Why Choose DBS Credit Cards?

Credit cards are no longer simple pieces of plastic that offer access to instant cash, they also offer you with numerous benefits and features that will enhance your shopping experience. It is not surprising that people around the world love using credit cards for all kinds of transactions. If you are someone in Singapore who needs a credit card, you can opt for any of the cards offered by DBS Bank as it will offer you with value for your money. Besides, the interest rate charged on these cards and the annual fees are not very high and so your cost of borrowing will be very low as well.

Overview of DBS Bank Credit Cards

The Development Bank of Singapore Limited, commonly known as DBS Bank, is one of the top 3 banking corporations in Singapore and also one of the largest banks in Asia. DBS Bank offers a variety of banking and financial solutions/ products which include savings accounts, current accounts, loans, debit cards and credit cards. DBS offers a range of credit cards that can cater to the needs of people with all kinds of lifestyles. A DBS credit card can offer you with a myriad of features that will be very beneficial to you and will also help you to enjoy various exclusive privileges, deals, discounts, promotions and so on.

dbs credit card

Credit Cards offered by DBS Bank

DBS Bank offers the following credit cards in Singapore: Live Fresh Visa Card, Black Visa Card, Black American Express Card, Woman’s MasterCard, Woman’s World MasterCard, Altitude Visa Signature Card, Altitude American Express Card, One.Tap MasterCard PayPass Card, CapitaCard Visa Card, Esso MasterCard, NUS Alumni MasterCard, NUSS Visa Card, DBS MasterCard Card, Takashimaya American Express Card, Takashimaya Visa Card, Treasures Black Elite American Express Card and Live Fresh Visa Student Card. From this vast list of credit cards, you can easily find a card that will meet your lifestyle needs the most and will be able to enjoy numerous beneficial features by paying nominal amounts as annual fees.

Benefits of DBS Credit Cards

Regardless of what card you opt for, you will enjoy a range of benefits that are offered exclusively to DBS credit cardholders. You will earn a higher number of reward points for all kinds of transactions which include travel bookings, shopping at brick and mortar stores, online shopping and so on. You will also earn more reward points for certain transactions, especially when you are travelling outside the country. If you are an avid traveller, you can gift yourself a travel credit card from DBS and then you will be rewarded for all your ticket bookings and other travel related transactions. In fact, you will earn air miles and can even redeem them for air tickets and a range of other lucrative deals.

If you are someone who spends a lot of money on refuelling your car every month, you can opt for the cards that offer fuel benefits and in the process you will be able to save money when you use your card to refuel at some of the top service stations in the country. Similarly, if you want to save money for your day to day shopping, you can opt for a card that offers higher savings on groceries and other daily expenses. The best part is that, you will also find it easy to keep a track of your expenses with the help of online banking and mobile banking facilities offered by the bank.

There are many people who find it difficult to pay their bills on time as they are very forgetful. If you are one of those people, you can pay all your bills with ease with the help of the automated bill payment service offered with the DBS credit cards. As a loyal customer of the bank, you will get access to gift vouchers and other lucrative promotions from time to time. These promotions and deals will help you to save money on dining, shopping and so on. The low fees charged with these cards will ensure that you do not have to burn a hole in your pocket to avail the services and benefits offered with DBS cards.

Annual Fees
DBS Esso MasterCard Card
S$85.60 – primary card; S$42.80 – secondary cards
DBS NUS Alumni MasterCard Card
S$128.40 – primary card; S$77.04 – secondary cards
DBS NUSS Visa Card
S$192.60 primary card; S$96.30 – secondary cards
SAFRA DBS MasterCard Card
No annual fee for members of SAFRA
DBS Takashimaya American Express Card
S$192.60 primary card; S$96.30 – secondary cards
DBS Treasures Black Elite American Express Card
S$535 – principal card
DBS Takashimaya Visa Card
S$64.20 primary card; S$32.10 – secondary cards
DBS Live Fresh Visa Student Card
S$64.20 – principal card

As you can see from the above table, the annual fees charged with these cards are not very high and on top of that, the fees are waived for the first few years for many of these cards. There are numerous reasons for which you would like to opt for a credit card from DBS Bank and another reason is that the application process is very simple. You can easily contact the bank and apply for the card of your choice. Once they receive your card application, they will process it within no time and if the application is approved, the card will be sent to the mailing address that you provide with the application.

