GXS FlexiCard (Mastercard)

[hclee01]

https://www.gxs.com.sg/flexicard

1. Get instant cashback (up to S$3) when you spend a minimum of S$10 in a single eligible transaction. No limits on how many rewards you can earn!
2. No foreign transaction fees on overseas spend. Plus, enjoy good exchange rates with no markup.‍
3. Choose to pay in full, or make a minimum payment with just a S$5 Flexi fee per month. You'll carry your balance to the next month with no interest charged. Now that’s flexible!

Information Sheet
Age: 21 - 55 years old
Income: No minimum income required
Nationality: Singapore Citizens or Permanent Residents are eligible
Credit Limit: S$500
Annual Fee: S$54.50 (inclusive of GST)
Annual Fee Waiver: Waived for the first year
Flexi Fee / Late Fee

For outstanding balances not paid in full:
S$5 Flexi Fee is charged if you only make a minimum payment.
S$50 Late Fee will only apply if the minimum payment is not met.

Minimum Payment
Calculation of minimum payment for your GXS FlexiCard first takes into consideration:

1. Your billed outstanding amount due:
- If total billed outstanding amount is less than S$15 minimum payment will be the same amount.
- If more than or equal to S$15 minimum payment amount will be S$15.

Once the above is calculated, the below charges will be added to form the total minimum payment:

2. Overdue principal (if any)
3. Fees accrued eg. Flexi fee, late fee, annual fee (if any)
4. Overlimit amount (if any)

Interest Charges: None

 

[skazzz]

wonder can they really sustain the 30% unlimited

 

[JuniorLion]

https://forums.hardwarezone.com.sg/threads/gxs-digital-bank.6857659/page-98

Already here.

 

[fr33d0m]

500 limit for what?

 

[Kunkka]

The cash back is tikam?

 

[sglandscape]

500 limit for what?

Feels like a card for uni students

 

[Trazora]

wonder can they really sustain the 30% unlimited

random cashcard up to $3, not 30%

 

[sohguanh]

500 limit for what?

No minimum income requirement credit card for age 21-55 and credit limit $500 should be targeted at students and jobless or those with low income ppl. They are doing targeted audience promotion.

 

[Trazora]

No minimum income requirement credit card for age 21-55 and credit limit $500 should be targeted at students and jobless or those with low income ppl. They are doing targeted audience promotion.

might as well just use the debit card

 

[sohguanh]

might as well just use the debit card

If can use bank monies why not use theirs first even though credit limit is $500. Whether the marketing strategy works will see the interest from applicants. Most companies marketing team brainstorm to come out new ideas and I believe this card is no different the team believe there is a market for this and hence proceed.

 

[sohguanh]

I believe this card may have market for those fist very tight on monies. Imagine you pay $5 for a $485 carry over to next month with no interest. It is quite a good deal. It helps ppl say pay for hawker food,water,gas,electricity,WiFi, town council fees for a month while looking for job and for those students also. Note it does not extend beyond 55 which are usually retirees category so quite strange exclusion.

 

[CrashWire]

Can fight with Trust, but looks like overpaying doesn't increase credit limit (section 13), so not good for anything but basic F&B and other small expenses while travelling.

I believe this card may have market for those fist very tight on monies. Imagine you pay $5 for a $485 carry over to next month with no interest. It is quite a good deal.

$5/$485 is ~12.3% EIR? (No idea how to calculate.) Sounds decent for a personal loan.

 

[crystalnox]

I don’t see how GXS is going to make money launching a $500 limit card unless it’s just a trial run for a full fledge card.

 

[sohguanh]

I don’t see how GXS is going to make money launching a $500 limit card unless it’s just a trial run for a full fledge card.

Whether they can make monies only when it is rolled out for a period of time they can tell. Already it is quite clear they are targeting low income workers jobless and students. If you belong to those categories you really feel it is worth and enjoy the thrill of paying on credit like other credit card holders.

 

[sohguanh]

Can fight with Trust, but looks like overpaying doesn't increase credit limit (section 13), so not good for anything but basic F&B and other small expenses while travelling.

You never noticed their target audience are not those who are existing card holders? Those ppl got other cards better to use and higher credit limit.

This card is for jobless, low income workers, students.

 

[gold_eagle36]

1k credit limit would make more sense

$500 would be ok 15 years ago

 

[sohguanh]

1k credit limit would make more sense

$500 would be ok 15 years ago

Those who apply no or low income already the least is to encourage them to spend more. I think $500 just right it force the card holders to be more prudent in their spending and work around the $500 sum.

 

[WuYiMei]

Anyone apply the card?

 

[sglandscape]

Anyone apply the card?

Have annual fee after 1 year, and credit limit of only 500, not really worth the hassle unless plan to use it. If they don't charge annual fee maybe worth applying and keep the card as spare so can compare the FX rate against Visa (Trust)

 

[wav35_]

I don’t see how GXS is going to make money launching a $500 limit card unless it’s just a trial run for a full fledge card.

maybe a trial run for a BNPL card like ocbc nxt