DCS Card Centre launches the FLEX Card, their first Visa credit card designed to empower young professionals in Singapore with financial wellness
FLEX offers cardholders the freedom of choice to enjoy cash savings, travel rewards and for the first time in Singapore, investment credits to kickstart their journey in investing as they spend on the card.
(Singapore, Thursday, 17 October 2024) DCS Card Centre today announced the launch of the DCS FLEX Card, its first Visa credit card. The FLEX Card is the first entry-level credit card in Singapore to offer cardholders the freedom to choose their preferred rewards, with three reward options to choose from.
This launch is a significant milestone in DCS Card Centre’s transformation journey, following its 2023 business overhaul aimed at offering greater variety and choice to customers, by expanding its network of payment schemes which now includes Visa.
“FLEX" stands for "Fly, Leverage, Earn, Xchange", reflecting the card's versatile features that empower young professionals between 21 and 35 years of age to seamlessly manage their finances. This consumer segment values flexibility, personalisation, and sustainability in their financial tools, seeking solutions that help them achieve their goals without compromising their quality of life. Addressing these needs, the FLEX Card empowers cardholders with the freedom to:
● Tailor their rewards by choosing between earning miles, cash rebates, or investment credits. The ability to switch between reward options will be introduced soon.
● Reflect their personality by selecting from 4 stylish card designs.
● Do their part for the environment with a physical card made of 82% recycled plastic. An option to donate reward earnings towards environmental causes as carbon credits will be introduced soon.
● Enjoy greater flexibility with manageable monthly fees, rather than a traditional annual fee.
Available for the first time in Singapore, FLEX cardholders can earn up to 8% investment credits, which are automatically credited to their designated iFast account. The agile rewards structure* also offers the choice to earn up to 2.4 Miles per dollar spend, or 8% cash rebate. This enables cardholders to allocate their earnings towards their evolving financial priorities, whether that's growing their savings, funding their next trip, or building their investment portfolio.
“The FLEX Card is designed with today’s young professionals in mind, blending freedom and flexibility with a focus on holistic financial wellness. It transcends traditional spending tools, aligning with a generation that values independence and responsible financial management.
Lionel Lee, Managing Director of Consumer Cards at DCS Card Centre
"Many at this stage of their lives are not only saving but also looking to invest early to build wealth. In partnership with Visa, we are delighted to offer them a solution that provides a diversity of options in saving, spending, and investing, reflecting a shift towards a financially empowered present,” said Lionel Lee, Managing Director of Consumer Cards at DCS Card Centre.
From travelling to pursuing new hobbies, young professionals aspire towards enriching life experiences but may find it challenging to fulfil these desires in the face of rising costs and the need to secure their financial future. The mindset to focus on long-term savings while also seeking short-term enjoyment, requires flexibility - and that’s what DCS aims to bring to the table with FLEX.
With controls fully accessible via the DCS Cards App, it is fuss-free for FLEX cardholders to set their preferred reward option using the mobile app, and enjoy direct monthly crediting of their cash rebate or investment credits without the hassle of performing further redemptions.
Miles earned each month can be similarly tracked and subsequently transferred to an airline miles programme via the app.
In addition, D-Vault is an exclusive virtual account feature which cardholders may choose to link to their FLEX Card. Whenever a higher limit is needed to make a big purchase, cardholders can access their D-Vault via the DCS Cards App and conveniently make top-ups using digital assets or bank transfers. These top-ups will increase their card spend limit instantly.
“We are excited to launch the first Visa credit card with the DCS Card Centre, targeting this strategically important customer segment as they embark on their careers and financial journey. Based on our Gen Z Decoded Study research, we found that one in five Gen Z consumers look for customisable rewards programmes as the most important criteria when they apply for their main credit card, showcasing the need for a product that empowers consumers with personalisation and flexibility. We are committed to working with our valued partners to create innovative products and solutions that enhance the financial well-being for the next generation in Singapore," said Adeline Kim, Visa Country Manager for Singapore & Brunei.
The FLEX Card offers a choice of four eco-friendly card designs. Of these, two are Limited Edition designs curated from the Cyberpunk series by NFT company, Theirsverse. This collaboration embodies DCS’ passion for Web3 innovation, with the designs featuring future-forward iconic figures that resonate well with the new, forward-looking generation of consumers.
