Hey there! I’m exploring the best debit cards in Singapore for 2023. Did you know that the statistic shows that 93.5% of Singaporeans that above 15 age have debit over credit cards? That’s huge, right?
In Singapore, debit cards play a crucial role in the everyday financial lives of residents. They offer a convenient, secure way to make transactions without carrying cash. They are widely accepted for in-store and online purchases, often with benefits like cashback and rewards.
The security of a debit card is the same as a credit card. Debit cards are directly linked to the user’s bank account, allowing immediate access to funds and ensuring spending is limited to available balances, which helps manage budgets more effectively. Unlike credit cards, credit cards may cause you to overspend and create debt.
I will share the best debit card Singapore 2023 according to my research and experiences. With this guidance, you will understand debit cards and find your best debit card Singapore 2023.
Table of Contents
Debit Card is Better Than Credit Card: Key Reasons
When managing finances in Singapore, choosing the best debit card can be smarter than opting for a credit card. Here’s why:
- Spending Within Means: The best debit card Singapore offers ensures you spend the money you already have. This prevents the risk of accruing debt, a common issue with credit cards.
- Better Budget Management: Using a debit card helps in maintaining a budget. You’re more conscious of your balance, leading to more prudent spending decisions.
- No Interest Rates: Unlike credit cards, no interest is charged on debit card purchases. This makes them cost-effective for everyday use.
- Cashback and Rewards: Opting for the best cashback debit card Singapore provides can offer similar rewards to credit cards, like cashback on purchases, without the risk of high interest or overspending.
- Suitability for Students: The best debit card for students in Singapore is tailored to the needs of the younger demographic. It’s a great tool for students to learn financial responsibility without the risk of accumulating debt.
- Travel Benefits: Frequent travellers can benefit from the best travel debit card Singapore boasts. These cards often come with lower foreign transaction fees and other travel-related benefits, making them more suitable than credit cards for international use.
- Wider Acceptance and Convenience: Debit cards are widely accepted locally and globally. They offer the same convenience as credit cards regarding online and in-store purchases.
- Lower Fees and Charges: Debit cards generally come with lower annual fees than credit cards, making them a cost-effective option for many.
Debit cards offer a safer, more budget-friendly alternative to credit cards, especially for those who prefer to avoid debts and manage their finances more effectively.
Read also: Best Credit Cards in Singapore
Compare Best Debit Cards in Singapore
| Debit Cards | Pros | Cons |
| DBS Visa Debit Card | Spend in multiple currencies without extra fees. | DBS multi-currency account for best benefits. |
| OCBC Yes! Debit Card | Rewards for food and transit purchases. | Limited to certain merchants for rewards. |
| UOB One Debit Card | Up to 10% cash back on various spends. | Annual fee of 18.17 SGD. |
| HSBC Everyday Global Debit Card | Suitable for global transactions, no foreign transaction fees. | Requires HSBC account. |
| Standard Chartered Business Debit Card | Ideal for business-related transactions. | Tailored more towards business users than individual consumers. |
| Citibank Debit Mastercard | Wide acceptance, good for travel. | High minimum balance requirements. |
| NTUC Plus! Visa Debit Card | Discounts at FairPrice and other stores. | Membership requirement for best benefits. |
| Bank of China Great Wall International Debit Card | No annual fee, suitable for international use. | Lesser-known, fewer perks. |
| Maybank Platinum Debit Card | Attractive rewards program, cashback options. | Best benefits tied to specific spending categories. |
| CIMB FastSaver Account Debit Card | High-interest savings when linked to FastSaver account. | Less emphasis on rewards or cashback. |
Note: The ranking above are not listed in order
What to Consider When Choosing A Debit Card?
When selecting a debit card in Singapore, several factors are crucial:
- Fees and Charges: Look for cards with low or no annual fees, and consider other charges like ATM withdrawal fees.
- Rewards and Cashback: Some cards, like the best cashback debit card Singapore, offer rewards or cashback on purchases. This can be a great way to earn while you spend.
