DBS Vantage Card ending S$60K spend path to annual fee waiver

While S$120K cards generally don’t offer annual fee waivers, the DBS Vantage is a notable exception. Cardholders who spend at least S$60,000 in a membership year receive an automatic waiver of the S$599.50 annual fee.

At the risk of stating the obvious, an annual fee waiver can change how you view the Vantage’s value preposition entirely. The benefits might not normally justify the annual fee, but free? Free is good (though there’s still an opportunity cost involved, to the extent you’re diverting spending from higher-earning cards).

Unfortunately, DBS has announced that this policy will be sunset in a year’s time.

DBS Vantage to end annual fee waivers in 2026

From 1 August 2026, the DBS Vantage Card will no longer offer an annual fee waiver upon meeting a minimum spend of S$60,000 in a membership year.

The T&Cs have been updated to reflect this change.

If nothing else, DBS is at least providing a significant amount of advance notice, so that customers can factor this change into their spending decisions. Had the policy taken effect next month, for example, it would be grossly unfair to cardholders who had been diligently spending over their past membership year, in the belief they were on track for an annual fee waiver.

Still, this move will have a major impact on how the DBS Vantage Card is perceived. Its main draws are 25,000 miles, an Accor Plus Explorer membership and 10x Priority Pass visits. With Accor Plus set to get nerfed in the transition to ALL Accor+ Explorer, the further loss of the annual fee waiver is just salt in the wound.

I want to emphasise again that the change takes place from 1 August 2026, so anyone whose card is up for renewal prior to this date can still rely on S$60,000 spending in the previous membership year to get a fee waiver. In other words, existing DBS Vantage Cardholders will get one last shot at an annual fee waiver in their current membership year, before the policy is sunset for the next one.

Also, I don’t want to rule out the possibility of DBS still offering annual fee waivers to selected cardholders, though this would probably only happen for those with higher AUMs or some other special relationship with the bank.

What counts towards the S$60,000 spend for an annual fee waiver?

In the meantime, DBS Vantage Cardholders who charge at least S$60,000 worth of retail spend in the preceding 12-month membership year will receive an annual fee waiver. Both principal and supplementary cardholder spending will be included in the calculation.

“Retail spend” is generally understood to mean any transaction that is eligible to earn DBS Points, such as dining, shopping, taxi rides, air tickets, hotels, and CardUp (exclusions can be found in this document at point 2.6).

However, there have been anecdotal reports that even non-retail transactions such as education and insurance premiums count towards the minimum spend calculation. I cannot verify this officially, so proceed at your own risk. 

Cardholders who receive an annual fee waiver will not enjoy the 25,000 renewal miles (awarded in the form of 12,500 DBS Points), but will still receive an additional 10x Priority Pass visits, and a renewal of the Accor Plus Explorer membership.

Which other S$120K cards offer annual fee waivers?

As I mentioned at the start, it’s rare for S$120K cards to offer annual fee waivers, but in addition to the DBS Vantage Card, the OCBC VOYAGE and Maybank Visa Infinite have this option.

The OCBC VOYAGE Card offers an annual fee waiver with a minimum spend of S$60,000 in a membership year (if you have the OCBC Premier VOYAGE, the minimum spend required is S$30,000).

The annual fee cannot be waived in the first year of membership. 

Review: OCBC VOYAGE Card

The Maybank Visa Infinite offers an annual fee waiver with a minimum spend of S$60,000 in a membership year. Crucially, this does include insurance premiums, though limited to S$3,000 per calendar month.

The annual fee is automatically waived in the first year of membership.

Review: Maybank Visa Infinite Card

Conclusion

From 1 August 2026, the DBS Vantage Card will no longer offer an annual fee waiver to cardholders who spend at least S$60,000 in a membership year.

Fortunately, existing cardholders can continue to spend towards the S$60,000 threshold, and still receive a fee waiver provided their renewal takes place before the deadline.

I personally feel that the Vantage is already at a disadvantage (pardon the wordplay) compared to the rest of the S$120K segment, and taking away the possibility of an annual fee waiver will only make things worse.

(HT: Ryan)