Yahoo Finance Why Are There 2 DCS Ultimate Platinum Cards? Should I Get 1?
I’m always wary of cards that are marketed as “XX Ultimate” or “XX Platinum”. For all their outlandish names declaring “I am the best!”, these cards seem to be mostly underwhelming or unattainable—the by-invite-only Citi Ultima Card is a perfect example of the latter.
So when I saw that DCS launched a credit card with not just 1, but both words in its name, I had my reservations. The DCS Ultimate Platinum comes in 2 versions—one is the DCS Ultimate Platinum MasterCard, which promises special Mastercard privileges, and the other is the DCS Ultimate Platinum UnionPay, which promises UnionPay perks. Both cards are dubbed “Ultimate Platinum”—but do they really offer a “platinum” level experience? Are they really the ultimate cashback cards?
Let’s take a look. We review the DCS Ultimate Platinum Card, including why it could be better than an unlimited cashback card, its member perks, and more.
DCS Ultimate Platinum Cards Review—Is it MoneySmart? | ||
  Overall: ★★★☆☆ | ||
Category | Our rating | The deets |
Earn rates: Cashback |  | – 2% cashback on (almost) all your purchases—usual exclusions like insurance and bills apply |
Earn categories | | |
Annual fees and charges | ★★★★☆ | $194.40 (main) / $97.20 (supplementary). First year fee waived. |
Accessibility | ★★★★☆ | Age requirement: 21 to 65 years old |
Extras/periphery rewards | ★★☆☆☆ | Mastercard Priceless Specials privileges: |
Sign-up bonus | ★★☆☆☆ | Get a pair of GOTRIP luggage bags (worth S$500) if you: |
See our credit card ranking rubric to find out how we rank credit cards.
DCS Ultimate Platinum Card—MoneySmart Review 2023
1. DCS Ultimate Platinum Card: Summary
The DCS Ultimate Platinum Card is an entry-level, $0 minimum spend cashback card from DCS Card Centre, formerly known as Diners Club Singapore (they renamed themselves in Oct 2022). Offering up to 2% cashback capped at $200 a month, the card comes in 2 versions—one Mastercard, and one UnionPay.
Online Promo
DCS Ultimate Platinum MasterCard
Online Promo:
Receive a pair of GOTRIP luggage bags (worth S$500) when you apply for a minimum of any 2 eligible DCS cards and spend a minimum of $350 monthly for 2 consecutive months OR apply for an eligible DCS card and spend a minimum of S$450 monthly for 2 consecutive months. T&Cs apply.
Valid until 30 Sep 2023
More Details
Key Features
Earn up to 2% cashback for the first S$10,000 spent on all purchases, capped at S$200 cashback per calendar month
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Online Promo
DCS Ultimate Platinum UnionPay
Online Promo:
Receive a pair of GOTRIP luggage bags (worth S$500) when you apply for a minimum of any 2 eligible DCS cards and spend a minimum of $350 monthly for 2 consecutive months OR apply for an eligible DCS card and spend a minimum of S$450 monthly for 2 consecutive months. T&Cs apply.
Valid until 30 Sep 2023
More Details
Key Features
Earn up to 2% cashback for the first S$10,000 spent on all purchases, capped at S$200 cashback per calendar month
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Both cards come with the same cashback rates and perks like complimentary insurance. The only differences are these 3:
Card association, which affects where your card is accepted
Corresponding travel, dining, and shopping privileges each card gets you
Colour of the card: One’s pink, one’s blue, and no—the card eligibility is not gendered.
2. DCS Ultimate Platinum Card: Eligibility
We’re looking at very standard age and income requirements for the DCS Ultimate Platinum cards.
Age requirement: 21 to 65 years old
Minimum annual income requirement:
Singaporeans & PRs: S$30,000 / S$15,000 p.a. (age 55 & above)
Foreigners: S$60,000 p.a.
These are similar to pretty much any other entry-level credit card out there, such as the Citi Rewards Card and Standard Chartered Simply Cash Credit Card.
3. DCS Ultimate Platinum Card: Annual fees
Like its eligibility requirements, the DCS Ultimate Platinum Card’s annual fees are also pretty standard:
Main card: S$194.40 (inclusive of GST)
Supplementary card: S$97.20 (inclusive of GST )
These credit card fees are about as low as they get, aside from cards like the OCBC 90°N Card ($54 annual fee) or better yet, credit cards with no annual fee.
DCS will waive the annual fee for the first year for both your main and supplementary DCS Ultimate Platinum cards (if any). No promises for the years after that, but you can (and should!) always try to waive your card fee.
4. DCS Ultimate Platinum Card: Cashback rates
Now let’s get into what the DCS Ultimate Platinum Card was made to deliver: Cashback.
