Let’s check out the SAFRA DBS Card and see what it brings to the table. We’ll be looking at its main features and benefits, and later on, we’ll also give you our review on whether it makes sense for you to apply for it or not.
You earn these cash rebates in the form of SAFRA$. The maximum amount of SAFRA$ you can accumulate every month is SAFRA$50 per card. The SAFRA$ you earn for each transaction will be credited to you within 30 days from the month in which you made the transaction. Each SAFRA$1 is equivalent to S$1.
Also, do keep in mind that the cash rebates you earn are valid only for a period of 12 months from the date on which you earn them. After this period, they will automatically get forfeited.
Let’s take a look at an illustration to understand how this cash rebate earning system works:
|Spend Category||Monthly Spen||SAFRA$ Earning Rate||SAFRA$ Earned|
|Local Contactless Transactions||S$800||3%||SAFRA$24|
*The actual cash rebate accrued in the above illustration is SAFRA$58.50. But since there is a monthly limit on how much rebate you can earn, you will get only SAFRA$50.
Here is a list of a few other benefits that this card gives you:
In a country like Singapore where there are many other cashback credit cards available, this one is a good option if you shop regularly at SAFRA outlets. To know exactly how it can be beneficial to you, let’s look at its features from a few angles.
In a world where most of us shop online, credit cards that reward you every time you buy something on the internet help you save money. The SAFRA DBS Card being one of them gives you cash rebates on a whole range of online transactions.
For instance, if you buy groceries worth S$200 online, you earn SAFRA$6 (200 x 3%). If you buy groceries for the same amount using this card at your local supermarket, you will get a cash rebate of only SAFRA$0.6 (200 x 0.3%).
Before you apply for any credit card, you need to make sure that the spend categories on which the card offers rewards match with your usual spending habits. For example, if you usually spend on food and entertainment, getting a card that rewards you for online retail shopping may not exactly help you.
With the SAFRA DBS card, if you’re shopping or spending using the card at any of the 6 SAFRA Clubhouses on the island, you stand to earn SAFRAPOINTS on top of any cash rebates you earn on the same transactions. Rewards on top of rewards? Sounds too good to be true, but it is. If you’re someone who visits SAFRA Clubhouses often, using this card on purchases there can help you get additional rewards.
The cash rebate of 3% that this card offers on specific transactions applies only if you spend at least S$500 on the card every month. This is something you need to think about before you apply. If you don’t spend this required amount every month, you will not get these rewards. So if you don’t think that your monthly spends will come up to S$500, this card may not be the one for you.
In addition to this, you can earn only up to a maximum of SAFRA$50 each month. Beyond this limit, you will not earn any cash rebates no matter how much you spend. So if you feel that your monthly spends can earn you more than just S$50 (SAFRA$1 = S$1) worth of rewards, again, you’d probably be better off applying for another card.
The SAFRA DBS Card doesn’t charge you an annual fee for using it. However, the fees for your SAFRA membership will apply. See if the cash rebates and other benefits you get on the card make up for how much you have to pay every year for your SAFRA membership. If the benefits outweigh the costs, then getting the card may be beneficial to you. If not, it doesn’t make sense.
Now that you know about the various benefits and privileges you get with the SAFRA DBS Card, take a look at how much it will cost you:
|Annual fee for primary card||Free|
|Annual fee for supplementary card||Free|
|Interest rate on purchases||25.9% p.a. (26.8% p.a. from 12 December 2018)|
|Interest rate on cash advance||28% p.a.|
|Cash advance fee||6% of the withdrawn amount (minimum S$15)|
|Overseas transaction fees||2.8% of the transaction amount|
|Late payment fee||S$100|
So do you think that this is a card worth applying for? You can apply for it if you’re a Singaporean or a Permanent Resident earning an annual income of at least S$30,000. You can check out our applications page to know more about your eligibility to apply for this card.
From what we’ve seen so far, it’s evident that this credit card is a good choice if you make SAFRA transactions often. It also rewards you for online and contactless purchases, but however, it gives you only a 3% cash rebate. In addition to this, the monthly cash rebate you can accumulate is limited to SAFRA$50.
All said and done, you can apply for the SAFRA DBS Card if you feel it will help you save money on a monthly basis. If your usual purchases don’t match with the benefits it offers, perhaps you should consider applying for a different credit card.
All said and done, the SAFRA DBS Card is a useful option if you regularly access and shop at SAFRA Clubhouses since you get additional rewards for spends made there.
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