How much can we save with the New Grabpay Mastercard?

Earlier this week, Grab officially announced its GrabPay Mastercard. It is available to all Grab users.

What is Grabpay Mastercard (GPMC)?

The GrabPay Card is a prepaid Mastercard debut card that is funded by your Grabpay Balance. The digital card is free and is immediately available once you apply on your Grabpay App; while application for the physical card is currently free until 31 January 2020, after which a fee may apply. A s$10 replacement fee is applicable if you lose your physical card.

How it can help us save?

I am a huge user of Grabpay. The main reason is because I can earn outsized cash rebate of at least 5% when used in tandem with UOB One Card. UOB one card has a tie up with Grab in which if you spend $500 per month with UOB One card in 3 consecutive months in a quarter, you get an additional 5% rebate for grab transactions such as Grab Top ups. It translates to 8-10% cash rebate per month. So what will I advise readers to do?

Answer:Complete 5 x $100 Grab top up transactions from your UOB one card into Grabpay Credits within each credit card Statement Month. This means we will confirm get 8% cash rebate every month

Now you will wonder what would I do with $500 being locked up in Grabpay every month?

You Can Literally Pay Almost Anything with Grabpay App 

Yes almost everything can now be paid with Grabpay credits!

With the introduction of GPMC, it means we can top up Grab credits into our Youtrip card and Revolut Card. Youtrip cards are physical prepaid Mastercard, while Revolut are physical prepaid Visa card. This means even before grab launches its physical card, I am now able to go physical shopping with Grabpay credits. 

Below is my infographic on what we can spend on with Grabpay:

As you can see, almost every aspect of our lives can now be funded by Grabpay; and we are getting at least 8% cash rebate on it

Conclusion

I am already doing the above, such as paying AXS bills with GrabPay or topping up my Youtrip card and actively using it. For this month, I will be saving $80 on my expenditure. Just imagine how much we can save per year. My personal estimate is the possibility of $1,000-$1,500 per year using this method.

In my view such a juicy cashback rebate is not sustainable in the long run. Eventually it will likely be nerfed. So to readers, use this opportunity to enjoy the outsized savings. Soon we may have to return to our old credit cards hacks to achieve Cashback savings and Airmiles.

<Non-sponsored Post, just a shout out because it's a very good deal>