Debit cards can be seen as a convenient substitute for cash, especially in this rapidly evolving cashless society. However, you may wonder — what is the difference between a debit and credit card? And which bank offers the best debit card which you should apply for? Firstly, debit and credit cards work in essentially the same manner. Both types of card are accepted at the same merchants and they ride on the same credit card networks. What differentiates the two, however, is how the payments are processed. For debit cards, the money is directly debited from your savings account. Conversely, paying via a credit card utilises “future money” as you only pay for your purchases at the end of a billing month.
Now that you understand the difference between a credit and debit card, read on to find out more about our top picks for debit cards which are worthy of a slot in your wallet. To find out more about the best credit cards, do refer to our earlier article here.
The DBS Debit Card is certainly one of the top choices for many as the criteria to apply is lenient and there are no annual fees. The application process is also hassle-free, making it an ideal first debit card for even students. One unique feature of the DBS Debit Card is the fact that there is no foreign exchange fee charged for overseas transactions if you link the card to your DBS Multi-Currency Account. This card also doubles up as a transport pass as it has Tap and SimplyGo features to pay for train and bus fares.
If you are interested to apply, click here.
2. Standard Chartered XtraSaver Debit Card
The Standard Chartered XtraSaver Debit Card offers some of the best savings for cardholders who drive frequently. The card gives a 7% cashback on petrol in Singapore and Malaysia, capped at S$40 monthly. You are also entitled to a 1% cashback on Mastercard transactions and this is capped at S$200 each month. However, you need to maintain an account balance of S$6,000 at minimum to qualify for this.
If you are interested to apply, click here.
3. HSBC Everyday Global Debit Card
For frequent travellers, do consider applying for the HSBC Everyday Global Debit Card which is linked to a multi-currency account for you to transact while overseas. You will be able to enjoy $0 fee in 10 currencies for retail shopping and overseas cash withdrawal in HSBC ATMs internationally, making travelling a breeze for you! The card also offers bonus and rebates based on your savings and expenditure, thus making it a great debit card to keep in your wallet.
If you are interested to apply, click here.
If you are looking for a debit card that offers rebates on transport, food and online shopping, the OCBC Yes! Debit Card will be the perfect match for you! The card offers 1% rebate on transport (Grab, Go-Jek), online shopping (Zalora, Lazada, Fairprice Online), convenience stores and fast food chains (McDonald’s, Subway). It also allows you to withdraw cash for free from any OCBC ATM globally. Furthermore, the card also allows you to set a daily spending limit so that you can better manage your expenses.
If you are interested to apply, click here.
Check Out Our CardsPal App!
To get more up-to-date information on the best debit and credit cards available in Singapore, download the CardsPal app now! CardsPal is the convenient one stop app where we show you the best deals in town so you never have to miss a deal again! Our app also aggregates credit and debit card features from all banks in Singapore to provide you with a seamless comparison experience. Get to know us here. Download the app on the App Store or Google Play Store now and get the latest deals, tailored according to the cards you own.
