POSB Launches First Card in Singapore Featuring Both Debit and Credit Functions

SINGAPORE--(BUSINESS WIRE)--POSB has launched Multi-tude by POSB, the first card in Singapore to feature both debit and credit functions on a single card. The Card is also the first to offer a credit facility to customers without a minimum income requirement.

“Multi-tude by POSB enables them to enjoy the benefits generally accorded to credit cardholders and is a great starting point for them to learn responsible card usage.”

Multi-tude by POSB is a debit MasterCard card that is designed especially for youth who are 16 years old and above. For customers who are over 21 years old, they will enjoy the S$500 micro credit and debit functions regardless of their income level. Multi-tude by POSB also features the ATM function, NETS and an embedded EMV Smart Chip to bring greater convenience and security to cardholders.

As the people's bank, POSB is constantly anticipating and thinking of ways to address our customers' needs in the different stages of their life. Young Singaporeans today display a very different set of buying habits compared to previous generations. They are savvy purchasers who are accustomed to online transactions and cashless payment modes.

In line with the fast paced lifestyle of this group, Multi-tude by POSB features a host of entertainment and dining privileges such as Golden Village, Zouk, Popeye's and more. Cardholders also enjoy 0.3 per cent cashback on all MasterCard transactions when they use the Multi-tude by POSB for signature, online, mail and telephone purchases. Customers are also enrolled into POSB internet banking at the time of application.

"We are pleased to collaborate with MasterCard to be the first in Singapore to offer the unique combination of debit and credit facilities in a single card. Many Singaporeans have been with POSB since young and Multi-tude by POSB is designed to meet their transitional needs as they first establish themselves in the work force," said Ooi Huey Tyng, Senior Vice President & Head, Cards and Unsecured Loans, DBS Bank. "Multi-tude by POSB enables them to enjoy the benefits generally accorded to credit cardholders and is a great starting point for them to learn responsible card usage."

The mix of debit and micro credit facility on Multi-tude by POSB encourages new cardholders to manage their budget while giving them the additional flexibility of having a credit line in times of need. In line with that, POSB has created a dedicated page to educate customers on the responsibilities of owning a credit card.

"Multi-tude by POSB will provide cardholders access to a variety of MasterCard privileges, and the combo card is also an innovative approach that allows cardholders to avail of the benefits of a credit card, with the convenience of a debit card, ultimately providing them with more choices and the ability to manage their finances better," said Julienne Loh, Vice President and Country Manager, Singapore, MasterCard Worldwide.

As part of the launch, POSB is hosting a Multi-tude Challenge with 987 FM. The challenge will take place from 08 to 31 August 2010 and is open to Singaporeans who are between 16 to 29 years old. To enter the challenge, participants simply have to record a one-minute video performance of the Multi-tude Rap, upload the video to Multi-tude by POSB facebook profile and get a friend to 'Like' it. Five finalists will be selected from the entries to take part in the final rap showdown where they stand to win the grand prize of SGD 2000.

Multi-tude by POSB (with $500 credit limit) is only available to applicants who are at least 21 years old and are not existing POSB/DBS unsecured credit customers. For more information on Multi-tude by POSB, visit www.posb.com.sg.

About POSB

A part of the DBS Group, POSB is the largest local bank in Singapore with 4 million customers. Having served generations of Singaporeans for the past 132 years, it is known as the "People's Bank", and prides itself in being "neighbours first, bankers second".

With a good understanding of Singaporeans through the years, POSB offers products and services that are relevant to the savings, borrowing, investment and insurance needs of all Singaporeans. With 52 branches conveniently located islandwide, and more than 1,000 ATMs and Cash Acceptance Machines across the island, POSB's distribution network is the largest in Singapore.

POSB acknowledges the passion, commitment and can-do spirit in each of its staff. For more information, please visit www.posb.com.sg.

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