If you’re looking for a credit card that gives you cashback on your everyday expenses, the OCBC 365 Credit Card might be the right choice for you. With its generous cashback rewards on dining, groceries, petrol, and other daily essentials, this card is a popular option among Singaporeans. In this article, we’ll review the OCBC 365 Credit Card in Singapore and explore its benefits, fees, and eligibility criteria.
The OCBC 365 Credit Card is one of the best cashback credit cards in Singapore, offering up to 6% cashback on dining, 3% on groceries, land transport, online travel bookings, and recurring telco and electricity bills, and 5% on petrol (up to 22.1% at Caltex). With no minimum spend required, it’s a great option for those who want to earn cashback on their everyday expenses without having to spend a lot. In addition, the card offers a range of other benefits, such as discounts on dining and shopping, as well as access to exclusive events and promotions.
If you’re interested in getting the OCBC 365 Credit Card, it’s important to understand its fees and charges, as well as its eligibility criteria. You’ll need to have a minimum income of $30,000 per annum, or $45,000 for foreigners, and be at least 21 years old. There are also fees for late payments, cash advances, and foreign currency transactions, so be sure to read the fine print before applying.
Card Overview and Benefits
If you’re looking for a credit card that rewards you for your daily expenses, the OCBC 365 Credit Card is a great option to consider. This card offers cashback rewards across a wide range of categories, including dining, groceries, petrol, and more.
Cashback Rewards and Categories
The OCBC 365 Credit Card offers some of the highest cashback rates in Singapore. You can earn up to 6% cashback on dining, including local, overseas, and online food delivery. Additionally, you can earn 3% cashback on groceries, land transport, online travel bookings, and recurring telco and electricity bills. For petrol, you can earn 5% cashback (up to 22.1% at Caltex).
The cashback rewards are capped at $80 per month, which is a reasonable amount for most people’s daily expenses.
Annual Fee and Waivers
The OCBC 365 Credit Card has an annual fee of $192.60, which may seem high at first. However, the first two years’ annual fees are waived, which means you can enjoy the benefits of the card without any upfront costs.
To continue enjoying the annual fee waiver, you’ll need to spend a minimum of $10,000 per year on your card. This might seem like a lot, but if you use your card for your daily expenses, it’s easy to meet this requirement.
Overall, the OCBC 365 Credit Card is a great option for anyone looking to earn cashback on their daily expenses. With high cashback rates and a reasonable cashback cap, this card can help you save money on your daily expenses without any additional effort.
Earning Cashback
With the OCBC 365 credit card, you can earn cashback on your everyday spending, making it one of the best cashback cards for typical consumers in Singapore. Here’s how you can earn cashback on your spending:
Local and Overseas Spend
You can earn cashback on both local and overseas spending with the OCBC 365 credit card. For local spending, you can earn up to 6% cashback on dining and online food delivery, 3% on groceries, land transport, online travel bookings, and recurring telco and electricity bills. For overseas spending, you can earn up to 3% cashback on all your purchases.
Dining and Groceries
If you’re a foodie, you’ll love the OCBC 365 credit card. You can earn up to 6% cashback on dining and online food delivery, including fast food chains, cafes, and restaurants. You can also earn up to 3% cashback on groceries, including supermarkets, online grocery stores, and specialty stores.
Fuel Savings and Transport
The OCBC 365 credit card also offers great fuel savings and transport benefits. You can earn up to 5% cashback on petrol at Caltex and Esso, and up to 22.1% savings at Caltex. You can also earn up to 3% cashback on land transport, including taxi rides, bus and train rides, and car rentals.
Overall, the OCBC 365 credit card is a great cashback card for everyday spenders in Singapore. With its attractive cashback rates and comprehensive coverage of various categories, you can save big on your daily expenses.
Understanding Fees and Charges
When considering a credit card, it’s important to understand the fees and charges that come with it. The OCBC 365 Credit Card is no exception. In this section, we’ll go over the various fees and charges associated with this card, so you can make an informed decision.
Transaction Fees
The OCBC 365 Credit Card charges a foreign currency transaction fee of 2.8% for transactions made in a foreign currency. This fee is calculated based on the Singapore dollar equivalent of the foreign currency transaction amount. It’s important to note that this fee is in addition to the prevailing exchange rate.
In addition, the card also charges a cash advance transaction fee of 6% of the amount withdrawn or S$15, whichever is higher. This fee is charged for cash withdrawals made using the card.
Interest Rates and Penalties
The interest rate for the OCBC 365 Credit Card is 26.88% per annum. This rate is subject to change and is based on the prevailing market conditions. It’s important to note that interest is charged on any outstanding balance on the card.
Late payment fees are charged at S$100 if the minimum payment due is not made by the payment due date. In addition, an overlimit fee of S$40 is charged if the credit limit is exceeded.
It’s important to note that the Effective Interest Rate (EIR) for the OCBC 365 Credit Card is 29.96% per annum. This rate takes into account the compounding effect of interest charged on any outstanding balance on the card.
In conclusion, while the OCBC 365 Credit Card offers attractive cashback rates for multiple different categories, it’s important to understand the fees and charges associated with the card. Be sure to read the terms and conditions carefully before applying for the card to ensure that it’s the right fit for you.
