I’ve been seeing ads for the DBS Visa Debit Card at Somerset MRT station for quite some time now, and their promise of 5% cashback sounded too attractive to ignore. Considering how my cashback on my current credit card has only been in the $20+ range for the past few months, getting twice of that amount for my spending was a huge lure.

But as usual, the main question in my head was: What’s the catch?

I’m usually skeptical as most cashback promotions operate in a similar fashion – they offer you a high cashback at the beginning to lure you to sign up, then after a few months, the cashback promotion is no longer valid.

Take for example the UOB Delight credit card. When it was launched in 2014, it offered a 10% rebate. Wow! Fast forward to today, and the highest rebate has dropped to 8%. What’s more, …