Yahoo Finance OCBC 365 Credit Card – MoneySmart Review 2022
When you have multiple cashback, air miles, rewards credit cards, it’s a common experience to find yourself red-faced in line, fumbling through your wallet, desperately trying to remember which card was designated for grocery shopping. At the back of your mind, you’re also wondering if you should switch to the other card incase you haven’t met the minimum spending requirement on there to secure your cashback…Argh.
Toggling between multiple credit cards can be stressful. That’s why comprehensive credit cards that earn cashback across multiple categories like the OCBC 365 Credit Card are appealing. But do the OCBC 365 Credit Card’s benefits live up to expectations? Let’s find out.
Contents
1. OCBC 365 Credit Card: Summary
The OCBC 365 Credit Card is really boring, which is precisely why it is such a great all-round cashback credit card for anyone and everyone who spends on “the usual stuff”. The bonus cash rebates cover all ground – you can earn 3% to 6% on dining, online travel, groceries, telco bills and even petrol.
Read on to find out more about the OCBC 365 Credit Card.
High Spend on Dining
OCBC 365 Credit Card
More Details
Key Features
6% cashback on everyday dining (including local, overseas and online food delivery)
3% cashback on grocery, land transport, online travel, recurring telco and electricity bills
0.3% cashback on everything else
Up to S$200,000 of complimentary travel personal accident insurance
2 years fee waiver for principal card (S$192.60), subsequent years waived with min. spend of S$10,000 p.a.
2. OCBC 365 Credit Card Minimum Income, Fees
The OCBC 365 Credit Card offers fees waiver for 2 years. That combined with a low minimum income requirement of $30,000 p.a. makes it an entry-level card suitable for most working adults. The following is everything you need to know about the card fees:
OCBC 365 Credit Card | |
Annual fee & waiver | $192.60 (waived for 2 years) |
Supplementary annual fee | $96.30 (waived for 2 years) |
Interest free period | 23 days |
Annual interest rate | 26.88% |
Late payment fee | $100 |
Minimum monthly repayment | 3% or $50, whichever is higher |
Foreign currency transaction fee | 2.80% |
Cash advance transaction fee | 6% or $15, whichever is higher |
Overlimit fee | N.A. |
Minimum income | $30,000 (Singaporean) / $45,000 (non-Singaporean) |
Card association | Visa |
Wireless payment | Visa payWave, Apple Pay, Samsung Pay, Google Pay |
3. OCBC 365 Credit Card Cashback Benefits
OCBC 365 credit card’s cashback categories are all encompassing. Let’s have a look at the spending categories and cashback rates:
Spending category | Cashback Rate |
Dining (including food delivery) | 6% |
Groceries (including online) | 3% |
Telco bills (Singtel, Starhub, M1) | 3% |
Recurring electricity bills (Sembcorp Power, Senoko Energy, etc.) | 3% |
Online travel bookings | 3% |
Public transport (including Grab, Ryde) | 3% |
Petrol | All petrol stations: 5% cashback Caltex: Up to 22.1% fuel savings Esso: Up to 20.2% fuel savings |
As you can see, a great many of the typical daily expenses are covered by this card’s bonus cashback rates: dining, groceries, utilities and transport. No matter what your lifestyle is like, you should be able to get a fair bit of cashback in one or more of the above categories.
The OCBC 365 Credit Card awards cashback even in categories like recurring utility bills and phone bills which is usually excluded for cashback benefits by most credit cards. On top of that, what’s also really attractive about the OCBC 365 Credit Card is the 5% cashback you get on petrol spend.
At Caltex and Esso, you get up to 22.1% and 20.2% fuel savings respectively. If you’re wondering how, here’s the breakdown for Caltex:
18% instant discount + 5% cashback on fuel spend after discount (equivalent to 4.1% before discount) = 22.1% fuel savings
At Esso, on the other hand:
16% instant discount + 5% cashback on fuel spend after discount (equivalent to 4.2% before discount) = 20.2% fuel savings
Given how high the petrol prices have soared, the instant fuel discounts and cashback will definitely save you quite some money.
