facebookDBS SAFRA Credit Card Review 2024: Hormat SAF
200624 DBS SAFRA Card Review 2024

DBS SAFRA Credit Card Review 2024: Hormat SAF

profileJoel Koh

The DBS SAFRA Credit Card continues to be a strategic financial tool for SAFRA members in Singapore, designed to complement the lifestyles of National Servicemen and their families.

Source: The Online Citizen

This collaboration between DBS Bank and SAFRA provides a robust rewards system focused on everyday spending and offers exclusive privileges that enhance the overall value of SAFRA membership.


TL;DR: DBS SAFRA Credit Card Review 2024

The DBS SAFRA Credit Card offers a compelling mix of benefits tailored to the preferences of Singapore’s NSmen. It delivers competitive cashback rates and special discounts at SAFRA clubs. The card emphasises savings on daily transactions, with a decent 3% cashback on local contactless purchases and online shopping. While it presents strong advantages for SAFRA members, do note that SAFRA membership and, by extension, the card is only open to all Singapore Armed Forces (SAF) National Servicemen (NSmen), full-time National Servicemen (NSFs), SAF regulars and their Dependents. Also, the cashback rewards are capped at $50 per calendar month, which could be a limitation for heavy spenders.


DBS SAFRA Credit Card Key Features

DBS SAFRA Credit Card Cashback

In terms of cashback, the DBS SAFRA credit card offers the following:

  • 3% cashback on local contactless purchases (including bus/train rides via SimplyGo)
  • 3% on online shopping
  • 0.3% on other retail spend
  • Minimum spend of $500 per calendar month
  • Cashback is capped at SAFRA$50 per calendar month.

DBS SAFRA Credit Card Annual Fees

You will also enjoy no Credit/Debit Card annual fees. But SAFRA Membership fees apply:

SAFRA Principal Membership (Ordinary/Associate)

Membership Type 2-Year 5-Year 10-Year
Ordinary

A1/B2&3/Associate4

$87.20 w/GST
($80 w/o GST)
(U.P. $130.803&4)
$168.95 w/GST
($155 w/o GST)
(U.P. $252.853&4)
$294.30 w/GST
($270 w/o GST)
(U.P. $441.453&4)
Apply Promo Code GENRAPR24

Note:

  • 1Ordinary A refers to Operationally Ready NSmen and NSF
  • 2Ordinary B refers to Former NSmen who joined SAFRA before reaching statutory age
  • 3Ordinary B refers to Former NSmen who joined SAFRA after reaching statutory age
  • 4Associate refers to SAF Regulars and Defence Executive Officers (DXOs)
  • All prices stated above include 9% GST.
  • Published Associate member rates are not applicable for SAFVC. Please refer to the FAQ for details
  • New principal members receive a SAFRA Experience Package (worth over $299) when you sign up. T&Cs apply.

SAFRA Family Scheme (Spouse and child aged 5-20 years old only)

SAFRA Family Scheme
Membership Type 2-Year 5-Year 10-Year
1st Dependent of Ordinary A¹/B2&3/Associate4 $43.60 w/GST
($40 w/o GST)
(U.P. $65.403&4)
$83.90 w/GST
($77 w/o GST)
(U.P. $126.443&4)
$147.15 w/GST
($135 w/o GST)
(U.P. $220.183&4)
2nd and subsequent Dependent FREE
(U.P. $10.90 admin fee per addition of each Dependent)
Apply Promo Code GENRAPR24
Package Fee
Principal member and 1st Dependent member select SAME membership tenure, final price will be rounded down
Membership Type 2-Year 5-Year 10-Year
Ordinary A¹/B2&3/  Associate4    1st Dependent $130 w/GST
($120 w/o GST)
(U.P. $130.80/$196.20)
$250 w/GST
($232 w/o GST)
(U.P. $252.88/$379.29)
$440 w/GST
($405 w/o GST)
(U.P. $441.45/661.63)
2nd and subsequent Dependent FREE
(U.P. $10.90 admin fee per addition of each Dependent)
Apply Promo Code GENRAPR24

Note:

  • ¹Ordinary A refers to Operationally Ready NSmen and NSF
  • ²Ordinary B refers to Former NSmen who joined SAFRA before reaching statutory age
  • 3Ordinary B refers to Former NSmen who joined SAFRA after reaching statutory age
  • 4Associate refers to SAF Regulars and Defence Executive Officers (DXOs)
  • All prices stated above include 9% GST.
  • A one-time admin fee of $10.90 (inclusive of 9% GST) each is required to register the second and subsequent Dependent members within each family. This administrative fee will be waived until 31 Mar 2025.

SAFRA Credit Card Additional Benefits

That’s not all. The DBS SAFRA credit card doubles as your SAFRA Membership Card, with Credit/Debit, ATM, and Mastercard contactless capabilities.

You’ll also enjoy benefits at over 1,800 outlets across SAFRA and DBS networks and earn SAFRAPOINTS at participating merchants at SAFRA clubs on top of a SAFRA$ cash rebate. For every dollar you spend at participating SAFRA outlets and facilities, you earn one SAFRAPOINT in addition to the cash rebates available through the SAFRA DBS Card.

DBS SAFRA Credit Card Pros

  • Exclusive SAFRA Benefits: Cardholders enjoy special rates and discounts at SAFRA clubs and affiliated facilities.
  • No Annual Fee for Members: The absence of an annual fee for SAFRA members adds significant long-term value.
  • Attractive Cashback Options: High cashback rates on key spending categories make it highly beneficial for everyday use.
Source: DBS

DBS SAFRA Credit Card Cons

  • Limited to SAFRA Members: Full access to benefits is restricted to SAFRA members, narrowing its appeal.
  • Cashback Caps: Monthly caps on cashback can restrict benefits for users with higher spending patterns.

DBS SAFRA Fees

  • Annual Fee: Waived for SAFRA members.
  • Late Payment Fee: A $100 fee applies if the minimum payment is not made by the due date.
  • Interest Rate: The standard rate of 25.90% per annum applies, with up to 20 days of interest-free purchases if the balance is paid in full.

Eligibility

The DBS SAFRA Credit Card is exclusively available to SAFRA members, ensuring that the benefits are tailored specifically to the community of National Servicemen and their families. Eligibility extends to female spouses or children (18 years and above) who may apply for a supplementary SAFRA DBS Credit Card, provided that the principal member holds an active SAFRA DBS Credit Card. This eligibility criterion ensures that the card’s benefits are closely aligned with the needs and status of the SAFRA community.

Other Points to Note

  • Credit Score Requirements: Approval requires a satisfactory credit score.
  • Credit Limit Increases: These may be considered based on the user’s spending habits and credit status.
  • Customer Service: DBS offers comprehensive customer service options including digital platforms, telephone support, and branch services.

Comparison

The DBS SAFRA Credit Card often contrasts with similar lifestyle cards like the Trust Credit Card, and the PAssion POSB Debit Card. While similar in targeting specific community memberships, the DBS SAFRA card arguably offers broader and more versatile cashback categories, making it more appealing for general spending.

Conclusion

For 2024, the DBS SAFRA Credit Card remains a top choice for SAFRA members seeking to maximize their credit card usage. Its blend of no annual fees, rewarding cashback programs, and exclusive SAFRA discounts provide substantial benefits tailored specifically for the lifestyles of National Servicemen and their families. While the card is most beneficial for those within the SAFRA community, its overall value proposition makes it a competitive option in the broader credit card market.

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About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them.
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