DBS Launches POSB Credit And Debit MasterCards

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New Initiative Specially For POSB Customers

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Customers Enjoy Three Years Fee Waiver And
Chances To Win Three S$10,000 Dream Holidays

SINGAPORE, AUG 7 - DBS Bank today launched its first-ever POSB credit and debit MasterCard cards. The new POSB card launch is one of the new initiatives to be offered specifically to the POSB customers. The new card marks a reaffirmation of DBS' commitment to revitalise the POSB brand.

"We want to understand and meet our customers' needs. Through our research, they have indicated their attachment to the POSB brand and a preference for their own POSB cards. Today, we are pleased to offer these new POSB MasterCards. We know that the move will be significant to many of our customers as it is a direct response to their feedback," said Philippe Paillart, DBS' chief executive.

"This launch is all the more significant as we are offering them on National Day. It is our way of acknowledging our customers' unwavering loyalty to the POSB brand all these years. It is also our way of extending our commitment to provide convenient, accessible and affordable banking to Singaporeans. Now, they can have the key to 21 million establishments worldwide," Paillart added.

DBS is offering a number of incentives to POSB cardholders. Customers who sign-up for the POSB credit/debit MasterCard by the end of this year will enjoy a three-year fee waiver. The POSB credit/debit MasterCard is offered at an annual fee of S$18. In comparison with market offerings, it is one of the most affordable today.

DBS Managing Director of Card Services, Singapore, Andy Chan said one of the primary considerations when developing the new POSB card was to keep it affordable for the average Singaporeans.

"At S$18, it is very affordable. In addition, we make it easy for our customers to qualify for fee waiver in subsequent years by introducing a transaction-based fee waiver scheme. All the customer needs to do is to use the card 18 times over 12 months - this means less than twice each month, and we will waive the annual fee for the card.

"The concept for the POSB MasterCard is based on simplicity - it does not matter whether the transactions is carried out on the main or supplementary cards. With 18 transactions a year, the customer will enjoy the fee waiver for the main card; nine transactions a year qualifies for a fee waiver for each supplementary card," Chan said.

Besides the fee waiver, customers can get 10 chances to win a vacation of their choice. DBS will be giving out three S$10,000 travel vouchers to lucky winners in the POSB MasterCard Dream Holiday Lucky Draw.

To sweeten the deal further, DBS has also tied up with selected merchants to offer POSB MasterCard customers privileges when they use the card at various retail and food outlets. For example, a 10 percent discount will be offered at Pizza Hut, Genki Sushi, Spaggeddies and Long Beach seafood restaurants. Some restaurants like Grand City Chinese Restaurant and Siamese Fins offer between 15 percent and 20 percent discounts. Customers using the POSB MasterCard also get a 15 percent discount when they purchase Adidas merchandise.

The POSB MasterCard Credit is an all-in-one credit card, which includes ATM and Nets functions. The card is accepted at over 21 million commercial establishments in 190 countries worldwide. Customers also have access to the largest ATM network in Singapore, with the convenience of nearly 900 DBS/POSB ATMs located islandwide. A 24-hour worldwide emergency service is also available through DBS Assist for medical and legal assistance. POSB MasterCard Credit applicants must be at least 21 years old and earn a minimum of S$30,000 per annum.

The POSB MasterCard Debit has no minimum income requirement. It is open to all applicants 17 years and above holding one of these accounts: DBS Savings Passbook, DBS Savings Plus, DBS Autosave, DBS Current and POSB Savings Passbook.

DBS Bank is the flagship bank of DBS Group Holdings in Singapore. It is ranked among the top banks in Asia, and is the 70th largest in the world. A recognised leader in Internet banking and e-commerce, DBS is the market leader in Singapore-dollar loans and deposits, and equity fund raising. Beyond Singapore, DBS Group serves corporate, institutional and retail customers through subsidiaries in Hong Kong, The Philippines, Indonesia and Thailand, and international banking services through a network of 13 overseas branches and offices.