But of course, these perks are not limitless. You wish. There’s an overall cashback cap of $80 per month that you can earn with the OCBC 365 Credit Card. Unlike the UOB EVOL Card or the DBS Live Fresh card, the OCBC 365 Credit Card does not have a cashback cap for each spend category.
4. OCBC 365 Credit Card Minimum Spend
To qualify for the cashback rates as listed in the table above, you have to hit the card’s minimum spend of $800 per month. Otherwise, you’ll earn a measly 0.3% cashback on all your qualifying spend.
Given that there are no cashback cap for individual spend categories, the only thing you have to think about is hitting the minimum spend. You’re essentially only required to do the bare minimum. In ordered to do so, you have to be mindful of the card exclusions which we will get into next.
5. OCBC 365 Credit Card Exclusions
The OCBC 365 hardly discriminates. You can get cashback on even your recurring utility and telco bills. Here are some of the key exclusions to keep in mind:
Hospital bills
Payments to educational institutions
Government services
Insurance payments
Shopee Pay
Cryptocurrencies payments
Tax payments
Fines
EZ-Link and Transit Link top up
It’s indeed a very lenient exclusions list.
6. Should I get the OCBC 365 Credit Card?
With bonus cashback for dining, groceries, telco bills and petrol, the OCBC 365 Credit Card is great for everyone and anyone who pays for their own stuff, really.
The card is only one of the few that offers accelerated cashback for telco spending, with a generous 3% cashback rate. If you are paying hefty telco bills or paying the phone bills of more than one person (eg. your spouse, kids or elderly parents), this is a very good card to get.
The $800 minimum monthly spending requirement may be prohibitive for some, but given the number of categories you can get cashback in, it’s reasonable. Plus, your Deliveroo lunches and RedMart shopping will count as dining and groceries too.
The online travel is also great for jet setters – you can book your flights, cruises, railways tickets and accommodation directly from the provider (e.g. airline or hotel) or through aggregators (e.g. Agoda, Expedia, etc) and they will all be eligible for 3% cash back.
The OCBC 365 Credit Card used to be a pretty decent option for entry-level cardholders. However, with a minimum spend of $800, fresh grads will have to think twice about whether they can realistically benefit from this card.
All in all, this is a pretty strong card to use on most things except retail shopping and entertainment (you only get qualify for the dining cashback if an establishment is listed as a restaurant and not a bar or pub).
6. OCBC 365 Credit Card Privileges
The OCBC 365 Credit Card is all about practicality. The OCBC 365 Credit Card give you access to the HealthPass by OCBC app. Some of the key benefits of the app include flat $14 video consultant charge with a GP when you apply the promo code (OCBC + First 8 digits of your OCBC 365 Credit Card).
That aside, you also get VIP privileges when you stay at participating luxury hotels and resorts. This includes:
Complimentary room upgrade
Complimentary continental breakfast
Late checkout
US$25 food & beverage credit
Complimentary access to hotel amenities
The privileges of the OCBC 365 Credit Card might not be most extensive but it offers you perks, particularly the healthcare benefits, that are definitely advantageous on the day-to-day.
7. OCBC 365 Credit Card Sign-up Promotion
The OCBC 365 Credit Card offers the highest cashback (6%) on dining. There’s a good chance if you apply for the OCBC 365 Credit Card, you spend a good amount of your money on food. The sign-up promotion will help you save even more money on top the cashback you’ll earn with the OCBC 365 Credit Card.
When you sign-up for the OCBC 365 Credit Card, you’ll receive a free year-long Burpple membership. This will give you access to 1-for-1 deals at over 600 restaurants, cafes, and bars. Here’s how:
You must be new to OCBC credit cards (or have cancelled yours more than 6 months ago)
Spend at least $500 in eligible transactions by the end of the next month of card approval
Promotion ends 31 December 2022
If you’re an existing OCBC member and apply for the OCBC 365 Credit Card, you can enjoy the same promotion if you spend at least $500 by the end of the next month of your card approval.
