GrabPay MasterCard Debit Card: Extend Acceptance of Your GrabPay Wallet and Take Advantage of Complimentary Insurance
GrabPay MasterCard Debit Card: Extend Acceptance of Your GrabPay Wallet and Take Advantage of Complimentary Insurance
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Pros
- Consumers who want to use their GrabPay Wallet for a wider variety of purchases
- Individuals who want to earn GrabRewards points with every purchase
- People who want to have insurance for their online purchases and mobile phone
Cons
- Consumers who do not use the Grab App
- People who want miles perks or cash back rewards not related to the GrabRewards program
- People who want to spend their points for rewards outside southeast Asia and Pacific
If you are a regular user of the Grab App and want to boost the acceptance of your GrabPay Wallet, the GrabPay prepaid MasterCard might be perfect for you. Once you integrate your debit card into your Grab App, your GrabPay Wallet becomes universally accepted by over 1 million shops and restaurants around the world that partner with MasterCard. In particular, this card will earn up to 6x GrabPoints per S$1 of spending.
Furthermore, every online purchase of up to $200 USD (estimated S$270 as of 14 February 2022) that is paid for using the GrabPay MasterCard is automatically insured against non-delivery and damages. In addition, your mobile phone is covered in case of accidental damage or theft.
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What Makes GrabPay MasterCard Stand Out
The GrabPay MasterCard has an incredibly easy application process. It does not require any paperwork since the application is done in-app. The approval process is instant and has no minimum income requirement. The card automatically becomes the preferred method of payment for Grab in-app purchases and services, and is easy to integrate into your GrabPay Wallet.
Improved GrabRewards Benefits
The GrabPay MasterCard is also the most effective way to collect GrabRewards points, which can be spent on vouchers and discounts on a variety of things ranging from travel deals to entertainment. The points you collect also help you break into higher membership tiers that qualify you for additional perks such as additional discounts for airport lounges and dining as well as a dedicated platinum Grab customer service. Every S$1 you spend with you GrabPay MasterCard gets points at a rate up to 6x higher than usual. This is the highest earnings rate that is otherwise limited to those who reached platinum status in the GrabRewards program.
| Membership Tiers | Cash | Card | GrabPay Wallet or Card |
|---|---|---|---|
| Member | 0 | 1 | 3 |
| Silver | 0 | 1 | 3 |
| Gold | 0 | 1.5 | 4.5 |
| Platinum | 0 | 2 | 6 |
You earn points for every S$1 you spend using the GrabPay Wallet or the physical GrabPay MasterCard. You can spend those points on a variety of rewards such vouchers, discounts and gifts on purchases. Using GrabPay or the GrabPay card, you receive up to 6 points per S$1 spent depending on your membership tier.
| Product | GrabRewards Points | Voucher Value | Value Per Point (S$) |
|---|---|---|---|
| McDonalds | 2,500 | S$5 | 0.002 |
| Starbucks | 1,500 | S$3 | 0.002 |
| Sheng Siong | 5,000 | S$10 | 0.002 |
| Apple iPhone 13 Pro | 824,500 | S$1649 | 0.002 |
Additionally, through the higher earning rate, it becomes pretty easy to reach and maintain higher status that are otherwise very difficult to achieve. The points earned can be used to get vouchers and discounts on everyday purchases like food & beverages, entertainment and travel deals. You can select rewards out of a catalogue of more than 800 offers, which are, however, mostly redeemable at partners in southeast Asia.
In addition to the rewards, you can advance through Grab’s membership tiers that result in additional perks, such as preferential rates on Booking.com, airport lounges and dining
You advance into a higher membership tier for 6 months during which the status needs to be maintained by earning enough points. Grab's reward program also offers a fairly unique way to earn additional rewards in the form of occasional challenges, such as spending targets. However, most of these challenges don't offer a significant boost over your normal rewards rate.
On top of the GrabRewards program you can link your card to Samsung Pay and earn up to 30 Samsung Rewards points per transaction.
Insurance for Your Purchases and Your Phone
Additionally, the GrabPay MasterCard includes automatic insurance coverage on all online purchases that are made using the card. This insurance also covers non-delivery or incomplete delivery of purchased items within 30 days of scheduled delivery, as well as damages or improper functioning of delivered items that have been purchased using the GrabPay MasterCard.
Unfortunately, this protection is limited to $200 per occurrence and per year. This means that if you use the insurance once for an item that’s worth $200, you can’t use it again for the rest of the year. You also need to be aware that the limits are in USD and claims are converted using the published exchange rate of the day the claim was filed.
Mobile phone insurance is also part of GrabPay MasterCard's insurance feature. It covers accidental damages as well as theft up to an amount of $600 per occurrence and an annual limit of $1,000.
This type of insurance protection is usually only a feature of more costly credit cards and pretty uncommon for debit cards with no annual fee. If you're interested in free protection of your phone and online purchases, this is a great opportunity.
Increased Security
For those interested in data protection and security, the GrabPay MasterCard offers unique security features. Unlike almost all other credit and debit cards, the GrabPay MasterCard is a numberless credit card, which means that if it’s lost or stolen it is almost impossible to use it.
This card also has other security features such as instant push notifications on your phone when the card is being charged, the ability to lock your card through the app, and lastly, a GrabPIN authentication for secure online payments.
GrabPay MasterCard’s Features and Benefits
| Annual fee | None |
|---|---|
| Minimum income requirement | None |
| Rewards rate details |
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| Benefits and perks | Free insurance for online purchases and your mobile phone |
| Additional features |
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Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.