GXBank, the digital bank headed by Grab, has announced that it has started rolling out its debit card. The debit card is being issued in partnership with Mastercard and comes with some very interesting perks, but not everyone will be able to get it right away.
According to its announcement post, the ability to apply for the card through its app is being rolled out one batch at a time, so you’ll have to keep checking your to see if it has rolled out to your account. Once you’ve applied, you’ll receive a new physical card and a virtual card as well.
As for the perks, the GX Card offers unlimited 1% cashback except for certain transactions such as cash withdrawals, e-wallet top-ups, insurance payments, government related payments, charity donations, gambling, and quasi cash merchant transactions. Of course, you also won’t receive cashback for void transactions and refunds.
Interestingly, according to its terms and conditions, the cashback falls under an ongoing rewards campaign that is set to end on 5 November 2024. This means that the unlimited 1% cashback could potentially end after this period, but we’ll have to see if the bank renews the perk after the campaign ends.
When it comes to fees, there’s not a lot, at least for now. The card has no annual fee but it does charge RM12 for a new card and any subsequent replacements, although these are being waived until 31 December 2024. Similarly, the RM1 MEPS ATM domestic cash withdrawal fee and the 1.2% foreign transaction fee are also being waived until the end of the year.
(Source: GXBank)
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