POSB is one of the oldest banks in Singapore and offers a diverse set of banking products and services. The bank was established way back in 1877, and was called the Post Office Savings Bank. It was then acquired by DBS, now the largest bank in Singapore, in the year 1998. Many products offered by POSB have similar features in comparison to those offered by DBS.
POSB offers debit cards, loans, insurance products, and investment instruments to Singaporean citizens, Permanent Residents and foreigners.
Best POSB Debit Cards
The bank offers two debit cards – the PAssion POSB Debit Card and the HomeTeamNS-PAssion-POSB Debit Card. Each of these cards come with impressive features and benefits. Let’s go ahead and take a detailed look at what you can expect from owning one of these exciting POSB debit cards.
PAssion POSB Debit Card
The PAssion POSB Debit Card is an exciting debit card that comes with several interesting features indeed. Let’s take a look:
- With the PAssion POSB Debit Card, you can enjoy 6x TapForMore points with every S$1 you spend using the card at participating merchants. Participating merchants include DFG stores in Singapore – Jasons, Giant, MarketPlace, Guardian Health & Beauty outlets, and Cold Storage.
- For every 150 points you earn through your spending, you can offset S$1 from your next purchase at these stores (the above mentioned DGF (Dairy Farm Group) stores).
- TapForMore points earned on expenses with the card can be converted into KrisFlyer miles and in this way, you can offset, to a great percentage, the expenses incurred on your next flight ticket reservation. TapForMore points can also be converted into STAR$, and can be redeemed for CapitaStar vouchers.
- The above mentioned offers on KrisFlyer miles and CapitaStar vouchers will hold applicable only if you spend a minimum of S$400 with your PAssion POSB Debit Card in a given calendar month. Also, TapForMore points that are earned through purchases are capped at 7,500 points for a given calendar month. For cardholders who are aged 65 and above, there is no minimum spend that is required in order to enjoy these privileges.
- Besides these privileges, as a PAssion POSB Debit Cardholder, you will also receive complimentary PAssion membership that also has its own set of unique benefits and privileges. The membership will be activated within a period of about 5 working days following the activation of the PAssion POSB Debit Card.
- Community Club courses, facilities and activities that can be used/utilised with the PAssion membership, carry a membership fee. Applicable fees for PAssion members are lesser than the fees available to non-members. Also, members can enjoy an additional 2% off when payments are made through the debit card via MasterCard PayPass.
- PAssion members can also enjoy excellent discounts at over 1,000 PAssion merchants. Members also get a National Library Board Partner Membership by becoming a PAssion member. The Library Board membership allows members to borrow up to 10 library items – only Singapore citizens and Permanent Residents are allowed to borrow.
- At all participating CapitaLand malls, members can earn additional 50% STAR$.
- PAssion POSB Debit Cardholders can enjoy exciting 1-for-1 deals on the 10th day of every month. These deals include dining and movie deals at participating merchants. For further information on deals, customers can download the DBS Lifestyle Application.
- Cardmembers can enjoy a cashback of 1% at Takashimaya Departmental stores and Takashimaya Square.
- Cardholders can also enjoy 3% cashback on their local medical expenses at hospitals, dental clinics and medical clinics. This offer is only applicable to POSB Smiley Child Development Account Trustees, and is valid on a minimum spend of S$500 on the PAssion POSB Debit Card for the given calendar month.
- The card can be used to make contactless payments through MasterCard PayPass. This is applicable to transactions less than S$100.
- The card can be used to make payments towards taxi rides, buses and MRT/LRT.
POSB HomeTeamNS-PAssion-POSB Debit Card
The POSB HomeTeamNS-PAssion-POSB Debit Card is the other debit card offered by POSB and comes with some interesting benefits indeed. The card also bears the name “PAssion” and comes with benefits that are applicable to the PAssion-POSB Debit Card as well. Let’s take a look at some features and benefits of the debit card:
- The card is a cash rebate card that offers rebates on select purchases. As a cardmember, you can earn a 2% rebate on local contactless transactions through MasterCard PayPass.
- Your online transactions with the debit card will earn you a 1% rebate.
- All other retail transactions with the POSB HomeTeamNS-PAssion-POSB Debit Card will earn you 0.3% rebate.
