Digital bank GXS has launched the GXS FlexiCard, a credit card that charges flat fees on outstanding balances rather than traditional revolving interest.
This card is designed for consumers who may struggle to access credit products due to being new to credit or having limited credit history, such as new professionals, gig workers, and entrepreneurs, offering a credit limit of S$500.
The GXS FlexiCard is available to eligible Singaporeans and permanent residents aged 21 to 55, with no income requirement for application.
Cardholders can choose to pay their bill in full or make a minimum payment with a flat S$5 extension fee.
According to GXS Bank, a late fee of S$50 will apply if the minimum payment is not made.
This move departs from the common market practice of charging daily interest on outstanding balances, helping to reduce the burden of high interest payments.
Customers can select their preferred repayment date and will receive reminders via the GXS Bank app to help them stay on top of payments.
GXS FlexiCard offers instant cashback on eligible transactions and waives foreign transaction fees for overseas purchases.
Jenn Ong, Head of Retail at GXS Bank, said,
“The GXS FlexiCard is available to eligible Singaporeans and permanent residents, including the one in five workers here who earn less than $2,500 a month and do not meet the income requirement for most credit cards in the market. With the GXS FlexiCard, these consumers now have the opportunity to start building their credit history.
As Singapore’s homegrown digital bank, we are with our customers every step of the way as they build their credit worthiness and thrive financially. 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.”
GXS Bank offers a range of retail banking products, including the GXS Savings Account and GXS FlexiLoan, to support flexible financial management for its customers.
The GXS Savings Account includes features like daily interest crediting and a Boost Pocket to increase interest rates, while the GXS FlexiLoan provides a flexible revolving line of credit with zero-interest balance transfer options.