GXBank has released Malaysia’s first debit card by a digital bank, is it worth getting?
Beginning in January 2024, GXBank, powered by Grab,
commenced the distribution of its inaugural physical card, known as the GX
Card.
This debit card is associated with the GX Account and can
be utilized at any establishment that accepts Mastercard or MyDebit cards.
Additionally, it is compatible with the MEPS Shared ATM Network (SAN).
Similar to conventional credit or debit cards, the GX
Card is distinguished by a unique sequence of 16 numeric digits. Upon issuance,
the card will remain valid for five years, indicating that if it is obtained
this year, it will expire in 2029.
In terms of its features, the GX Card appears to be quite
standard compared to other cards. Therefore, what incentives exist for
individuals to enroll? Having utilized the card for a week, I will provide my
assessment, covering the application process and its practical applications.
Easy application with nice perks
The process of applying for the GX Card is
straightforward; it involves creating a GXBank account and simply clicking on a
small card icon after your account has been established. However, it is
important to note that the card is currently in the rollout phase, meaning that
not all individuals will have immediate access to it.
To qualify for the card, applicants must meet the following
requirements:
- Be Malaysian citizens with a valid MyKad and residing in
Malaysia
- Be at least 18 years of age
- Maintain an active GX Account
If you meet these conditions, obtaining your card is
remarkably simple. I was granted access to the virtual card almost instantly,
while the physical card arrived approximately one week later.
In addition to its user-friendly nature, the GX Card boasts
several significant advantages, one of which is the absence of a minimum
account balance requirement. Consequently, if you happen to forget to replenish
your GX Account, there is no cause for concern.
Furthermore, the GX Card currently provides users with a 1%
cashback on transactions, with no limit, available until November 5, 2024.
However, it is important to note that certain transactions are excluded from
this cashback offer, including:
- Cash withdrawals
- E-wallet top-up transactions
- Insurance or Takaful transactions
- Donations to charitable organizations
- Government-related transactions
- Gambling transactions
- Payments to quasi-cash merchants (such as cryptocurrency
and forex)
- Void transactions
Regular shoppers at Jaya Grocer will be pleased to discover
that using the GX Card at this grocery store earns 1.5x GrabRewards Points. It
is essential to present the Jaya Grocer member barcode in the Grab app at the
checkout to ensure you receive the points; otherwise, they will not be
credited.
Regrettably, this benefit does not extend to online orders
from Jaya Grocer.
Additionally, another appealing feature is the current
absence of bank fees, which includes no charges for issuing new cards or
replacements, as well as no annual fees.
Utilizing the MEPS SAN at any ATM incurs no charges.
Although a RM1 MEPS fee will appear on the customer's account, it will be
promptly waived. Additionally, there are no fees associated with international
cash withdrawals made through ATMs using Mastercard. It is important to note
that this waiver is effective until December 31, 2024.
No worries for customer service
After submitting my application for the GX Card, I entered a
period of anticipation for its arrival in the mail. I diligently checked my
mailbox each day, fully expecting it to arrive on January 25. However, given
that it coincided with Thaipusam, I decided to allow for a little extra time.
You may be curious as to why I could not simply utilize the
“virtual card.” Unfortunately, it is limited to online transactions and does
not operate as an NFC card, contrary to my initial assumption. Additionally,
GXBank has yet to permit users to integrate the card into digital wallets such
as Samsung Pay, Google Pay, or Apple Wallet.
When the card had not arrived by Friday evening, I opted to
reach out to customer service via the GXBank app. It was 10:30 PM, so I was
pleasantly surprised to connect with a live representative without delay.
Raaj, the customer service agent, informed me that there
were some delays in the card distribution process and assured me that I would
receive it the following week. To my delight, on Monday, I found a special
delivery waiting for me in my mailbox.
Putting it to the test
Regarding the card's construction, I would describe it as
being somewhat thinner than my other cards. While this contributes to a more
delicate sensation, it could be advantageous for individuals who prefer a
streamlined wallet.
In addition, the card features a holographic finish that
imparts a sense of sophistication during use. Its vertical orientation, as
opposed to the conventional horizontal design, adds a distinctive touch. (I
often find myself anticipating compliments from cashiers each time I present
it, though I have yet to receive any.)
Upon receiving the physical card, activation can be easily
completed through the app.
I have utilized this service for a considerable number of transactions to date. One aspect I appreciate is its integration with my GX Account, which helps me manage my budget effectively, given the limited funds available in that account.
Waiting for greater accessibility
Once upon a time, I was a person who swore by using cash
only. But as the times changed, so have I. Not only am I usually cashless, I’m
actually cardless too.
At times, all I have on me when I go out for lunch is just
my phone. After all, many of the places I visit take QR payments. And if I need
to use my card, I already have it on my Apple Wallet.
So, as much as I have enjoyed the GX Card and the novelty of
having a new physical card to add to my wallet, I am very much looking forward
to more developments with GXBank.
In any case, though, I do think it’s worth applying for the
card, as there’s really nothing to lose. Plus, isn’t it a good idea to get the
card while the perks last?
GX Card Register Here.
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