Is the OCBC 365 credit card the most comprehensive cashback card?
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PUBLISHED ONApril 18, 2023 4:18 AM
When you have multiple cashback, air miles, and rewards credit cards, you might often 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 in case you haven’t met the minimum spending requirement on that one 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.
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.
2. OCBC 365 credit card minimum income, fees
The OCBC 365 credit card offers fees waiver for two 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 | $194.40 (waived for first two years) |
| Supplementary annual fee | $97.20(waived for first two years) |
| Interest free period | 23 days |
| Annual interest rate | 26.88 per cent |
| Late payment fee | $100 |
| Minimum monthly repayment | 3 per cent or $50, whichever is higher |
| Foreign currency transaction fee | 3.25 per cent |
| Cash advance transaction fee | 6 per cent or $15, whichever is higher |
| Overlimit fee | $40 |
| Minimum income | $30,000 (Singaporean) / $45,000 (non-Singaporean) |
| Card association | Visa |
| Wireless payment | Visa Contactless, Apple Pay, Samsung Pay, Google Pay |
3. OCBC 365 Credit Card Cashback Benefits
The OCBC 365 credit card comes with a minimum spend of $800 to receive 3-6 per cent cashback on various categories. Let’s have a look at the spending categories and cashback rates:
| Spending category | Cashback rate (with $800/month minimum spend) |
| Dining (including local dining, overseas dining, food delivery) | 6 per cent |
| Groceries (including local, overseas and online) | 3 per cent |
| Telco bills (e.g. Singtel, Starhub, M1) | 3 per cent |
| Recurring electricity bills (e.g. Sembcorp Power, Senoko Energy) | 3 per cent |
| Online travel bookings | 3 per cent |
| Public transport (including SimplyGo, Grab, ComfortDelGro, Go-jek, TADA) | 3 per cent |
| Petrol |
|
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 most credit cards usually exclude from cashback benefits. On top of that, what’s also really attractive about the OCBC 365 Credit Card is the 5 per cent cashback you get on petrol spend.
At Caltex and Esso, you get up to 22.1 per cent and 20.2 per cent fuel savings respectively. If you’re wondering how, here’s the breakdown for Caltex:
18 per cent instant discount + 6 per cent cashback on fuel spend after discount (equivalent to 4.92 per cent before discount) = 22.92 per cent fuel savings
At Esso, on the other hand:
16 per cent instant discount + 6 per cent cashback on fuel spend after discount (equivalent to 5.04 per cent before discount) = 21.04 per cent fuel savings
Given how high 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.
On the plus side, 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 per cent 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
- Contributions to charitable/religious organisations
This is a fairly lenient exclusions list; most other credit cards also exclude these kinds of payments.
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 online travel is also great for jet setter. 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 $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 OCBC 365 Credit Card is a pretty decent option for entry-level cardholders, in terms of its minimium income requirements. 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 classified as a restaurant according to its merchant category code (MCC), and not a bar or pub).
7. OCBC 365 credit card privileges
The OCBC 365 Credit Card gives you VIP privileges when you stay at participating Visa luxury hotels and resorts. This includes:
- Complimentary room upgrade to next highest room (subject to availability)
- Complimentary continental breakfast daily
- Late checkout, up to 3pm
- US$25 food & beverage credit per room per stay
The OCBC 365 credit card used to come with access to HealthPass by OCBC, but the app has since been discontinued. Sorry folks, you only get the hotel privileges above now.
The privileges of the OCBC 365 Credit Card might not be most extensive, so you aren’t going to be getting this card specially for its perks. However, they’re nice to have when you’re travelling.
8. OCBC 365 credit card sign-up promotion
The OCBC 365 Credit Card offers a high cashback (6%) on dining. So if you are thinking of applying for the OCBC 365 Credit Card, it’d be extra worth it if you spend a good amount of your money on food. This sign-up promotion will help you save even more money on top of 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 worth $99. This food rewards app 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 six months ago)
- Make five qualifying transactions within 30 days of your card approval
- Promotion ends Dec 31, 2023
Alternatives to the OCBC 365 Credit Card
Here are some other cashback cards that are good all-rounders:
American Express True Cashback Card — 3 per cent cashback in the first 6 months for up to $5,000, and thereafter 1.5 per cent 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.
Maybank Platinum Visa Card — Get up to 3.33 per cent 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 per month if you spend $300 a month, or $100 per quarter if you spend $1,000 every month in a quarter.
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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.
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 $2,000/$1,000/$500 per month (at least 5 transactions) for three consecutive months to get base rebates of 3.33 per cent.
Then, depending on your spending, you also get additional cashback at partners like Grab, Cold Storage, Shopee and SimplyGo, as well as enhanced cashback if you sign up from now till June 30, 2023. All in all, the maximum cashback you can get is 15 per cent. Yeah, it’s complicated, but read more here if you’d like to unearth the mysteries of the UOB One Card’s cashback mechanics.
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 Card.
But if 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.
This article was first published in MoneySmart.