Eligibility and Application
If you are interested in applying for the OCBC 365 Credit Card, you must first ensure that you meet the eligibility requirements. The criteria for Singaporeans and foreigners differ, so it is important to understand the requirements for your specific situation.
Criteria for Singaporeans and Foreigners
For Singaporeans and Permanent Residents (PRs), the minimum annual income requirement is $30,000. Foreigners, on the other hand, must earn a minimum annual income of $45,000. In addition to the income requirement, you must be at least 21 years of age to apply for the card.
Approval Process and Promotions
The approval process for the OCBC 365 Credit Card is straightforward, and you can expect a response within a few business days. If you meet the eligibility requirements, you can apply online or visit any OCBC branch to submit your application.
As a new cardholder, you will be eligible for various promotions. For example, you can enjoy a fee waiver with a minimum annual spend of $10,000. Additionally, you can benefit from up to 22.1% fuel savings at Caltex and 20.2% at Esso.
Overall, the OCBC 365 Credit Card is an excellent choice for those looking for a comprehensive cashback card. With its generous rebates on dining, groceries, transport, utilities, online travel, and petrol, the card is perfect for everyday spending.
Comparing OCBC 365 With Other Cards
If you’re looking for a credit card that offers cashback benefits, you might be considering the OCBC 365 Credit Card. However, it’s always a good idea to compare it with other cards to see which one is the best fit for you. In this section, we’ll compare the OCBC 365 Card with two other popular cashback cards: the UOB One Card and the Citi Cash Back Card.
OCBC 365 vs UOB One Card
The UOB One Card is another popular cashback card that offers up to 5% cashback on everyday spend. However, the UOB One Card has a higher minimum spend requirement of $500 per month to earn the maximum cashback. On the other hand, the OCBC 365 Card has a lower minimum spend requirement of $800 per month to earn the maximum cashback of 6%.
In terms of cashback categories, the UOB One Card offers cashback on a wider range of categories, including petrol, groceries, and dining. However, the OCBC 365 Card offers a higher cashback rate of 6% on dining and groceries, compared to the UOB One Card’s 5% cashback rate.
OCBC 365 vs Citi Cash Back Card
The Citi Cash Back Card offers up to 8% cashback on dining, groceries, and petrol, but has a cashback cap of $80 per month. In comparison, the OCBC 365 Card offers up to 6% cashback on dining and groceries, with no cashback cap. However, the Citi Cash Back Card has a lower minimum spend requirement of $800 per month, compared to the OCBC 365 Card’s $1,000 per month.
In terms of other benefits, the Citi Cash Back Card offers a range of discounts and privileges at selected merchants, while the OCBC 365 Card offers discounts on petrol and cashback on recurring bills.
Overall, the OCBC 365 Card is a great choice for those who spend a lot on dining and groceries, and are able to meet the minimum spend requirement of $1,000 per month. However, if you’re looking for a card with a lower minimum spend requirement or a wider range of cashback categories, you might want to consider the UOB One Card or the Citi Cash Back Card.
Frequently Asked Questions
What tantalising benefits can one expect from the OCBC 365 Credit Card?
The OCBC 365 Credit Card offers a range of tantalising benefits to its users. You can earn up to 6% cashback on fuel spend at all petrol service stations both locally and overseas. You can also earn up to 5% cashback on everyday dining, including local, overseas, and online food delivery. Additionally, you can earn up to 3% cashback on groceries, land transport, online travel, recurring telco, and electricity bills. Lastly, you can earn up to 0.3% cashback on everything else. These benefits make the OCBC 365 Credit Card an excellent choice for anyone looking to save money on their daily expenses.
How does one revel in the cashback rewards with the OCBC 365 Credit Card?
To revel in the cashback rewards with the OCBC 365 Credit Card, you need to use it for your daily expenses. The more you use the card, the more cashback you can earn. To earn the maximum cashback, you need to spend at least $800 on the card each month. If you can spend more than that, you can earn even more cashback.
Are there any current promotions that add a sparkle to the OCBC 365 Credit Card?
Yes, there are currently some promotions that add a sparkle to the OCBC 365 Credit Card. For example, you can receive a $50 cashback when you apply for the card online and spend $500 within the first month. Additionally, you can receive up to $80 cashback when you apply for the card online and spend $1,000 within the first month. These promotions can help you save even more money with the OCBC 365 Credit Card.
What’s the minimum spend required to unlock the full potential of the OCBC 365 Credit Card perks?
To unlock the full potential of the OCBC 365 Credit Card perks, you need to spend at least $800 on the card each month. If you can spend more than that, you can earn even more cashback. However, if you spend less than $800, you will only earn a partial cashback.
Could you guide me through the process of cancelling an OCBC 365 Credit Card, should the need arise?
If you need to cancel your OCBC 365 Credit Card, you can do so by calling the OCBC customer service hotline. They will guide you through the process and help you cancel your card. However, before you cancel your card, make sure you have paid off all outstanding balances and redeemed any rewards you have earned.
Is the OCBC 365 Credit Card truly a splendid choice for daily expenditures?
Yes, the OCBC 365 Credit Card is truly a splendid choice for daily expenditures. With its range of cashback rewards, you can save money on your daily expenses and earn rewards for your spending. Additionally, the card is widely accepted both locally and overseas, making it a convenient choice for your daily expenditures.