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I'm not sure if a similar question has been posed (there's quite a lot about Jumpstart) but I'm looking specifically at these two cards.
My goal is to currently build my savings. I am a fresh grad who just started my first job and is striving to build my savings. For easier context, I do not have more than 5 digits in my savings account.
I've been topping up my Grab Pay Card to make purchases on nearly everything - Bills, Groceries, and certain large purchases above $200. I'm currently holding a UOB One account, but it seems that I may not be able to meet their requirements to take advantage of the full interest rates.
I looked at Jumpstart and was tempted by the lack of fees and minimum balances, plus cashback up to $60 on spending. My question is - with my goal of just building up my finances - do I keep spending on GrabPay Card or should I take advantage of Jumpstart's $60 monthly cashback?
This is because I'm starting to feel the rewards/benefits of the GrabPay Card have become somewhat negligible, and I can easily meet their renewal for Platinum with my spending trend in 6 months.
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thefrugalstudent
01 Jun 2021
Founder at thefrugalstudent.com
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Hi Amirul,
Congrats on starting your first job!
Actually, you don't have to choose between the Jumpstart debit card and the GrabPay card - you can use both. To this day, the Jumpstart debit card awards 1% cashback on GrabPay top-ups. This means you can basically double-dip for rewards by 1) topping up your GrabPay wallet with the Jumpstart debit card, then 2) spending with your GrabPay card. In total, this gives you a blended cashback of 2.2% since you're a Platinum member. This also gives you a chance to earn rewards for spending that wouldn't normally earn any points - because simply by topping up your GrabPay wallet, you will earn 1% in cashback. So even if the final payment made with your GrabPay card doesn't earn Grab points, you still earn 1% cashback.
Also, I completely agree that the Jumpstart account is a better option than the UOB One account, especially if you cannot meet the $500/month spending on the UOB One card!
Hope this helps & all the best!
Regards,
thefrugalstudent