Digital bank GXBank has finally revealed more information about its debit card, which is set to be rolled out soon, and the benefits that it will offer. Primarily, it will allow GXBank accountholders to earn unlimited 1% cashback when they use the card to pay for a variety of expenses for their day-to-day needs.

As shared on GXBank’s website, the card – which will be available both as a virtual and physical card (issued by Mastercard and also equipped with its Paypass technology) – will adopt a vertical design, with clean and minimalist lines. The card number and cardholder name are also printed at the back of the card for better security.  

The unlimited 1% cashback rate, meanwhile, can be earned on both online and offline transactions, for expenses such as your bill payments, groceries, petrol, toll, dining, and shopping. These include Jaya Grocer purchases, which currently already lets you earn up to 1.5 GrabRewards Points for every RM1 spent – depending on whether you are a GrabUnlimited subscriber. Note, though, that e-wallet reloads are not included as a cashback-eligible transaction for the GXBank card.

Aside from the 1% cashback benefit, customers will also be able to enjoy several other additional perks, including a waiver on the RM1 MEPS fee for ATM withdrawals. Those who use the GXBank card for overseas transactions when they travel abroad can also be reassured that there will be no markups or hidden fees.

GXBank also shared the default daily limit of its debit card, but noted that you can reset them according to your preferred level via the GXBank app – subject to the maximum daily limit. Here are the default and maximum limits for each transaction type:

Transaction limit	Default daily limit	Maximum daily limit
ATM withdrawal limit	RM1,500	RM10,000
PIN & PAY transaction limit	RM3,000	RM10,000
Online transaction limit	RM3,000	RM10,000
Contactless transaction limit	RM500	RM1,000

In terms of fees and charges, there is no annual fee for the GXBank debit card, but there is a fee of RM12 for the issuance of a physical card (or its replacement). There is also a 1.2% administration fee by GXBank on foreign transactions. However, these fees – including the RM1 MEPS ATM withdrawal fee mentioned earlier – are all waived until 31 December 2024, with GXBank to decide if they will extend it come next year.

If you’re interested in obtaining a GXBank debit card when it’s out, you’ll be required to first open and activate a savings account with GXBank; the digital bank is currently beta testing its app, and has invited members of the public to register and participate as beta testers. Once your savings account is up and running, you can then go ahead and apply for the debit card (although GXBank has yet to share a concrete date as to when the cards will be sent out to customers). Aside from the card, your GXBank account also comes with some extra features, like its Pockets goal-based savings feature with daily interest of up to 3% p.a..

GXBank is the first of five digital bank licence applicants in Malaysia to have been cleared for operations in Malaysia by Bank Negara Malaysia (BNM). The remaining four are expected to begin their own operations sometime between now until the April 2024 deadline set by the central bank.

(Source: GXBank)

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• Digital Bank
• Digital Banking
• Digital Banks
• GXBank
• GXBank Debit Card
• Jaya Grocer