Credit Cards · Cashback · GXS Bank

GXS Credit Card Review: Instant cashback on Grab in Singapore

Up to 10% unlimited cashback on all Grab spends

Unbeatable 10% instant cashback on overseas Grab spends

GXS Bank has launched a brand new credit card, and it brings together four spending areas a lot of us already use every month: Grab, everyday spend, overseas travel, and Singtel bills. I was invited to attend the official launch event on 17 August 2026, where we played some interactive games hosted by the GXS team, and the leaders walked through the mechanics in detail. That hands-on context gave me a clearer picture of how this card is designed to be used, and a few of those details matter more than the headline rates let on.

Key Highlights

• Up to 10% instant cashback in GrabCoins on local Grab spend
• 10% instant cashback in GrabCoins on overseas Grab spend
• No foreign transaction fees
• 1.75% unlimited cashback on eligible local spend
• 1.75% unlimited cashback on Singtel bills, with no minimum spend

The standard GXS Credit Card (Visa Signature)

I have spent a fair bit of time going through the terms, and this card is built for people who already live in the Grab ecosystem and want something simpler than juggling category caps. But before applying, it is worth understanding the qualifying spend rules. They make a real difference to how much you actually earn, not just what is printed on the landing page.

At the GXS Credit Card official launch event, 17 August 2026

Unlimited Cashback rates at a glance

T&Cs apply.

How the local Grab tiers actually work

Here is the detail that matters most: the higher Grab tiers are based on your cumulative eligible spending within each billing cycle. You need at least S$500 of eligible non-Grab spend to unlock the higher Grab rates, with 5% instant cashback in GrabCoins applying from S$500 to S$999.99 of eligible Grab spend and 10% instant cashback in GrabCoins from S$1,000.

These tiers are marginal, not a flat rate on your whole Grab spend: the first S$500 of eligible Grab spend earns 3% instant cashback in GrabCoins, the portion from S$500 to S$999.99 earns 5% instant cashback in GrabCoins, and only the portion above S$1,000 earns 10% instant cashback in GrabCoins. Hitting the S$1,000 mark does not mean your entire Grab spend that month earns 10% instant cashback in GrabCoins.

Grab cashback tiers as presented by GXS Bank

That makes the card genuinely rewarding if you are a heavy Grab user.

Singtel bills: 1.75% unlimited cashback, no minimum spend

Eligible Singtel transactions earn 1.75% unlimited cashback with no minimum spend and no cashback cap, credited to your credit card account by the first day of the next billing cycle. Worth double-checking that your usual Singtel payment method actually shows up as eligible, since it is classified by merchant and transaction type.

T&Cs apply.

Eligible local spend: 1.75% unlimited cashback, no cap

For qualifying local retail spending, you get 1.75% unlimited cashback with no monthly cap once you have charged at least S$500 of eligible cashback transactions within the billing cycle.

That 1.75% rate currently makes GXS Credit Card the highest unlimited cashback credit card in Singapore, with no earning cap on top of it.

The S$500 threshold is based on eligible local, Singapore-dollar retail spending only. It does not include local Grab transactions, overseas Grab transactions, foreign-currency transactions, or overseas transactions processed in Singapore dollars.

Exclusions: these do not count towards the S$500 threshold or earn the 1.75% unlimited cashback.

• Grab transactions
• Foreign-currency transactions and overseas transactions charged in Singapore dollars
• Utilities payments
• Insurance premiums
• Government payments, taxes, fines and postal services
• Hospital and education payments
• Charity, political and religious payments
• Wallet payments and top-ups (GrabPay, YouTrip, ShopeePay, Dash, NETS FlashPay, EZ-Link)
• AXS and SAM transactions
• Amaze transactions
• Prepaid card and stored-value top-ups
• Instalment plans, cash advances, bank fees and late fees

Your best bet for hitting S$500 is ordinary local retail: dining, groceries, shopping, the usual stuff.

T&Cs apply.

Overseas Grab: 10% instant cashback, no foreign transaction fees

Eligible Grab transactions outside Singapore earn 10% instant cashback in GrabCoins, with no minimum spend required, and GXS Bank does not charge foreign transaction fees on this spend.

T&Cs apply.

One important GrabCoins rule

You will need to link the GXS Credit Card to your own Grab account, and that account needs to be eligible to receive GrabCoins, before your Grab transactions qualify. If you forget to link it, the GrabCoins reward is forfeited. GXS will not award it back later.

