Credit Cards - Information

 

What You Should Know

A credit card is primarily a convenient payment mechanism. It is not intended to be a long-term credit facility. Should you require long-term financing, you may wish to consider alternative financial products.

5 Questions You Should Ask Yourself

  1. Why am I applying for this card?
  2. Can I pay for the purchase in full each month? Or do I intend to pay the minimum sum required and rollover my payments?
  3. If I do rollover my payments, do I have the capacity to pay the accompanying charges?
  4. Do I understand the terms and conditions for the use of the card? For example, do I know what are the various fees, interest, finance charges, and penalties that accompany the use of the card?
  5. What action can the bank take if I fail to settle my overdue payments?

10 Questions You Should Ask The Bank

Membership Fees

  1. When will the promotional free membership period, if any, expire? What is the fee I will have to pay after the expiry period?

Payment

  1. What is the minimum amount I have to pay each month?
  2. How much interest do I have to pay on the outstanding amount?
  3. If I do not make the minimum payment for one month, what are all the interest and other charges that I will have to pay?
  4. What are the charges I will incur if my payment, either by cheque or GIRO, is returned for whatever reasons?

Cash Advances

  1. If I take a cash advance from my credit card line, what are the charges that I will have to pay?

Loss of Credit Card

  1. If I lose my credit card, what must I do?
  2. If I lose my credit card, what are my liabilities for unauthorised purchases?

Credit Limit

  1. What is my credit limit?

Changes in Terms and Conditions

  1. If there are any changes in the terms and conditions for the use of the card, will I be informed of these changes? If so, when will I be informed of these changes?
 

Applying for a DBS/POSB Credit Card

  1. Eligibility to apply DBS Visa/MasterCard/DBS AMEX/POSB MasterCard Credit (Singaporeans/Permanent Residents of Singapore)

    • At least 21 years old
    • Earn an annual declared income of at least S$30,000 (Normal card) and S$45,000 (Gold card)

    Under the Monetary Authority of Singapore (MAS) guidelines, to be eligible to apply for a credit card, you need to be

    In addition to the minimum requirements set by the MAS, all credit card applications will be assessed based on a set of criteria in place in our proprietary system. Approval is on a case-by-case basis. Therefore, all applications are subject to approval.

  2. Eligibility to apply DBS Visa/MasterCard/DBS AMEX /POSB MasterCard Credit (Non- Singaporeans/Non-Permanent Residents of Singapore)

    • working and residing in Singapore.
    • Hold a valid Employment Pass with minimum of at least 9 months from the time of card application until processing is completed.
    • a valid passport.
    • Minimum annual income requirement for non-Singaporeans and non-PRs is S$45,000 per annum.

    Non-Singaporeans and non-Permanent Residents (PR) of Singapore who would like to apply for DBS Credit Card must be

    In addition to these basic requirement set by the MAS, all credit card applications will be assessed based on a set of criteria in place in our proprietary system. Approval is on a case-by-case basis. Therefore, all applications are subject to approval.

  3. What supporting documents are required to be submitted with my Credit Card Application form?

    In order for us to better assess your credit card application, please provide us with the following documents.

    For salaried employees, please submit your latest Income Tax of Assessment, computerised payslip or half-yearly CPF Statement of Account. For self-employed, commissioned or variable income earners, please submit past 12 months' CPF Statements or latest 2 years' Income Tax Notice of Assessment. For Singaporeans, please submit photocopies of your NRIC (front and back). For Foreigners, please also include photocopies of your employment pass (valid for at least 9 months) and passport. Please allow 7 working days for processing. Application not accompanied with required documents or with incomplete information will cause a delay in processing.

  4. Why was my application rejected even though I have met the minimum annual income requirement set by the Monetary Authority of Singapore (MAS)?

    Other than having to meet the minimum requirements set by the Monetary Authority of Singapore (MAS), all credit card applications will still be assessed based on a set of criteria in place in our proprietary system. Approval is on a case-by-case basis.

    For reasons of confidentially, we are unable to reveal applicants any reason(s) for their unsuccessful applications.

    You can contact our 24-hour Customer Service at 1800 339 6963 to request for your card application to be put up to Credit Approval for review and consideration again. They will inform you of the outcome.

    In addition, we would like to advise that the Bank not accommodating your application on this occasion does not necessarily mean that future applications would not be considered in favour. Due to changing circumstances, the Bank would review or revise its criteria for approval of its credit card applications from time to time in line with changes deem fit by market place and regulatory enhancement.

  5. How can I check the status of my credit/debit card application submitted?

    We do not have any on-line service to check on your card application status. We would appreciate it if you could contact our 24 hours Customer Service Officer at 1800 339 6963. They would be able assist and check on your card application.

    If you bought a Family Annual Policy, the Insured Persons under the Family Cover are not required to travel together on a Journey. However, any Child Insured Person under the age of 12 years must be accompanied by a parent or Adult Guardian for any Journey.

    Please allow 7 working days for processing. Application not accompanied with required documents or with incomplete information will cause a delay in processing.

 

Paying Your Credit Card Balance

  1. What payment methods can I use?

    There are plenty of options available. Check the following table for details:

    Payment Channels Payment credited on Remarks
    DBS Internet Banking/digibank Payment is immediate For DBS/POSB account holders only
    Phone Banking/ATM Nex working day (if payment is made before 11.30pm from Mon-Sat, & before 8pm on last working day of the month) For DBS/POSB account holders only
    AXS Stations Next working day (if payment is made before 4.55pm on Weekdays). Payment made on Friday (after 4.55pm) and on weekends will be credited to your Card Account on Tuesday (provided it is a working day). -
    Quick Cheque Deposit 3rd working day If you drop the cheque in by 1pm
    Cheque Mail-in 3rd working day after we receive the cheque Please make cheques payable to ‘DBS-Cards’
    InterBank GIRO 3rd working day You will need to complete GIRO application form

  2. How long do I get interest-free on purchases?

    You will have 25 interest-free days to make payment before your next Statement of Account is generated. After which, if you have not made full payment by the payment due date, you will be billed for interest, calculated daily from the date your transaction(s) were posted to your card account until full payment is received, subject to a minimum S$2.50.

