DBS offering S$300 cashback for new cardmembers (but raises minimum spend)

From now till 28 March 2022, DBS is running a flash offer on new DBS/POSB credit card sign-ups with S$300 cashback for new-to-bank cardholders.

❓ New-to-bank

DBS defines “new-to-bank” as customers who do not currently hold a principal DBS or POSB credit card, and have not cancelled any in the past 12 months

Applicants must apply with the promo code MARFLASH and make a minimum spend of S$500 within 30 days of approval.

While the S$300 reward matches DBS’s best-ever sign-up offer, it’s worth noting that the conditions have been tightening up over the months: 

• Cardholders were previously required to make just a single transaction of any amount
• This was later changed to a minimum spend of S$300
• For this month, the minimum spend has been increased to S$500

In the cold light of day, 60% cashback isn’t bad, but it’s certainly stricter than before.

Which DBS credit 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

Here’s what you need to do:

• Apply by 28 March 2022 with the code MARFLASH (don’t forget to enter the code- no code, no cashback!)

• Receive approval by 10 April 2022
• Activate your card
• Make a minimum qualifying spend of at least S$500 within 30 days of approval

The S$300 cashback will be credited to your account within 60-80 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.

For the avoidance of doubt, payments to CardUp will qualify, as will buying grocery vouchers. 

Terms & Conditions

You can read the full T&Cs of this sign-up offer here.

Conclusion

S$300 cashback is the biggest acquisition offer we see DBS run for new-to-bank customers, and is a great opportunity to get a DBS Woman’s World Card (men are eligible too!) for 4 mpd on online spending.

Unfortunately, the minimum spend requirement is now S$500 instead of S$300. Still, it represents 60% cashback, which is pretty decent all things considered. Remember to submit your applications by end of day on 28 March 2022 to be eligible, and use the code MARFLASH.