Introduction to the DBS Live Fresh Student Card
Unlike other payment service providers, a DBS Live Fresh Student Card will reward you with 5% cashback on spend with selected brands – as well as 0.3% on all other purchases. Students also get annual fees waived for five years, but only over-21s can apply and there’s a $500 credit limit to abide by.
- Up to 5% Cashback with Your Favourite Brands
- Win a Carbon Zero Bike as a Sign Up Bonus
- No Minimum Spend ($50 Minimum Spend Requirement for Sign Up Bonus)
Key Features of the DBS Live Fresh Student Card
- The Live Fresh Student Card has no minimum income requirement for applicants – making it super-accessible
- Students can claim an annual fee waiver for up to five years
- Cardholders get 5% cashback at Golden Village, McDonald’s, Starbucks and streaming services like Netflix and Spotify (which is great for streaming your favourite music)
- An additional 5% Green Cashback can be claimed on selected transactions related to Eco-eateries, transport and retail spend
- There is no minimum spend requirement to enjoy Live Fresh Club cashback benefits
- Students must not exceed a $500 credit limit per calendar month
- Applicants aged 21 to 27 from national university chains and government institutions such as Ngee Ann Polytechnic, Nanyang Technological University, Singapore Polytechnic, Singapore University, Singapore Management University, Temasek Polytechnic, NUS, NTU, SMU, SUTD, SUSS and SIT can all apply
Key Benefits – One of Singapore’s Most Trusted Payment Service Providers and More
1. Cash Back
With no minimum spend requirement and an awesome selection of spending categories eligible for a 5% cashback rate, the Live Fresh Student Card is a great choice for anyone who spends frequently with their favourite brands.
That said, each calendar month, cashback is capped at $15 on eligible Sustainable Spend and/or Merchant Spend, and $20 on all other spend per calendar month.
Live Fresh Card holders can enjoy earning an additional 5% Green Cashback when spending on transactions related to eco-friendly restaurants and services. These include Bamboo Straw Girl, SimplyGood, Little Farms, Everyday Vegan Grocer, The Social Space, Bettr Barista and many more.
3. Online Shopping
Live Fresh Club customers and existing student card holders also get to enjoy earning 5% cashback on online shopping and contactless payments – just be sure to double-check the DBS Live Fresh list of eligible merchants before you spend.
4. Streaming Services
If you frequently use Netflix or Spotify, you’ll be happy to hear that on top of DBS’ trusted payment provider reputation, the DBS Live Fresh Card also offers 5% cashback on all spending with these two popular streaming services. And don’t forget that you’ll still get 0.3% cashback on all other spend, too!
Pros and Cons of the DBS Live Fresh Student Card
- Earn 5% cashback on eligible brand spending and eco-spending
- Get an extra 5% cashback on selected eco-purchases, contactless payments and more
- Pay no annual fee for up to five years
- No minimum spend required for standard cashback benefits
- Win a Carbon Zero Bike as a Sign Up Bonus (if you hit a bonus-specific $50 minimum spend)
- Spending categories eligible for top cashback rates are limited when compared to student cards from other payment service providers
- 0.3% earnings potential on other spend isn’t very competitive
- Only over-21s from eligible educational institutions can apply
- $500 credit limit, balance transfer terms and late payment fee costs won’t suit everyone
- Rewards are capped at $15 per calendar month for Merchant and Sustainable Spend, and $20 for other purchases
How Does the DBS Live Fresh Student Card Compare with Other Payment Service Providers?
