Withdraw Cash using your DBS Card
Credit cards have always been a convenient way to handle your money. I’ve held various cards since the mid-1980s and have always found them quick, simple and a superb way to handle my budget.
The problem that many credit card holders have disliked in the past is the habit of banks to add a small processing charge to any cash withdrawal the holder makes on his or her card. Critics point to the fact that you can use your bank debit card in the same ATM and not be charged a processing fee – but that’s the way the major credit operators make money, and it was always unpopular.
These unexpected and unnecessary charges are going the way of the dinosaurs, especially when it comes to the world of “cash back” – making what is effectively a cash withdrawal at the shop till when buying other goods. And now that’s a reality for DBS/POSB credit card holders.
Using your DBS card at any Guardian Health and Beauty and Sheng Siong store in Singapore means that you can now withdraw up to S$100 on top of any purchase you make, free of charge.
With over 140 Guardian Health and 30 Sheng Siong locations island-wide, that’s opened up whole new ways of getting access to your money. There’s an incentive for being an early bird, too – the first 500 customers every day until the end of the year will find S$5 credited to their account. That’s your bank, giving you free money, and nobody can argue with that.
The service works with both credit and debit cards, as long as they are linked to a savings account, the bank says, and this new offering comes on top of a pervious agreement with 7-Eleven stores.
The bank’s Jeremy Soo told the Straits Times that DBS understands that despite the rise of mobile payment systems, most customers still have cash needs, and are reflecting that as part of their network. “Over the years, through our strategic partnerships, we have increased our presence across Singapore to make banking even more convenient for our customers.”
It is – of course – up to the other banks on the island to follow suit.