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    POSB Credit Cards

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    POSB Credit Cards

    Credit Card BYTES FROM OUR KITCHEN

    Best POSB Credit Cards in Singapore

    Most of us have faced the unfortunate situation where we run out of cash at places like the supermarket, the fuel station or while shopping. What follows is a hurried run to the ATM for cash which is not only embarrassing, but also annoying for the cashier and the customers waiting in line. Now, there exists a solution which ensures you never find yourself in such a fix again. The simple answer is using a comprehensive credit card which has multiple benefits and a host of rewards.

    Credit Cards Offered by POSB

    POSB Everyday Card is the only credit card offered by POSB. The card has a wide range of benefits and multiple rewards. The worldwide acceptance of the card makes it very popular and useful amongst the citizens of Singapore. When you use your POSB Credit Card at their everyday partner stores for your daily essentials, you can earn 6% cash rebate and an additional 5% cash rebate when you spend on groceries and dining.

    Supplementary Card Offered by POSB

    You can share the POSB love by gifting your friends and family, a POSB Supplementary Card. Using this card your loved ones can get exclusive dining and shopping privileges and exciting deals of up to 50% off at more than 1,000 outlets all across Singapore. They also have various flexible payment plans to choose from to make all their payments. By giving your loved ones a POSB Supplementary Card, you are also gifting yourself with rewards because you get to earn rewards such as cash rebates each time your Supplementary Cardholder makes a purchase using their card. In addition to all these attractive offers, you get a 2 year annual fee waiver on your Supplementary POSB Everyday Credit Card after which you are charged an annual fee of SGD 19.26.

    NOTE: The applicant must be at least 18 years of age to be eligible for the Supplementary POSB Everyday Credit Card.

    Why Choose POSB Credit Cards?

    Easy, convenient to use and loaded with features, the POSB Everyday Card is one of the most popular credit cards available in Singapore. Well-rounded in terms of rewards and benefits, the Everyday Card offers exciting cash rebates on travel, grocery shopping, refueling, health & beauty, overseas spending and many more activities. Accepted not only within Singapore but also worldwide, POSB Everyday Card also allows you to make utility bill payments for organizations like StarHub Ltd , SP Services and many more.

    Eligibility

    • The applicant has to be 21 years and above.
    • If the applicant is a Singaporean citizen then his per annum income needs to be S$30,000 and above.
    • If the applicant is a foreigner then his per annum income needs to be S$45,000 and above.

    Features & Benefits of POSB Credit Cards

    • Get rebates while travelling in flights.
    • Get cash rebates while shopping for groceries.
    • Save money while paying your fuel, health and personal care bills via POSB credit card.
    • Get cash rebates on the expenses made on books, leisure and utility bills.
    • Earn cash rebates on mobile, digital cable and broadband bill, taxi fares and overseas spends.

    During any emergencies, when you need immediate and fast cash, you can avail your Credit Card Cash Advance feature for instant cash and receive the amount in your account immediately. You can avail the Cash Advance - Instant Cash feature from POSB from the following ways -

    • POSB/DBS ATM - You can avail Instant Cash immediately from your nearest POSB/DBS ATM in Singapore or overseas using your Credit Card PIN.
    • iBanking PIN - Log in to your account online and avail the Cash Advance feature through FAST.
    • POSB/DBS branch - You can visit your nearest POSB/DBS branch or any overseas bank that display your card logo to avail the Cash Advance such as Visa, MasterCard or American Express.
    • Phone Call - You can even call the bank in Singapore or overseas to avail the Cash Advance feature.

    NOTE:

    • There is no minimum amount required to withdraw the Cash Advance.
    • All your Cash Advance withdrawals directly depend on the credit limit set on your card.
    • You can withdraw a maximum of SGD 3,000 per day from a POSB/DBS ATM.
    • An Effective Interest Rate of 28% per annum will be charged on the amount withdrawn as financial charges. The EIR will be compounded if the charges are not repaid in full. The amount is chargeable on a daily basis from the date the transaction was initially made and until the date the full repayment is received. A minimum charge of SGD 2.50 is applicable.
    • A transaction fee of SGD 15 or 6%, depending on whichever is greater is applicable for each Cash Advance transaction made.

