Credit Cards

OCBC Frank Card – MoneySmart Review 2018

ocbc frank card - moneysmart review 2018

Joanne Poh

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The OCBC Frank Card is a cashback card for all the things young millennials spend on – online shopping and entertainment. It’s also very chio. It’s the kind of credit card that makes you feel cool just slipping it into your wallet (if you are at the age where that’s still viable, that is).

Good looks aside, is this really a keeper? Here are the pros and cons of the OCBC Frank Card:

OCBC Frank Card

OCBC Frank Card


Card Benefits

    • 6% rebate on online shopping
    • 3% rebate on first 2 top-ups for NETS FlashPay ATU
    • 0.3% rebate on everything else
    • Up to 5% rebate for entertainment
    • Min. spend $400 (excluding Online and NETS FlashPay Auto Top-Up spend), capped at $60 for all rebates

    1. It gives you 6% cashback on online spend… but there’s a big catch

    One of the major selling points of the OCBC Frank Card is the high cash rebates for online spending, which includes flights, hotels, movie tickets, clothes and gadgets. Yup, that’s pretty much everything a twentysomething would be spending on. Sounds awesome, right?

    However, the major catch is that you need to spend at least $400 a month offline.

    The minimum spend excludes online purchases, NETS FlashPay Top-ups, EZ-Link top-ups and TransitLink-related transactions. So you can’t even put your public transport spending towards that amount.

    2. You can get 3% to 5% cashback on watching movies, drinking and clubbing

    So what are you gonna spend that $400 on? Luckily, entertainment spending is the other main cashback category for the OCBC Frank Card.

    This category includes cinemas as well as KTVs, bars and clubs. Considering how much alcohol costs in Singapore, hitting the minimum spend should be a cinch if you’re the drinking type.

    It’s a great one for going out on weekends as you get a respectable 5% cashback on entertainment from Fri to Sun. On weekdays (Mon to Thu) this drops to 3%.

    Note, though, that this is by no means the only card for cashback in this category. The UOB YOLO Card, for example, is offering as high as 12% cashback on weekend entertainment.

    3. It gives you 3% to 5% cashback at Starbucks

    That “entertainment” category also covers cafe chains, which includes everyone’s beloved Starbucks. (Which, if you drink every day, easily adds up to $200 a month… so you’re halfway to that $400 minimum spend.)

    Oh, and in case you’re into lesser coffee chains, you can also get cashback at The Coffee Bean & Tea Leaf, The Connoisseur Concerto (TCC), Dimbulah Coffee, Coffee Club and Costa Coffee.

     

    4. There’s a modest 3% rebate on transport costs

    Finally, an additional small perk of the OCBC Frank Card is 3% rebate on first 2 NETS FlashPay Auto Top-Ups per month. Since you can use NETS FlashPay for public transport and taxis (Comfort and SMRT), this isn’t bad.

    Unfortunately, this expenditure does NOT count towards the $400 offline spending requirement. There’s also a convenience fee of $0.25 which eats into your cashback as well as being plain annoying.

    Can you really meet the minimum spend though?

    The card is a solid one to use for online shopping and entertainment, if those are the main things you spend on. Don’t forget that online shopping also includes air tickets and hotel bookings, so you can get some cashback for your overseas trips, too.

    But considering this card is aimed clearly at first-jobbers and young Singaporeans, the minimum spend requirement (and its long list of exclusions) is really quite high. The ideal user of this card is someone who frequents cafe chains, watches a lot of movies and parties quite a bit.

    It’s worth it if you definitely spend $400 a month on those things. Otherwise, you’re better off with a credit card with a less restrictive minimum spend limit. Note that the total cashback cap is $60 as well.

    The more “boring” spending categories like groceries and petrol are conspicuously absent here, which is fine, because young millennials living with their parents don’t need to worry about such things just yet. However, if once you take on more responsibilities in life, you would probably want to switch to another card.

     

    Other credit cards millennials can consider

    There’s actually a whole bunch of other cards targeted at millennials whose spending mostly goes towards entertainment and online purchases, such as the following.

    UOB YOLO Card – The OCBC Frank’s strongest competitor is the UOB YOLO, which boasts an amazing 12% on Grab rides, dining and entertainment during the first 3 months of card membership. Thereafter, you get 8% on weekends and 3% on weekdays, which still beats the OCBC Frank Card. You also get 3% on online fashion and travel bookings. The minimum spending requirement is $600 but it includes online spending as well.

    CIMB Visa Signature – Get a crazy 10% cash rebate on dining out and nightlife, as well as online spending in foreign currencies. There’s a minimum spending requirement of $500 (which needs to include at least 8 transactions of $30 or more). This is good if you like wining and dining frequently, but don’t necessarily binge out or go berserk buying rounds for everyone at the bar.

    DBS Live Fresh Card – Get 5% cashback on online shopping and contactless payments so long as you can satisfy the $600 minimum spending requirement. However, the cashback is capped at $20 for online shopping and $20 for contactless payment, requiring you to do quite a bit of micromanaging. Ain’t nobody got time for that.

    If you’re primarily attracted to the nightlife benefits of the OCBC Frank, consider the CIMB Visa Signature and UOB YOLO cards as they might fit your needs better. Still, OCBC Frank might be a solid choice – it all depends on your spending habits.

     

    OCBC Frank Credit Card minimum income

    Singaporeans & PRs: $30,000

    Foreigners: $45,000

    OCBC Frank Credit Card annual fee

    $80 (free for first 2 years)

    Do you have the OCBC Frank Credit Card? Share your reviews 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.