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.

 

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Card	PAssion POSB Debit Card
Features	1% cashback at Takashimaya Department Store and Takashimaya Square, B2. 4% rebate at Cold Storage, Market Place, Jasons, Giant, and Guardian (online and in-stores) Free PAssion membership* Tap and SimplyGo on buses and train rides
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.

 

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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: POSB Savings Account DBS Savings Plus Account DBS Autosave Account DBS Current Account

 

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Card	DBS Takashimaya Debit Card
Features	3% voucher rebates Earn 1 Takashimaya Bonus Point* with every S$10 charged Redeem S$30 worth of Takashimaya Gift Vouchers with every 100 Takashimaya Bonus Points Additional 10% off during selected sale events in-store Enjoy complimentary delivery service when you meet the following spend amount: During Takashimaya 10% Promotion Day: S$200 All other days: S$100
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

 

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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

 

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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

 

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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

 

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Card	HSBC Debit Card
Features	$0 fee on overseas cash withdrawal at all HSBC ATMs Save up to SGD40 on your movie ticket purchases with HSBC’s Movie Card 5% off your hotel booking worldwide with Agoda Enjoy 8% off hotels.com bookings. Enter promo code “VISA8” to enjoy the offer.
Pricing	$0
Website	https://www.hsbc.com.sg/debit-card/
Eligibility	At least 16 years old and HSBC account

 

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Card	Maybank Platinum Debit Card
Features	Enjoy TREATS year-long privileges. Earn TREATS Points when you sign for your purchases or shop online. Redeem your TREATS Points for a host of privileges including frequent flyer miles, dining treats, shopping delights, and spa treatments. Mobile payment with Samsung Pay works at almost any retailer in Singapore, making shopping or dining easier and more convenient than ever before.
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

 

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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

 

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Card	OCBC Plus! Visa Rebate Debit Card
Features	Spend a minimum of S$200 monthly anywhere outside of FairPrice to qualify for: 4% off at FairPrice stores, Unity, and Warehouse Club 3% off at FairPrice On Spend a minimum of S$500 monthly anywhere outside of FairPrice to qualify for: 7% off at FairPrice Stores, Unity, and Warehouse Club 3% off at FairPrice On
Pricing	$0
Website	https://www.ocbc.com/personal-banking/cards/cpa/plusdebit/
Eligibility	At least 16 years old

 

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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

 

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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.

 

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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.

 

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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. 

 

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