DBS offering easy S$500 cash for salary credit and card spend

DBS has launched a new promotion that offers an easy S$500 cash for crediting your salary and spending on your DBS/POSB credit or debit cards for three consecutive months.

This covers all types of cards, so if you’re a regular spender on your DBS Altitude or DBS Woman’s World Card, it’s basically free money provided you can easily switch salary crediting arrangements. 

DBS Salary & Spend promotion

The DBS Salary & Spend promotion runs from 7 August to 31 October 2024. Registration is required, and can be done via the landing page.

The S$500 cash reward is split into two components: salary crediting and card spend. 

Salary crediting: S$300 cash

Customers who credit a minimum salary of S$1,600 for three consecutive months to their DBS/POSB SGD-denominated account will receive a S$300 cash reward. 

The following terms apply:

• Salary must be paid via GIRO with the code SAL/PAY, and the first salary credit must take place by 31 October 2024 (it’s fine if the second and third come after that).
• Customers must not have had a salary crediting arrangement linked to any DBS/POSB account from 1 February to 31 July 2024
• Joint accounts are eligible for this promotion, but each joint account will only be eligible for one cash reward, regardless of the number of names on it. 

If you run your own business with a business bank account, then crediting your salary to DBS/POSB is a simple matter of a few mouse clicks.

If, on the other hand, you need to go through the circle of hell that is HR, DBS has kindly provided a model answer template to ease your pain.

I do actually prefer mine though. 

Card spending: S$200 cash

In addition to the S$300 cash reward for salary crediting, DBS/POSB cardholders can earn an extra S$200 cash reward by spending at least S$500 monthly for three consecutive months.

The spend period begins from the month after your first salary credit, as shown in the table below.

The following terms apply:

• Spending need not be on a single card, and both credit and debit card spending is eligible.
• Supplementary cardholder spend will be accorded to the principal cardholder
• Spending must be charged within the relevant calendar month and posted by the 7th of the following month
• Regular spending exclusions apply, such as charitable donations, education, insurance premiums, government payments and utilities bills. The full list can be found at point 7 of the T&Cs. 

For avoidance of doubt, you cannot have just the card spending component without the salary crediting. The salary crediting is a pre-requisite for the card spending component. 

When will the reward be issued?

Customers who meet the eligibility criteria can expect to receive their cash rewards according to the following timeline.

The reward will be automatically credited to the salary crediting account.

Terms & Conditions

The T&Cs of this promotion can be found here.

Is it worth it?

This promotion is a no-brainer from where I sit. The salary crediting is a simple administrative task, and since I’m going to be spending on my DBS Woman’s World Card every month anyway, it’s basically S$500 free cash on a combined spend of S$1,500, on top of the usual 4 mpd. 

Of course, some of you may be dealing with HR departments which are less…approachable about such things, and in that case you have my deepest commiserations. 

DBS credit card welcome offers

If you don’t have a DBS credit card yet, a reminder that there’s an ongoing SingSaver promotion that offers welcome gifts worth up to S$599 upon approval and a minimum spend of S$500 within 30 days. 

Refer to the post below for the full details and promo code to apply with.

DBS x SingSaver welcome offers: Enjoy gifts worth up to S$599 for new cardholders

Conclusion

DBS and POSB customers can register to earn an easy S$500 by switching their salary crediting arrangement and spending S$500 per month on their cards. 

You’ll need to credit the first of three salary payments by 31 October 2024 and meet the minimum spend for three consecutive months following that, but it’s otherwise pretty straightforward.