GXS enters credit card arena with new cashback card

[SINGAPORE] GXS Bank on Monday (Aug 17) launched a credit card with unlimited cashback subject to a minimum of S$500 monthly spend, targeting the credit card population in Singapore.

The GXS Credit Card is different from GXS FlexiCard, with a minimum income requirement of S$30,000 per year to qualify. The FlexiCard does not have a minimum income requirement, but has a S$500 credit limit.

This move is part of making the digital bank relevant to whatever the customer wants, said Jenn Ong, group head of retail, GXS.

“Across all propositions, cash rebate is something that customers have always said that they want, but at the same time, we also don’t want to have something just like a cash rebate,” she said.

GXS is leaning into its parent companies for its new credit card, offering up to 10 per cent rebate in GrabCoins for eligible transactions on Grab, as well as a 1.75 per cent rebate on Singtel bills and any other transactions. Cardholders can link their card immediately to their Grab app from within the GXS app.

In trying to bring in parent companies, offering cashback in GrabCoins for Grab transactions made the most sense, said Ong. Customers can also apply for a GXS Credit Card in the Grab app, with the digital bank tapping the parent company’s ecosystem for potential customers.

“Beyond the resources, support and network of Grab and Singtel, the insights that we glean from ecosystem data has enabled us to create products and experiences that are woven seamlessly into Grab and Singtel’s user journeys,” said GXS group CEO Lai Pei-Si.

With this credit card, GXS has entered into the credit card space, behind its digital bank competitors in Singapore which have offered credit cards for a while. Lai sees this as less of a delay and more about following the product road map the digital bank has laid out.

“We did want to make sure that we designed the right credit card for the right segment, and we took time to make sure that we understand what our users want before we go out – that it is the most relevant card that we have for our customers,” said Lai.

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GXS has enough data to show that Grab or Singtel customers want to have such a credit card with these cashback rewards, she said. The digital bank is making the process as seamless as possible, including having a cashback reward tracker that shows the amount of cashback earned after each transaction in its app.

The immediate focus is on getting the GXS Credit Card into people’s wallets and convincing them to spend using it.

“To us, when customers put all their purchases on it... that is a success,” said Ong.