GXS Bank launches Singapore’s first and only credit card that …

SINGAPORE, 7 October 2024 – GXS Bank today announced the launch of the GXS FlexiCard, Singapore’s first and only credit card that charges flat fees in lieu of interest on outstanding …

FAQs about GXS Bank launches Singapore’s first and only credit card that … Coupon?

How does GXS FlexiCard work?

GXS FlexiCard-holders can choose to settle their credit card bill in full or make the required minimum payment with a S$5 extension fee. The Bank is disrupting the market practice of charging daily interest on outstanding balances after the repayment due date for credit cards, thereby easing hefty interest payments for consumers. ...

Does the GXS FlexiCard encourage responsible credit use?

The GXS FlexiCard comes dressed up in the flowery language of financial inclusivity, but I struggle to see how charging a fixed fee for rollovers in lieu of interest encourages responsible credit use. If anything, it might have the opposite effect, to the extent that cardholders see the token S$5 Flexi fee as an excuse to indulge. ...

Who can get a GXS FlexiCard in Singapore?

The GXS FlexiCard is available to eligible Singaporeans and permanent residents, including the one in five workers here who earn less than $2,500 a month and do not meet the income requirement for most credit cards in the market. With the GXS FlexiCard, these consumers now have the opportunity to start building their credit history. ...

Does GXS FlexiCard have foreign currency fees?

Like the game-changing Trust Cashback card, the GXS FlexiCard comes with no foreign currency fees or markups. It’s a long-awaited trend we’re seeing with new digital banks, as traditional banks have been raking in hefty FX fees of over 3% for far too long. Related: Best Foreign Currency Miles/Cashback Credit Cards ...

Who is GXS FlexiCard targeting?

The first clue as to who the GXS FlexiCard is targeting is its minimum income requirement: there isn’t any. Instead, the card is available to any Singapore citizen or permanent resident aged 21-55 years old. This would usually mean students, NSFs, freelancers and non-working adults who can’t meet the MAS-mandated S$30,000 minimum for a credit card. ...

Does the GXS FlexiCard have a $500 credit limit?

The GXS FlexiCard comes with only a $500 credit limit. I mean, it makes sense, given there’s no minimum income requirement. A credit card like this can be useful to those who do not currently have an income (e.g. students, NSFs etc.). Cardholders can roll their balance forward to the following month with no interest. ...