Introduction
If you’re looking for a credit card that offers cashback on everyday spending, the OCBC 365 Credit Card might be the right choice for you. This credit card allows you to enjoy up to 22.92% fuel savings at Caltex, 5% cashback on dining and food delivery, and 3% cashback on groceries, public transport, ride-hailing, pharmacy, streaming, and EV charging. However, before you apply, it’s important to understand the interest rates and other fees and charges that come with the card.
Understanding OCBC 365 Credit Card Interest Rates
The interest rate is the amount you’ll be charged if you don’t pay your balance in full each month. The OCBC 365 Credit Card offers an interest rate of 25.92% per annum, which is relatively high compared to some other credit cards. However, if you pay your balance in full each month, you won’t have to worry about paying any interest. Additionally, the card offers a 0% interest instalment plan for up to 12 months on eligible purchases, which can be a great way to spread out the cost of big-ticket items.
Key Takeaways
- The OCBC 365 Credit Card offers cashback on everyday spending, including 5% cashback on dining and food delivery, and 3% cashback on groceries, public transport, ride-hailing, pharmacy, streaming, and EV charging.
- The interest rate for the OCBC 365 Credit Card is 25.92% per annum, which is relatively high compared to some other credit cards.
- If you pay your balance in full each month and take advantage of the card’s 0% interest instalment plan, you can avoid paying interest and make big purchases more manageable.
Understanding OCBC 365 Credit Card Interest Rates
If you’re considering applying for the OCBC 365 Credit Card, it’s important to understand the interest rates associated with this card. The interest rate is the amount you’ll be charged if you carry a balance on your card from month to month.
The current interest rate for the OCBC 365 Credit Card is 25.92% per annum. This rate is subject to change, so it’s important to check with OCBC for the most up-to-date information.
It’s worth noting that the interest rate for this card is higher than some other credit cards on the market. However, the OCBC 365 Credit Card offers a range of cashback rewards that can help offset the cost of interest charges.
If you’re worried about carrying a balance on your credit card, it’s important to make sure you’re paying off your balance in full each month to avoid interest charges altogether.
Here’s a breakdown of the interest rates for the OCBC 365 Credit Card:
| Interest Rate | Description |
|---|---|
| 25.92% | Standard interest rate |
| 30.92% | Interest rate if minimum payment is not made by due date |
| 32.96% | Interest rate if account is overlimit |
It’s important to note that interest charges can add up quickly if you’re carrying a balance on your credit card. If you’re unable to pay off your balance in full each month, it may be worth considering a lower interest rate credit card.
Overall, the OCBC 365 Credit Card can be a great option for those looking to earn cashback rewards on their everyday spending. Just make sure you’re aware of the interest rates associated with this card and are able to pay off your balance in full each month to avoid interest charges.
Eligibility and Application Guidelines
Eligibility Requirements
If you’re looking for a credit card that offers great cashback rewards, the OCBC 365 Credit Card may be the right choice for you. To be eligible for this card, you must be a Singaporean or a Singapore PR above 21 years old with an annual income of at least S$30,000. Foreigners above 21 years old with an annual income of at least S$45,000 can also apply for this card.
In addition to the income requirements, you will need to provide your NRIC or passport, and your MyInfo account to apply for the card. MyInfo is a digital service that allows you to manage your personal information and submit it to various government agencies and businesses. It will simplify and speed up the application process for you.
Application Process
The application process for the OCBC 365 Credit Card is straightforward and can be done online. To apply, you will need to provide your personal and contact information, income details, and employment information. You will also need to upload a copy of your NRIC or passport and your MyInfo account.
Once you’ve submitted your application, it will be processed within a few business days. If your application is approved, you will receive your credit card within 7 to 10 business days.
It’s important to note that the interest rate for the OCBC 365 Credit Card will be 27.78% instead of 26.88% per annum starting from 8 May 2023. If you don’t pay the minimum amount by the due date, a higher interest rate of 30.78% per annum will apply. So, make sure to pay your bills on time to avoid any additional charges.
Overall, the OCBC 365 Credit Card is a great option for those who want to earn cashback rewards on their everyday spending. With its easy application process and straightforward eligibility requirements, you can apply for this card with confidence.
Exclusive Cashback and Rewards
Are you looking for a credit card that offers great cashback and rewards? The OCBC 365 Credit Card might just be what you need. This card offers some of the best cashback rates and categories in Singapore, making it a popular choice among many.
Cashback Rates and Categories
The OCBC 365 Credit Card offers cashback on a wide range of categories, including dining, groceries, petrol, utilities, telco bills, and more. Here’s a breakdown of the cashback rates:
| Category | Cashback Rate |
|---|---|
| Dining (including online food delivery) | 5% |
| Groceries | 3% |
| Petrol (including Caltex fuel) | Up to 22.92% |
| Utilities and Telco Bills | 3% |
| Online Travel | 3% |
| Online Groceries | 3% |
| Recurring Utility Bills | 3% |
| Pharmacy | 3% |
| Streaming Services | 3% |
| Electric Vehicle Charging | 3% |
As you can see, the OCBC 365 Credit Card offers some of the highest cashback rates for dining, petrol, and groceries. With a maximum cashback cap of $80 per month, you can save up to $960 per year on your daily essentials.
Maximising Cashback Rewards
To maximise your cashback rewards, you need to meet the minimum spending requirement of $800 per month. This can be easily achieved by using your card for your daily expenses, such as dining, groceries, petrol, and utilities.
In addition, the OCBC 365 Credit Card offers exclusive promotions for new customers who apply via the OCBC website. For example, new customers can enjoy up to 22.92% fuel savings at Caltex (18% instant discount + 6% cashback on all fuel spend). This promotion is valid until 31 December 2024.
