Credit Cards

OCBC Frank Card – MoneySmart Review 2018

ocbc frank card - moneysmart review 2018

Eugenia Liew



The OCBC Frank Card is the top OCBC credit card for millennials who have their financial priorities in shambles. It’s for the cool kids who love spending on frivolous things that don’t really matter, like expensive Grab rides, excessive online shopping and of course, liver-killing club nights.

Aside from the relatively high bonus rebates on all entertainment and online spend (up to 6%), there are over 100 swanky OCBC Frank Card designs, so you can feel cool just whipping it out to pay for dinner.

Good looks aside, is the OCBC Frank credit card a keeper? We’re about to find out.


OCBC Frank Card terms & conditions

OCBC Frank Credit Card
Annual fee & waiver $80 (waived for 2 years)
Supplementary annual fee $40 (waived for 2 years)
Interest free period 23 days
Annual interest rate 25.92%
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, NETS FlashPay, Apple Pay, Samsung Pay, Google Pay


How the OCBC Frank Credit Card works

One of the major selling points of the OCBC Frank Card is the 6% cash rebate for online spend, which pretty much includes everything under the sun. After all, almost everything can be bought online now (groceries, clothes, etc). It even includes flights, hotel bookings and Grab rides.

The next bonus cashback category is for entertainment, which covers all the stuff people do to up their cool quotient. For movies, clubs, and selected cafes, you can earn either 5% (Friday to Sunday) or 3% (Monday to Thursday) cashback.

If “selected cafes” sounds like it has potential to be disappointing, you’ll be pleasantly surprised – it actually includes most popular coffee joints like Starbucks, The Coffee Bean & Tea Leaf, TCC and Coffee Club. (Yes! That’s a 50 cents off my Frap.)

In a nutshell, the OCBC Frank Card rewards you for everything 20-somethings spend on. Sounds awesome, right?

Here’s the real kicker – the total cashback is capped at $60 per month, and to earn it, you must spend at least $400 offline. “Offline” excludes NETS FlashPay top-ups, EZ-link top-ups and Transit Link transactions too, so topping-up your cards won’t count.

You will, however, earn 3% on your first 2 NETS FlashPay Auto Top-Ups (ATUs), which you can use for things like public transport rides, ERP, and EPS carpark payments. The ATUs are fixed at $50, and there is an annoying $0.25 transaction fee.

From now until 31 Dec 2018, OCBC is running a FRANK Credit Card campaign, which lowers the offline minimum spend criteria to $300 and gives a bonus 6% cashback for mobile payments (like ApplePay and SamsungPay). However, to qualify, you will need to register your interest via SMS and be among the first 15,000 cardholders to do so.

Sneaky, sneaky OCBC.

There’s no denying that the cash rebates are generous and higher than most credit cards in the market. Just don’t get carried away adding everything to cart; to qualify for your hard-earned cashback, you must actually swipe your card in the real world too.


Who should use the OCBC Frank Credit Card?

The OCBC Frank Card is a solid one to use if you fit the demographic of young, wild and free spenders. You can really squeeze quite a bit out of this card if you’re a party animal who frequently eats at cool cafes and shops for the latest fashion drops online.

Don’t forget that online shopping also includes air tickets and hotel bookings, so you can get decent cashback for your overseas trips, too. In short, it’s definitely worth it if you are confident that you can spend enough to actually earn the credit card cashback.

However, considering that the OCBC Frank Card is clearly aimed at first-jobbers and young Singaporeans, the $400 offline minimum spend seems quite high.

You may be better off with a credit card with a less restrictive minimum spend limit – most cashback credit cards don’t care whether your expenditure is on- or offline.

The more “boring” spending categories like groceries and petrol are conspicuously absent here, but if you’re considering this card, you probably don’t need to worry about such things as yet.


Alternatives to the OCBC Frank Card

There’s actually a whole bunch of other credit 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 impressive 8% on Grab rides, dining and entertainment on weekends and 3% on weekdays, which still beats the OCBC Frank Card (and most cards, really). There’s also a 3% on online shopping and travel, but for the first 3 months of card membership, you get that bumped up to an awesome 13%. The minimum spending requirement is $600 but it includes online spending, thankfully.

CIMB Visa Signature – Get a crazy 10% cash rebate on dining out and nightlife, as well as online spending in foreign currencies. The bad news is that the minimum spending requirements are as annoying as the OCBC Frank Card’s – you must spend minimum $500, with at least 8 transactions of $30 or more.

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 requires a bit of micromanaging – cashback is capped at $20 for online shopping, $20 for contactless payment and $20 for everything else. Ain’t nobody got time for that.

If you’re looking for a pretty card, the OCBC Frank Card is comparable to the DBS Live Fresh Card. However, if you’re more concerned about getting the most bang for your buck, the UOB YOLO Card may be a better card.

Still, the OCBC Frank card isn’t a bad choice per se – as with everything, it all boils down to your spending habits.


Ready to get the OCBC Frank card? Apply here:

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

    Do you have the OCBC Frank Credit Card? Share your reviews in the comments!


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    Eugenia Liew

    I’m a 90s millennial who’s starting to realise that #adulting is more expensive than it seems on Instagram. When I’m not writing for MoneySmart, I’m usually playing with drain-dwelling stray cats or shopping at Sephora.