Brokerage Debit Card VS Bank Debit Cards: What’s The Difference When You Use A Debit Card To Make Payment

Debit cards are a popular financial tool that allows people to make payments directly from their bank accounts. When a debit card is used, the money is automatically deducted from the account.

In Singapore, most people are familiar with debit cards issued by banks. However, did you know that some brokerage platforms are also issuing debit cards today?

FSMOne and Tiger Brokers are two brokerage platforms that allow investors to apply for debit cards for payments. In this article, we will explore how the cards work and the main differences between debit cards issued by banks and those issued by brokerages.

FSMOne Debit Card Gives You More Flexibility With Your FSMOne Cash Account

FSMOne Debit Card is a prepaid Mastercard that allows users to pay at any physical or online shop that accepts Mastercard, such as paying for recurring bill payments, online purchases, and public transport.

Unlike traditional debit cards linked to savings accounts, the FSMOne Debit Card connects directly to your SGD Cash Account within your FSMOne brokerage account.

The FSMOne Debit Card allows you to manage your investments and expenditures in one place. You can directly spend investment proceeds (money earned from selling investments) and dividends without transferring them to a separate bank account first.

FSMOne Debit Card has a cashback reward program where you may earn 1% cashback (subject to changes) on purchases made with the debit card.

Applying For The FSMOne Debit Card

Singapore citizens and residents with an FSMOne account can easily apply for the FSMOne Debit Card as no minimum income is needed.

Signing up is also a breeze. Log in to your FSMOne account on the FSMOne website or mobile app to apply. The application and activation process takes less than 5 minutes to complete if you use MyInfo. Once approved, you can start spending immediately if you have enough funds in your SGD Cash Account.

The FSMOne Debit Card has no annual fee, though one drawback is that it does not support withdrawal from ATMs.

Depending on how much you invest with FSMOne, you can qualify for the FSMOne Crimson Debit Card or the FSMOne Black Debit Card.

Tiger BOSS Debit Card Allows You To Earn Tesla Fractional Shares

The Tiger BOSS Visa Debit Card by Tiger Brokers is interesting because it allows you to accumulate Tesla (TSLA) shares as you spend on the card.

You can earn 1% of your everyday spending (groceries, dining, shopping) in fractional shares of Tesla stock, allowing you to potentially benefit from Tesla’s business growth over time, even as you make small purchases with your Tiger BOSS Visa Debit Card. However, do check the Tiger Boss Debit card page, as their promotion may change over time.

Differences Between FSMOne And Tiger BOSS Debit Cards & Bank-Issued Debit Cards

In general, the FSMOne Debit Card and Tiger BOSS Debit Card are similar to bank-issued debit cards in terms of their functionality. But there are a couple of differences that you have to take note of.

To choose the card for yourself, consider your spending habits and financial goals. If convenience and everyday features are your priority, a bank debit card might be better. If you’re an investor who wants to maximise your investment accessibility or earn Tesla stock rewards, FSMOne and Tiger Brokers cards offer unique advantages.

Read Also: Guide To Earning Tesla Fractional Shares When You Spend On The Tiger BOSS Debit Card

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