SINGAPORE: A Reddit user recently shared some surprising news about the POSB Everyday Card. The card used to give a 3% cash rebate when you shopped at Watsons, which was quite a good deal.
But effective Oct 1, it’s going to be reduced to 0.3%. This means that if you spend $100, you’ll only get 30 cents back in rebates.
Reddit users had different opinions about the change, but most weren’t happy about it.
Some folks were not happy at all. One person commented, “So you will only get 30 cents for $100 spent? What a great deal.” They were disappointed with the reduced benefits.
Another person said they would cancel their card, saying, “Lol this was the only reason I was still holding this card. Time to cancel!” It seems like the cash rebates were a big reason they kept the card, and now that it’s less rewarding, they’re ready to part ways with it.
Some people even noted that times are tough when banks are cutting cash rebates. It’s a sign of changing times in the world of credit card rewards saying, “Times are hard when even banks are cutting cash rebates”
But not everyone was upset. One person tried to find a silver lining, joking, “Fret not, guys! You can still continue to posb daily$ at Watsons store!!! lolz.”
Apart from the changes to POSB cash rebates at Watsons, DBS has made other important updates to their bank cards, affecting different parts of their services.
- Cash Withdrawal Limit: Effective from 10 Sept 2023, a daily cash withdrawal limit of S$15,000 applies to local and overseas ATMs, regardless of the number of cards you have.
- DBS Altitude Card: Card benefit changes are expected from 1 August 2023, affecting how cardholders earn miles.
- Miles Accelerator Promotion: This promotion will cease from 1 July 2023. Registered cardmembers can continue to earn 1 additional mile on eligible spend until 30 June 2023, with a final 2% administrative fee charged by 31 July 2023.
- DBS Live Fresh Card Cashback: Changes to the cashback awarding structure, originally scheduled for 1 April 2023, have been postponed until further notice.
- DBS Live Fresh Card Cashback (Effective 1 April 2023): The cashback awarding structure will be revised to provide a clearer overview of bonus rewards earned in card statements.
- Interest Rate Increase: Starting from 01 April 2023, an increase in the Credit Card Retail Interest Rate to 27.8% p.a. for card transactions and 28.5% p.a. for cash advances will apply.
- DBS Treasures Black Elite Card (Effective 1st January 2023): No new applications will be accepted, but existing cardholders can continue using their cards as usual. For other card options, visit dbs.com.sg/cards.
Remember, it’s essential for cardholders to stay informed about these updates.