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Saturday, October 02, 2010

Debit Card Economics - "Multitude" by POSB

"The function of socialism is to raise suffering to a higher level." - Norman Mailer

***

Even the poor man's plastic - the POSB Debit Card - is being overhauled.



Its new incarnation is the "Multitude" card (now also rebranded for Youth - so maybe it won't work for Age Verification on sites with Adult Content* anymore), which comes with a seemingly attractive 0.3% cashback on all non-PIN Mastercard transactions (and a $500 credit limit, thus making it an oxymoron)

However, it didn't take me long to discover the catch - the $24 annual fee is waived for the first year only (the old card waived the fee if you made 18 signed transactions in a year).

So with 0.3% cashback, you'll only get your money's worth if you charge a whopping $8,000 in Mastercard transactions in a year to it.


* - This is an extra-Singapore definition of "Adult Content". The Singaporean definition is more restrictive (not to mention rather disappointing).
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