Debit card for seniors
A card that fits the needs of seniors and baby boomers, with a cashback feature and a zero liability.
Singaporeans age 45 and above will now have a debit card that caters specifically to their needs, and which protects them against theft and fraud even when they shop online.
Jointly created by the Council for Third Age (C3A) and neighbourhood bank, POSB, the Active Card was launched at the 50Plus Expo in early April. The card has a cashback feature that is specifically designed for this growing market segment and it gives seniors and baby boomers much-needed convenience as well as the security.
Catering to seniors’ needs
Reflecting the name of the card, it enhances the active, busy lifestyles of mature consumers and keeps in pace with their changing lifestyle needs. Cardholders enjoy healthcare privileges for general practitioner, specialist and dental consultations offered by Parkway Health Group and its partner medical institutions. There are also merchant privileges spanning a range of products and services including TCM, reflexology and massages, and health and wellness equipment.
Cardholders also enjoy 0.3 percent cashback on all purchases excluding Nets transactions made through the card and also special benefits on POSB financial products and services such as fixed deposits, priority service and complimentary refreshments on Tuesdays. All this information is detailed in a privileges booklet, which has enlarged text and the instructions are clear and easy.
Henry Quake, CEO of C3A, (shown above, on the right) sees the card as “the bridge to all programmes, initiatives, and products and services” for seniors and baby boomers.
For those older Singaporeans who may be wary of using electronic means to pay for purchases, the Active Card offers them the protection of zero liability for unauthorized transactions. This is unlike other cards, which have a $100 cap liability for unauthorized use.
Said Rajan Raju, group executive (Consumer Banking Group), DBS Bank, (shown above, on the left) “Baby boomers and seniors are careful with their money and often use cash. By offering this zero liability, we believe they will still be prudent but it will give them the confidence to do the Nets transactions and signature-based transactions in Singapore and abroad.”
According to C3A’s research, about 60 percent of the 45 and above demographic travel at least once a year for leisure. Having the Active Card will give them peace of mind in their travels. The Card can be linked to either the cardholder’s POSB savings or DBS savings and current accounts. According to POSB, there are an estimated 1.25 million Singaporeans who are 45 and above years old who fit into that criteria.
The Active Card is the second key initiative to come out of the strategic partnership linked between C3A and POSB last year. The first initiative was the POSB Active Neighbours programme, which employs seniors to help POSB customers with their banking transactions and encourage them to use self-service banking services. Some 120 seniors have since been employed under the programme, up from the initial 60 seniors, and according to DBS’ Raju, the programme is “working really well”.
He explained that through the programme, seniors and baby boomers can learn to use the ATM and from that point, they can obtain the card. “It is a journey.”
Asked what’s next with the C3A-POSB partnership, Raju added that they are thinking of extending the partnership but nothing concrete has been decided.
** To apply for the ACTIVE Card, fill out the form at your nearest POSB/DBS bank.