So, now we’ve given you a good overview of what to expect from the DBS Live Fresh Card, let’s see how it compares to some of its top competitors:
|Bank / Student Credit Card
|Minimum Spend Per Calendar Month
|Monthly Cashback Cap||Annual Fee Cost||Credit Limit||Who Can Apply for This Card?||Top Card Benefits on Offer|
|DBS Live Fresh Student Card
|N/A||$15 on Sustainable Spend / Merchant Spend
$20 on Misc. Spend
5-year fee waiver available
|$500||No minimum income threshold imposed
Over 21s only
|Get up to 5% cashback on spending with selected brands using the DBS Live Fresh Student Card
0.3% cashback is available across all other spending categories
|Citibank Clear Card
1-year fee waiver available
|$500||Must be enrolled in local tertiary institutions to apply
Available to over 18s only
|Earn and redeem points at great rates under the Citi ThankYou scheme
Superb dining out benefits on offer
|CIMB AWSM Card
|N/A||N/A||N/A||$500||Must be earning less than $30,000 annually to apply||Pay no annual charge and get 1% unlimited cashback on eligible spending with your CIMB AWSM Card
|Standard Chartered Bank Manhattan $500 Card
|$500||Must be 18 to 32 years old to apply
Must be earning $18,000 or more
|Get 1% cashback on dining, entertainment, and online shopping
Earn 0.25% cashback on all spend
|Maybank eVibes Student Card
Fee waived if card remains active
|$500||Students and NSFs enrolled in local tertiary institutions
Must be earning $30,00 or less
Available to 18-30s only
|Enjoy 1% cash rebates on all spending|
Verdict: is the DBS Live Fresh Student Card Worth it?
One of the biggest draws of the DBS Live Fresh Student Card is its five-year annual fee waiver which, as our comparison table reveals, is much more generous than what other payment service providers seem to be offering across alternative student credit card products.
That said, while the DBS card’s flagship 5% cashback rate appears attractive at first glance, a Maybank eVibes Card or CIMB AWSM Card will ultimately allow you to earn cashback across a greater variety of spending categories.
For the purposes of this DBS Live Fresh Student Card review, we’re happy to recommend this card – so long as your spending habits fall in line with where the best benefits are offered, and the $500 credit limit and highly-specific earnings caps don’t pose any problems for you.
It’s also worth keeping in mind that alternative cards might offer better integration with Apple Pay or Samsung Pay, if these services are important to you.
How to Apply for the DBS Live Fresh Student Card – Eligibility Criteria Explained
If the DBS Live Fresh Student Card sounds appealing, you’ll need to make sure you meet the eligibility criteria set by the service provider before you can apply for your student credit card online here. These are the key eligibility criteria you should be aware of:
- Age Requirement – 21-27 years-old
- Minimum Income Requirement – N/A
- Citizenship – You must be a Singapore Citizen or Permanent Resident
- Eligible Singapore University Branches – You must be an existing student at National University of Singapore, Nanyang Technological University (NTU), Singapore Management University (SMU), Singapore Institute of Management (SIM), Singapore University of Technology and Design (SUTD), Singapore Institute of Technology (SIT), Singapore University of Social Sciences (SUSS), Nanyang Polytechnic (NYP), Ngee Ann Polytechnic (NP), Temasek Polytechnic (TP), Singapore Polytechnic (SP) or Republic Polytechnic (RP)
In addition to meeting the above criteria, you will also need to ensure you are happy with the below annual fees and pricing structure of this student credit card:
- Credit Limit – $500
- Annual Fee – $192.60 (annual fee waiver covers first five years only)
- Late Payment Fee – $100 on all outstanding balance amounts above $200
- Other Financial Institutions Charges – 26.80% interest per annum (chargeable daily; preferred payment plans may be available)
- Cash Advances Fees – N/A
Frequently Asked Questions About the Live Fresh Student Card (FAQs)
1. Is There a Minimum Income Threshold for the Live Fresh Student Card?
No, there is no minimum income limit to apply for this card, but you will need to be aged between 21 and 27 and a student at selected educational institutions.
2. What is the Interest Rate?
The Live Fresh Student Card has an interest rate of 26.80% chargeable on a daily basis and subject to compounding.
3. Do I Have to Pay an Annual Fee?
Your Live Fresh Student Card comes with five years’ worth of free annual fees from the outset, but you will need to pay $192.60 per annum thereafter.
The DBS Live Fresh Student Card offers some seriously impressive cashback on certain products, a generous annual fee waiver of up to five years and a straightforward application process. For existing users who already have prepaid accounts with DBS, the process is even easier. That said, here’s a few things you might want to keep in mind before you apply:
- This card offers its best cashback rates on highly specific purchases, such as Golden Village and streaming spending. This means a competitor student credit card that offers a lower rate across broader spending categories might have higher earning potential for some customers.
- Only over-21s and existing students at a select few universities in Singapore can apply.
- While there is no minimum spend requirement to get your hands on the best cashback rates, you will need to hit a minimum spend in order to claim your bonus.
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