The benefits offered with these cards do not end there and with almost all the cards offered by the bank, you will earn reward points. The points that you accumulate can be redeemed for a wide range of gifts which include deals from some of the top restaurants in the country, discounts vouchers for some of the top local and global merchants, health and wellness vouchers and a ton of other lucrative offers and deals. At any given point of time, you can easily check your reward points and keep a track of your expenses. The rewards points can be easily redeemed online as well and you will not need to visit any of the branches of DBS to do so.

The procedure to make payments for your card is very simple as well. When you use your card for any transactions other than cash withdrawals, you will get an interest-free grace period. If you pay off the balance of your card within this period, you will not need to pay any interest on your credit card balances. Thus, you will be able to enjoy all the advantages offered by the card without having to pay any interest. If you are short of cash and are finding it difficult to meet your financial responsibilities, you can always withdraw cash with your card and then utilize the same for paying your bills.

Eligibility

The eligibility criteria for these cards is also quite simple. You need to be at least 21 years of age and have an income of S$30,000 and above per annum, if you are a Singaporean, or an income of S$45,000 and above per annum, if you are a foreigner residing in Singapore. As long as you have a good credit score, you can be assured that DBS will offer you with a credit card. For applying for the DBS NUS Alumni MasterCard, you need to be a graduate of the National University of Singapore. If you are unsure about whether you qualify for a credit card from DBS, you can always get in touch with the customer service team of the bank and get answers to all your queries and questions regarding eligibility.

Documents Required to Apply for DBS Cards
When you apply for a DBS Credit Card, you will most likely be asked to provide the following documents:

If you are a salaried individual, you will need to submit these documents:
Photocopy of NRIC (Front as well as back)
Computerized pay-slips for recent 3 months OR current Notice of Assessment OR past 6 months’ CPF statement.

If you are a freelancer /commission-based employee, you will probably need to submit these documents:
Photocopy of NRIC (Front as well as back)
Last 2 years’ Notice of Assessment OR last 15 months’ CPF statement

If you are a foreigner living and working in Singapore, you will need to submit these documents listed below.
Passport of the applicant
Employment Pass with at least one-year validity
Computerized salary slips for past 3 months OR most recent Notice of Assessment

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Singapore Savings Bond – application opens in September

The much-awaited Singapore Savings Bond will be open for application in September 2015. Investors looking for an opportunity to grab these bonds can submit their applications for the first issue on September 1st up till September 25th. The bonds will be issued at S$500 up to S$50,000 which have a term of 10 years. Investors can hold up to S$100,000 of bonds. The minimum threshold of S$500 makes it available to the everyday man and not just the elite.

Application process for Singapore Savings Bond
In order to apply for these bonds, you need to have an account at any of the participating banks. The banks are OCBC, DBS, POSB, and United Overseas Bank.
You also need an individual central depository account (CDP).
Applications can be done via ATMs. POSB or DBS customers can also apply via online banking.
The transaction fee is S$2 per application and is non-refundable.
Applicants who are successful will receive the bonds into their CDP on 1st October.
The same process also applies for redemption of the bonds.

The Monetary Authority of Singapore (MAS) has stated that there is no need to rush for the first issue as the bonds will issued every month for at least five years. The Government has plans to issue bonds of S$2billion to S$4billion this year.

The Singapore Savings bonds will give investors flexibility with the tenures and amounts they can deposit. It’s also a low-risk option as your principal amount is guaranteed by the Government. Investors can redeem the bonds in part or full before the maturity date. No penalty fees is levied for premature closure. The return on these bonds at the time of maturity will be the same as a 10-year Singapore Government Securities yield. This is usually around 2% and 3% which is much higher than a fixed deposit. Interest will be paid half-yearly and on a step-up basis. Step-up basis means the value of the bond will be the higher market value at the time of maturity and not the value at which it was originally purchased. In the case of conventional SGS bonds and corporate bonds, the prices of your bond in the case of early redemption is determined by the financial market conditions and the market interest rate movements. These measures are directed to encourage investors to keep the bonds for 10-year terms. But the bonds are also easily redeemable for cash without any penalties, and moreover, you will get your full principal back, making it an attractive investment. In the event of an emergency, the savings bonds will serve as a contingency fund.

MAS will publish all details regarding the first issue of Savings Bonds in October on their website on September 1st after 4:30 p.m. Details such as the interest rate schedule will be available. The same will be published in newspapers on September 2nd. The Savings Bond website will help investors track their applications and depict their investment returns over the period of the bond. There is also a Savings bond hotline available to investors and applicants.