Singapore digital lender GXS Bank has launched the GXS Credit Card, offering consumers cashback rewards across Grab services, Singtel bill payments, and other eligible local spending. The card provides up to 10% instant cashback in GrabCoins on qualifying Grab transactions, while eligible Singtel payments and general local purchases can earn 1.75% cashback under specified conditions. The product also removes foreign exchange fees on overseas spending, positioning the card as a rewards-focused offering for consumers already using services within the Grab and Singtel ecosystems.
Tiered Rewards for Grab Customers
The GXS Credit Card uses a tiered cashback structure for spending across Grab rides, GrabFood, GrabMart, and GrabExpress. Customers receive a base 3% cashback in GrabCoins on eligible local Grab purchases without a minimum spending requirement, while users can unlock 5% or 10% cashback depending on their monthly Grab spending and whether they meet the required level of non-Grab expenditure. Cashback is credited in GrabCoins immediately after eligible Grab transactions, allowing customers to use the rewards toward future purchases within the Grab platform.
Customers spending at least S$500 per month on eligible non-Grab transactions can receive 5% cashback in GrabCoins once their local Grab spending reaches S$500, while the rate increases to 10% when local Grab spending reaches S$1,000. The highest rate combines the standard 3% GrabCoins reward with an additional 7% bonus reward, subject to the applicable spending requirements. Overseas Grab transactions are also eligible for 10% cashback in GrabCoins regardless of spending level, with no minimum spend or stated cashback cap.
Cashback Beyond Grab
The card extends its rewards structure to customers paying eligible Singtel bills, offering 1.75% cashback without a minimum spending requirement or monthly cashback limit for qualifying bill payments. Other eligible Singtel purchases can receive the same cashback rate, although the general S$500 minimum monthly card spending requirement applies to those transactions. The integration reflects the ownership structure of GXS Bank, which is backed by a consortium consisting of Grab Holdings and telecommunications group Singtel.
For other eligible local transactions outside Grab and Singtel bill payments, customers can earn unlimited cashback of 1.75%. To qualify, cardholders must spend at least S$500 during their monthly billing cycle, but there is no stated maximum on the cashback that can be earned once the requirement is met. The structure allows GXS to combine ecosystem-specific incentives with a broader rewards proposition designed for customers using the card for everyday purchases.
Overseas Spending and Digital Banking Strategy
Another feature of the GXS Credit Card is the absence of foreign exchange fees on overseas transactions, potentially reducing the cost of international card spending for customers. Eligible overseas Grab purchases continue to earn rewards according to the card's applicable Grab cashback structure, including the 10% GrabCoins rate offered for overseas Grab spending. The combination of foreign exchange savings and instant digital rewards reinforces the bank's focus on integrating financial services with everyday consumer activity.
GXS Bank operates as a digital bank licensed by the Monetary Authority of Singapore and focuses on serving consumers and businesses through technology-driven financial products. The bank is part of a broader regional digital banking network that includes Malaysian subsidiary GXBank and Indonesian lender Superbank, in which GXS holds a minority interest. Its latest credit card offering expands the bank's consumer product portfolio while further connecting banking services with the commercial ecosystems of its shareholders.
The launch of the GXS Credit Card gives Singapore consumers a new rewards option centered on Grab spending while extending cashback benefits to Singtel payments and other eligible purchases. With instant GrabCoins rewards, cashback rates reaching 10%, unlimited qualifying cashback in several categories, and no foreign exchange fees, GXS is seeking to differentiate the product through a combination of ecosystem integration and straightforward digital rewards. The card also reflects the bank's broader strategy of using technology and partnerships with Grab and Singtel to deepen its presence in Singapore's competitive digital banking market.