Swipe Your Way to a Stock Portfolio: Invest with Every Purchase via Tiger BOSS Debit Card

This post was created in partnership with Tiger Brokers Singapore Pte Ltd (“Tiger Brokers”). All views and opinions expressed in this article are Beansprout’s objective and professional opinions.

What happened?

Many have shared how to make use of credit cards for miles and cashback benefits. 

But if you do not qualify for a credit card to earn these rewards, don’t worry. There are still ways to receive benefits when you spend with a debit card. 

We recently came across the Tiger BOSS Debit Card, the first of its kind debit card in Singapore which offers fractional shares as rewards for everyday spending.

Yes, you read that correctly.

Unlike most credit or debit cards which come with more typical rewards such as cashback, loyalty points, and miles, the Tiger BOSS Debit Card allows you to get stocks when you spend.

This means that we can now invest as we spend. 

So if you are a university student or full-time National Servicemen (NSF) looking to get started with investing while earning rewards for your spending, read on to find out more about our experience in using the Tiger BOSS debit card. 

What are the benefits of the Tiger BOSS Debit Card?

Some of the key benefits of the Tiger Boss card include:

• 1% cashback in Tesla fractional shares*
• Competitive forex rates
• Free and fast application

#1 Earn 1% cashback on Tesla shares

I found out that the Tiger BOSS Debit Card works the same way as popular cash-back credit cards.

When I’m spending on eligible food, groceries, or online shopping, the Tiger BOSS Debit Card allows me to earn rewards on my everyday expenses*. 

You may check out the full list of eligible spending categories here.

Also, the Tiger BOSS Debit Card seamlessly integrates both a physical and digital debit card that could be added to my e-wallets like Google and Apple Pay

Just so you know, from now till 30 April 2024, 1% cashback will be accumulated and auto-redeemed in fractional Tesla shares.

And Tesla, of course, is well known as a part of the “Magnificent 7” US tech giants and is a popular stock among retail investors.

Who doesn’t love Tesla cars? (I personally like the Model 3).

#2 Competitive forex rates

With competitive forex rates, I can use the Tiger BOSS Debit Card for payments abroad as well.

You can currently deposit Singapore Dollar (SGD), US Dollar (USD) or Hong Kong Dollar (HKD) into your Tiger BOSS Debit Card.

If you don’t have the currency you need in your card balance, you can still spend money. 

For instance, if I use the card for payment in any other currency, my Singapore dollar deposit or USD / HKD deposit  will be converted to the target currency at the mid-market rate, incurring a small exchange fee.

Tiger Brokers has partnered with Wise, a licensed Major Payment Institution regulated by the Monetary Authority of Singapore (MAS) to provide card issuance, account issuing services, and competitive foreign exchange rates on the Tiger BOSS Debit Card

I was also pleased to see that there are no annual fees for the Tiger BOSS Debit Card, unlike some credit cards where I may have to meet a minimum spending to request for a waiver.

However, I had to make sure that I was not using the debit card for ATM cash withdrawal overseas, as there is a S$5 administrative fee and 2% service fee per withdrawal.

In any case, the competitive forex rates meant that it made more sense for me to spend directly with the debit card rather than doing a cash withdrawal via ATM.

#3 Easy sign-up and instant approval

You know how credit card applications can sometimes take 1-2 weeks before they get approved?

Well, the Tiger BOSS Debit Card application process was very straightforward, and I was surprised by how fast it took.

To apply for the Tiger BOSS Debit Card, I simply opened the Tiger Trade app on my phone.

If you don’t already have a Tiger Brokers account, you can apply for one here. 

From there, you simply need to click on the Profile tab inside the Tiger Trade app to register for your Tiger BOSS Debit Card.

Next, I navigated my way to the ‘Debit Card’ tab by clicking the icon.

This brought me to the next screen where I was asked to confirm my address in order to complete the card application.

After doing so, I was informed that the debit card application was successful.

And just like that, the card is ready to go!

Note that users will be issued a digital card as well as a physical card—virtual cards are free and physical cards are free for your first application.

The physical card will be mailed to your home address within 10 business days and you can choose to start using your digital debit card instantly upon approval.

What would Beansprout do?

One of the ways to make sure that we are making the most of our spending is to find the credit card with the best cashback or miles benefits. 

However, if you do not qualify for a credit card as yet, then the Tiger BOSS Debit Card would be a good option to consider too.

You would be able to get 1% cashback in Tesla fractional shares on your eligible spending*.

This can help you to get started with investing, especially if having to put in your own money may sound intimidating. 

The good news is that Tiger Brokers is offering more rewards when you sign up for a Tiger BOSS card now, including the following:

• $5 for every new registration
• $5 for every friend you refer
• For every 3 friends you refer, you earn one chance to win $888 cash rewards!

The promotion is valid until 13 May 2024. Sign up for the Tiger BOSS debt card here 

Tiger Brokers is currently offering welcome rewards of up to US$3,600 when you sign up for a new Tiger Brokers account. In addition, receive exclusive rewards including a free S$20 voucher and up to US$100 of fractional shares when sign up for an account via Beansprout.* Learn more about the sign-up rewards here.

*T&Cs apply. Read the full T&Cs here. 

Important Information

This advertisement has not been reviewed by the Monetary Authority of Singapore. 

Any information provided in this article is meant purely for informational and investor education purposes, and should not be relied upon as financial or investment advice, or advice on corporate finance.

The information provided in this article are on an “as is” and “as available” basis without warranty of any kind, whether express or implied. Beansprout does not recommend any particular course of action in relation to any investment product or class of investment products. No information is presented with the intention to induce any person to buy, sell, or hold a particular investment product or class of investment products.

You may wish to seek advice from a financial adviser before making a commitment to purchase the product; and in the event that you choose not to seek advice from a financial adviser, you should consider whether the product in question is suitable for you.

The information provided herein may contain projections or other forward looking statements regarding future events or future performance of countries, assets, markets or companies. Actual events or results may differ materially. Past performance figures are not necessarily indicative of future or likely performance.

Please refer to the Tiger Brokers Singapore Pte Ltd website for more information on the full T&Cs and disclaimers.

Tiger Brokers (Singapore) Pte Ltd has partnered with Wise to provide card issuance and account issuing services. Wise is the trading name of Wise Asia-Pacific Pte Ltd, which is a company incorporated under the laws of Singapore with Unique Entity Number 201422384R.

Wise Asia-Pacific Pte Ltd is regulated as a Major Payment Institution by The Monetary Authority of Singapore (MAS) license: PS20200413.