With the OCBC 365 Credit Card, you can enjoy great cashback and rewards on your daily spending. Whether you’re dining out, buying groceries, or filling up your petrol tank, this card has got you covered. Apply now and start saving today!
Fees and Charges to Consider
If you’re considering the OCBC 365 Credit Card, it’s essential to understand the fees and charges that come with it. This section will break down the different fees and charges you need to be aware of.
Annual Fees and Waivers
The OCBC 365 Credit Card has an annual fee of $196.20, including 9% GST. However, this fee is waived for the first two years. To qualify for the annual fee waiver for subsequent years, you must spend a minimum of $10,000 per year.
Transaction and Penalty Fees
The following are the transaction and penalty fees associated with the OCBC 365 Credit Card:
- Foreign Currency Transaction Fee: 2.8% of the transaction amount
- Late Payment Fee: $100
- Minimum Monthly Repayment: 3% of the outstanding balance or $50, whichever is higher
- Cash Advance Transaction Fee: 6% of the amount withdrawn or $15, whichever is higher
- Overlimit Fee: $40
It’s important to note that the OCBC 365 Credit Card doesn’t charge any fees for government services or fines. Additionally, you can link your card to your EZ-Link account for auto top-up, but there are no rewards for these transactions.
Overall, the OCBC 365 Credit Card has reasonable fees and charges, especially considering the rewards you can earn. However, it’s essential to be aware of these fees and charges to avoid any surprises and ensure you’re using the card responsibly.
Additional Benefits and Perks
As a cardholder of the OCBC 365 Credit Card, you can enjoy a range of additional benefits and perks that make this card a great choice for everyday use.
Travel and Dining Privileges
One of the best benefits of the OCBC 365 Credit Card is its travel and dining privileges. You can enjoy up to 20% off at over 1,000 restaurants in Singapore, as well as discounts on hotel bookings through Visa Luxury Hotels. Additionally, you can enjoy VIP privileges and discounts at participating resorts worldwide.
Lifestyle and Family Advantages
The OCBC 365 Credit Card offers a range of lifestyle and family advantages, including discounts on streaming services and land transport. You can enjoy 3% cashback on your Grab rides and taxi fares, as well as discounts on UOB 360 Account and concierge services. The card also provides insurance coverage for you and your family, giving you peace of mind while you travel.
Overall, the OCBC 365 Credit Card is an excellent choice for anyone looking for a credit card that offers a range of perks and benefits. With its generous cashback rewards and additional privileges, this card is sure to make your everyday spending more rewarding and enjoyable.
Comparison with Other Credit Cards
When comparing the OCBC 365 credit card with other credit cards, it is important to consider the benefits and drawbacks of each. The UOB One card, for example, offers higher cashback rates for specific categories, such as groceries and petrol, but requires a higher minimum spend of $500 per calendar month to qualify. On the other hand, the OCBC 365 card has a lower minimum spend requirement of $800 per calendar month, but offers lower cashback rates for these categories.
Another credit card to consider is the UOB EVOL card, which offers cashback on a wider range of categories, including dining, transport, and online shopping. However, it also has a higher minimum spend requirement of $1,600 per calendar month and a foreign currency transaction fee of 2.8%, compared to the OCBC 365 card’s fee of 2.2%.
When it comes to overseas spending, the OCBC 365 card offers a cashback rate of 3% for dining and groceries, including overseas spending, while the UOB One card offers a cashback rate of 5% for overseas spending, but only for a limited number of merchants. It is important to note that both cards have exclusions, such as tax payments and certain merchants.
For those who are Singapore citizens and working adults with a salary of at least $30,000 per annum, the OCBC 365 card is a solid choice. It also offers an annual fee waiver for the first two years and has relatively low eligibility requirements compared to other premium credit cards.
Overall, the OCBC 365 credit card is a great option for those who want to earn cashback on their daily spending without having to meet high minimum spend requirements or pay high annual fees. The application process is straightforward and the fees and charges are transparent, making it easy to understand the terms and conditions of the card.
Frequently Asked Questions
What exciting cashback benefits can I expect with the OCBC 365 Credit Card?
With the OCBC 365 Credit Card, you can enjoy cashback on a wide range of everyday expenses. You’ll receive 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.
How can I calculate the interest I’ll accrue with my OCBC 365 Credit Card?
To calculate the interest you’ll accrue with your OCBC 365 Credit Card, you can use the following formula:
Outstanding balance x Daily interest rate x Number of days in the billing cycle
The daily interest rate is calculated by dividing the Annual Interest Rate (AIR) by 365 days.
Are there any current promotions available for the OCBC 365 Credit Card?
Yes, there are currently promotions available for the OCBC 365 Credit Card. You can visit the OCBC website to find out more about the latest promotions and offers.
What’s the minimum spend required to enjoy the full benefits of the OCBC 365 Credit Card?
There is no minimum spend required to enjoy the full benefits of the OCBC 365 Credit Card. However, to receive the maximum cashback amount, you’ll need to spend a minimum of $800 per month.
Could you detail the Terms and Conditions that apply to the OCBC 365 Credit Card?
The Terms and Conditions that apply to the OCBC 365 Credit Card include a minimum income requirement of $30,000 per annum, an annual fee of $192.60, and an interest rate of 25.92% per annum. You can find out more about the Terms and Conditions by visiting the OCBC website.
How does the OCBC 365 Credit Card’s interest rate compare to the average in Singapore?
The OCBC 365 Credit Card’s interest rate is slightly higher than the average interest rate for credit cards in Singapore. However, the card’s cashback benefits can help offset the interest charges, making it a great choice for those who use their credit card frequently.