Issued in partnership with Visa, the GXS Credit Card offers up to 10% back in GrabCoins on eligible Grab transactions
GXS Bank has launched a credit card that rewards spending across Grab and Singtel.
It is described as Singapore’s first bank-issued credit card that customers can apply for through a third-party app.
Issued in partnership with Visa, the GXS Credit Card offers up to 10% back in GrabCoins on eligible Grab transactions such as rides, food deliveries and grocery orders.
Customers can use the GrabCoins to offset eligible transactions on Grab.
Cardholders also receive 1.75% cashback on Singtel bill payments. There is no minimum spend for rewards earned on Grab or Singtel.
Other eligible purchases earn 1.75% cashback when customers spend at least S$500 (US$391.75) during their monthly billing cycle. There is no limit on how much cashback they can earn.
The card is linked to a flexible credit limit that customers can allocate between card spending and cash obtained through GXS FlexiLoan.
Pei-Si Lai, Group CEO, GXS Bank, said: Our ecosystem strength has been GXS Bank’s secret sauce from day one. Beyond the resources, support and network of Grab and Singtel, the insights that we glean from ecosystem data has enabled us to create products and experiences that are woven seamlessly into Grab and Singtel’s user journeys. We want to make sure that every transaction counts for consumers when they use Grab and Singtel.
GXS Bank tested the card with more than 1,000 customers during a month-long beta programme.
More than 90% of the beta testers used the card for Grab and Singtel payments.
Active participants received an average of S$18 (US$14.10) in combined cashback and GrabCoins value during the trial.
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