- Foreign Transaction Fees: For travellers, the best travel debit card Singapore should have low foreign transaction fees. This is important for those who travel frequently or shop online from international retailers.
- ATM Network and Accessibility: Consider the availability and accessibility of ATMs, especially if you travel or withdraw cash frequently.
- Spending Limits: Some debit cards have daily spending limits. Ensure the limit aligns with your spending habits.
- Online and Mobile Banking Features: Look for cards that offer robust online and mobile banking features for convenience.
- Eligibility Criteria: Some cards, like the best debit card for students Singapore, are tailored for specific groups like students and might have special benefits or lower requirements.
- Security Features: Consider the security measures in place, like SMS alerts for transactions and the ability to freeze the card via an app.
- Customer Support: Good customer service is crucial for handling any issues.
- Linked Accounts and Services: Some debit cards are linked to savings or current accounts, which might offer additional benefits or interest.
The best debit card in Singapore depends on individual needs and lifestyle. These factors will help you choose a card that best suits your financial habits and goals.
Popular Debit Cards for Daily Use
1. DBS Visa Debit Card – Best for Travel
Special Highlight
The DBS Visa Debit Card is particularly valued for its travel-friendly features. It stands out in Singaporean as a robust option for frequent travel abroad. Offering the convenience of multi-currency transactions without additional fees simplifies spending in various countries. This card is a practical choice for globetrotters seeking a seamless financial experience during international adventures.
Features
- Spend in up to 11 foreign currencies without extra fees
- Up to 3% cashback on local contactless transactions
- Widely accepted globally
- Supports Visa payWave for contactless payments
Eligibility
- Must be a DBS/POSB account holder
Additional Benefits
- Enhanced fraud protection
- Access to DBS/POSB’s extensive ATM network
- Compatibility with mobile wallets for digital payments
- Dedicated customer support for international banking queries
This card’s focus on travel-related benefits aligns it closely with the best travel debit card Singapore category, offering a blend of convenience, security, and rewards that cater to the needs of modern travellers.
2. OCBC Yes! Debit Card – Best for Spending and Rewards
Special Highlight
The OCBC Yes! Debit Card is a standout option for those who seek rewards on their daily expenditures. It’s particularly known for its cashback and rewards program, making it an attractive choice for savvy spenders who want to maximize their returns on routine purchases. This card is ideal for those who frequent specific merchants and utilize the card’s reward structure effectively.
Features
- Cashback on everyday purchases
- Contactless payments
- Wide merchant acceptance
Eligibility
- Available to OCBC account holders
Additional Benefits
- Exclusive deals and discounts with partner merchants
- Online banking facilities
- Enhanced security features
The OCBC Yes! Debit Card aligns well with the needs of those looking for a versatile spending tool in Singapore, offering a blend of rewards and convenience.
3. UOB One Debit Card – Best for Cashback
Special Highlight
The UOB One Debit Card is highly regarded for its exceptional cashback benefits, making it a top choice for those who prioritize savings while spending. It’s especially beneficial for those with a high transaction frequency, as the card offers attractive cashback rates, making everyday spending more rewarding.
Features
- High cashback rates on various spends
- Contactless payment options
- Wide acceptance both locally and internationally
Eligibility
- Available to UOB account holders
Additional Benefits
- Discounts and deals with partner merchants
- Access to UOB’s extensive ATM network
- Integration with UOB’s mobile banking app for easy account management
The UOB One Debit Card stands out in the Singapore market as the best cashback debit card Singapore, offering substantial savings through its cashback program on everyday expenses.
4. HSBC Everyday Global Debit Card – Best for Global Use and Travel
Special Highlight
The HSBC Everyday Global Debit Card is tailored for those who travel frequently or engage in international transactions. Its multi-currency capabilities stand out, allowing users to transact in various currencies without incurring high conversion fees, making it an ideal choice for globe-trotters and online shoppers buying from international websites.
Features
- Multi-currency transactions without extra fees
- Global acceptance for ease in international spending
- Contactless payments for convenience
Eligibility
- Must be an HSBC account holder
Additional Benefits
- Competitive exchange rates
- Access to HSBC’s global ATM network
- Security features like fraud protection
The HSBC Everyday Global Debit Card aligns well with the best travel debit card Singapore category, offering various features that cater to international spending needs.