The DCS Ultimate Platinum Card gives you 2% cashback on (almost) all your purchases with no minimum spend required. If you’ve taken a look at the DCS Ultimate Platinum Card page, you may notice that its marketing materials say “2% cashback* on all purchases” with a very sus looking asterisk. That’s because there are 2 catches to this 2% cashback.
Firstly, the 2% cashback is capped at a monthly spend of S$10,000, or S$200 cashback each month. If you know you’re going to spend more than 10 grand a month, opt for an unlimited cashback card instead. These probably won’t come with as high a cashback rate, but at least you’ve got no cashback cap. You can consider the UOB Absolute Cashback Card (1.7% cashback), the Citi Cash Back+ Card (1.6% cashback), or the Standard Chartered Simply Cash Credit Card (1.5% cashback).
Secondly, as for most cards, cashback cannot be earned on things like insurance payments and mobile wallet top-ups, like your EZ-link card, ShopeePay or Grab Wallet. For the full list of exclusions, you’ll have to dig through the T&Cs of the DCS Ultimate Platinum Card, from pages 4 to 6.
5. DCS Ultimate Platinum Card: Is there any bonus cashback?
The DCS Ultimate Platinum Card is a general spending card. It has no bonus cashback categories, unlike cashback cards like the Citi Cash Back Card, OCBC 365 Credit Card, or HSBC Visa Platinum Credit Card. However, these cards come with certain minimum spends you have to hit each month in order to enjoy the bonus cashback rates:
Cashback credit card | Bonus cashback | Minimum spend (monthly) |
DCS Ultimate Platinum Card | None. Base cashback of 2% for general spending | $0 |
Citi Cash Back Card | 8% on dining, groceries and petrol | $800 |
OCBC 365 Credit Card | 5% on local dining and groceries | $600 |
HSBC Visa Platinum Credit Card | 5% on local and overseas dining | $800 |
What does this mean for you? The DCS Ultimate Platinum Card is a good choice if you aren’t going to spend at least $600 to $800 a month to hit higher bonus cashback other cards offer, and/or if you won’t spend a lot in particular categories like dining. But remember, if you’re going to spend more than $10,000 a month, you’ll bust the cashback cap. As mentioned in the previous section, consider an unlimited cashback card instead.
6. DCS Ultimate Platinum Card: How does the cashback work?
The cashback system of the DCS Ultimate Platinum Card is my personal favourite kind of cashback mechanic. It’s as simple as cashback gets: DCS will use the cashback you earn to offset your credit card bill.
Here’s an excerpt from Clause 4.4 of the DCS Ultimate Platinum Card T&Cs, with my emphasis added in bold:
“The Cashback is in Singapore Dollars, and is computed on a full calendar month basis, rounded up to the nearest two (2) decimal places for every eligible Card Transaction, based on the total amount of Card Transactions charged to the Card Account. The Cashback shall be credited to your SoA statement within the same month and, where applicable, shall be applied to offset against billed amount.”
Basically, DCS will give you an automatic 2% discount on your spending that month, capped at $200. It’s the least fussed cashback mechanism, especially compared to other banks that may give you reward points that you have to redeem yourself. Rewards programmes have the advantage of giving you the flexibility to get other types of rewards from a rewards catalogue, but if you want cashback plain and simple, the DCS Ultimate Platinum Card is worth considering.
7. DCS Ultimate Platinum Card: Benefits and privileges
Mastercard or UnionPay? These are the 2 versions of the DCS Ultimate Platinum Card you can choose between, and each come with a different set of benefits.
DCS Ultimate Platinum Mastercard: Mastercard Priceless Specials privileges | DCS Ultimate Platinum UnionPay Card: UnionPay exclusive benefits |
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On top of the aforementioned card association privileges, the DCS Ultimate Platinum Card (both versions) also come with complimentary insurance coverage of up to S$1 million.
DCS has also made an effort to bump up security with the DCS Ultimate Platinum UnionPay Card (note: not the MasterCard version) by making the physical card numberless. That means your card number, expiry date and CVV code aren’t featured on the card, and hence won’t be made known to any wrong hands your card may fall into. The slight downside for you is that you have to log in to your DCS Cards App to access the information instead, which some may find an inconvenience. It’s a trade-off with safety. While it doesn’t seem like the DCS Ultimate Platinum MasterCard will be numberless, you can still access your card information in the DCS Cards App.
Thinking about using your DCS Ultimate Platinum Card overseas? DCS allows you to make cash withdrawals overseas easily by setting up your ATM PIN via the DCS Cards App. What they don’t advertise as boldly is that they do charge a conversion commission fee of 3.25% on all transactions in foreign currencies.
DCS also advertises that you can use your DCS Card to pay bills at over 800 AXS stations in Singapore. I’m not terribly impressed by this “perk”—who goes to a physical AXS machine to pay bills these days anyway? And it’s not like these payments will earn you 2% cashback. AXS bill payments are specifically stated as an exclusion, according to the DCS Ultimate Platinum T&Cs.