    With POSB Credit Card Balance Transfer, you can enjoy up to 12 months of 0% interest. POSB even offers easy and flexible repayment options that starts as low as 3% of the statement balance or SGD 50 depending on whichever is higher. You also have the option of consolidating all your other Credit Card balances into your POSB Credit Card.

    Tenor 6 Months 12 Months
    Applied Rate of Interest per annum 0 percent 0 percent
    Administrative Fee 2.50 percent 4.50 percent
    Effective Interest Rate per annum 5.34 percent 5.20 percent

    With the Credit Card installment loans offered by POSB, you can manage your cash flow with minimal interest rates. Depending on your Credit limit, you can choose a loan amount and a loan repayment tenure of your choice that ranges from 12 months and up to 60 months. This allows you complete financial control over your cash flow.

    • The Applied Interest Rate (A.I.R.) for tenure between 12 months to 60 months is 6.8%
    • The Processing fee for enure between 12 months to 60 months is 2%
    • The Effective Interest Rate (E.I.R.) on your Credit Card loan repayment amount varies depending on your loan tenure between 12% to 16% (approx. values). This Effective Interest Rate includes your 2% processing fee.

    You can use the POSB Recurring Bill Payment option to make your Credit Card payments. You can manage your bills very easily by consolidating all your bills into your POSB Everyday Card. In this manner you only have one bill to pay every month and only one account to manage all these bills which will be charged to your Credit Card.

    In addition to this, you also get to earn rewards each time you use your POSB Everyday Card to make payments for your bills. You can then use these rewards to offset future purchases at more than 400 participating partner outlets.

    Find below the Billing organizations participating with POSB

    • M1 Limited
    • SP Services
    • MSIG
    • Town Councils
    • StarHub Limited
    • Prudential to a name a few

    At any point in time, if the outstanding balance on your Credit Card exceeds the credit limit, a fee of SGD 40 will be charged as the overlimit fee.

    In case the minimum payment amount is not received by the payment due date, a late payment charge can be imposed on the account.

    • If the outstanding balance amount is less than or up to SGD 50, then no late payment charge will be imposed on the account.
    • If the outstanding balance amount is SGD 50.01 and above, a charge of SGD 60 will be imposed as late payment charge.

    NOTE: The aforementioned late payment charges are applicable per account.

    • US dollar Card Transactions will be converted into Singapore dollars on the conversion date.
    • Foreign Currency transaction, if not in US dollars will first be converted into US dollars before further conversion into Singapore dollars.
    • For foreign transactions converted by MasterCard, American Express or Visa, a conversion factor of 1 percent of the converted amount will be applied by MasterCard, American Express or Visa.
    • Services provided by POSB in relation to foreign currency transactions will be charged an administrative fee. For foreign currency transactions that involve VISA International or MasterCard International, POSB will charge an administrative fee of 1.5 percent of the foreign currency transaction amount. For foreign currency transactions that involve American Express International, POSB will charge an administrative fee of 2 percent of the foreign currency transaction amount.
    • For card transactions that are converted using dynamic currency conversion (it is a service offered by many overseas merchants, ATMs or websites), an administrative fee of 0.8 percent will be charged by VISA and 1 percent by MasterCard respectively on the amount converted into Singapore dollars or another rate determined by POSB. This rate will be notified to the POSB card member.

    POSB and DBS Credit Card members can enjoy an interest free period of 20 days from the date the statement for the account was generated.

    • The current charge for the POSB Principal Credit Card is SGD 38.52. However, from October 1st, 2015, the revised annual fee for the Principal Credit Card will be SGD 128.40.
    • The current charge for the POSB Supplementary Credit Card is SGD 19.26. However, from October 1st, 2015, the revised annual fee for the Supplementary Credit Card will be SGD 64.20.
    • With the POSB Principal and Supplementary Credit Cards, enjoy a 2 year annual fee waiver.

    POSB credit cardholders are offered with lucrative promotions and discounts from time to time. These promotions provide them with access to discounts on travel bookings, dining and lifestyle privileges, discounts on online shopping and so on.