5. Standard Chartered Business Debit Card – Best for Business Transactions and Management
Special Highlight
The Standard Chartered Business Debit Card is designed for business owners and professionals. This card stands out for its capacity to simplify business-related financial transactions, offering enhanced control and convenience. It’s an excellent tool for managing company expenses, streamlining accounting processes, and keeping track of business spending.
Features
- Tailored for business transactions
- Enhanced expenditure tracking
- Global acceptance of business travel needs
Eligibility
- Available to Standard Chartered business account holders
Additional Benefits
- Access to exclusive business-related offers and privileges
- Integration with business banking services for streamlined financial management
The Standard Chartered Business Debit Card is an efficient solution for business professionals in Singapore, offering specialized features that cater to the unique financial needs of businesses.
6. Citibank Debit Mastercard – Best for Global Accessibility
Special Highlight
The Citibank Debit Mastercard is renowned for its global acceptance and convenience. This card is particularly beneficial for individuals seeking a seamless spending experience locally and internationally. It stands out for its ease of use in various shopping and travel transactions, making it a reliable choice for those who value accessibility and flexibility in their financial tools.
Features
- Wide acceptance at numerous locations worldwide
- Contactless payment functionality
- Compatibility with various digital wallets
Eligibility
- Available to Citibank account holders
Additional Benefits
- Access to Citibank’s global ATM network
- Exclusive deals and promotions with partner merchants
This card is a versatile option within the best debit card Singapore landscape, catering to various spending needs and preferences.
7. NTUC Plus! Visa Debit Card – Best for Shopping and Grocery Discounts
Special Highlight
The NTUC Plus! Visa Debit Card is tailored for individuals who frequently shop at NTUC FairPrice stores and affiliated outlets. It offers substantial discounts and savings on everyday grocery purchases, making it an excellent choice for households looking to maximize their budget in daily shopping.
Features
- Discounts at NTUC FairPrice, Unity, and Warehouse Club stores
- Contactless payment technology
- Visa network global acceptance
Eligibility
- NTUC Union membership is required
Additional Benefits
- Linkage to NTUC membership for more rewards
- Exclusive promotional offers at various retail partners
The NTUC Plus! Visa Debit Card is a practical choice for Singaporeans who prioritize savings on groceries and everyday purchases, fitting well within the best debit card Singapore category for shoppers.
8. Bank of China Great Wall International Debit Card – Best for Travel
Special Highlight
The Bank of China Great Wall International Debit Card is an excellent choice for those who frequently travel or transact internationally. This card stands out for its global acceptance and ease of use across different currencies, making it a convenient option for international travellers and shoppers.
Features
- No annual fee
- Multi-currency transaction capabilities
- Global acceptance and usage
Eligibility
- Available to Bank of China account holders
Additional Benefits
- Access to exclusive global offers and promotions
- Enhanced security features for international use
The Bank of China Great Wall International Debit Card offers essential features for international use, positioning it as a strong contender within the best debit card and travel debit card categories in Singapore.
9. Maybank Platinum Debit Card – Best for Students
Special Highlight
The Maybank Platinum Debit Card is particularly favoured for its comprehensive reward program. It is designed for individuals seeking to maximise local spending rewards. This card offers a blend of cashback and reward points on various transactions, making it an attractive choice for those who prioritize earning rewards on their everyday expenditures in Singapore.
Features
- Attractive rewards program
- Cashback on specific categories
- Extensive local merchant network
Eligibility
- Available to Maybank account holders
Additional Benefits
- Exclusive discounts and deals at partner merchants
- Enhanced security features for safe transactions
The Maybank Platinum Debit Card, with its focus on rewards and local spending, can be categorized as the best debit card for students in Singapore. Its offers of cashback and special rewards help students save their costs and earn some extra benefits to strengthen the experiences of each transaction on their spending.