8. DCS Ultimate Platinum Card: Sign-up promotion
Currently, the DCS Ultimate Platinum sign-up promotion is alright, but not amazing. Here’s a breakdown of what welcome gift you can get, and what you need to do to get it:
Welcome gift: A pair of GOTRIP luggage bags (worth S$500)
What you need to do to get it:
Apply for any 2 eligible DCS cards and spend a minimum of $350 monthly for 2 consecutive months; OR
Apply for 1 eligible DCS card and spend a minimum of $450 monthly for 2 consecutive months.
Eligible DCS cards include the DCS Ultimate Platinum (duh), DCS Cashback Card, and co-branded cards like the DCS Don Don Donki Card and DCS Sheng Siong Card. Check out the full list in their promotion T&Cs to be sure.
This promotion is valid until 31 Aug 2023.
9. Should I get the DCS Ultimate Platinum Card?
Here’s a look at the DCS Ultimate Platinum Card pros and cons.
DCS Ultimate Platinum Card | |
Pros | Cons |
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Our take? The best thing about the DCS Ultimate Platinum Card is its 2% cashback with $0 minimum spend. Get it for the cashback, not its average-feeling benefits and privileges.
The 2% cashback rate is better than an unlimited cashback card, which highest rate currently belongs to the UOB Absolute Cashback Card (1.7%). Having said that…
Other cashback cards like the UOB Absolute Cashback Card give you cashback on a wider range of things, including insurance, wallet top-ups, healthcare, utility bills and telco bills.
With a cashback cap of $200 a month, the DCS Ultimate Platinum Card stops earning you cashback after you hit $10,000 in monthly spend.
So to choose the best cashback card that works for you, consider both how much you spend and what you’re spending on each month.
DCS Ultimate Platinum Card: Should I get the Mastercard or UnionPay version?
There are 2 main considerations here. The first is the benefits of each card. The DCS Ultimate Platinum Mastercard gives you Mastercard Priceless Specials privileges, which to me feel meatier than the DCS Ultimate Platinum UnionPay Card’s UnionPay exclusive benefits.
The second thing you should consider is where your card will be accepted based on its card association. We all know Mastercard, but what’s UnionPay? UnionPay is a card payment method that was founded in the early 2000s in China, where Visa and Mastercard aren’t widely accepted. Today, UnionPay is as recognised in China as Mastercard and Visa are ubiquitous in Singapore.
For frequent travellers to China, the DCS Ultimate Platinum UnionPay Card is a good choice. It’ll be accepted all over the country, and certainly at a higher rate than Mastercard or Visa.
What if you’re thinking of getting the DCS Ultimate Platinum UnionPay Card for use in Singapore? According to UnionPay Singapore, over 80% of merchants here accept UnionPay cards. While that’s still a sizeable number (over 10,000 merchants, according to UnionPay Singapore), if card acceptance rate in Singapore is a top priority for you, get the Mastercard version of the DCS Ultimate Platinum Card.
ALSO READ: Visa vs Mastercard vs American Express – Which is Best?
10. Alternatives to the DCS Ultimate Platinum Card
These cashback credit cards are strong contenders to the DCS Ultimate Platinum Card.
UOB Absolute Cashback Card: Limitless 1.7% cashback on everything, including insurance, bills, and healthcare. Do note that this is an AMEX card.
Online Promo
Get 1.7% Unlimited Cashback
UOB Absolute Cashback Card
Online Promo:
Receive up to S$350 Cash Credit when you are the first 200 new-to-UOB customers who successfully apply for an eligible UOB Credit Card and spend a min. of S$1,000 per month, for 2 consecutive months from the card approval date. T&Cs apply.
Valid until 30 Sep 2023
More Details
Key Features
1.7% limitless cashback on everything, including groceries, insurance, school fees, wallet top-ups, healthcare, Utilities & Telco Bills and Rental
No minimum spend
No minimum spend
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
Citi Cash Back+ Mastercard: The next highest cashback rate among the unlimited cashback cards, at 1.6%.
MoneySmart Exclusive
Faster Gift Redemption | APPLE LUCKY DRAW
Citi Cash Back+ Mastercard®
MoneySmart Exclusive:
[MONEYSMART | APPLE LUCKY DRAW]
Get an Sony WH1000-XM5 Wireless Noise Cancelling Headphones (worth S$575) OR a Nintendo Switch OLED Gaming Console (worth S$549) OR S$400 Marina Bay Sands Vouchers or S$300 Cash via PayNow when you apply and spend a min. of S$500 in "Qualifying Spends" within 30 days from card approval date. T&Cs apply.
