The OCBC Rewards Credit Card is a rewards card built for shoppers. Until 30 Jun 2026, cardholders earn an upsized 15 OCBC$ (the equivalent of 6 air miles) for every $1 spent at Watsons and on selected online shopping platforms—Lazada, Shopee, Taobao, and TikTok Shop. That's a meaningful bump from the card's usual 10 OCBC$ (4 air miles) rate on those merchants.
What makes this card interesting isn't just the headline rate. The OCBC Rewards Card has a habit of running these kinds of upsized campaigns and refreshing the featured merchants—so while we can't promise the 15 OCBC$ rate will stick around past 30 Jun 2026, there's a fair chance OCBC will roll out something comparable when this round ends. Keep an eye on the bank's promotions if you're considering this card for the long haul.
The other big draw is flexibility. OCBC$ can be redeemed as cash rebates to offset your bill, converted into KrisFlyer miles or hotel loyalty points, or exchanged for vouchers, products, and experiences. So even if you're undecided on what kind of rewards you want, the points still pull their weight.
In this review, we'll break down how the card earns, where the caps kick in, what your OCBC$ are really worth, and whether this card deserves a spot in your wallet.
[ms-toc title="OCBC Rewards Credit Card—MoneySmart Review (2026)"]
OCBC Rewards Credit Card review—Is it MoneySmart? | ||||
 Image: OCBC | ||||
Pros—What we like | Cons—What we don’t like | |||
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Key facts at a glance | ||||
Category | Our rating | The deets | ||
Earn rates: Rewards points | ★★★☆☆ |
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Earn categories | ★★★☆☆ | Online shopping at named platforms, Watsons, selected online and in-store retail categories such as electronics, appliances, furniture, and baby/kids | ||
Annual fees and charges | ★★★★☆ | $196.20 principal fee, $98.10 supplementary fee. First 2 years waived for both. | ||
Accessibility | ★★★☆☆ |
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Extras/periphery rewards | ★☆☆☆☆ |
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Sign-up bonus | ★★★☆☆ | $250 cash or 3,900 SmartPoints (enough to redeem an Apple AirPods Pro 3 worth $349) when you apply and charge a minimum of $400 within 30 days. Valid 1–31 May 2026. T&Cs apply. View the latest OCBC Rewards Credit Card promo. | ||
See our credit card ranking rubricat the end of the article to find out how we rank credit cards.
1. OCBC Rewards Credit Card: Summary
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- for every S$1 spent at Watsons and certain online shopping platforms
- Earn 15 OCBC$ (equivalent to 6 air miles)
- on All Other Spend
- S$1 = 1 OCBC$
- Rewards to Miles Conversion
- 10 OCBC$ = 4 Miles
Get $250 Cash or 3,900 SmartPoints (enough to redeem an Apple AirPods Pro 3 worth S$349) when you apply and spend a min. of S$400 within 30 days! T&Cs apply.
The OCBC Rewards Credit Card is a rewards credit card that earns OCBC$—the bank's in-house rewards currency—on your everyday spending. The card is positioned squarely at online shoppers and retail spenders, with the strongest earn rates locked to a short list of merchants and categories rather than spread thinly across everything.
Until 30 Jun 2026, you'll earn 15 OCBC$ per $1 (equivalent to 6 air miles) at Watsons and on the major online shopping platforms—Lazada, Shopee, Taobao, and TikTok Shop. Outside this campaign, the usual rate at these merchants is 10 OCBC$ per $1 (4 air miles).
Across selected online and in-store retail categories—think electronics, appliances, furniture, baby and kids—you'll earn 10 OCBC$ per $1 (4 air miles). Everything else earns the base rate of 1 OCBC$ per $1 (0.4 air miles).
The bonus OCBC$ are capped at 10,000 per month (or 15,000 during the current campaign), and OCBC$ are credited in blocks of $5 per transaction, so smaller purchases under $5 won't earn any points at all. With a $196.20 annual fee (first 2 years waived) and a minimum income of $30,000 for Singaporeans/PRs, the card sits in the "accessible specialist" bracket—it's not a daily driver, but it's a strong supplementary card for shoppers and households making big-ticket purchases.
2. How the OCBC Rewards Credit Card works
The OCBC Rewards Credit Card earns you OCBC$—reward points that you can later redeem for cash rebates, air miles, vouchers, hotel loyalty points, products, or experiences. Think of OCBC$ as your in-card currency: spend on the card, earn OCBC$, and exchange them for whatever's most useful to you.
There are 2 tiers of earn rates: a base rate that applies to all eligible spend, and a bonus rate that applies to selected categories and merchants.
Base OCBC$
Every $1 you spend earns 1 OCBC$. This is your default earn rate and has no cap.
Bonus OCBC$
On selected categories, you earn an additional 9 OCBC$ per $1 spent—bringing your total to 10 OCBC$ (or 4 air miles). On named merchants during a promotional campaign (currently Watsons, Lazada, Shopee, Taobao, TikTok Shop), the bonus can rise to 15 OCBC$ per $1 (6 air miles).
