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Credit Card Rate Update

Credit card companies in Singapore revise applicable fees and rates on their cards from time to time. It could be an upward or downward revision in line with market trends or in line with a lender’s strategy. Some lenders may have changed their effective interest rates while others may have revised their late payment charges. Some may have changed the minimum payment criterion for automatic annual fee waiver while others may have made some other changes.

The following table posits a clear picture of the nature and rate of changes that some credit cards have undergone.

Credit Card Nature of Change Old Rate New Rate Impact on the Customer
OCBC Credit CardsOCBC Credit Cards Late Payment Fee S$80 S$100 Starting from 1 June 2017, customers have been paying S$20 more as late payment charge for defaulting on a monthly payment
OCBC 365 CardOCBC 365 Card Annual fee waiver minimum spending requirement S$5,000 S$10,000 Effective from 1 June 2016, OCBC has raised the automatic annual fee waiver requirement for this card by S$5,000
OCBC Titanium and OCBC Titanium Rewards Credit CardOCBC Titanium and OCBC Titanium Rewards Credit Card Annual fee waiver minimum spending requirement S$5,000 S$10,000 Effective from 1 June 2016, the bank has hiked the minimum spending criteria by S$5,000 for automatic annual fee waiver
American Express CardsAmerican Express Cards Effective interest rate 24.99% p.a. 25.90% p.a. The effective interest rate on the bank’s cards have been revised upwards by 0.91 percentage points starting from 1 November 2017

Most of these cards come with a number of benefits and promotional offers. Don’t forget to check them out here.

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