Back again: S$250 cashback for new DBS/POSB cardholders (no minimum spend)

DBS has launched a new sign-up offer for DBS/POSB credit cards, which runs from 18-31 March 2021. 

New-to-bank customers will receive S$250 cashback when they apply with the promo code FLASHDEAL and make a minimum of one transaction (no minimum spend). This isn’t as generous as the previous S$300 cash offer we saw, but there’s no knowing if/when that will return (the usual gift hovers around S$200-250 cash). 

Which DBS cards are eligible?

The following credit cards are eligible for this promotion. 

Card	Annual Fee	Key Features
DBS Live Fresh Apply here	S$192.60 (First year free)	Up to 10% cashback on online and contactless
DBS Altitude Visa Apply here Read Review	S$192.60 (First year free)	3 mpd on airline and hotel spend, 2 lounge passes
DBS Altitude AMEX Apply here Read Review	S$192.60 (First year free)	3 mpd on airline and hotel spend
DBS Woman’s Card Apply here	S$160.50 (First year free)	2 mpd on online spending
DBS Woman’s World Card Apply here Read Review	S$192.60 (First year free)	4 mpd on online spending
POSB Everyday Card Apply here	S$192.60 (First year free)	Up to 8% rebates on groceries, online food delivery and more

You must enter the code FLASHDEAL in the promo code box when applying. This is extremely important so don’t overlook this step– no code, no cashback. 

Applications must be received by end of day on 31 March 2021, and approval given by 7 April 2021.

Successful applicants who activate their card within 30 days of approval and make at least one qualifying transaction (of any amount) will receive S$250 cashback, credited to their account within 90-120 days of card approval. 

Qualifying spend is based on posted local and foreign retail sales and posted recurring bill payments, but excludes the following:

• posted 0% Interest Instalment Payment Plan monthly transactions;
• posted My Preferred Payment Plan monthly transactions;
• interest, finance charges, cash withdrawal, balance transfer, smart cash, AXS payments, SAM online bill payments, bill payments via internet banking and all fees charged by DBS;
• payments to educational institutions;
• payments to financial institutions (including banks, online trading platforms and brokerages);
• payments to government institutions and services (court cases, fines, bail and bonds, tax payment, postal services, parking lots and garages, intra-government purchases and any other government services not classified here);
• payments to hospitals;
• payments to insurance companies (sales, underwriting and premiums);
• payments to non-profit organisations;
• payments to utility bill companies;
• payments to professional service providers (including but not limited to accounting, auditing, bookkeeping services, advertising services, funeral service and legal services and attorneys);
• any top-ups or payment of funds to payment service providers, prepaid cards, any prepaid accounts or purchase of prepaid cards/credits (including but not limited to EZ-Link, GrabPay, NETS FlashPay and Singtel Dash);
• any betting transactions (including levy payments to local casinos, lottery tickets, casino gaming chips, off-track betting and wagers);
• any transactions related to crypto currencies; and
• any other transactions determined by DBS from time to time.

It looks like a long list of exclusions, but seriously, it’s no big deal. Go to your nearest supermarket and buy a can of Coke. That’s all you need to do. 

You can read the full T&C of this promotion here.

Conclusion

DBS is continually running these cashback offers for new-to-bank customers, and although this current one doesn’t quite match the S$300 offer we saw in December 2020, it’s still worth considering for those who somehow don’t have a DBS or POSB credit card yet. 

My advice would be to get a DBS Woman’s World Card (men can get it too) and use it for the first S$2,000 of online spending every month. Alternatively, the DBS Altitude Visa/AMEX can serve as good all-round general spending cards, with 3 mpd on online hotel and airfare bookings too. 

Remember to submit your applications by end of day on 31 March 2021 to be eligible, and use the code FLASHDEAL.