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Becoming an MAS-licenced brokerage 4 short years ago, Tiger Brokers has completely disrupted Singapore’s investing and trading scene with its low-cost digital brokerage platform.
Back in 2020, the minimum brokerage commissions you had to pay when buying local or overseas stocks used to be around $30 per trade. Tiger Brokers was likely the first brokerage platform in Singapore to reduce the minimum cost of stock investing in Singapore to just a few dollars.
Tiger Brokers also went the extra mile to win investors’ trust and provide the most convenient stock investing experience. Its fully digital platform did away with physical papers or snail mail entirely. They were careful to present a clear and transparent list of all fees – with no hidden charges – encouraging investors and traders to build a globally diversified portfolio.
Besides buying stocks listed in Singapore US and Hong Kong, Tiger Brokers’ users can also invest during pre- and post-market hours, access relatively newer products such as options and futures, and even hold their idle cash in a cash management account (i.e. Tiger Vault).
Its latest innovation is the Tiger BOSS Debit Card – enabling you to earn a 1% cashback in the form of Tesla fractional shares.
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First-ever Debit Card That Earns You Tesla Fractional Shares
If you’ve ever wanted to accumulate Tesla shares, all you have to do is spend on your Tiger BOSS Debit Card. From now till 30 April 2024, you can earn Tesla fractional shares on your everyday expenses, including groceries, dining out, or online shopping.
Using the Tiger BOSS Debit Card, you can potentially watch your Tesla fractional shares grow in value. While past performance is definitely not an indication of future performance, Tesla remains a popular investment – and part of the “Magnificent 7” US tech giants.
As expected of a fully digital and innovative fintech platform – you will be able to use both a physical and digital card. You can even immediately start using your digital Tiger BOSS Debit Card, and instantly pair it with your Apple Pay or Google Pay.
For security reasons, you can also instantly lock and unlock your card without having to contact any customer service operator, as well as receive transaction notifications. Your balances are also secured with your 2FA Tiger Pin.
How To Apply For The Tiger BOSS Debit Card?
All you need to do to get your Tiger BOSS Debit Card is to register for your BOSS card on your Tiger Trade app. At this point, you are only required to confirm your mailing address. For non-existing Tiger Trade users, you’ll need to sign up for an account first.
Fret not, by signing up and funding your Tiger Trade account, you will still be eligible to claim a free Apple share (worth over US$175 as at 5 Mar 2024). You also stand to win US$888 in Tesla shares. As a sweetener, new investors can earn up to 8% interest on their idle money in Tiger Vault when they activate Auto-Sweep.
Upon successful account opening, you can immediately start using your digital Tiger BOSS Debit Card (after topping up its stored value).
Your BOSS Debit Card will be linked to your Tiger Trade account. For those who already trade with Tiger, you can simply transfer funds from your existing Prime Account to your Tiger BOSS Debit Card. You can also make top-ups via your linked bank accounts.
You can now start earning 1% cashback in the form of Tesla fractional shares (until 30 April 2024). Your physical BOSS Debit Card will arrive within 10 business days. You have to insert your physical debit card into a payment terminal, and enter your pin (which is found on your Tiger Trade app on the Debit Card page (Profile > Debit Card). Do note that you cannot withdraw cash from your Tiger BOSS Debit Card balances at local ATMs, and can only do so at Visa-supported ATMs overseas.
Travel bugs, especially those going to the US (and even Hong Kong or even frequent JB travellers), can also use the Tiger BOSS Debit Card as a multicurrency account, for overseas spending and ATM withdrawals. The Tiger BOSS Debit Card will also be the first debit card or multicurrency card that rewards you with fractional shares for your overseas spending.
You will be drawing down your existing US Dollars – and can bypass conversion costs – for transactions in US Dollars. For spends in other currencies, your base Singapore Dollars will be converted at a mid-market rate, incurring a small exchange fee depending on the exact currency.
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What Are The Fees And Charges When We Use Tiger BOSS Debit Card?
While there are no upfront application costs, top-up fees or transaction costs, you still need to note a few of the relevant fees and charges you may incur.
| Scenario | Type of charge | Amount |
| Card application and management | Card application | Free for the first application |
| Physical Card Replacement | SGD 15 per replacement | |
| Payments | SG Domestic payment in SGD | Free |
| Overseas payment, and SG domestic payment in foreign currencies | No conversion fees for payments made using funds from the currency wallet | |
| ATM cash withdrawal | Overseas ATM withdrawal | SGD 5 administrative fee and 2% service fee per withdrawal |
| Foreign Currency Exchange | Charges by 3rd parties to facilitate payments in currencies not available in the card balance | Mid-market exchange rate, with a nominal fee* |
| Top up / Clear out the card balance | Top up the card balance from linked bank account | Free |
| Fund transfer from card balance to Tiger Trade Prime Account | Free |
*Users can use the currency exchange function in Tiger Trade to exchange the required currency and transfer the funds to the card balance. If users use the card for payment in any other currency (“target currency”), your base currency (SGD) will be converted to the target currency at the mid-market rate, incurring a small exchange fee. The fee will depend on the desired target currency. If your base currency is insufficient, the next available currency will be selected.
There are also certain limits placed on your spending via Tiger BOSS Debit Card.
| Hold Limit | You can’t hold more than SGD 5,000 or foreign currency equivalent by the end of the day.
If your balance exceeds the limit, Tiger Brokers will auto-transfer it back to the trading account at the end of the day. |
| Spend Limit | You can’t spend more than SGD 30,000 or foreign currency equivalent from your balances in a fixed 12-month window. The window starts on April 1st and ends on March 31st of the following year.
The limits include ATM withdrawals and all electronic spending via the card.
|
| ATM Withdrawal Limit | Monthly ATM withdrawal limit: SGD 7,000. |
Earn Returns On Your Cashback With The Tiger BOSS Debit Card
As your 1% cashback is earned through fractional shares, you can potentially earn long-term returns on your cashback!
Over time, the selection of fractional shares may change – and you may not always receive Tesla fractional shares. You can stay tuned to timely updates on your Tiger Trade app to ensure you have the latest information on the fractional shares you will earn with your everyday expenses.
Exclusive promotion for the Tiger BOSS Debit Card running right now:
#1 Earn SGD 5 when you sign-up and make the first valid transaction
#2 Plus earn an additional SGD 5 for every friend referred. (SGD 5 for you and your friend)
#3 If that’s not enough, you can even stand to win SGD 888 by simply referring more than 3 friends. Every 3 friends successfully referred earns you 1 chance to participate in a draw
Find out more about the Tiger BOSS Debit Card here.
Apply for your Tiger BOSS Debit Card today.
Disclaimer:
Tiger Brokers (Singapore) Pte Ltd has partnered with Wise to provide card issuance and account issuing services. Wise is the trading name of Wise Asia-Pacific Pte Ltd, which is a company incorporated under the laws of Singapore with Unique Entity Number 201422384R.
Wise Asia-Pacific Pte Ltd is regulated as a Major Payment Institution by The Monetary Authority of Singapore (MAS) license: PS20200413. You can verify this information at the MAS website here. Consumers are advised to read this Customer Agreement carefully.
