your bank account. This restricts your purchasing power. Unlike a credit card, there is no option to increase your account balance when using a debit card.
Bank overdraft
If you spend more money than what you have in your bank account, it is a bank overdraft. Banks usually charge a fee for overdraft. If you continue spending money on an overdraft, the fees can add up to a large sum of money that you may have trouble paying.
Security
Your hard-earned money in the bank will be gone when a debit card transaction is completed in any case of fraud. Then, you will have to raise the matter with the bank and ask for a refund accordingly. While you wait for the bank to process your request, you might have cash flow problems.
Is debit or credit card right for you?
Your spending behaviour
When choosing between getting a debit or credit card, the most important deciding factor is your spending behaviour. If you struggle to manage your spending or have problems making payments on time, you should go for a debit card. Since a debit card will limit your spending because you can only spend what you have in your bank account, you will not be getting into huge credit debt.
Rewards and cashback
Credit cards are attractive because they offer numerous cashback and rewards to their cardholders. This provides value to cardholders who regularly spend on different things. If you notice yourself regularly making purchases from a particular category and a credit card happens to offer that category cashback, opt for a credit card for more value out of your purchases.
An overview of a debit card
Bank
Usually, at the top section of a debit card, it will indicate your card issuer. This includes a bank, rewards programmes or retailer names.
Card number
The card number on a debit card is one of the most essential parts of your card. The 16-digit card number is what you will need to provide when making online purchases.
Cardholder’s name
The name on a debit card is the person who is authorised to use the card. The person does not need to open an account, but he may have permission to spend using the debit card.
Smart chips
Smart chips are tiny metal processors that secure the cards more than the traditional magnetic-stripe-only cards. The intelligent chips make it harder for thieves to steal credit card numbers and use them.
Expiration date
Expiration dates simply mean that you have to replace your debit card at a specific time. Not to worry if your debit card will expire soon, as banks usually mail out new cards shortly before old cards expire.
Payment network logo
Mastercard and Visa are common payment method logos that are imprinted on a debit card. Nowadays, your card payment method will often be detected when you key in the first four digits of your card number. Merchants often display these payment methods, which helps you decide which card to pay for the goods.
Magnetic stripe
The black magnetic stripe contains all the information about you and your card, and card readers gather the data. The magnetic strip includes your card number, card expiration date, name, and other details on the card.
Signature panel
At the back of a debit card, there is a space for your signature. Card issuers require signatures on your card, and merchants should also check if there is a signature on the card.
Security code
There is an additional security code printed at the back of a debit card to ensure further that the person making online purchases has the original card.
Conclusion
Using a debit card is the first big step when stepping into the cashless world. Using a debit card would mean you are no longer a child and you are growing up, given that the minimum age requirement to apply for a debit card is 16 years old. However, with the new found freedom of spending money directly from your bank account, remember not to go too overboard with purchases as you might drain all your savings at once.
Editor’s Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
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