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
If you are a tertiary education student in Singapore, Maybank has the eVibes Card available to you. It is a credit card that offers a cash rebate on all retail transactions without any minimum spending. But this doesn’t mask the fact that the fees with this card are higher than the rebate you get. Learn more about the Maybank eVibes Card, that is only for post-secondary Singapore citizen/PR students, below.
|If you want a card that is actually cheaper and lets you hold on to more of your money, check out Wise’s multi-currency card
|Table of contents
The Maybank eVibes Card can be an option for post-secondary students who are looking for a credit line. Unlike fancier credit cards that give lounge privileges and concierges, this was created to give students more cash rebates instead.
At its core, it functions like a regular credit card, and that does include the fees that come with it. First, once you have provided the necessary documents, you will be given a card and credit line from Maybank. You can use that card to spend and shop as you need, online and offline. Then every statement cycle you will receive a bill with the amount that you owe. If you aren’t able to pay the full amount, the outstanding balance will be hit with an interest rate.
Despite being a card catering to students, the Maybank eVibes Card can still put a dent in your wallet. Here’s a quick table that outlines all the major fees associated with this card.
|Maybank eVibes Card¹
|Wise borderless card
|No annual fee, but a quarterly service fee of S$ 5
|Annual interest rate
|Overseas exchange rate
|Set by Visa
|The transparent mid-market exchange rate
|Late payment fee
|S$ 80 minimum or 5% of the amount due, whichever is higher
|Minimum monthly repayment
|3% of the outstanding balance, with a minimum of S$20
|Foreign currency transaction fee
|Cash advance transaction fee
|S$ 15 or 5% of the amount withdrawn
|Free cash withdrawals up to S$ 350 per month
The Maybank eVibes Card is specifically for young adults between the ages of 18-30 years old. You must be an existing tertiary student, or in the National Full Service with acceptance to LASALLE, NAFA, NIE, NP, NTU, NUS, NYP, RP, SIT, SMU, SP, SUSS, SUTD or TP. Your income should also fall below S$ 30,000 per year.
If you are a current Maybank cardholder, earning above S$ 30,000 or not a student, you can not apply for this card. This card is also only for Singapore citizens or Permanent Residents; Foreigners are not eligible to apply.
To apply, if you are between the ages of 21-30, you will need to submit copies of your NRIC and your student ID. If you are below 21, you will need a photocopy of your parents’ or guardians’ NRIC, both front and back as well. Your address on the application and your parent’s/guardian’s address must match.²
If you meet all the requirements, you can apply through the Maybank website or at a local branch near you.
The Maybank eVibes card is here to help make it easy for you to spend as a student. So whether it's day to day purchases, books, or larger spends, you can use the card anywhere Visa is accepted. But the main claim to fame for the Maybank eVibes Card is the cash rebates on spending.
With the Maybank eVibes Card, you can get a 1% cash rebate on all retail transactions made using the card. There isn’t a minimum spend amount required or a cap. The cash rebate is given based on the date and month that the transaction has posted to your account.
And while the cash rebates can be awarded for a lot of transactions, there are certain transactions that aren’t approved. Insurance payments, EZ link purchases, or government service payments, amongst others, don’t receive a cashback.³
Want to go overseas for research or study abroad? Or buy a couple of things from Amazon or Alibaba? It may be tempting to use your Maybank eVibes Card, but It can cost you more than you think. With foreign transaction fees and a hidden exchange rate fee, this card is not overseas spending friendly.
As seen in the fees and charges table, there is a 2.5% foreign transaction fee that is automatically tacked on to any purchase you make. So even if you want to buy a metro ride or a coffee abroad, you will still have to have 2.5% on the purchase.
Then, any transactions in non-Singapore dollars are first converted to US dollars, and then from US dollars to Singapore dollars when it is posted on your account. So the exchange rate becomes an important part of your transaction. And what Visa does is make the exchange rate you get weaker than the rate the banks use. And in that difference, they are able to get a fee from each conversion. So anytime you make an overseas spend on this card, you are paying a hidden fee twice to Visa.
How about a global multi-currency card that understands a student’s budget? Wise’s multi-currency borderless card lets you shop, spend and travel abroad with some of the lowest fees around.
Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks
Cash rebates can be attractive, but do they really outweigh high fees? At Wise, instead of getting rebates, you actually get to keep more money in your wallet. By using smart technology, Wise is able to give you low fees that are on average 7x cheaper than the Singapore banks. And you get all of this in a single account that can hold up to 40+ different global currencies. So whether you are hopping over to Thailand over summer break or heading to Australia for more studies, you can use the same card for local spending. All you have to pay is one conversion fee of .35-1% per conversion. No foreign transaction fees here.
With Wise you always get the transparent mid-market exchange rate. That’s the same rate that you see on Google. So you won’t have to worry about hidden fees, even when you shop on global sites like Amazon, Alibaba or Qoo10. And with an award-winning app, you will get push notifications to help you keep track of all of your spending. So start saving money and spending the smart way with Wise’s borderless account.
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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