POSB Promo: Earn Up To $500 Guaranteed Cash On Your Salary Credit And Card Spend

This post was created in partnership with POSB. All views and opinions expressed in this article are Beansprout's objective and professional opinions.

What’s the deal with the POSB’s Switch and Spend promotion? 

Looking to get more out of your banking just by doing what you’re already doing? 

POSB has launched a new promotion that offers you the chance to earn up to S$500 in cash rewards simply by switching your salary credit to a POSB/DBS account and spending with your POSB/DBS Cards.

The cash reward is split into two main actions: 

1. Credit your salary of $1,600 or more for three consecutive months to get a guaranteed S$300 cash reward
2. Spend at least $500 monthly for three consecutive months across your POSB/DBS Credit and Debit Cards to get an additional S$200 cash reward

This promotion is open to existing or new POSB or DBS customers who do not have salary crediting arrangement linked to a POSB or DBS account from 1 February to 31 July 2024.

How does the promotion work? 

POSB is offering a total of S$500 in cash rewards, split between two main actions:

1. Credit your salary to get a S$300 cash reward

Start by registering for the promotion and setting up or switching your salary credit to a POSB/DBS account. 

To qualify, you’ll need to credit your salary via GIRO using the transaction code “SAL” / “PAY”, with a minimum of S$1,600 per month for three consecutive months. 

Your first salary must be credited by 31 October 2024 to qualify for the cash reward.

Once you’ve met this requirement, you’ll be rewarded with S$300 in cash, deposited directly into your account. 

You can find the full terms and conditions of the promotion here.

2. Spend on your Credit or Debit Cards to get a $200 cash reward

On top of the salary credit reward, you can earn an additional S$200 by spending at least S$500 per month for three consecutive months across any of your POSB/DBS Credit or Debit Cards.

Your eligibility for this reward begins the month after your first salary is credited. 

For example, if your salary is credited on 30 September 2024, your spending from October 2024 will count as the first month.

But that’s not all! 

If you’re new to POSB/DBS Credit Cards, there’s an additional bonus for you.

Additional S$100 cash reward for new Credit Card sign-ups

As part of this promotion, new to POSB/DBS Credit Cardmembers can enjoy an extra S$100 cash reward when they sign up for an eligible Credit Card during the promotion period. There is no spending requirement for this cash reward!

Eligible cards include:

• POSB Everyday Card
• DBS Altitude Card
• DBS yuu Card
• DBS Live Fresh Card
• DBS Woman’s Card
• DBS Woman’s World Card

Simply use the promo code SCAUG when applying for your new card online. 

As long as you don’t currently hold a Principal POSB/DBS Credit Card or have not cancelled any Principal POSB/DBS Credit Card in the last 12 months, you’re eligible for this promotion. 

This is a great opportunity to stack your rewards and maximise your benefits, especially if you’re already planning to switch your salary credit. 

On top of these guaranteed cash rewards, you also enjoy your existing account and card benefits. 

Let’s see how much you can earn by stacking your benefits. 

How much can you earn if you switch your salary credit and spend with POSB/DBS? 

One of the best ways to enhance your rewards is by combining this promotion with a Multiplier Account. 

The Multiplier Account offers up to 4.1% per annum in interest. 

Here we’ll illustrate a simple scenario of how your benefits could stack up:

Let’s assume you maintain a balance of S$100,000 in your Multiplier Account. 

By crediting your salary and making transactions in at least three categories—such as credit card or PayLah! retail spend, home loan instalments, insurance, or investments—you could earn an interest rate of up to 4.1% per annum.

Now, suppose you also start crediting your salary on 30 September 2024 and begin spending on your card from 1 October 2024. 

From 1 October to 31 December 2024, your total interest earned would amount to around S$1,044.39.

In addition, you will receive a S$500 cash reward from the Switch and Spend promotion, plus an extra S$100 for being a new POSB/DBS Credit Cardmember.

This means that you can receive up to S$1,644.39 through the interest of the Multiplier Account and the POSB Switch and Spend promotion over three months from October to December 2024!

How young working adults can benefit from the promotion

Even if you don't have a huge balance in your account, you can still make the most of your savings with this promotion's low requirements—perfect if you have just started your career.

Let’s say you are a 26-year-old with a balance of S$20,000 in your DBS Multiplier account. You also have a take home pay of S$4,000 a month and typically spend S$500 on your credit card for everyday expenses. 

You may then decide to register for the Switch and Spend promotion, switch your salary credit to your Multiplier account. You also sign up for a DBS Woman’s World Card and start using it for your purchases, while investing S$100 a month in the DBS Invest-Saver regular savings plan. 

Here’s how your finances stack up:

• Account balance: S$20,000
• Salary Credit: S$4,000/month
• Credit Card Spend: S$500/month
• Investments: S$100/month

Over the three months from 1 October to 31 December 2024, you would earn approximately S$105.86 in interest. On top of that, you qualify for S$600 in cash rewards from this promotion. 

In total, you will receive S$705.86 by switching your salary credit, signing up for a card, and spending on it!

What would Beansprout do? 

The POSB Switch and Spend promotion allows you to maximise your savings, especially if you are a working adult who can credit your salary. 

Whether you’re new to the workforce or simply looking to optimise your financial strategy, the low requirements and attractive rewards make this an excellent opportunity to boost your savings.

What I like the most about the promotion is that the cash reward is guaranteed!

Don’t miss out on this opportunity to switch, spend, and earn more. 

Register and credit your salary by 31 October 2024 and start maximising your benefits with POSB today. Click here to visit the POSB Switch and Spend Promotion page

Disclaimers

The information and opinions contained in this article has been obtained from sources believed to be reliable, but DBS makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose. • This article is meant for information only and should not be relied upon as financial advice. 

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