Wondering which card is better for overseas use - Trust card vs YouTrip? We compared the fees and exchange rates and also included an alternative option Wise
Singaporeans love to travel, so the bank DBS has an Altitude Visa Signature Card to help reward cardholders with perks and air miles as they spend locally and overseas. The card works like a standard credit card, with an annual interest rate and fees, but can be used anywhere Visa is accepted globally and provides privileges that are specifically geared towards travel. If you are looking for a credit card, read on to learn more about how the DBS Altitude Visa Signature card works.
|If you are really looking for a card that is truly global and can keep up with your jet-setting lifestyle, look no further than Wise’s borderless card
The DBS Altitude Visa Signature Card can be used to make purchases online and in-person globally wherever Visa is accepted. And it can be used to withdraw cash from ATMs – at a fee and interest rate.
The amount that you spend on the card is then sent to you in a statement where you are required to pay off the balance monthly. If you don’t pay off the full amount that you spend, you will be charged an interest rate on the outstanding balance. But there is more to this credit card, like additional fees for using the card and charges for foreign transactions. We break it down below¹:
There is an annual fee of SGD 192.60 to the principal cardholder, that is charged to the card. Any supplementary cards have an annual fee of SGD 96.30.
You can get your annual fee waived if you spend at least SGD 25,000 a year on retail purchases using the card.²
The current interest rate is 26.80% per year on all your purchases. The minimum amount that can be charged to the account is SGD 2.50.
If you are not able to make your monthly payment by your payment due date then you will be automatically charged a late payment fee of SGD 100. This is assuming you have a balance above SGD 50; balances below SGD 50 are not charged a late payment fee.
Every month you are required to pay a minimum amount of the card balance. It will be stated on your account statement. The minimum monthly repayment amount is 3% of the outstanding balance, plus any additional fees or charges from overdue or late payments.
The foreign currency transaction fee has a few different parts. First, you are not getting the mid-market exchange rate, which is the rate you see on Google, but rather the exchange rate set by Visa itself. Hidden away between the mid-market rate and Visa’s exchange rate is a fee to you the cardholders. On top of this, you are charged:
- A currency conversion fee of 1% by Visa
- A 2.25% admin fee by DBS
So every and any transaction you do abroad or at foreign online stores using the card will cost you a minimum of 3.25% on top of the price. If you use dynamic currency conversion, where you choose to pay in SGD while abroad or pay in SGD at a foreign merchant, you will also be hit with an additional 1% fee.
When you are in need of cash abroad, you can take cash out from ATMs using your DBS Altitude Visa Signature Card against your credit line, but it will cost you. The cash advance fee is 8% of the total amount drawn, with a minimum fee of SGD 15. Plus there will be a prevailing interest rate of 28% per annum if the cash isn’t repaid in full.
Spent a bit too much? If you go over your credit limit, you will be hit with a fee of SGD 40.
You must be at least 21 years old to apply for the DBS Altitude Visa Signature Card. If you already hold a DBS credit card, then you can apply online for this specific card without having to submit any other documents.
For new applicants to DBS credit, you will need to submit proof of income through payslips, tax assessments, and address proofs to DBS online or in person.
The minimum income requirement for Singaporeans and PRs is SGD 30,000. For Foreigners, it is SGD 45,000.³
There is quite a bit that can be done using your DBS Altitude Visa Signature Card. You can use it globally without any restrictions, although as we saw in the fee section it may cost you. You can also take advantage of retail, golf, and hotel privileges using the card as long as you meet the terms and conditions. The major perks of the card come with gaining air miles, travel insurance, and lounge access. Let’s take a look.
One of the most popular benefits of this credit card is the ability to accrue miles quickly. For every SGD 1, and currency equivalent, spent using the card, you can get miles that you can use towards future travel. And the miles never expire. The breakdown of mile rewards are:
|Type of spend
|Miles for every SGD 1 spent
|Local spend in Singapore
|Overseas spend in foreign currency
|Online flight and hotel transactions on Singapore air; Agoda; Expedia; Cathay Pacific; Qatar, Airbnb and more
|Singapore Airlines tickets booked through DBS Travel marketplace
|Bonus miles when you pay the annual fee to renew your membership
You’ll also find promotions that include additional miles on certain purchases, Singapore airline tickets or flight/ hotel transactions on Expedia. Check the DBS Altitude Visa Signature website to see what promotions are currently running. ⁴
As a cardholder, you can get up to SGD 1 million worth of travel accident insurance coverage for yourself and family when you travel. To take advantage of this, the full trip amount- whether airline tickets or train- must be charged to the card. Certain other terms and conditions apply as well as limitations, so read the fine print on the insurance before you apply. ⁵
With the DBS Altitude Visa Signature Card, you get a complimentary membership to Priority Pass. By registering with Priority Pass, you can have access to airport lounges all across the world. And the DBS Altitude Visa Signature Card lets you have 2 free lounge visits within a 12 month period of your membership. If you want access to the lounges more than twice a year, you will just have to pay a fee of USD 32 per person per visit.⁶
Airline miles and lounge access does add a nice touch to your travel, but doesn’t saving actual money sound better? For being a travel-focused card, DBS and Visa charge you a pretty penny for every foreign transaction you make. Whether it is a coffee or an expensive suit, you will be charged at least 3.25% on every purchase. This means that your trip may end up being more expensive than you think.
But you don’t need to travel this way. With Wise’s borderless account, you can load up your account in 45+ global currencies so that when you make a purchase abroad there are no extra fees or charges. That means more money in your wallet to spend on things that matter.
Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks
The Wise borderless account doesn’t have any annual fees and doesn’t charge you for spending abroad. In fact, you only need to pay one small fee when you convert money to the currency you need. Plus with the Mastercard access, you can use it as a normal card wherever Mastercard is accepted.
With immediate push notifications on Wise’s award-winning app, you will always know how much you’ve spent. No surprises here. And if you’re shopping online at Amazon, Alibaba, Qoo10 and Grab, you don’t get any additional fees or charges for foreign merchants. It’s as simple as that.
Sources used for this article:
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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