PLUS stand a chance to win a MacBook Air M2 15-inch or a Apple iPhone 14 Pro or a Apple Watch Ultra in our MoneySmart | Apple Lucky Draw! T&Cs apply.
Valid until 07 Sep 2023
More Details
Key Features
1.6% cashback on your spend
No minimum spend required and no cap on cash back earned
Cash back earned does not expire
Redeem your cash back instantly on-the-go with Pay with Points or for cash rebate via SMS
With Citi PayAll, you can earn and accumulate Citi Miles, Citi ThankYou PointsSM or Cash Back quickly when you pay your big-ticket bills such as rent, insurance premiums, education expenses, taxes, utilities and more
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
OCBC 365 Credit Card: This cashback card offers up to 5% cashback in specific categories (such as dining and online food delivery), with a cap of $80 cashback a month with $800 spend. You also get 3% cashback on recurring telco and electricity bills, which are usually excluded.
MoneySmart Exclusive
High Spend on Dining | OCBC GIVEAWAY
OCBC 365 Credit Card
MoneySmart Exclusive:
[MONEYSMART x OCBC GIVEAWAY]
Get a Samsung 27-inch M5 Smart Monitor (worth S$554) OR a ErgoTune Classic Ergonomic Chair (worth S$399) or S$270 eCapita Vouchers OR S$250 Cash via PayNow when you apply and spend a min. of S$500 in Qualifying Spend within 30 days of card approval.
PLUS, get a Apple MacBook Air 15-inch M2 Chip, a Apple iPad 10.2inch (9th Gen) OR an EverDesk+ Lite Standing Table when you participate in our MoneySmart OCBC Giveaway! T&Cs apply
Valid until 30 Sep 2023
More Details
Key Features
5% cashback on everyday dining (including local, overseas and online food delivery)
6% cashback on fuel spend at all petrol service stations locally and overseas
3% cashback on groceries, land transport, online travel, recurring telco and electricity bills
0.25% cashback on everything else
Min. spend of S$800 per month, with cashback capped at S$80 per month
Unlock up to S$160 cashback per month with a min. spend of S$1600 per month
2 years fee waiver for principal card (S$194.40), subsequent years waived with min. spend of S$10,000 p.a.
At MoneySmart, we strive to keep our information accurate and up to date. This information may be different from what you see when you visit a financial institution, service provider, or specific product site. MoneySmart shall not be liable to compensate the Customer should the information is not as updated as our Partner.
CIMB World Mastercard: Spend $500 a month to get 2% unlimited cashback on a bunch of categories, including Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, and Luxury Goods. No annual fees.
MoneySmart Exclusive
UP TO 3% UNLIMITED CASHBACK*
CIMB World Mastercard
MoneySmart Exclusive:
Get S$300 Cash via PayNow OR $320 eCapita Vouchers OR an Apple Watch SE, 40mm GPS (worth $382.50) OR a Titan V1 7 Speed Foldable Bike (worth S$399) when you apply and spend a min of S$988. T&Cs apply
PLUS enjoy up to 3% Unlimited Cashback* from CIMB with min. spend of S$2,500 per month. T&Cs apply.
Valid until 14 Sep 2023
More Details
Key Features
2% Unlimited Cashback on Wine & Dine, Online Food Delivery, Movies & Digital Entertainment, Taxi & Automobile, Luxury Goods. 1%* Cashback on all other spends.
1% Unlimited Bonus Cashback with min. spend of S$2,500 per month. Promo valid till 31 Oct 2023.
Access to Over 1,000 Airport Lounges via Mastercard® Airport Experiences Provided by LoungeKey
50% Off Green Fees at golf courses around Asia by Mastercard®
No annual fees for life
Apply for up to 4 supplementary cards and have annual fees waived for all supplementary cards
Access to over 1,000 regional deals with discounts up to 50%
P.S. Here’s our MoneySmart credit card ranking rubric
In case you’re wondering, here’s how we decide on our credit card rankings.
Is that credit card MoneySmart? Our MoneySmart credit card ranking rubric | |
Category | Our rating |
Overall | The average rating for the credit card on the whole, calculated from the ratings for the individual categories below. Plus, we’ll give you a one-liner on who we think the credit card is best suited for. |
Earn rates: Air miles / Cashback / Rewards points | Air miles / Cashback / Rewards points . This category looks at the depth rather than breadth of earn rates.  
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Earn categories | This category looks at the breadth rather than depth of your earnings.
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Annual fees and charges |
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Accessibility | Minimum income requirements:
Exclusivity: We dock 1-2 stars if there is/are another category/categories that make the card exclusive and very specific to a certain clientele. |
Extras/periphery rewards | These include:
We count the number of benefits and award between 0.5 to 2 stars for each, depending on how good the perk is. |
Sign-up bonus |
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Check out all our MoneySmart credit card reviews: The Ultimate List of Credit Card Reviews in Singapore.
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