10. CIMB FastSaver Account Debit Card – Best for Savings and High-Interest Earnings
Special Highlight
The CIMB FastSaver Account Debit Card suits individuals who are focused on savings and earning interest. This card is linked to the CIMB FastSaver account, known for its attractive interest rates, making it an excellent choice for those looking to grow their savings effortlessly.
Features
- High-interest rates when linked to FastSaver account
- Wide ATM network access
- No minimum spending requirements
Eligibility
- Must hold a CIMB FastSaver account
Additional Benefits
- Online banking convenience
- No annual fees
- Easy fund transfers and bill payments
This card is a solid option within the best debit card Singapore category, especially for those prioritizing savings and interest accrual on their deposits.
Debit Cards with the Best Rewards
In Singapore’s dynamic financial scene, finding a debit card with the best rewards can significantly enhance your spending. Certain cards stand out for their unique reward structures among many options.
1. UOB One Debit Card
The UOB One Debit Card is noteworthy for its lucrative cashback offers, making it a top contender for Singapore’s best cashback debit card. It caters to a broad range of spending habits, offering substantial cashback on daily expenses. This makes it particularly appealing to those prioritising savings on everyday purchases.
2. CIMB FastSaver Account Debit Card
Furthermore, the CIMB FastSaver Account Debit Card is an excellent choice for those looking to earn rewards through savings. This card is linked to the CIMB FastSaver account, which offers attractive interest rates. It’s an ideal option for individuals focused on growing their savings while enjoying the convenience of a debit card.
Debit Cards for Online Shopping
1. NTUC Plus! Visa Debit Card
In the realm of online shopping in Singapore, selecting the right debit card is crucial for maximizing benefits and convenience. The NTUC Plus! Visa Debit Card is a noteworthy option, especially for those who frequently shop online for groceries and household items.
This card offers exclusive discounts at NTUC FairPrice, Unity, and Warehouse Club stores, making it an excellent choice for budget-conscious shoppers. Its cashback features and rewards program, coupled with the convenience of online shopping, position it well within the best debit card Singapore category.
For those looking to combine everyday grocery shopping with the benefits of online purchasing, the NTUC Plus! Visa Debit Card presents an attractive package of rewards and savings.
Debit Cards for Travellers
1. HSBC Everyday Global Debit Card
For travellers in Singapore, choosing a debit card that caters to their specific needs while on the move is essential. The HSBC Everyday Global Debit Card stands out in this regard. It is specifically designed for globetrotters, offering the flexibility of multi-currency transactions without additional fees.
This feature is particularly valuable for those who travel across different countries, as it eliminates the hassle of currency conversion charges. Additionally, globally, the card’s wide acceptance ensures that travellers can use it conveniently, no matter where they are.
With its traveller-friendly features, the HSBC Everyday Global Debit Card aligns perfectly with the best travel debit card Singapore cluster, making it an ideal choice for Singaporeans who are frequent travellers.
Debit Cards for Students and Young Adults
1. Maybank Platinum Debit Card
In Singapore, students and young adults have specific financial needs, and choosing the right debit card can make a significant difference. The Maybank Platinum Debit Card is an excellent choice in this segment.
Tailored to suit the lifestyles of younger individuals, it offers a mix of rewards and practicality. This card provides a rewards program that accumulates points for every spend, which can be redeemed for various rewards. Its wide acceptance and security features make it a reliable option for daily use and online purchases.
Particularly for students beginning to manage their finances independently, the Maybank Platinum Debit Card stands as a strong contender within the best debit card for students in the Singapore category, offering benefits that align with their unique spending habits and financial learning curve.
Premium Debit Cards
1. Citibank Debit Mastercard
Singapore’s financial landscape offers a range of premium debit cards, each designed to cater to the upscale market segment. The Citibank Debit Mastercard exemplifies this category, providing users with premium features.
This card offers global acceptance, Ideal for individuals seeking a blend of luxury and functionality, making it perfect for international travel and online shopping.
Its enhanced security features, exclusive deals, and promotions stand out, aligning with the best travel debit card Singapore cluster. This card caters to those who desire a high-end banking experience coupled with the convenience and safety of a debit card.