GrabCoins are also not cash. You cannot transfer them, exchange them for currency, or get a refund on them.

How to value your GrabCoins

The baseline redemption rate is 500 GrabCoins = S$1, roughly S$0.002 per coin, whether you are offsetting a Grab ride directly or a GrabFood order.

GrabCoins expire on a rolling six-month basis from when they are earned, so redeem them regularly rather than letting them sit.

T&Cs apply.

Eligibility and fees

Carrying a balance on this card wipes out your cashback fast. The 29% p.a. is not unusual for the category, but everything in this review only works if you are paying your statement in full each month.

Launch perks worth knowing

A few extras tied to the launch, on top of the core cashback structure:

• S$8 off GrabRides for the first 200,000 customers who successfully apply for and use their GXS Credit Card to pay for a Grab ride.
• Singtel-linked perks for postpaid or broadband customers: S$100 off device purchases, 12 months of BroadBand Protect free, and 25% off 6 months of GOMO Value, Core, or Infinity plans.
• 6 months complimentary CAST Pack, plus S$5 off Singtel Red, under a separate reward tier.

These are launch-period offers, so check the current terms in the GXS app before you apply. They usually carry their own expiry separate from the ongoing cashback structure.

T&Cs apply.

Why the blended rate matters more than the headline

Here is the part most reviews skip past. The 10% Grab tier does not exist on its own: it needs S$500 of non-Grab local spend in the same month to unlock, and that spend earns its own 1.75% unlimited cashback but is really a separate cost of getting to the higher Grab rate. So instead of quoting the 10%, I worked out the blended cashback rate: total cashback across both categories, divided by total spend across both categories.

Since the tiers are marginal, your Grab cashback is actually the sum of what each portion of your spend earns in its own band. The table below breaks that down tier by tier, so you can see exactly where the cashback is coming from.

3% instant cashback in GrabCoins covers the first S$500 of Grab spend, 5% instant cashback in GrabCoins covers the portion from S$500 to S$999.99, and 10% instant cashback in GrabCoins covers anything above S$1,000. Non-Grab unlimited cashback assumes S$500 of eligible non-Grab spend in all 3 scenarios. T&Cs apply.

Even at the heavy-user tier, your blended return across the full S$1,700 you put on the card that month works out to 4.04%, and even the light-user scenario clears 2.22%. That is worth pausing on: most unlimited cashback credit cards in Singapore top out at a flat 1.5% to 1.7%, no matter how you spend. GXS Credit Card starts above that range with its 1.75% unlimited cashback rate alone, and the blended return only climbs further as your Grab spend grows.

T&Cs apply. Rewards, eligible transactions and merchant classifications are determined under GXS Bank's prevailing terms.

FAQ

My Final Takeaway

The overseas Grab benefit is the clearest win here, and it is not close. 10% instant cashback in GrabCoins back from the first dollar, no S$500 threshold to clear, no GXS-side FX fee: that is a genuinely rare combination for regional travel. If I am in Bangkok, Kuala Lumpur, or Ho Chi Minh City using Grab for transport and food, this becomes the default card in my wallet for that trip, full stop. Though I would still keep an eye on the total charged in-app given the FX caveat flagged earlier.

The local side is good, but it asks more of you to actually get value from. The blended-rate table above is the honest way to look at it: this card rewards people who already combine steady non-Grab local spending with heavy Grab usage in the same month, not people chasing the 10% headline while glossing over the S$500 non-Grab spend sitting underneath it.

This is a strong fit if you:

• Use Grab frequently in Singapore or while travelling
• Have a Singtel bill to pay each month
• Can reliably charge at least S$500 of eligible local, non-Grab retail spend to the card
• Prefer uncapped cashback over managing category caps across several cards
• Meet the income and age eligibility above, or hold an eligible EP, PEP, or ONE Pass

A card that earns well in the right hands. The key is being honest with yourself about how you actually spend, not how you plan to spend next month.

This article is sponsored by GXS Bank. It also contains referral links: clicking them costs you nothing extra. T&Cs apply to all rates, offers, and eligibility criteria mentioned. Pay your credit card bill in full and on time: interest charges of 29% p.a. can easily outweigh any cashback or GrabCoins earned. This article is for informational purposes only and does not constitute financial advice. It has not been reviewed by MAS.