    Check For Latest POSB Bank Credit Cards Promotions

    With your POSB credit card, you can earn rewards at a faster rate for all your expenses. You can get a cash rebate of 2% by activating EZ-Reload and you can also earn cash rebates for shopping at the partner stores of POSB such as SPC, POPULAR, StarHub etc. Besides, you can get 3% cash rebate for your travel bookings on AirAsia.com.

    Other products offered by POSB

    Other products offered by POSB include Debit Cards, POSB Home Loan, Renovation Loan, POSB Personal Loan, POSB Fixed Deposit, Education Loan, Business Loan, Insurance Plans and Retirement Plans.

    Founded in 1877, POSB (also known as Post Office Savings Bank) is a consumer banking services affiliate of the DBS Bank, Singapore. Before its acquisition by DBS Bank in 1998, POSB offered low-cost banking services to citizens of Singapore. The bank currently operates via a widespread network of branches and ATMs in suburban Singaporean neighbourhoods while offering a diverse range of products and services like deposit accounts, loans, mortgages and cards.

    Easy, convenient to use and loaded with features, the POSB Everyday Card is one of the most popular credit cards available in Singapore. Well-rounded in terms of rewards and benefits, the Everyday Card offers exciting cash rebates on travel, grocery shopping, refueling, health & beauty, overseas spending and many more activities. Accepted not only within Singapore but also worldwide, the POSB Everyday Card also allows you to make utility bill payments for organizations like StarHub Ltd., Town council, MSIG and more.

    1. Can I instantly redeem the cash rebates that I get with the card?
    2. Yes, you can instantly redeem your cash rebates at POSB partner outlets such as SPC, Watsons, POPULAR etc.

    3. I am a Singaporean citizen and have a monthly income of S$5000. Am I eligible to apply for POSB Credit Card?
    4. As a Singaporean citizen, you are eligible to apply for POSB credit card if your annual income is S$30,000 or more.

    5. What is the annual fee for the POSB Credit Card?
    6. The annual fee is S$38.52 for the primary card and S$19.26 for each supplementary cards.

    7. What are the travel benefits offered with this card?
    8. With your POSB credit card you can earn cash rebates for travel bookings, taxi bookings, paying parking fees etc.

    9. What are the lifestyle benefits offered with this card?
    10. With your POSB credit card you can earn cash rebates for purchasing personal care, beauty and health products/services at Watsons, for purchasing books at UrbanWrite and POPULAR, for paying your broadband and cable bills at StarHub and so on.

    11. I am 18 years old. Am I still eligible to apply for a POSB Credit Card?
    12. Yes. Applicants aged 18 and above are eligible to apply for the POSB Everyday Supplementary Credit Card. However, to be eligible to apply for a POSB Everyday Principal Card, you must be at least 21 years of age.

    13. Have the membership fees for the POSB Credit Cards increased?
    14. Not yet. The current annual fee for a POSB Everyday Principal Credit Card is SGD 38.52 and a Supplementary Card is SGD 19.26. However, starting from October 1st, 2015, the fees for both, principal and the supplementary Everyday Credit Cards have been revised to SGD 128.40 and SGD 64.20 respectively.

    15. Does POSB charge an overlimit fee for Credit Cards?
    16. Yes. If your outstanding balance exceeds your credit limit, a fee of SGD 40 will be charged as the overlimit fee.

    17. What is the minimum amount required to avail the Cash Advance - Instant Cash feature provided by POSB?
    18. There is no minimum amount required to withdraw Cash Advance. However, you cannot withdraw more than SGD 3,000 per day from a POSB/DBS ATM.

    19. What is the POSB Recurring Bill Payment option?
    20. The POSB Recurring Bill Payment option allows you to manage your bills very easily by consolidating all your bills into your POSB Everyday Card. In this manner, you only have one bill to pay every month where all your bills will get charged to one account that will be used to make all the payments.

    News About POSB Credit Card

    • POSB cards offering cashback up to $160

      Runtime period: This promotion will expire on December 31, 2016.

      Particulars

      A new POSB credit cardholder will get a cashback of up to S$160 as a sign-up bonus. An existing POSB credit cardholder will receive a cashback of up to S$100 for signing up for a new card. For this offer, you will need to make a minimum purchase of S$500 within the first month once your card gets accepted.

