POSBank has launched a payment card that incorporates both debit and credit card functions, according to the Singapore-based bank.
The bank designed the so-called Multi-tude Card is primarily for youths 16 and older, for whom the MasterCard-branded product serves primarily as a debit card. But for cardholders older than 21, the bank also offers a S$500 (US$368 or 290 euros) microcredit function in addition to the debit function.
The credit function is available regardless of the income level of the cardholder, the bank notes in a statement. The card also incorporates an ATM function, a NETS function and an embedded EMV smart chip. NETS stands for the Network for Electronic Transfers Pte. Ltd., a debit-payment system owned by DBS Bank Ltd., OCBC Bank Ltd. and United Overseas Bank Ltd.
Cardholders also will receive 0.3% cashback on all MasterCard transactions when they use the Multi-tude for signature, online, mail and telephone purchases, in addition to dining and shopping privileges.
To use the preferred function, cardholders must inform a retailer deploying EMV terminals of their choice of payment–debit or credit.
To apply for the card, cardholders must have a savings account with POSBank or with DBS Bank. There is no fee for the card.
POSBank is a brand of consumer-banking services offered by DBS Bank in Singapore. DBS acquired the POSBank brand in 1998, when it was known as Post Office Savings Bank.
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