What You Need To Know About Switching Your ANZ Credit Cards To DBS

What You Need To Know About Switching Your ANZ Credit Cards To DBS

Ever since the announcement of DBS’s acquisition of ANZ Bank, heavy users of ANZ’s credit cards must have at some point wondered what was in store for them.

This is especially so if you have been rolling in on the fantastic ANZ cashback rate of 5% on your chosen category of spending every calendar quarter. Well, DBS credit cards aren’t too shabby, so enjoy your final days as a privileged ANZ card holder before August comes.

What will your DBS equivalent be?

ANZDBS
ANZ Optimum World Mastercard Credit CardPOSB Everyday Card
  • ANZ Travel Visa Signature Credit Card

  • ANZ Signature Priority Banking Visa Infinite Credit Card
  • DBS Altitude Visa Signature Card
    ANZ Platinum Visa Credit CardDBS Black Visa Card
  • ANZ Platinum Mastercard Credit Card

  • ANZ Switch Platinum Mastercard Credit Card
  • DBS Mastercard Platinum Card

    You may have already received your DBS/POSB credit and debit cards by now and after August 5, 2017, you will no longer be able to use your ANZ cards.

    If you already have the existing DBS/POSB equivalent, then you won’t be receiving any new cards. Instead, your balances and points (e.g. rewards, miles) will be transferred to your DBS/POSB credit card accounts.

    What’s the conversion rate for your ANZ travel$, reward points, and optimum$? 

    With the exception of the ANZ Travel Visa Signature Credit Card that has a conversion rate of 2 Travel$ to 1 DBS point, all other reward points and optimum$ will be converted on a 1:1 basis.

    How do the DBS cards compare?

    We know that we can’t change the course of things, but sometimes we just have the compulsion and the dying need to know if we’re being shortchanged.  Here’s how the DBS cards stack up.

    cash-backCashback 

    One of ANZ’s best cards was the Optimum World Mastercard that lets you earn a 5% cash rebate on your chosen category of either Dining and Leisure, Travel, Shopping, or Groceries, and a 1% cash rebate on all other categories.   The equivalent will be the POSB Everyday card, which offers high rebates on a promotional rather than permanent basis.

    At the moment, you can earn a 14% rebate on online food delivery or eat out on a weekday with 3% rebate, or on a weekend with a 9% rebate.  This is on condition of a S$600 total card spend per month, and is only valid until 30 September 2017.

    Getting cash rebates on the ANZ card is a lot easier as the categories are broad, while the POSB Everyday card is limited in its rebate merchants.  For example, the 5% rebate on groceries only applies if you shop at Sheng Siong.

    The plus side, though, is that rebates with the POSB card will not expire, but your ANZ Optimum$ will expire after three years. There is also a rebate cap per transaction on the ANZ card but for the POSB card, certain spending categories (e.g. beauty and wellness, petrol) have no maximum rebate value per transaction.

    travelTravel 

    The DBS Altitude Visa is an overall better travel credit card than the ANZ Travel Visa, which is more focused on retail spending made in AUD/NZD and flight bookings on Qantas and Jetstar.  If you have the ANZ Travel Visa card precisely because you spend a great amount of time shuttling in and out of Down Under, then be comforted that the DBS Altitude Visa at least offers 2 miles for every S$1 spent abroad, so all your foreign currency spending in any part of the world will earn your more miles.  Also, online flight and hotel booking will earn you a generous 3 miles per S$1 with the DBS Altitude Visa.

    Rewards

    Reward 

    In terms of rewards, the earning rate for ANZ and DBS cards aren’t that different.

    Both ANZ Platinum Visa/Mastercard and DBS Black Visa/Platinum Mastercard earn you one point per S$5 spent, though DBS points will expire in one year instead of five for ANZ.   For serious shoppers, the DBS Black Visa also offers a 5% cashback for retail transactions with a Minimum of S$700 spend in the same calendar month.

    As for redeeming your rewards, you can either redeem whatever you can before the transfer date or have your points transferred to your DBS card.  Although the redemption rate for ANZ is lower than DBS (e.g. ANZ’s 1000 points for a pair of Shaw movie tickets as opposed to DBS’s 1250 points), there are a lot more redemption options in DBS, especially in the dining and shopping categories.

    The greatest loss for ANZ credit card users is the death of the ANZ Optimum World Mastercard, which was targeted at higher-income earners of at least SGD 80,000 a year.  Apart from that, DBS cards are generally quite comparable. Now, enjoy redeeming rewards and earing cashback while it lasts!

    Since credit card perks and offers change all the time, don’t miss out on our best credit card promos in Singapore!

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