GXS Bank launches credit card with flat fees and no interest

It has a limit of S$500 with a S$5 extension fee.

GXS Bank has launched the GXS FlexiCard, which charges flat fees instead of interest on outstanding balances.

The FlexiCard has a limit of S$500, with a S$5 extension fee, the digital bank said in a press release. 

It also offers instant cashback for eligible transactions; no foreign transaction fees on overseas purchases; and the option to choose their preferred repayment date.

For customers who are unable to repay their outstanding balance in full, they can pay the minimum payment amount of as low as S$15 on top of the extension fee.

GXS Bank’s head of retail Jenn Ong highlighted that the card is available to workers who earn less than $2,500 a month and do not meet income requirements for most credit cards in the market.

“The GXS FlexiCard could be their first credit product and that is why we designed it to safeguard them from the burden of snowballing interest repayments while ensuring flexible repayment options, transparent charges, and instant cashback,” Ong said in a statement.

The card is available to Singaporeans and permanent residents aged 21 to 55. 

There is no income requirement to apply for the GXS FlexiCard, the bank said.