OCBC CashFlo Credit Card
The OCBC CashFlo credit card is touted as Singapore’s First Auto-Instalment credit card and allows cardholders to better manage their finances by offering payment solutions that not just converts their payments into more manageable instalments but also allow cardholders to save by earning a cash rebate on expenses charged to the card.
OCBC CashFlo cardholders can avail travel insurance from Explorer at discounted rates. Cardholders can use their card to avail up to 50% discount on Single Trip plans and up to 25% discount on annual plans.
|Type of fee||Amount payable|
|Annual fee||The annual fee waived for the first two years of owning the card. Subsequent years charge an annual fee of S$160.50 which can be waived if cardholder charges a minimum of S$10,000 to the card within the anniversary date of the card.|
|Supplementary card fee||The annual fee of the supplementary card is waived for the first two years. The subsequent annual fees of the card is S$80.25|
|Interest rate||The interest rate charged on all transactions is 25.92% and on cash advances is 28.92% per annum both of which are calculated on a daily basis|
|Late payment charges||A fee of S$100 is charged as penalty.|
|Cash advance fee||The higher of S$15 or 6% of the withdrawn amount is charged as cash advance fee.|
|Administrative fee||To accelerate the payment of automatic instalments, a fee of S$150 is charged|
Transactions in foreign currencies
Overseas transactions made in foreign currencies have a foreign transaction fee levied against it. The charge varies based on the currency in which the transaction is made. For currencies made in US Dollars the transaction amount is converted into Singaporean Dollars and a conversion fee of 1% of the transaction amount as well as a administrative fee of 1.8% of the transaction amount is charged and for transactions made in other currencies, the transaction amount is first converted into US Dollars and then into Singaporean Dollars and a conversion fee of 1% of the transaction amount as well as a administrative fee of 1.8% of the transaction amount is charged. The rate of conversion is calculated at the time of posting and not at the time of making the transaction. Transactions made overseas but effected in Singaporean Dollars attract an international processing fee of 1% of the transaction amount for all MasterCard or Visa Transactions.
Aspiring candidates can apply for the OCBC CashFlo credit card either by applying online at the OCBC website or any third party financial website offering the services. Applicants need to submit the completed application form and submit all required documents. Candidates can also apply for the card via the offline route by visiting their nearest OCBC branch.
Applicants that wish to avail the CashFlo credit card from OCBC need to provide the following documents.
For Salaried Applicants
For Self-employed Applicants or Applicants with Variable income/Commission Based Income
For Foreign Applicants
The OCBC CashFlo credit card has an interest rate of 25.92% per annum charged on all transactions made using the card. This interest rate is calculated on a daily basis starting from date of transaction. Cash advances attract a higher rate of interest at 28.92% per annum. This rate is calculated monthly from date of cash advance taken until such a time when the advance has been fully repaid.
The OCBC CashFlo card requires the cardholder to make minimum monthly payments amounting to 3% of the current outstanding balance or S$50, whichever is higher. If the cardholder has exceeded the credit limit or has any previous outstanding dues then the minimum payment includes the 3% of the current outstanding balance plus any previous outstanding due or amount exceeding the credit limit. Failure to make minimum monthly payments on time results in a late payment fee of S$80.
Reporting lost/stolen credit cards
OCBC CashFlo cardholders need to report their lost or stolen credit cards on 1800 363 3333 as soon as they discover their credit card as lost or stolen or misplaced. Doing so will limit the cardholder to a liability of S$100 against all unauthorised transactions and cash advances. Failure to do so will result in the cardholder being liable for all unauthorised card transactions.