GXS Debit Card & Cash Rewards Is Coming Soon – Beragampengetahuan

We have known for some time that the GXS Debit Card is going to be launched really soon.

Some of the information has already been out there on the GXS website for quite a while, but we are seeing some new additions recently.

In particular, I was curious to see how the GXS Debit Card Rewards would work.

GXS Debit Card Rewards

It turns out the idea is really simple.

For each Eligible Transaction of at least S$10 (or foreign currency equivalent) successfully charged to the GXS Debit Card, we will receive a surprise Cash Reward.

The Cash Reward refers to a cash credit of up to S$5 credited directly into the Main Account of our GXS Savings Account – the actual amount is determined by a “draw”.

The total balance in our GXS Savings Account must not be more than the maximum balance amount imposed by GXS (currently S$75,000) in order to receive a Cash Reward.

Exclusions apply for the usual wallet top-ups, remittance, gambling, etc categories (see the full list here) as well as these Merchant Category Codes:

Notably, Grab transactions paid using the GXS Debit Card do not qualify as an Eligible Transaction for cash rewards, which is odd.

Isn’t the idea to keep as much money as possible in the Grab ecosystem?

You can view the updated (26 October 2023) terms and conditions for the GXS Debit Card Rewards here.

Early Access Only

The GXS Debit Card is in the early access phase, so most of us aren’t getting it yet. They are working towards rolling out the GXS Debit Card to more customers with a GXS Savings Account.

Mastercard Network

The GXS Debit Card is going to be on the Mastercard network.

No ATM Withdrawals

We will not be able to withdraw cash with the GXS Debit Card either locally or overseas.

No Google Pay / Apple Pay Yet

We can’t add the GXS Debit Card to Google Pay or Apple Pay currently.

Physical Card Is Free

We will get a virtual GXS Debit Card in the app eventually, but we can also request a physical one for free.

No FX Fees For Now

For the initial phase, GXS will not be charging any fees for foreign currency transactions and transactions processed overseas. However, that might change later, and GXS will provide 30 days’ notice to us before they start to charge.

Ending Thoughts On GXS Debit Card Rewards

Assuming the rules stay unchanged, the GXS Debit Card basically offers a cash-back on transactions, and it may favour smaller transaction values starting from S$10 since there is only one Cash Reward per Eligible Transaction.

I guess it really depends on the implementation because it is possible that a higher transaction value has a higher chance of getting the maximum S$5 cash credit. Will it affect consumer behaviour and encourage the splitting of transactions e.g. 1 x $50 transaction vs 5 x $10 transaction at NTUC FairPrice?

Once again, presuming that zero FX Fees actually remain, the GXS Debit Card (Mastercard) could potentially be a good travel card option that resides in the same bucket as YouTrip (Mastercard), Trust (Visa) and BasedApp (Visa).

Throwing a little gamification and random fun into the mix sounds like a good idea, although I’m not sure how effective it would be. When it comes to money, I tend to prefer a little clarity – If I do X, I will get Y.

In a nutshell, this won’t affect how I spend my money but could be a nice Mastercard-based travel card option (whereby the funds isn’t locked in like YouTrip).

Kevin started beragampengetahuan when his net worth languished at negative $25,755. His desire to turn things around led him to build passive income from investments and side hustles that pay for his daily expenses and vacations. You can learn more about Kevin here.