The collaboration between Razer Fintech (the fintech arm of Razer) and Visa has borne its first child: the Razer Card. As part of the preparations for an official launch, the Razer Card is now open for beta testing, with 1,337 selected users to use the prepaid card until the 31st of December 2020.
The beta program is only available in Singapore for now, with beta testers to get an increased 10 percent cashback on the RazerStore and Razer Gold purchases (up to 5 percent normally), along with Card Beta rewards, and a chance to redeem Razer gear. This means that the Razer’s first ever physical card might be available to the public sometime in 2021.
What you need to know
The Razer Card is available in three iterations: a Virtual Card that sits in the Razer Pay app on your smartphone, a physical Standard Card, and a Premium Card—one that lights up when you make payments. By default, the virtual card doesn’t come with any extra charges, although you need to pay a subscription fee for the physical cards.
Razer also promises year-long cashback features on all transactions, with no limit on cashback, and payments are supported globally—so long as Visa is accepted at that particular location. All your purchases will come with 1 percent cashback, and one of the highlights is that there is no minimum spend to gain these rewards.
The announcement comes as part of Razer Fintech’s long-term aim to create the world’s first “global youth bank”, with the company applying for a Digital Full Bank Licence in Singapore earlier this year. As you’ve perhaps guessed from features such as the gamified rewards system, as well as the RGB-like Premium Card, the Razer Card appears to be targeted towards “youth and millennials”.
“Meet the only prepaid card that offers cashback whenever you spend, with the option of paying through the virtual card—or upgrade to own a Premium card, the world’s first card that lights up on payment, and grants access to unique gamified rewards through Razer Pay.”
Like, most, if not all payment cards nowadays, the Razer Card will also support contactless payments, which means that you’ll be able to use it at bus terminals, restaurants, and other quick-pay locations.
It’s worth noting that the Razer Card is not a credit card; instead, the prepaid nature of the card should open up accessibility for those who might not be able to own a credit card. This is particularly important, given the rise in e-commerce platforms, digital payment gateways, and the overall digitalisation of the economy.
If you’re keen (and you’re in Singapore), you can sign up for the beta program here. You’ll need to be 16 years or older, and if you’re selected, you’ll be emailed within seven days of your submission. To find out more, click here.