How to Apply for a Debit Card
Step 1: Determine Your Needs
Before choosing a debit card, assess your financial habits and needs. Consider whether you’re seeking cashback, travel perks, or student-friendly features.
Are you a frequent shopper, traveller, or student managing a tight budget? Identifying your primary spending patterns and what you value most in a debit card – rewards, low fees, or specific benefits – is essential.
This understanding will guide your choice, ensuring your card aligns with your lifestyle and financial goals.
Step 2: Research Options
Once you’ve identified your needs, research various debit cards available in Singapore. Explore their features, benefits, and fees. Look for cards that offer rewards and benefits that match your lifestyle, such as the best cashback debit card in Singapore for shoppers or the best travel debit card Singapore for frequent travellers.
Consider factors like annual fees, rewards programs, and user reviews. Comparing these features across different banks and their offerings will help you find a card that meets your requirements and offers the best value for your spending habits.
Step 3: Check Eligibility
After narrowing down your choices, check the eligibility criteria for the debit cards you’re interested in. Each card has specific requirements set by the issuing bank.
These often include age restrictions, minimum income levels, or, in the case of student cards, proof of enrollment in an educational institution. Some cards also require you to have an existing account with the bank.
Ensuring you meet these prerequisites is vital before proceeding with your application, as it saves time and increases the likelihood of your application being approved.
Step 4: Gather Necessary Documents
For a smooth application process, gather all necessary documents beforehand. You’ll need a valid identification document like a National Registration Identity Card (NRIC) or passport.
Additional documents such as an Employment Pass or Student Pass might be required if you’re a foreigner. Proof of address, often a utility bill or bank statement, is usually needed.
For income verification, recent payslips or bank statements are standard. Students should have their student ID or proof of enrollment ready. These documents will expedite the application process for your chosen debit card.
Step 5: Apply Online or In-Person
Once you have all your documents, apply for the online or in-person debit card. Online applications can be done on the bank’s website, offering convenience and speed.
For in-person applications, visit your chosen bank’s nearest branch. This option can be beneficial if you prefer face-to-face assistance or have specific questions.
Both methods require completing an application form and submitting the necessary documents. Choose the method that best suits your comfort and convenience.
Step 6: Await Approval
After submitting your application, the next step is to wait for approval. The processing time can vary depending on the bank and the completeness of your application.
Banks typically review the provided information to ensure eligibility and compliance with their criteria. During this period, you might be contacted for additional information or clarification.
Approval times can range from a few days to a couple of weeks. Patience is key during this phase, as the bank carries out necessary checks to approve your debit card application.
Step 7: Activate the Card
Once your application is approved and you receive your debit card, the next step is activation. This is a crucial security measure. Activation can be done through various methods, such as calling a designated phone number, using an ATM, or through the bank’s online banking platform.
Follow the instructions provided with your card. Activation verifies your identity and enables the card to be used. Ensure you complete this step before attempting transactions with your new debit card.
Step 8: Set Up Online Banking
After activating your debit card, set up online banking to manage your account efficiently. This can usually be done through the bank’s website or mobile app.
You must create a username and password and provide additional verification details. Online banking allows you to check balances, view transactions, transfer funds, and pay bills conveniently.
Conclusion
Applying for a debit card in Singapore is a systematic process that starts with understanding your financial needs and preferences. It involves thorough research of available options, checking eligibility criteria, and preparing necessary documentation.
The application process, whether online or in-person, is followed by a waiting period for approval. Once the card is received, activation and online banking are essential final steps. The right debit card can significantly streamline your financial transactions, offering convenience, security, and benefits tailored to your lifestyle.
Frequently Asked Questions
Financial Disclaimer:
The information provided herein is for general informational purposes only. It is not intended as financial, legal, or professional advice. While efforts have been made to ensure accuracy and up-to-dateness, the content may not reflect current legal or regulatory standards or developments. Individual circumstances vary, and users should seek personalized advice from qualified professionals if necessary. The author or publisher of this content does not accept responsibility for any losses or damages arising from the use, reliance on, or actions taken based on the information contained in this material.