  3. Are there fees if I don’t pay?

    For partial payment or non-payment by the due date, there will be Finance Charges computed at the prevailing interest rate of 27.8% per annum levied. Finance charges are calculated daily from the date each transaction is posted to your card account until full payment is received. A minimum finance charge of S$2.50 is applicable.

    S$100 will be levied if minimum payment is not received on the card account by payment due date, provided your outstanding balance is above S$200, with effect from 27 April 2021.

  4. When will an interest adjustment be added to your account?

    If the bank does not receive the required minimum payment by its due date (for example, due date on 25 June as illustrated in the example below), the interest rate applicable to your Credit Card account will be increased by 3% p.a. on top of the prevailing interest rate (”Increased Interest Rate”). This Increased Interest Rate shall be applied to the outstanding balance in your Credit Card account from the first working day after the date of the subsequent Credit Card account statement following your Credit Card account statement (i.e. from August’s statement), and used to compute the finance charges applicable to your Credit Card account.

    This additional interest rate shall be applied even if minimum payment is received by the Bank on or before the due date of the following month (i.e. in July).

    In the event that the minimum payment is made in full on or before the due date for the next statement (for example for August statement), the Increased Interest Rate shall be reinstated to the prevailing interest rate on the first working day after your next Statement Date (i.e. from September’s statement).

    Example:

    example

  5. How do I know when the additional interest rate will be applied to my Credit Card Account?

    Any adjustment/reinstatement to the prevailing interest rate will be reflected in your monthly statement under your Account number

    Example:

    example

  6. What will happen if I miss my payment again?

    If you miss your payment again during the period of the 1 month during which you must maintain minimum payment in order for the Increased Interest Rate to be reinstated to the prevailing interest rate, the Increased Interest Rate will continue to apply until minimum payment is made in full for 1 month period. Using the example above, the prevailing interest rate will only be reinstated from October’s statement.

    Example:

    example

  7. How can I avoid paying interest and fees?

    • If you pay your credit card balance in full each month by the due date.
    • If you pay the minimum amount each month by the due date, you can avoid late payment charges.
 

Charge Disputes

I can't remember making a transaction. How do I check the full details of a charge on my statement.

Just call our 24-hour Customer Service Centre at 1800 339 6963. We'll request a retrieval of the charge slip and mail it to you for verification. This may take from 6 to 8 weeks and costs S$5.00 per copy.

What if I'm sure I didn't make a transaction on my statement - or that it's for the wrong amount?

You may call our 24-hour Customer Service Centre at 1800 339 6963 to register your dispute.

 

Cancelling and Replacing Cards, Changing Your PIN

How do I cancel my card if it’s lost or stolen?

If your debit or credit card is lost or stolen, you should report it immediately. We’ll cancel it and arrange a new card for you.

Once you report that your card is lost or stolen, you will not be liable for any fraudulent transactions on your lost or stolen card from the time you notify us:

  • In Singapore: Call our Customer Service Centre on 1800 339 6963.
  • From overseas: Call (65) 6339 6963.

What if I don’t want my Debit or Credit Card any more?

Please write to us. There’s no need to give a reason but please include your card account number & signature so we can cancel it. Our address is:

DBS Cards
Orchard Road
P.O. Box 360
Singapore 912312

For security reasons, please cut each card in half and dispose of them straight away. If there are outstanding balances remaining, your monthly statement will continue to be sent to you until full payment has been made.

I damaged my card, how do I get a replacement?

You can call our 24-hour Customer Service Centre on 1800 339 6963 to request for a replacement card.

I can’t remember my ATM/Debit/Credit Card PIN, can I request a new one?

If you’ve forgotten your ATM/Debit/Credit Card PIN, you can reset instantly via:

  • DBS/POSB Internet Banking:
    Login to Internet Banking >> Cards >> Reset Card PIN
  • DBS/POSB Digibank app:
    Login to Digibank App >> Card Services >> Reset Card PIN
  • If you do not have Internet or Mobile Banking, you can reset here.
 

Upgrading or Changing Cards

Can I change to a different card?

Yes, but because each card has different terms you have to apply again. It’s up to you whether you want to cancel your old card or keep it.

 

Cash Advance and Funds Transfer

How much does Cash Advance cost?

A Cash Advance fee of 8% of the amount withdrawn or S$15.00, whichever is greater, will be levied for each Cash Advance transaction  made on your card account. In addition, Cash Advance interest of prevailing interest rate of 28.5% p.a. (subject to compounding if the charges are not repaid in full) on the amount withdrawn, chargeable on a daily basis from the date of withdrawal until receipt of full payment (minimum charge of S$2.50) will apply.

How does Balance Transfer work and how to apply?

Consolidate your outstanding balances with other banks with DBS/ POSB Balance Transfer and enjoy 0% interest over 3, 6 or 12 months tenure.

Apply online with just 3 steps. Please click here for more details.

If we haven't answered your question here, give our friendly Customer Services team a call on one of these numbers - any time, 24-hours-a-day.

Credit Card related enquiries

In Singapore, call 1800 339 6666

From Overseas, call (65) 6339 6666

Debit Card related enquiries

In Singapore, call 1800 339 6666

From Overseas, call (65) 6339 6666

Banking related enquiries

In Singapore, call 1800 339 6666

From Overseas, call (65) 6339 6666