Are you looking for a credit card that rewards you for your everyday spending? The OCBC 365 Credit Card is a popular choice among Singaporeans, offering cashback on multiple categories, including dining, groceries, and transport. However, one of the main concerns for potential cardholders is the annual fee. In this article, we’ll take a closer look at the OCBC 365 Credit Card’s annual fee and whether it’s worth paying for.
The OCBC 365 Credit Card comes with an annual fee of $192.60 (inclusive of GST), which is waived for the first two years. While this fee may seem steep, it’s important to consider the potential cashback rewards that you can earn. With up to 6% cashback on dining, 3% cashback on groceries and transport, and 5% cashback on petrol, the OCBC 365 Credit Card can help you save money in the long run.
If you’re wondering whether the OCBC 365 Credit Card’s annual fee is worth it, it ultimately depends on your spending habits and lifestyle. If you frequently dine out, shop for groceries, or use public transport, the cashback rewards can add up quickly and offset the annual fee. However, if you don’t spend much in these categories, it may not be worth paying for. Let’s dive deeper into the OCBC 365 Credit Card’s fees and charges to help you make an informed decision.
Key Takeaways
- The OCBC 365 Credit Card comes with an annual fee of $192.60 (inclusive of GST), which is waived for the first two years.
- The annual fee may be worth paying for if you frequently spend in categories such as dining, groceries, and transport, as the cashback rewards can offset the fee.
- It’s important to consider your spending habits and lifestyle when deciding whether the OCBC 365 Credit Card’s annual fee is worth it.
OCBC 365 Credit Card Overview
If you are looking for a credit card that offers cashback benefits, then the OCBC 365 Credit Card is worth considering. This card is designed to help you save money on your daily expenses, from groceries to petrol to dining out. Here’s what you need to know about this card.
Key Features and Benefits
The OCBC 365 Credit Card comes with a range of features and benefits that make it a popular choice for Singaporeans. Here are some of the key features that you can enjoy with this card:
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Cashback rewards: With the OCBC 365 Credit Card, you can earn cashback on your daily spending. You can earn up to 6% cashback on petrol, 5% cashback on dining and food delivery, and 3% cashback on groceries, public transport, ride-hailing, pharmacy, streaming, and EV charging. This can help you save money on your daily expenses.
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Annual fee waiver: The OCBC 365 Credit Card comes with an annual fee of S$192.60. However, you can enjoy an annual fee waiver for the first two years if you spend at least S$10,000 per year.
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Promotions: OCBC offers various promotions that can help you save money. For example, you can enjoy discounts on dining, shopping, and travel when you use your OCBC 365 Credit Card.
Understanding Cashback Rewards
To make the most of your OCBC 365 Credit Card, it’s important to understand how the cashback rewards work. Here are some things to keep in mind:
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Cashback cap: There is a cap on the amount of cashback you can earn per month. For example, the maximum cashback you can earn on petrol is S$80 per month.
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Cashback redemption: You can redeem your cashback rewards in the form of cash or vouchers. Keep in mind that there may be a minimum amount required for redemption.
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Cashback validity: Your cashback rewards may have an expiry date, so it’s important to use them before they expire.
Overall, the OCBC 365 Credit Card is a great choice if you want to save money on your daily expenses. With its cashback rewards, annual fee waiver, and promotions, this card can help you stretch your budget further.
Eligibility and Application
If you’re looking for a credit card that rewards you for your everyday spending, the OCBC 365 Credit Card might be the one for you. Here’s what you need to know about eligibility and the application process.
Income and Age Criteria
To be eligible for the OCBC 365 Credit Card, you must be a Singaporean, Singapore PR, or a foreigner with a valid Singapore Employment Pass. You must also be at least 21 years old, and earn a minimum annual income of £30,000 (for Singaporeans and PRs) or £45,000 (for foreigners).
Required Documents and Process
When applying for the OCBC 365 Credit Card, you’ll need to provide some documents to prove your identity and income. These may include your NRIC or passport, as well as your latest income tax statement or payslip.
To make the application process easier, you can use MyInfo to pre-fill your application form with your personal details. You’ll also receive a one-time password (OTP) via SMS to verify your identity and complete your application.
Once you’ve submitted your application, it will be reviewed by OCBC. If your application is successful, you’ll receive your OCBC 365 Credit Card in the mail within a few business days.
Fees and Charges
If you’re considering the OCBC 365 Credit Card, it’s important to take into account the fees and charges that come with it. Here’s a breakdown of the fees and charges you can expect to pay.
Annual Fee and Waivers
The OCBC 365 Credit Card charges an annual fee of $196.20 (inclusive of 9% GST). However, you can enjoy a fee waiver for the first two years. To continue enjoying the fee waiver, you’ll need to spend at least $10,000 annually on your card.
Other Relevant Charges
In addition to the annual fee, there are other relevant charges that you should be aware of. If you miss a payment, you’ll be charged a late payment fee of $100. If you make a foreign currency transaction, you’ll be charged a fee of 2.8% of the transaction amount. If you exceed your credit limit, you’ll be charged an overlimit fee of $40.
It’s important to note that fees and charges can change at any time, so it’s always a good idea to check with OCBC for the latest information. However, with the OCBC 365 Credit Card, you can enjoy a range of benefits such as cashback rewards on your everyday spending, making it a great choice for those looking to save money.
