DBS Visa Debit Card: Is It the Right Debit Card for You?

DBS Visa Debit Card: Is It the Right Debit Card for You?

No-fee debit card that earns cashback on all spending

Good for

  • Those who seek a debit card that earns cash back on a variety of spend
  • Cardholders who make frequent foreign exchange transactions
  • No ATM fees at a variety of overseas locations

Bad for

  • Individuals that don't spend enough (S$500) to meet the minimum monthly spend requirement to earn cashback
  • Those who make cash withdrawals of more than (S$400) per month

Editor's Rating

3.5/5.0

The DBS Visa Debit Card offers a variety of cashback rates for virtually all types of spend categories. Individuals that have a monthly budget of more than S$500, will receive great value from this card. Additionally, when linked with a DBS MCA (Multi-Currency Account) cardholders do not have to pay any fees for their foreign exchange spend, which is a great benefit for those that frequently spend overseas.

Table of Contents


ProsCons
  • 3% cashback on online food delivery
  • 3% cashback on local transport
  • 2% cashback on FX spend
  • 1% cashback on local Visa Contactless spend
  • No fees on FX spend with MCA account
  • High minimum spend to qualify for cashback
  • No cashback if withdrawals exceed S$400 per month
  • Cashback earnings limit of S$20
Promotions:
  • For the first 50,000 to register for the promotion, they will receive 3% cashback on all online spend in local currency, and 4% cashback for online spend in foreign currency. Promotion available until July 31, 2020.

What Makes the Visa Debit Card Stand Out?

The DBS Visa Debit Card is one the best debit cards when it comes to it’s diversity in cashback earnings. Offering rates on transport, online food delivery, foreign currency spend, and all contactless spend, it provides substantial benefits to those that use their card on a variety of spend.

  • 3% Cashback on online food delivery
  • 3% Cashback on local transport (Ride-Hailing, Taxis, Transit - SimplyGo)
  • Ride-Hailing services include: Gojek, Grab, Ryde, TADA, and Lyft.
  • 2% Cashback on all foreign currency spend
  • 1% Cashback on local Visa Contactless spend
  • (Contactless cashback is limited to a maximum of S$200 per transaction.)

In order to qualify for cashback, an individual must spend a monthly minimum of S$500, which is the highest minimum spend for debit cards. In addition to minimum spend, the card also has S$400 monthly limit on cash withdrawals. The cashback earnings also have a cap of S$20 per month.

Debit Card Annual Fee & Limits

Is the Visa DBS Debit Card Free?

The DBS Visa Debit Card comes at no cost to the cardholder. There are no required signup fees or annual fees (for the initial year & subsequent years). This card is among a few debit cards that allow cardholders to spend as little as they would like without having to meet a minimum annual spend or a minimum number of annual transactions.

Does the DBS Visa Debit Card have a Withdrawal Limit?

The card does have limits set on the amount of money you can transfer, withdraw, and spend on a daily basis, as seen below:

TypeLimit
NETS (Electronic Transfer)S$5,000
ATM WithdrawalS$3,000
Debit Card Spend TransactionS$2,000

Does DBS Charge Fees for Shopping Overseas?

If a cardholder links a DBS Multi-Currency Account (MCA) to their debit card, they will incur no cost for overseas spend. However, if the debit card is not linked to an MCA, they will incur a fee of 3.25%.

ATM withdrawals overseas are subject to fees as well, as seen below:

ATMFee
  • Westpac Group ATMs in Australia (Westpac, St. George Bank, Bank of Melbourne and BankSA)
  • DBS Hong Kong
  • DBS India and DBS Indonesia ATMs
No Fee
ATMs of HDFC (India)S$2.00
All other overseas ATMsS$7.00

DBS Visa Debit Card Promotions

  • For the first 50,000 to register for the promotion, they will receive 3% cashback on all online spend in local currency, and 4% cashback for online spend in foreign currency. Promotion available until July 31, 2020.

In order to qualify for these promotional cashback rates, the cardholder must meet their personalized spend goal. Once a cardholder successfully signs up for the promotion, they will be presented with their personalized spend goal, which is only required to be met if the individual looks to earn on the promotional rates.

How to Apply The Debit Card

To apply for the DBS Visa Debit Card, individuals must follow a few simple steps.

  • Log into your DBS/POSB account
  • Select the DBS Visa Debit Card
  • Enter the name you would like to have on the card
  • Enter your personal details such as contact details and address
  • Create a 6-digit PIN for your card
  • Submit

DBS Visa Debit Card Eligibility Requirements

The DBS Visa Debit Card has 2 eligibility requirements, which make it very easy for most individuals to sign up and apply for the card. In order to be eligible, individuals must be at least 16 years old and have a POSB Savings Account, DBS Savings Plus Account, DBS Autosave Account, or DBS Current Account.

How to Cancel the DBS Visa Debit Card

DBS offers a simple online cancellation method on their site. Cardholders that are interested in cancelling their debit card can go to the online DBS cancellation form here . Once on the page, you must:

  • Select the card you would like cancel
  • Enter your Identity Number
  • Enter The Last 4 digits of your card number
  • Enter your card PIN number

Once the form is submitted via the online form, your DBS Visa Debit Card will be immediately cancelled.

Credit Card Alternative: Maybank eVibes Credit Card

Consider this if you want to receive 1% flat cashback rate on every transaction, with no minimum spend.

Annual Income Requirement N/A
Foreigner Income Requirement N/A
  • Annual Fee: S$20, waived if card is used 1x/3 months
  • 1% cashback rate, no minimum spend
  • Save with Maybank TREATS Discounts
  • Credit limit of S$500

The Maybank eVibes Credit Card gives students the opportunity to earn a flat 1% cashback rate on all purchases, with absolutely no minimum spend requirement. This credit card does come with a S$5 quarterly maintenance fee, but can be simply waived with regular card use, making it relatively maintenance-free.

Along with cashback, the Maybank eVibes card offers access to the TREATS program. This program offers cardholders the opportunity to earn an assortment of rewards including discounted amusement park tickets and dining coupons.

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