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GXBank introduces GX Card with high interest and cashback

Tuesday 4 June 2024 12:50 CET | News

GXBank, Malaysia’s first digital bank licensed by Bank Negara Malaysia, has introduced the GX Card.

 

The GX Card offers various features including high-interest rates, unlimited cashback, and fee-free ATM withdrawals. The card is now available for free through the GXBank app to the first batch of customers.

The GX Card is a physical Mastercard debit card with a modern design. It features a reflective GX logo in gradient purple and red on a black background. The rear of the card is purple, displaying the cardholder’s name, card number, expiry date, and CVC. The card's maroon edges help it stand out in a wallet. Activation is done via the app by setting a PIN.

GXBank offers a 3% p.a. daily interest on all account balances, applicable to both Main Accounts and Savings Pockets. There are no fees, conditions, or minimum balance requirements. As part of an introductory promotion, GXBank is offering unlimited 1% cashback on card spending, excluding certain transactions like eWallet top-ups. Additionally, GXBank provides 1.5x GrabRewards points for purchases at Jaya Grocer retail outlets. Registering or switching a Duitnow ID to a GX Account will earn RM8 cashback within a day of registration.

 

The bank waives cash withdrawal fees at MEPS ATMs nationwide and does not charge extra fees for overseas transactions and cash withdrawals at Mastercard ATMs. The GX Card includes security features such as account locking in case of fraudulent transactions and daily spending limits. Additional benefits include RM20 cashback with a minimum deposit of RM100 and a complimentary GrabUnlimited subscription for up to six months.

Focusing on the savings accounts

GXBank currently focuses on savings accounts and does not support DuitNow QR spending or online/offline debit transactions. During its beta-testing phase, users can create a GXBank Savings Account and up to 10 ‘Pockets’ for savings goals. All deposits are protected up to RM250,000 per depositor by Perbadanan Insurans Deposit Malaysia (PIDM). GXBank plans to waive the RM1 processing fee for cash withdrawals at MEPS ATMs nationwide soon.

The GX Card provides savings through unlimited 1% cashback, high-interest rates, and no hidden fees. With access to over 10,000 MEPS ATMs and enhanced financial security, GXBank is setting a new standard in digital banking.


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Keywords: digital banking, mobile banking, product launch, virtual card
Categories: Banking & Fintech
Companies: Bank Negara Malaysia
Countries: Malaysia
This article is part of category

Banking & Fintech

Bank Negara Malaysia

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