Come with us as we explore this card, what it offers you, its features and benefits, and how you can use it to your advantage. We will also review it, later on, to help you decide whether it will make sense for you to apply for it or not.
The flat earning rate of cashback on this card is 0.3%. The remaining portion of the cashback rates on all categories of spends will apply only if you spend at least S$800 every month on the card. If you fail to charge this minimum amount each month, you will earn only the base rate of 0.3% on all transactions.
For example, let’s say you spend S$800 or more in a particular month. Then, on a local dining transaction, you will get 0.3% + 5.7% cashback. If you don’t manage to spend S$800, you will get a cashback of only 0.3% on that same dining transaction.
In addition to this, the maximum amount of cashback you can earn every month is limited to S$80 per card, per account. The rewards you earn on card transactions in one month will be credited to you in the next month.
Let’s take a look an example to better understand how this works:
|Spend Category||Monthly Spend||Cashback Rate||Amount Saved|
Note: Since the total spend for the month is S$1,400 (more than the required S$800), you will get the cashback at the actual rates specified for each category. If your actual total spend for the month was say only S$700, the total cashback you will get will only be S$2.1 (S$700 x 0.3%).
Given that there are quite a number of cashback credit cards in Singapore, does it make sense for you to apply for the OCBC 365 Credit Card? This card does in its own way stand out from the rest of the crowd. Let’s take a look at how exactly it does this.
This is one of the features that makes this card stand out. Not only do you get to save money on local purchases made in Singapore, but it also rewards you with cashback on a wide variety of transactions overseas.
If you’re planning to use the card to pay for your food bills both locally and abroad, make sure you check if the outlet is classified under the “Dining” category with the relevant Merchant Category Code (MCC). This applies to brands that accept online food orders as well.
For local, overseas, and online groceries purchases, the outlet has to be classified under the “Groceries” category. Here also, the outlet must have the prescribed MCC.
This credit card is a good option if your monthly spending includes purchases across a number of categories. Looking at its features, we understand that it offers cashback on some of the most common transactions that you make on a daily basis such as dining, food orders, fuel, utility bills, and many more.
This is something you need to consider before you apply for the OCBC 365 Credit Card. Sure, it gives you cashback on a variety of spends. But it also requires you to spend a certain minimum amount to get the rewards.
Unless you spend a minimum total of S$800 every month, you will only get cashback at the base rate of 0.3%. And this is not a lot. So before you get excited about saving money in terms of cashback, see if you will be able to spend that much every month on the card. Or else, you will not be making good use of its cashback benefits.
The card has an S$80 cap on the amount of cashback you can earn every month. Keep in mind that you can keep earning cashback till this limit. Once you reach this cap each month, you will not earn rewards any more that month no matter how much you spend.
If you feel that this earning limit is too low and that your monthly spending has the potential to help you save more money, you should take a look at some of the other credit cards that are available in Singapore.
As with most other cards in Singapore, the OCBC 365 Credit Card also charges you an annual fee. Yes, it’s free for the first two years, but what happens after that? Do you still want to keep paying an annual fee?
This is where you need to consider whether the rewards you will earn will cover the annual fee or not. With this card, you can earn up to S$960 (S$80 x 12) every year in terms of cashback. So if you do use the card to its full potential, you will earn enough to cover the card costs many times over.
If you end up spending S$10,000 or more in a year, you’ll get an automatic annual fee waiver the following year.
Since you know what the card offers and how you can make use of it well, let’s take a look at how much it will cost you to own it:
|Annual fee for primary card||S$192.60|
|Annual fee for supplementary card||S$96.30|
|Interest rate on purchases||26.88% p.a.|
|Interest rate on cash advance||28.92% p.a. or S$2.50, whichever is more|
|Cash advance fee||6% of the amount withdrawn or S$15, whichever is more|
|Overseas transaction fees||2.8% of the transaction amount|
|Late payment fee||S$100|
So, what do you think? Does the OCBC 365 Credit Card look like one that you would consider applying for? If you’re a Singaporean or a Permanent Resident earning a salary of at least S$30,000 a year or a foreigner earning a minimum of S$45,000 or more, you can apply for it. You should also be at least 21 years old in order to apply. Check out our applications page to see if you can apply for it or not.
The OCBC 365 Credit Card is designed to reward you with cashback on a number of your daily spends. But how does it fare when you compare it with some of the other cards in Singapore that give you the same type of reward? We’ve made a few comparisons to help you with this.
The Citibank SMRT Card is also a credit card that gives you cashback (in the form SMRT$) for most of your everyday expenses. For example, it lets you save up to 5% on groceries spends, movie ticket purchases, and dining transactions, up to 3% on online shopping, and others.
What’s more, you need to spend a minimum total of only S$300 every month to get these reward rates. When you compare this with the minimum monthly spend of S$800 required by OCBC, it’s clear that you can maximise your rewards with the Citi card with a lower monthly spend.
Also, if you fail to meet this S$300 monthly spend criterion, you will lose only 0.3% of the SMRT$ rate applicable to each spend category, whereas, with the OCBC card, you will earn only 0.3% cashback if you don’t meet the required monthly spend. This is quite a difference in itself.
The POSB Everyday Card offers you cash rebates such as up to 15% on dining transactions, 10% on overseas spends, 10% on taxi rides, 5% on groceries purchases, and 3% on health & beauty spends, among others.
Although each category has its own limit on how much you can earn per month in terms of rewards, the reward rates it offers are still higher than what you get on the OCBC 365 Credit Card. However, note that a majority of accelerated cash rebates offered (on dining, taxi rides etc.) on the POSB card are set to expire on or before 31 December 2018 (unless the bank extends the offer). Also, the POSB Everyday Card doesn’t give you the benefit of free travel insurance coverage which OCBC gives you.
With the UOB Delight Card, you get up to 8% rebate at specified supermarkets in Singapore. Apart from this, you also get up to 10% SMART$ rebate across various spend categories such as dining, groceries, leisure, petrol, and more. It also helps you save up to 20% on fuel purchases.
Comparing this with what the OCBC 365 Credit Card gives you, it does seem like this card has a bit of an edge over the OCBC card, considering that it also gives you access to a wide range of dining, travel, & entertainment options. But, the rebates on the UOB card are capped at 50 SMART$ compared to S$80 offered by the OCBC 365. Also, the Delight Card does not offer complimentary travel insurance.
The OCBC 365 Credit Card is one that is designed to make your everyday expenses a little cheaper. Considering that you get cashback rewards on a wide range of purchases, these “little” savings on each spend can snowball into considerable savings every month depending on how much you spend on the card. Overall, a good option to have in your wallet, we think.
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