      Terms & Conditions

      • This offer is valid only on the principal POSB credit cards.

      • The reward will be credited to the cardholder’s account within 60 days after the full minimum spending requirement is met.

    • POSB launches VTM!

      POSB customers have a reason to rejoice as soon they will get one on one interaction from bank officials via live video streaming through the introduction of a Video Teller Machine (VTM). The Video Teller Machine will allow the customers to check their account balance, change details, perform other card services, replace debit cards, replace internet banking token, request for statements and more. POSB VTM is still in its pilot stage and the first VTM is situated at POSB’s ITE College Central Branch. The machine can be accessed by customers from Monday to Friday between 10 a.m. to 2 p.m. and from 10 a.m. to 1 p.m. on Saturdays.

      19th August 2015

    • POSB Credit Card Dining Promotion

      Runtime: This is an ongoing promotion that started on May 1, 2016 and is valid until October 31, 2016.

      Particulars: Receive rebates of up to 9% on dining at your favorite fast food establishments, food courts and restaurants across Singapore on your POSB Everyday Card:

        • 9% rebate on weekend dining.

        • 3% rebate on weekday dining.

        • Additional discount of up to 15% on your total bill.

      Terms and Conditions:

        • Eligible card members must spend at least S$700 each calendar month to qualify for this promotion.

        • The cash rebates earned will be credited to the account of the principal cardmember within 60 days after the Qualifying Spend month.

        • For further details on this promotion or for more information on the terms and conditions, please feel free to contact the bank.

    • Promotions offered by POSB with credit cards

      Runtime: This is an ongoing offer. This will continue till 31st March 2016

      Particulars: The cards that are included under this promotion are DBS Black American Express Card, DBS Black Visa Card, DBS Live Fresh Visa Card, DBS Woman’s MasterCard, DBS Woman’s World MasterCard, and POSB Everyday MasterCard.

      An individual who intends to enjoy the benefits of this promotion mustn’t have cancelled a POSB credit card or a DBS credit card in the last 12 months. An individual cannot apply for a credit card after the promotion period has already started. All the members who qualify for this promotion will also be getting SGD 50 as cashback. Each member can only avail one gift and one bonus gift. This is based on the qualifying spend. The qualifying spend depends on foreign retail sales, local sales, posted zero percent interest free instalment scheme, posted recurring bill payments. However, the exclusions are SAM online bills, AXS payments, balance transfer, cash withdrawal, finance charges, interest, payments of bills visa internet banking, etc. The gift cannot be transferred, exchanged or replaced under any circumstance. The final decision about everything related to the promotion will be taken by DBS.

      Terms and Conditions: To know more about the terms and conditions of this promotional offer, please, get in touch with DBS Bank.

    • POSB Everyday Credit Card Promotion

      Runtime: This is an ongoing promotion. This offer will continue till 29th February, 2016

      Particulars: The principal card members can enjoy cash rebate of 4 percent on all the overseas spends that are a minimum of SGD 1000. At London Tube, you can avail 100 percent rebate or free train rides.

      The calculation of the qualifying spend is based on foreign retail sales, local retail sales recurring bill payments, etc. The exclusions are cash withdrawal, finance charges, balance transfer, smart cash, etc.

      Terms and Conditions: Please, get in touch with the bank to know more about the terms and conditions of the POSB Everyday Credit Card Promotion.

    • POSB Pop - Up ATMs Launched in Singapore that will Accept Cash Deposits

      POSB and DBS customers who now wish to deposit money from their Chinese New Year red packets can now do so directly at the 5 POSB Pop – ATMs that have been strategically located at 5 different community clubs across Singapore until February 22, 2016. The selected community clubs are at Teck Ghee, Chong Pang, Yew Tee, Toa Payoh West and Henderson. The POSB Pop – ATMs at Teck Ghee, Chong Pang and Toa Payoh West will be operational between 9 AM and 10 PM while the POSB Pop – Up ATMs at Yew Tee and Henderson will operational throughout the day, 24/7.

      These POSB Pop – Up ATM machines will only accept denominations of SGD 2, SGD 5, SGD 10, SGD 50, SGD 100 and SGD 1,000. DBS, in its press release shared that the purchase of this launch was to ensure convenient cash deposits for its customers for the first few days of the Lunar New Year.

