POSB MasterCard Receives 30,000 Applications Within Five Weeks Launch

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Strong POSB Brand Affinity Attributes To The Good Response

SINGAPORE, SEP 18 - DBS Bank today said it has received over 30,000 applications for its POSB MasterCard within 5 weeks of its launch on National Day. The POSB card launch was the latest in a series of new initiatives offered specifically to POSB customers as part of DBS' commitment to revitalise the POSB brand.

Of the applications, about 17,000 customers applied for the credit card while another 13,000 applied for the debit card.

Andy Chan, DBS Managing Director of Card Services, Singapore, said: "We are delighted with the strong take-up rate within the short timeframe. This strong demand for POSB's first-ever credit and debit cards is testament that our customers welcome the relevance and convenience this new product brings into their lives."

"The card was developed as a direct response to customers' feedback gathered through our research. Our customers have indicated their attachment to the POSB brand and a preference for their own POSB cards. Thus, their extremely positive response affirms that it makes sense to know our customers intimately and serve them accordingly to their unique needs," Chan said.

DBS attributes customers' affinity with the POSB brand, the bundle of privileges and affordable fees as main draws to the card. In addition, POSB Mastercard holders now have the key to over 21 million establishments in 190 countries worldwide. Customers can sign for purchases, access account information and make withdrawals at any DBS/POSB 900 ATMs in Singapore as well as ATMs overseas through the MasterCard Cirrus network.

"We believe the entire bundle of privileges including the affordable fees is a strong pull. We have also made it easy for our customers to qualify for fee waivers 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," Chan added.

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. In explaining the pricing rationale, Chan said the concept for the card goes back to a primary consideration to bring convenience to customers while keeping it affordable for everyone.

DBS is offering a number of incentives to POSB cardholders. Besides the three-year fee waiver for customers who sign up for the card by year-end, it is giving out three S$10,000 travel vouchers to lucky winners in the POSB MasterCard Dream Holiday Draw. POSB MasterCard customers also enjoy discounts when they use the card at selected retail and food outlets.

The POSB MasterCard Credit is an all-in-one credit card, which includes ATM and Nets functions. Credit card 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 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 Group Holdings Ltd is the holding company of DBS Bank and is the largest banking group in Southeast Asia. DBS Bank is ranked among the top banks in Asia. 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 and associated companies in Hong Kong, The Philippines, Indonesia and Thailand, and international banking services through a network of overseas branches and offices. With its acquisition of Dao Heng Bank in June, 2001, DBS is the fourth largest bank in Hong Kong by assets.