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.