Credit card competition has already been fierce in Singapore. You hardly get your credit card annual fee “waived” every year in other parts of the world. Moreover, it is no longer easy for Krisflyer miles or other form of points to create some excitements among consumers. Singaporeans are spoiled with choices.
OCBC’s survey found that “the cashback or rebate card commands 50% of the credit card market share and is the main card for most cardholders.”
Being a late comer of credit card with rebates, OCBC’s 365 Credit Card may just create some Buzz. OCBC claims that the card offers up to $960 a year in rebates. Customers with the new OCBC 365 credit card stand to get cashback rewards ranging from 0.3% to 6% based on the type of spending.
It is surprising that weekend dining gets cardholders as high as 6% cashback, while weekday dining earns them 3%. Below is the summary of all types of rebates.
Consumer should note
- Dining cashback is applicable to all restaurants, cafes, fast food outlets and caterers with the exclusion of F&B outlets located within hotels.
- Fuel savings of 18.3% at Caltex comprises of (i) 14% upfront discount which includes station onsite discount, petrol station loyalty programme discount and OCBC 365 Credit Card discount and (ii) 5% cashback on the nett petrol amount charged to OCBC 365 Credit Card.
Here is the catch, you must spend a minimum of S$600 in a calendar month. If you spend less than S$600, a flat 0.3% cashback is awarded. Cashback amount is capped at S$80 per calendar month.
Nevertheless, I think $600 minimum spending is still a reasonable amount for most household. And not to forget mentioning, first 2 years annual fee is waived, of course 🙂