Buffed/Nerfed: DBS Vantage Reduces Earn Rate to 1.4 Miles Per Dollar, Adds Benefits For DBS Treasures Customers From 2nd November 2026

From 2nd November 2026, DBS is reducing the earn rate of DBS Vantage for local spending to 1.4 miles per dollar, down from the current 1.5 miles per dollar rate.

It’s not all bad news, however, as cardholders who are also DBS Treasures customers can get free airport rides and annual fee waiver depending on their client profile with the bank.

Local earn rate reduced to 1.4 miles per dollar or 1.4% cashback

When the change takes effect from 2nd November 2026, DBS Vantage will earn 1.4 miles per dollar on local SGD transactions. There is no change to the foreign currency transaction earn rate which remains at 2.2 miles per dollar.

Since its inception, DBS Vantage has offered cardholders a choice of miles or cashback, though there wasn’t really much a reason to choose cashback. Regardless of reward choice, the earn rate was always the same number, and since each mile is worth at least 1 cent and up, miles have been the only sane choice for any DBS Vantage cardholder.

Once the change kicks in, there is even less of a reason to pick cashback for this card, with 1.4% cashback being lower than numerous entry-level cards available in the market.

Because DBS Vantage awards posts based on the posting date of the transaction, it is likely that even transactions performed shortly before 2nd November 2026 will be under the new, reduced earn rate. If you have any huge transactions lined up for the card, it is best to do those with ample time before the change to avoid the 6.7% reduction in rewards.

Free limo rides and annual fee waiver for DBS Treasures customers

When the change kicks in, DBS Treasures customers can get 4 free airport transfer rides in a membership year. This does not have any minimum spend requirement.

Additionally, DBS Treasures customers who are Accredited Investors (AI) will also enjoy a waiver of the S$599.50 annual fee depending on their client profile (though a fee waiver means that such cardholders will not receive the 25,000 miles given for those who pay the annual fee).

DBS Treasures customers need to maintain at least S$350,000 in assets with the bank.

AI clients need to fulfil at least one of the following:

• Annual income of S$300,000 or more.
• Net personal assets exceeding S$2 million (primary residence capped at S$1 million).
• Net financial assets exceeding S$1 million.
• Hold a joint account with an Accredited Investor and invest with that account.

Still worth it?

DBS Vantage has fallen out of grace in recent times, with sign-up bonuses missing for well over a year, and benefits getting cut over time.

That said, the upcoming changes are overall positive in my books. With 4 miles per dollar the minimum you should strive for, 1.5 miles per dollar earn rate wasn’t fantastic to begin with, so a reduction to 1.4 isn’t the end of the world.

In exchange, DBS Treasures customers can get more benefits out of the card, so that is good news for those who are already such customers. Whether or not it is worth it to park assets with the bank’s wealth management to qualify for such benefits is another story to be explored, so stay subscribed for that.

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H/T: Milelion

Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.

He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.

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