Yup, Grab just lunched its own “credit card”. The homegrown startup seems to be making big moves into the fintech space and its new GrabPay Card is its newest, latest product.
So, what makes the GrabPay Card unique? And is it worth considering? Here, we’ll discuss what you can do with the GrabPay Card, what makes it stand out from other credit cards in the market, and whether it’s the card for you.
What’s the GrabPay Card All About?
The GrabPay Mastercard functions more like a debit card and it’s designed to complement its GrabPay payment system. With the GrabPay Card, you can use GrabPay with a wider range of merchants. Every time you swipe with the card, funds will be deducted from your GrabPay e-wallet. What’s cool and unique about the GrabPay Card is that you can use it as a physical card or use its digital version!
Use the GrabPay Card with any merchant that accepts Mastercard
Since Grab has partnered with Mastercard, you can swipe the GrabPay Card at any retailer which accepts Mastercard. If you’re already a GrabPay user, this opens up more opportunities for you to use funds in your GrabPay e-wallet. Previously, GrabPay users could only be used with selected merchants but now, you can sign or swipe your card anywhere which accepts Mastercard!
Use the GrabPay Card Abroad
Yup! You’re not confined to Singapore’s shores with the GrabPay Card. Since you can swipe your card at any merchant which accepts Mastercard, you can pay with GrabPay even when you’re abroad! Additionally, the GrabPay Card also has a relatively low foreign transaction fee (2%), which makes it a payment option worth considering for overseas expenditure.
That being said, foreign currency and exchange rates still contribute to the total sum you pay. GrabPay doesn’t decide on exchange rate amounts — it’s decided by Mastercard. You’ll only know the total sum you’ve paid after the transaction.
Other Travelling Perks
Besides low transaction fees, you can also enjoy the mobile protection plan and flight delay “special passes”.
If you pay your mobile bill with GrabPay, you’ll be entitled to a mobile phone protection insurance plan covered by AIG. The plan protects you from damage and theft — common accidents which happen travellers when you’re overseas.
Another perk you can enjoy with the GrabPay Card is the special “passes” you might face in the event of flight delays. If you’ve purchased your flight tickets with GrabPay and for some reason, your flight plans have massively changed by more than 2 hours, you will be entitled to passes at airport lounges. GrabPay can’t guarantee your flight will take off ASAP but they can make sure at least you’re waiting in style.
E-commerce protection plan
This protection plan can be enjoyed by anyone who spends on online shopping. If you’ve made a purchase online with the GrabPay Mastercard, you’ll be protected against incomplete delivery and defective products. Pretty neat, huh?
That being said, there are some terms and conditions you’ll need to adhere to. Products like consumables, food, and tickets are excluded from this protection scheme. To learn more, click here.
The GrabPay card is awesome if you’re already an existing GrabPay user. It opens up more opportunities for you to earn GrabPay rewards!
So what if you’re not a GrabPay user? Is the GrabPay Card worth it? Well, it depends. If you happen to travel, you might even save on transaction fees and enjoy protection plans for your mobile phone and flight delays. However, if you don’t travel often and don’t use GrabPay anyway, there’s really no point in getting yourself the GrabPay Card.
When getting yourself a new card, always consider if it matches your spending patterns. You don’t want to go out of your way to spend just to earn a few perks — you’ll only end up spending more than you should!