Maximising Cashback Rewards
If you are looking to get the most out of your OCBC 365 Credit Card, then you need to know how to maximise your cashback rewards. Here are some strategies for different categories of spending:
Strategies for Dining and Groceries
Dining and groceries are two of the most common categories of spending for most people. With the OCBC 365 Credit Card, you can earn up to 6% cashback on these categories. To maximise your cashback rewards, you should aim to spend at least $800 per month on these categories. Here are some tips to help you do that:
- Use your OCBC 365 Credit Card whenever you dine out or purchase groceries.
- Look for restaurants and supermarkets that offer promotions or discounts for OCBC cardholders.
- Plan your meals and grocery shopping in advance to ensure that you hit the minimum spend requirement.
Fuel Savings and Utilities
The OCBC 365 Credit Card also offers cashback on fuel savings and utilities. You can earn up to 23% fuel savings at Caltex and Esso petrol stations, and up to 3% cashback on your recurring utilities bills. Here are some tips to help you maximise your cashback rewards:
- Use your OCBC 365 Credit Card whenever you fill up your car at Caltex or Esso petrol stations.
- Sign up for recurring bill payment for your utilities bills to ensure that you earn cashback every month.
Online and Overseas Expenditure
If you frequently shop online or travel overseas, then you can also earn cashback rewards with your OCBC 365 Credit Card. You can earn up to 3% cashback on your online food delivery and online groceries, and up to 3% cashback on your overseas dining. Here are some tips to help you maximise your cashback rewards:
- Use your OCBC 365 Credit Card whenever you shop online or dine overseas.
- Look for online merchants that offer promotions or discounts for OCBC cardholders.
- Plan your overseas trips in advance to ensure that you hit the minimum spend requirement.
By following these strategies, you can maximise your cashback rewards and get the most out of your OCBC 365 Credit Card.
Additional Perks and Partnerships
As an OCBC 365 credit cardholder, you have access to a range of exclusive merchant offers and travel and leisure benefits. Here are some of the perks you can enjoy:
Exclusive Merchant Offers
The OCBC 365 credit card offers exclusive discounts and promotions with a range of merchants. For example, you can enjoy up to 20% off petrol at Caltex and Esso stations, as well as discounts on dining, shopping, and entertainment.
Moreover, you can get up to 50% off your insurance premiums when you purchase selected insurance plans with your OCBC 365 credit card. You can also earn OCBC$ or miles when you pay for your insurance premiums using your credit card.
Travel and Leisure Benefits
If you love to travel, the OCBC 365 credit card has you covered. You can enjoy up to 12% off your hotel bookings at over 200,000 hotels worldwide through Agoda. Additionally, you can get up to 10% off your car rentals with Avis, and enjoy exclusive access to Visa Luxury Hotels and Resorts.
The OCBC 365 credit card also offers a range of travel-related benefits, such as travel accident insurance of up to $500,000, and emergency medical evacuation and repatriation services. You can also earn OCBC$ or miles when you book your travel arrangements using your credit card.
In summary, the OCBC 365 credit card offers a range of additional perks and partnerships that can help you save money and enhance your travel experiences. Whether you’re looking for discounts on petrol, dining, or hotels, or you want to earn rewards on your insurance premiums and travel bookings, the OCBC 365 credit card has you covered.
Frequently Asked Questions
How can one get the annual fee for the OCBC 365 Credit Card waived?
You can have your annual fee waived automatically by spending at least $10,000 per year on your OCBC 365 Credit Card. Alternatively, you can also request for a fee waiver via OCBC Internet Banking or Mobile Banking app.
What exciting benefits come with the OCBC 365 Credit Card?
The OCBC 365 Credit Card offers a range of exciting benefits, including cashback on dining, online food delivery, petrol, groceries, public transport, and more. You can earn up to 6% cashback on your daily expenses and enjoy exclusive discounts at partner merchants.
Are there any tantalising promotions currently available for the OCBC 365 Credit Card?
Yes, there are! OCBC frequently offers promotions and discounts for its 365 Credit Card. Keep an eye out for exclusive deals on dining, shopping, travel, and more. You can find the latest promotions on the OCBC website or through the mobile app.
What’s the cashback rate for the OCBC 365 Credit Card and how does it work?
You can earn up to 6% cashback on your daily expenses with the OCBC 365 Credit Card. The cashback rate is broken down as follows: 5% cashback on dining and food delivery, 6% cashback on petrol, and 3% cashback on groceries, public transport, ride-hailing, pharmacy, streaming, and EV charging. To enjoy the cashback, simply use your OCBC 365 Credit Card to make your purchases.
Where can I find the terms and conditions for the OCBC 365 Credit Card?
You can find the terms and conditions for the OCBC 365 Credit Card on the OCBC website or through the mobile app. It’s important to read and understand the terms and conditions before applying for the card.
Is the OCBC 365 Credit Card truly a splendid choice for daily expenses?
Yes, the OCBC 365 Credit Card is a great choice for daily expenses. With generous cashback rates and exclusive discounts, you can save money while enjoying the things you love. Plus, the annual fee is waived for the first two years, making it an even more attractive option.