8. Alternatives to the OCBC 365 Credit Card
Here are some other cashback cards that are good all-rounders:
American Express True Cashback Card – 3% cashback in the first 6 months for up to $5,000, and thereafter 1.5% cashback on everything. The cashback isn’t as generous, but that’s because there are no limits to the cashback and no minimum spending requirement.
Unlimited Cashback
American Express True Cashback Card
More Details
Key Features
2.5% Cashback on foreign currency spend (1.5% + extra 1.0%).
Unlimited Cashback - No min spend & no cap
3% Cashback for the first 6 months up to S$5,000 spend, 1.5% Cashback on any purchase you make thereafter
Maybank Platinum Visa Card – Get up to 3.33% cashback on everything (local spend) when you spend at least $300 for every month in a quarter, or $1,000 every month in one specific quarter. The minimum spend requirement sounds low, but the cashback cap is proportionate – you can only get up to $30, or $100 per month respectively.
Online Promo
Maybank Platinum Visa Card
Online Promo:
Get Samsonite Harts 68/25 Spinner worth S$550 with Maybank Credit Cards and CreditAble^
Simply apply for a new Maybank Credit Card and CreditAble, and charge to your Credit Card and/or withdraw from your CreditAble Account a minimum of S$300 for each of the first two consecutive months upon approval. T&Cs apply.
Valid until 31 Aug 2022
More Details
Key Features
Up to 3.33% cash rebates on all local spend
0.3% cash rebates on overseas spend
S$3 off movie tickets at Shaw Theatres
3 years annual fee waived
Citi Cash Back Card – Higher cashback on a slightly different range of categories. You get 8% cashback on groceries, dining, Grab rides and petrol, but it’s capped at $25 per category. The biggest drawback is that you don’t get cashback on online shopping. The minimum spend of $800 is the same for both cards.
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Citi Cash Back Card
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Valid until 31 Aug 2022
More Details
Key Features
6% cashback on dining, 8% cashback on groceries, petrol and 0.25% cash back for other retail purchases
Cash back is capped at S$80/month with min. spend of S$800/month
Up to 20.88% savings at Esso and Shell, and 8% cash back at other petrol stations
For retail spend less than S$800, 0.25% cash back is awarded for all categories of spend, no cap on cash back earned
With Citi PayAll, you can earn and accumulate Citi Miles, Citi ThankYou PointsSM or Cash Back quickly when you pay your big-ticket bills such as rent, insurance premiums, education expenses, taxes, utilities and more
UOB One Card – Another good all-rounder which gives cash rebates on all spending, but be prepared to bust your brain reading their minimum spending requirements (and other terms and conditions). Spend $500 or $1,000 a month + make at least 5 transactions in all three months in a quarter to get rebates of 3.33%. Spend exactly $2,000 every month in a quarter and the rebate amount increases to up to 10%. Cash back is capped at $50, $100, or $200 per quarter. Yeah, it’s complicated.
UOB One Card
More Details
Key Features
Up to 10% rebate at Dairy Farm Group merchants (Cold Storage, Giant, 7-Eleven, Guardian and more)
Up to 10% rebate on Grab, SP utilities bills and UOB Travel spend
Up to 5% cash rebate on all retail spend for spend such as home furnishings, electronics & bill payment
Up to 24% savings on fuel purchases at SPC and 20.8% at Shell Stations
1 year annual fee waiver of S$192.60 (First year annual fee waiver)
As you can see from the above comparison, the “best cashback credit card” for you largely depends on how much you can spend every month.
Big spenders who can easily meet a higher minimum spending requirement can take advantage of the higher cashback rates offered by the Citi Cash Back Card or UOB One.
But if even the $800 minimum spending requirement of the OCBC 365 Credit Card is too high for you, opt for the American Express True Cashback Card or Maybank Platinum Visa Card instead.
What’s your favourite all-round credit card? Tell us in the comments!
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