- In order to qualify for the rebates, you’ll have to spend a minimum of S$400 in a given calendar month. There is no minimum spend required for National Servicemen.
- All cash rebates earned with the card will be credited to your account as HomeTeamNS$ within a 90-day period of the following month. These HomeTeamNS$ can be redeemed at participating merchants and HomeTeamNS Clubhouses.
- The card comes with HomeTeamNS benefits that include birthday treat offers, passes to the Adventure Cove waterpark, Universal Studios, the S.E.A Aquarium and other participating places at discounted prices, and access to at least 5 HomeTeamNS Clubhouses (the clubhouses include a spate of facilities, discounted parking fees will also hold applicable).
- PAssion benefits associated with the PAssion-POSB Debit Card are applicable to the HomeTeamNS-PAssion-POSB Debit Card as well.
The following eligibility parameters need to be met in order to qualify for a POSB Debit Card in Singapore:
PAssion POSB Debit Card and the HomeTeamNS-PAssion-POSB Debit Card:
- The applicant has to be at least 16 years old.
- The applicant must have either one of the following accounts: a POSB Savings Account, a DBS Savings Plus Account, a DBS Current Account or a DBS Autosave Account.
- For the HomeTeamNS-PAssion-POSB Debit Card, the applicant has to be an existing member of HomeTeamNS. Also, HomeTeamNS membership fees will hold applicable.
- Proof of Identity – Front and back copy of NRIC or copy of passport (for foreigners).
- Income documents if the individual is employed (not absolutely necessary).
- As such, as long as the eligibility is met (in holding any of the accounts mentioned earlier), no additional documents other than income documents need to be submitted to the bank.
Fees and Charges
HomeTeamNS-PAssion-POSB Debit Card
- 5-year membership: S$100
- 10 year-membership: S$150
PAssion-POSB Debit Card
5-year membership (PAssion membership fee)
- 16 years- 17 years: S$10
- 18 years – 59 years: S$12
- 60 years and older: S$10
Note: The PAssion membership fee is currently waived.
Overseas withdrawal charges:
Overseas withdrawal charges are S$2.00 at Bank of Philippines Island ATMs and Bank of Central Asia ATMs (BCA,Indonesia). The fee is waived for Westpac Group ATMs in the Australian Continent, at DBS Taiwan ATMs (as POSB functions as a subsidiary of DBS), and DBS Hong Kong ATMs.
How to Apply POSB Debit Card in Singapore?
You can apply for a debit card from POSB by visiting the official POSB Singapore website and filling out the online application form. The page containing the form can be found by clicking on the Apply Now option available in the corresponding debit card page. A representative from POSB will then get in touch with you to take the application process forward.
You can also apply for a POSB debit card by visiting your nearest POSB or DBS branch and physically filling out the debit card application. Alternatively, you can login to the POSB internet portal and apply for a debit card.
How to Activate POSB Debit Card?
You can activate your POSB Debit Card by using the POSB/DBS mobile application, entering your debit card details and your debit card PIN. You will also need your registered mobile number to activate your card, as you will receive a one-time-pin on your registered mobile number. Once this is done, your card will be activated.
You can also visit your nearest DBS/POSB ATM, insert your card, enter your PIN, and activate your card by choosing the relevant option. You can also change your debit card PIN at the ATM. It is also highly recommended that you change your debit card PIN after you’ve accessed your card for the first time with the original PIN. Call on POSB hotline numbers to get more information.
Q. Do I need to be a PAssion member if I have to apply for the HomeTeamNS-PAssion-POSB Debit Card?
No, if you are a HomeTeamNS member, that would enable you to qualify for the HomeTeamNS-PAssion-POSB Debit Card.
Q. Do I need to have a good credit score to apply for the card?
No, your credit score is not taken into account, as debit cards aren’t credit products.
Q. How long will it take to receive my debit card after I’ve applied for it?
After your application has been successfully approved, you should receive your card in about 6-7 business days.
Q. If I don’t have a DBS or POSB account, can I open an account and then apply for the card?
Yes, you can certainly open an account and apply for a POSB debit card.
Q. Are local ATM withdrawals at POSB/DBS ATMs charged?
No, local transactions at POSB/DBS ATMs don’t carry a transaction fee.