      Apart from these aforementioned converted ATMs, DBS and POSB customers can also make cash deposits at over 270 CAMs (Cash Acceptance Machines) and Singpost branches on the island.

      The managing director and head of the Singapore consumer banking group, Mr Jeremy Soo has announced that after the rush for the new notes have passed, it will present an opportunity to convert some of these POSB Pop – Up ATMs into Pop – Up CAMs.

      POSB has also introduced Pop – Up ATMs on January 20, 2016 at 12 community clubs in Singapore at the following locations - Bedok, Clementi. Chong Pang, Ci Yuan, Tampines Changkat, Jurong Spring, Teck Ghee, Henderson, Marine Parade, Woodlands, Yew Tee and Toa Payoh West.

      19th February 2016

    • Chinese New Year brings back POSB pop up ATMs

      During the period of the Chinese New Year, there are very long queues in front of the banks. This happens as people are in a rush to withdraw the new notes. This year pop up ATMs of POSB Bank will be there all over Singapore so that it is more convenient for the people to get new notes.

      In 2015, there were twenty nine pop up ATMs at ten community clubs. After the overwhelming response and demand for the pop up ATMs, this year, there will be thirty six ATMs at twelve community clubs. The community clubs include Chong Pang, Bedok, Clementi, Ci Yuan, Jurong Spring, Henderson, Tampines Changkat, Marine Parade, Teck Ghee, Yew Tee CC, Woodlands and Toa Payoh West.

      The ATMs at Teck Ghee, Toa Payoh and Chong Pang will be open at 9 am and close at 10 pm on a daily basis. ATMs at all other locations will remain open and fully functional 24X7.

      20th January 2016

    • POSB Everyday Credit Card Promotion 2016

      Runtime – The following promotions are that started on December 1, 2015 and is valid until February 29, 2016.

      Particulars –

      Double Cash Rebates Promotion

        •Earn double cash rebates on your overseas spend up to SGD 20 when you charge your POSB Everyday Credit Card for a minimum amount of SGD 1000 on your retail purchases (this includes local as well as overseas transactions) every month.

        •Note, the overseas purchases does not include those made is Singapore Dollars for card – not – present transactions (this includes online transactions, phone / mail order made in foreign currencies).

      Free Travel in London

        •Receive up to SGD 50 cash rebate for traveling on the London tube every month on your POSB Everyday Credit Card. You don’t have the need to register your card or even top up your card. Simply Tap & Go.

        •You will enjoy free train rides or 100% rebates on contactless transactions on the tube in London.

      Therefore, when you are traveling overseas, pack your POSB Everyday Credit Card and activate your overseas magstripe

      Terms and Conditions

        •For all transactions that qualify for the promotion, the 0.3% rebate will be credited upfront and the –

        •3.7% additional rebate for your overseas transactions and

        •99.7% additional rebate for your free train rides on the tube in London

      Will be credited by March 31, 2016.

        •For further information on the promotions or more details on the Terms and Conditions, please contact POSB bank.

    • 86 Talking ATMs Launched By POSB

      POSB has launched 86 ‘Talking ATMs’ for helping the visually impaired people in Singapore in performing basic banking transactions at an ATM. POSB worked in partnership with the Singapore Association of the Visually Handicapped (SAVH) and upgraded these ATMs for providing functions like audio guidance and Braille instructions. In order to activate audio instructions, the users will need to just plug-in their headset into the audio jack of the ATM and then they can listen to the instructions. These audio instructions will help them to perform transactions such as cash withdrawals or balance inquiries.

      12th January 2016

    • POSB Cash Point Promotions

      Runtime – This is an ongoing offer

      Particulars – You can withdraw cash amount of up to SGD 5000 at any of the participating merchant outlets across the island.

      All you need to do is make a purchase from Cold Storage / Giant / Jasons / Market Place / 7 Eleven / Guardian Health and Beauty / SingPost / Sheng Siong, using your POSB credit card. The card must be linked to a deposit account. Then you must indicate the particular amount that you wish to withdraw. Enter your pin and avail the cash along with a receipt.

      Terms and Conditions – Please, contact the bank to know more about the terms and conditions of this particular offer.

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