The Post Office Savings Bank was found in the year 1877 in Singapore. Then, in the year 1998, DBS bank went on to acquire POSB. Most of the products and services offered by DBS and POSB have similar features and benefits.
POSB provides a well-known versatile credit card – the POSB Everyday Card – which comes with cash rebate offers. This credit card offers cash rebate for purchases such as daily essentials, groceries, etc. This Credit card is best suitable for those who spend more on daily essential categories like groceries, petrol, dining, utility bills, etc.
The cash rebates earned on your POSB Everyday Credit Card will never expire. There are two different ways to redeem your cash rebate: By instant redemption and via iBanking.
POSB has facilitated many different ways for bill payment and they are listed below:
You can access your credit card e-statements anytime and from any place. You can view online statements for up to past 7 years. For more information read our page on DBS/POSB Credit Card Statements.
You can enable your POSB credit card for making purchases, immediately after you receive it. The card is sent to you in an inactive state to maintain its security. You must activate your card for local and overseas usage. You can do it in the following ways:
You can cancel your card any time at your convenience by using the digital banking service. You may need the last 4 digits of your POSB card and your card PIN to proceed. Note that you should make all the outstanding payments pertaining to your card and also utilise your rebates and points before you cancel the credit card.
POSB offers balance transfer facility on its credit card. This means that you can transfer the balance from other credit cards or lines of credit to POSB Everyday Card and enjoy a low-interest period. To qualify for this facility, the minimum transfer amount is S$500 and the maximum amount is up to 93% of your available credit limit. Additionally, POSB is offering 0% rate of interest on balance transfer for a duration up to 12 months. Promotional rates and an administrative fee will be applicable to this service.
In case of an emergency, you can utilise the cash advance facility provided by POSB. You can get up to the available credit limit instantly. You can access this facility through iBanking, ATM or at any POSB branch. You will be charged a cash advance fee of 6% of the amount withdrawn per withdrawal or S$15 (whichever is higher). There is also an interest rate imposed – 28% p.a. on the amount withdrawn. The minimum rate levied every month would be S$2.50. This interest is calculated on daily basis, from the date of transaction. It will be imposed till you make the complete payment.
To qualify for POSB credit card, you must fulfil the following criteria:
|Card Name||Minimum Income for Singapore Citizens and Permanent Residents||Minimum Income for Foreigners||Minimum Age||Read More|
|S$30,000||S$45,000||21 years||You must submit certain documents such as: NRIC, CPF contribution history, Income Tax Notice of Assessment, computerised payslips, etc.|
To apply for a POSB credit card, you will need the following documents:
Commissioned/variable income individual:
You can split your large purchases into small instalments and pay it monthly to POSB by taking the instalment payment plan from POSB. This facility is named as My Preferred Payment Plan. Here, you can convert the retail spends of S$500 to instalments. If you want to use this facility, you must apply for it within 14 days from the date of purchase. You can choose your tenor from 3 months to 24 months. This plan has 0% applied interest and low processing fees.
|Card name||Annual fee||Annual fee waiver|
|POSB Everyday Card||
||First-year fee waived|
With the facility of personal credit line from POSB, you can get up to four times the salary that you receive per month. CashLine interest rates are reasonable as compared to the cash advance facility. You can get cash instantly from any part of the world through iBanking, Digibank, and DBS or POSB ATMs. There won’t be any extra fee charged for credit line cash withdrawal.
You can also borrow money from POSB on your credit card. You will get up to the available credit limit on your card. You have to pay interest on the borrowed amount and the interest rate will be reasonable. The tenor for monthly instalment will be from 12 months to 60 months. The interest rate starts from 3.88% p.a. and a processing fee of 1% will be charged.
In order to meet the necessary security factors on POSB credit card, you must opt for SMS alerts, one-time-password, etc. These options will help you avoid the unauthorised transactions on your card. You must ensure that your mobile number is registered with POSB.
There is a facility for increasing your credit card limit temporarily. But, this facility can be used only in case of a wedding, compassionate reasons, travel, and hospitalisation. And, only the principal cardholders can get this service from POSB. You must apply for it online and you will experience a hassle-free approval.
Yes, you can instantly redeem your cash rebates at POSB partner outlets such as SPC, Watsons, POPULAR etc.
As a Singaporean citizen, you are eligible to apply for POSB credit card if your annual income is S$30,000 or more.
The annual fee is S$38.52 for the primary card and S$19.26 for each supplementary cards.
With your POSB credit card you can earn cash rebates for travel bookings, taxi bookings, paying parking fees etc.
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.
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.
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.
Yes. If your outstanding balance exceeds your credit limit, a fee of SGD 40 will be charged as the overlimit fee.
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.
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.
Runtime period: This promotion will expire on December 31, 2016.
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 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
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.
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 Womanâ€™s MasterCard, DBS Womanâ€™s World MasterCard, and POSB Everyday MasterCard.
An individual who intends to enjoy the benefits of this promotion mustnâ€™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.
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 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
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
Runtime – The following promotions are that started on December 1, 2015 and is valid until February 29, 2016.
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.
POSB has launched 86 â€˜Talking ATMsâ€™ 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
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.