In the not-so-distant past, students and those who don’t meet minimum income requirements to apply for a credit card, they typically miss out on discounts and perks on their spending. Fortunately, there are now debit cards introduced to serve this market that offer debit card users similar benefits and privileges that credit card users enjoy, such as the ability to earn cash rebates and airline miles.
One of these cards is the OCBC YES! Debit Card, which has been refreshed with a 1% rebate on daily spending, including transport, online shopping, as well as purchases at convenience stores and fast food joints. This rebate applies to all existing OCBC YES! cardmembers and new card users with a minimum spend of $400 in Visa transactions, with no limit to how much in rebates you can earn.
We’ll take a closer look at 4 benefits of this debit card to help you decide it deserves a slot in your wallet.
#1 Cash Rebates On Transport Spend
OCBC YES! debit cardmembers can enjoy a cash rebate of 1% a month if they charge their rides to their YES! debit card.
Unlike other cards where cash rebates are tied to one transport company, YES! debit cardmembers can earn cash rebate for rides on ride-hailing services such as Grab, Go-Jek and Tada, as well as Comfort and CityCab taxis.
For those who take hail-riding services regularly, the cashback should come in useful for them. The best part is that there is no cap on how much one can earn for transport expenses.
However, if cardmembers are to use the YES! debit card to pay for their rides with Comfort or CityCab taxis, they will need to take note of an additional 10% administrative charge, as well as a 7% GST on both the fare and the administrative charge. This amount can add up to a substantial sum, especially for long taxi rides.
#2 Rebates On Online Shopping
YES! debit cardmembers who are frequent shoppers at online marketplaces can rejoice, as the debit card offers a 1% cash rebate on popular online platforms.
For those who are fashion conscious, they are able to enjoy cash rebate at Zalora and ASOS. Those who require purchasing their daily necessities and essential supplements can visit FairPrice Online, Lazada and iHerb to earn rebates.
Especially during the COVID-19 outbreak, where many retail stores are closed and people are confined to the walls of their homes, cash rebate for spending at these online stores is certainly a welcome benefit.
#3 Rebates On Fast Food And Convenience Stores
For those who live on the fast lane, the YES! debit card offers cash rebate on spending at convenience stores, such as Cheers and 7-Eleven, as well as fast food joints including McDonalds’s, Subway, Burger King, KFC and many more. Food purchases made directly from these fast food joints are also eligible for cash rebate.
For those rely on fast food to fuel their work or studies would probably appreciate and earn this rebate on a regular basis.
#4 Other Benefits Of The OCBC YES! Debit Card
In addition to cash rebates, the OCBC YES! debit card also comes with other intangible benefits. For instance, the cardmembers can choose to use the card for Visa or NETS transactions. The Visa functionality also allows cardholders to make purchases online and overseas, as well as enjoy exclusive card promotions. The best part, the card does not come with any annual fees.
The debit card is also enhanced with some security measures, such as setting preferred daily spending limit and trigger amount for SMS notification and disabling of overseas usage by default. In addition, as long the cardholder reports to the bank about the loss of theft of card, the liability is capped at $100.
New Cardholders Enjoy A $15 Cash Rebate
For those who are considering signing up for the YES! debit card, OCBC Bank is now giving new eligible cardholders a bonus $15 rebate.
To be eligible for the cashback, simply:
– Be a new customer with no existing OCBC debit card in the past 6 months and apply for the YES! debit card between 1 May and 31 May 2020 (both dates inclusive) via the OCBC website, with card approved by 31 May 2020;
– Spend a minimum $300 on Visa transactions on qualifying spend (excluding AXS payments, NETS, cash withdrawal or spending on stored value or prepaid products) by 30 June 2020
The rebate will be credited straight to the card account within 2 months from the end of the promotion.
To apply for the OCBC YES! debit card, you need to be at least 16 years of age and hold an OCBC Statement Savings account to be eligible for the card. You can out more about the card and apply here.
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