GRABPay MasterCard

[Smokey.B]

I just tried recently, AXS accept grabpay credit card now.

thank u veli much

 

[Trazora]

Is the 30k limit a hard limit?

yea, hard limit set by MAS for prepaid card

 

[Trazora]

The other day I received alert that I have reached 75% of the limit. Without counting transfer back to my own account(paynow or otherwise), there is no way I am close to 75%.

What the TnC says does not match practical result.

I paynow transfer out more than 30k and still can use Grab/GPMC, not got any alert also.

 

[silverbomb]

Is the 30k limit a hard limit?

Yes confirmed for gpmc. But this year with the new transfer to paynow introduced don't know how their system is reliable enough to trust that what they say about paynow to own account does not count into the limit stay relevant. Guess only when this has been experienced then will get figured out once there is such accounts hitting 30k without actually hitting 30k.

But grab wallet payments can still be used like qr code, rides, food, qoo10 even when 30k is hit for gpmc.

They did however once increased the limit late last year beyond the 30k towards year end (Nov) for people to spend more during the festive period assumingly they also sought MAS approval to increase it temporarily.

 

[tiertime]

anybody was offered the free GrabPay Physical card, previously still able to apply today?

i was constantly unable to get the free physical card becoz even if they claimed it's free on my homepage, the APP kept wanting to deduct the $10 from my account to be able to proceed the submission

Right i after i do a $100 top up to my Grab Wallet via credit card , the icon to apply for the FREE Physical card now disappeared!

 

[highsulphur]

Yes confirmed for gpmc. But this year with the new transfer to paynow introduced don't know how their system is reliable enough to trust that what they say about paynow to own account does not count into the limit stay relevant. Guess only when this has been experienced then will get figured out once there is such accounts hitting 30k without actually hitting 30k.

But grab wallet payments can still be used like qr code, rides, food, qoo10 even when 30k is hit for gpmc.

They did however once increased the limit late last year beyond the 30k towards year end (Nov) for people to spend more during the festive period assumingly they also sought MAS approval to increase it temporarily.

Oh there was a promo that increased the 30k limit?

I fail to see why is there such a measure by MAS

 

[Trazora]

Oh there was a promo that increased the 30k limit?

I fail to see why is there such a measure by MAS

cos there is no income requirement to get prepaid account

 

[highsulphur]

cos there is no income requirement to get prepaid account

The limit has already been imposed on credit cards. Why double count?

 

[zoneguard]

The limit has already been imposed on credit cards. Why double count?

MAS's reason: https://www.mas.gov.sg/-/media/MAS/...ct/Payment-Services-Act-FAQ-13-April-2020.pdf

Question 46.MAS is imposing a cap on the amount of funds that can be stored in personal e-wallets. Why is this necessary if the float is already subject to safeguarding requirements?

46.1 Banks perform a vital economic function of intermediating savings by taking in deposits and on-lending these funds back into the economy, while non-bank payment institutions do not perform similar economic functions.
46.2 The caps help to ensure the continued stability of Singapore’s financial system by reducing the risk of significant outflows from bank deposits to non-bank e-money, and maintain the ability of banks to act as stabilisers in times of crisis. The stock and flow caps are set initially at $5,000 and $30,000 respectively, and will be reviewed over time as Singapore’s financial system and payment landscape evolves.

 

[highsulphur]

MAS's reason: https://www.mas.gov.sg/-/media/MAS/...ct/Payment-Services-Act-FAQ-13-April-2020.pdf

If stability is the issue, shouldn't the focus be on stock (amount of money in prepaid cards at any point in time) rather than flow (transaction volume over a period of time)

 

[fr33d0m]

the reason is prepaid card is a low value-add industry, mostly just add more cost to transactions. They should fill void which does not require large flow.

There are too many transactions within Grabpay Prepaid MasterCard which has no economic value at all.

 

[revhappy]

The other day I received alert that I have reached 75% of the limit. Without counting transfer back to my own account(paynow or otherwise), there is no way I am close to 75%.

What the TnC says does not match practical result.

I am close to 95% of my limit, this is only the mastercard spend. If transfer to paynow was counted, then I would have already been double of the limit, so confirm, transfer to paynow is not counted in the limit.

 

[revhappy]

That's dangerous. They should have a counter to track this. I won't want to top up using cc without having the option to use MC

There is a tracker, lah. Once you hit 75% of 30k spend, it will then show a popup warning message and a counter which tells you exactly how much spend is remaining to hit 30k.

 

[fr33d0m]

I am close to 95% of my limit, this is only the mastercard spend. If transfer to paynow was counted, then I would have already been double of the limit, so confirm, transfer to paynow is not counted in the limit.

I will ask Grab to do calculation when I reach 30k. Unless my limit is not 30k.

 

[silverbomb]

I will ask Grab to do calculation when I reach 30k. Unless my limit is not 30k.

Otherwise just scroll through your transaction history and sieve out those card payments to tally up

 

[qingyong]

I just tried recently, AXS accept grabpay credit card now.

What did you pay?

 

[hwmook]

What did you pay?

S&CC charges.

 

[revhappy]

S&CC charges.

I wish AXS accepted Amex directly.

 

[highsulphur]

I wish AXS accepted Amex directly.

What's the point unless rebate is given

 

[revhappy]

What's the point unless rebate is given

UOB Amex gets you 1.7% for any spend. So if AXS accepts Amex then for sure, you get 1.7%.
Or alteast if Youtrip accepted amex and then Axs accepted youtrip. I would have paid off my income tax in one shot.