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    POSB Grocery Credit Cards

    POSB offers a credit card designed to help you get the most out of your daily expenses. The POSB Everyday Card has been aptly named and offers cashback on a wide range of daily expenses including groceries.

    Features and Benefits of POSB Grocery Credit Cards

    • The card is a cash rebate card and earns cash rebates on a wide range of expenses such as dining, fuel and groceries.
    • The cash rebates on online food deliveries is 14%, 3% for weekday dining expenses and 9% for weekend dining expenses provided you charge a monthly minimum of S$600 to the card.
    • The cash rebate offered on overseas expenses is 14%. The card also offers cash rebates of up to 1% on recurring utility payments and 3% cash rebate on beauty and wellness expenses incurred at Watsons, and 0.3% cash rebate for all other expenses.
    • The card gives you a cash rebate of 5% on grocery expenses provided the maximum spend on groceries is S$1,000 and is incurred at Sheng Siong on a monthly basis.
    • Cash rebates earned can be offset for purchases at over 400 participating outlets.
    • The card is equipped with Tap N Go MasterCard feature, can be used as an ATM card as well by linking it with your savings account and can be used as an EZ-Link card.

    Interest Rates on POSB Grocery Credit Cards

    The POSB Everyday Credit Card charges an interest rate of 25.90% p.a. If the card does not have any outstanding balance or if the dues have been paid in full, the card does not charge any interest. In case you are unable t make full payment on the dues, the interest rate will be charged. The minimum interest rate that will be charged is S$2.50.

    Late payments or failure to make the minimum payment on time will result in a penalty interest rate of 3% that will be charged in addition to the existing interest rate (25.90% p.a.). However, the prevailing rate of interest is reinstated when you make the make the outstanding minimum payment in full before your next due date.

    Fees and Charges on POSB Grocery Credit Cards

    Product/Item Fees and charges
    POSB Everyday Card

      • Principal card - S$192.60 (annual fee for the first year is waived).

      • Supplementary card - 96.30 (annual fee is waived for the first year).

    Interest charges Interest charged on card transactions is 25.90% p.a. Minimum charge levied is S$2.50.
    Cash advance fee Fee is 6% of the amount withdrawn or S$15, whichever of the two is higher.
    Interest on cash advance Interest charged on cash advances is 28% p.a. Minimum charge levied is S$2.50.
    Late payment fee

      • Late payment fee charged is S$0 if the total outstanding balance is S$50 or below

      • Late payment fee charged is S$100 if the total outstanding balance is S$50 or below

    Minimum monthly due Minimum payment is 3% of the outstanding amount or S$50, whichever of the two is higher.
    Lost or stolen card liability A maximum fee of S$100 is charged.

    Eligibility Criteria for POSB Grocery Credit Cards

    • Singaporean citizens, Permanent Residents, and foreigners can apply for the POSB grocery credit card.
    • The applicant must have attained a minimum age of 21 years to apply for the principal card and 18 years to apply for the supplementary card.
    • The minimum annual income required to be eligible for the card is S$30,000 per year for Singaporean citizens and Permanent Residents and at least S$45,000 per year for foreign applicants.

    Documents Required for POSB Grocery Credit Cards

    The following documents must be submitted to complete your application process:

    The documents that need to be submitted by Singapore citizens and Permanent Residents are as follows:

    • Salaried applicants must submit:
      • A copy of their NRIC, both front and back.
      • A copy of their CPF Contribution Statement History dating back at least 12 months.
      • A copy of their latest Income Tax Notice of Assessment dating back at least 12 months.
      • Latest Computerised payslips dating back at least 3 months OR
      • Bank statement showing salary credited into a DBS or POSB personal account.
    • Self-employed or variable/commission based applicants must submit:
      • A copy of their NRIC, both front and back.
      • A copy of their latest Income Tax Notice of Assessment dating back at least 2 years.
      • Variable/commission based applicants must submit their CPF Contribution Statement History dating back at least 12 months.

    Foreigners are required to provide the following documents:

    • For applicants who have been working in Singapore for less than 3 months, they are required to submit a copy of their Passport and Employment Pass having a validity of 6 months at the time of application, a copy of their latest Income Tax Notice of Assessment, if applicable or a copy of their most recent computerised payslip and a letter from their employer/company verifying their employment and salary in Singapore Dollars. The verification letter should not be older than 3 months at the time of application. For those applicants who have been working for over 3 months, the verification letter is not required. However, they do have to provide their latest Income Tax NOA and a computerised payslip showing their income in Singaporean Dollars being credited into a POSB account.

    Supplementary credit card applicants are required to provide the following documents:

    • A copy of their NRIC, both front and back.
    • A copy of their valid Passport.

    How to apply for a DBS/POSB Grocery Credit Card

    You can apply for a POSB Grocery Credit Card online by using your iBanking login credentials. You can also apply for the posb credit card online by visiting the bank’s official website, navigating to the respective card’s web page and clicking on the option, “Apply Now”. Upon clicking this button, the webpage will direct you on your next action and you must follow the steps to successfully submit your application.

    How to cancel a DBS/POSB Grocery Credit Card

    You can cancel your POSB grocery credit card using the iBanking Messages function. You simply have to login using your User ID and PIN, select the ‘Messages’ option on the top right, click on ‘Compose’, Key-in your 6-digit iB secure PIN, select ‘Credit Cards’ as the Topic and ‘Cancel Card’ as the subject. Once this is complete, you must enter your credit card number and the reason for cancellation of your card and then hit ‘Submit’. You could also contact the POSB customer care hotline to have your card cancelled. When the primary card is cancelled, the supplementary card is also rendered cancelled.

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