POSB Prepaid Mastercard review

Cashback of up to 9% is the main reward on everyday spending. Currency conversion costs up to 3.25%, which is what a purchase in another currency costs you. The card type is a debit card, so spending comes straight from the linked bank balance.

Currency conversion of up to 3.25% is the cost of spending outside Singapore. For comparison, Wise charges 0.1% and Monzo Flex charges 0%. If you convert money often, that gap is the number to weigh.

The audience for the card is kids, so it suits a parent opening a spending card for a child in Singapore. It is a debit card rather than a prepaid or virtual one, and the card sits with DBS Bank Ltd in Singapore.

Multi-currency and travel are listed as features of the card, which helps if you hold more than one currency. Keep an eye on the conversion cost of up to 3.25% when you spend away from home, since the feature does not remove the fee.

Support runs on help centre and phone, so you can reach the bank by phone or through the help centre. That is a narrower set of routes than a live chat, and it means no in-app messaging for quick questions about a blocked payment.

The card is run from SG by DBS Bank Ltd, so it is aimed at people banking in Singapore. If you hold an account in another country, this card will not sit naturally alongside your everyday banking.

The card type is a debit card, which is the most common kind in the listings here at 73.4% against 21.2% for prepaid cards. Spending draws on the balance in your bank account rather than a separate stored-value pot.