Credit Cards

OCBC 365 Credit Card – MoneySmart Review 2018

OCBC 365 Credit Card

Joanne Poh

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I’ve often found myself standing red-faced in line, fumbling through my wallet, desperately trying to remember which credit card was the one designated for grocery spending or whether I should switch to another card if I don’t manage to meet my minimum spending on this other one and… argh.

Sometimes, it’s such a relief to have all-round credit card that, like a trusty dog, you can go back to again and again, when none of your other cards seem to help.

The OCBC 365 Credit Card is a good all-rounder that gives you a decent cashback on a ton of things, from the usual dining and online shopping to recurring telco bills and groceries.

It also makes a great first card for entry-level cardholders who don’t spend enough each month to warrant the use of a million and one cards.

OCBC 365 Credit Card

OCBC 365 Credit Card


Card Benefits

  • 3% Cashback on Weekday and Overseas Dining, Grocery and Recurring Telecommunications bills, and all Online spend
  • 6% Cashback on Weekend Dining
  • Up to 23.8% Fuel Savings at selected petrol stations
  • Minimum spend of $600/month, $80 cap /month. For spend less than $600, a flat 0.3% cashback is awarded

 

Pros and Cons of the OCBC 365 Credit Card

Pros

Cons

Decent cashback rate in a wide range of categories, including 6% cashback on weekend dining, 3% cashback on weekday dining, overseas dining, online shopping, groceries and recurring telco bills.

Minimum monthly spending requirement of $600 to qualify for bonus cashback tiers. Monthly cashback cap of $80.

Up to 23.8% discount at Caltex and 18.3% at Esso with 5% cashback at other petrol stations

3% medical cashback for parents with OCBC Child Development Account

Base cashback rate of 0.3%

Entry-level minimum income requirement of $30,000.

Two year fee waiver.

$192.60 annual fee.

 

Why this is a great all-round card

As you can see, a great many of our daily expenses are covered by this card’s bonus cashback rates: dining, groceries, online shopping, and for those who drive, petrol.

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 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 $600 minimum monthly spending requirement may be prohibitive for some, but given the number of categories you can get cashback in, it is reasonable.

All in all, this is a pretty strong card to use on most things except offline retail shopping, Grab/Uber and entertainment (you only get qualify for the dining cashback if an establishment is listed as a restaurant and not a bar or pub). For those you’ll have to find another card.

 

Let’s check out the competition

The best cards for you really depend on your specific spending habits and whether you can meet the minimum monthly spending requirements. Here are some other 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 with no limits and no minimum spending. This is a better card than OCBC 365 if you’re having trouble meeting the latter’s minimum spending requirements, although the cashback isn’t as generous.
  • Maybank Platinum Visa Card – Get up to 3.33% cashback on everything you spend locally if you meet the minimum spending requirement of $300 for every month in a quarter. The card must be used once every three months to have the fees waived, which isn’t too onerous.
  • Citi Cash Back Card – Higher cashback on a slightly different range of categories. You get 8% cashback on groceries, dining, Grab rides and petrol up to a maximum of $100 a month. Unlike OCBC 365, you don’t get cashback on online shopping. The biggest drawback is the higher minimum monthly spending requirement of $888.
  • UOB One Card – Another good all-rounder which gives cash rebates on all spending, but the biggest drawback is that you need a PhD to understand their minimum spending requirements. Spend at least $500 or $1,000 a month + make at least 5 transactions in all three months in a quarter to get rebates of up to 3.33%. Yeah, it’s complicated. If you spend at least $2,000 every month in a quarter, the rebate amount increases to a cool 5%.

As you can see from the above comparison, the right card 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.

On the other hand, if even the $600 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.

 

OCBC 365 Credit Card income requirements

Singaporeans & PRs: $30,000 p.a.
Foreigners: $45,000 p.a.
 

OCBC 365 Credit Card annual fee

$192.60 (waived for two years)
 

What’s your favourite all-round credit card? Tell us in the comments!

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Joanne Poh

In my previous life, I was a property lawyer who spent most of my time struggling to get out of bed or stuck in peak hour traffic. These days, as a freelance commercial writer, I work in bed, on the beach, in parks and at cafes, all while being really frugal. I like helping other people save money so they can stop living lives they don't like.