Bonus OCBC$ are capped at 10,000 per month (15,000 during the current campaign period). Once you hit the cap, additional spending earns only the base 1 OCBC$ per $1.
The $5 block rule
A small but important detail: OCBC$ are awarded in blocks of $5 per transaction. That means if you spend $4.80 at a merchant, you earn 0 OCBC$. If you spend $9.50, you earn OCBC$ on $5 (rounded down). For small everyday purchases like a kopi or bus fare, this card won't earn you anything. Plan to use the OCBC Rewards Card for larger, less frequent purchases, where the block rule has minimal impact.
3. OCBC Rewards Credit Card: Earn rates and categories
Here's the full breakdown of where you earn what:
Category | Earn rate | Air miles equivalent | Cap |
|---|---|---|---|
Watsons, Lazada, Shopee, Taobao, TikTok Shop (until 30 Jun 2026) | 15 OCBC$ per $1 | 6 mpd | 15,000 bonus OCBC$/month |
Selected online and in-store retail categories | 10 OCBC$ per $1 | 4 mpd | 10,000 bonus OCBC$/month |
All other eligible spend | 1 OCBC$ per $1 | 0.4 mpd | No cap |
1) 15 OCBC$ per $1 at Watsons and on selected online shopping platforms (until 30 Jun 2026)
This is the card's headline rate—and the reason most cardholders are eyeing the OCBC Rewards Card right now. From now until 30 Jun 2026, every $1 you spend at the following merchants earns 15 OCBC$, which converts to 6 air miles per dollar (mpd):
- Watsons (in-store and online)
- Lazada
- Shopee
- Taobao
- TikTok Shop
For context, 6 mpd is one of the highest miles-earning rates available on a Singapore credit card. It comfortably outpaces most "general" miles cards (which typically earn 1.2-1.5 mpd locally and 2 mpd overseas), and it goes head-to-head with the upsized rates on cards like the Citi PremierMiles Card (up to 7 mpd on Agoda).
Important caveat: This is a campaign rate, not a permanent feature. After 30 Jun 2026, the rate at these merchants reverts to the usual 10 OCBC$ per $1 (4 mpd) unless OCBC extends or relaunches the promotion. The card has a track record of running these kinds of buffs and refreshing the featured merchants, so it's worth checking the OCBC Rewards Credit Card page periodically for new campaigns.
2) 10 OCBC$ per $1 on selected online and retail categories
This is the card's permanent bonus rate, and it applies across thousands of selected online and in-store merchants in Singapore and abroad. The qualifying categories include:
- Online shopping
- Electronics
- Appliances and furniture
- Baby and kids products
- General department store and retail purchases
Whether your spend qualifies depends on the merchant's MCC (merchant category code). As a rule of thumb, large retailers, department stores, electronics chains, and homeware stores will usually code correctly—but it's worth checking your statements to confirm. ShopeePay (MCC 5262), for example, is excluded.
3) 1 OCBC$ per $1 on everything else
All other eligible spend—dining, groceries (at most merchants), petrol, transport, bills—earns the base rate of 1 OCBC$ per $1, or 0.4 air miles per dollar. This is on the lower end for everyday spend, so the OCBC Rewards Card is unlikely to be your main daily-driver card. It earns its keep on bonus-category spend.
4. OCBC Rewards Credit Card: Bonus cap and how much you can really earn
The bonus OCBC$ cap is where the math gets interesting. Let's work through it.
Usual cap: 10,000 bonus OCBC$/month
Outside campaign periods, you can earn a maximum of 10,000 bonus OCBC$ per month, or 120,000 a year. At the standard 10 OCBC$ per $1 rate (9 bonus OCBC$ plus 1 base OCBC$), that means you max out the bonus tier with about $1,111 of bonus-category spend per month.
Bonus rate | Bonus OCBC$/month cap | Spend needed to hit cap |
|---|---|---|
10 OCBC$ per $1 (4 mpd) | 10,000 | $1,111 |
Once you exceed $1,111 of bonus-category spend in a month, any additional spend earns only the base 1 OCBC$ per $1 (0.4 mpd)—so heavy spenders may want to switch to another card after they cap out.
During the current campaign: 15,000 bonus OCBC$/month
For spend that qualifies for the 15 OCBC$ rate (Watsons and the 4 online platforms), you can earn an extra 5,000 bonus OCBC$ per month on top of the usual 10,000, bringing the total to 15,000 bonus OCBC$ per month or 180,000 per year during the campaign window.
Bonus rate | Bonus OCBC$/month cap | Spend needed to hit cap |
|---|---|---|
15 OCBC$ per $1 (6 mpd) | 15,000 (during campaign) | $1,071 |
In practice, that means roughly $1,000-$1,100 of spend at Watsons and the listed online platforms each month is the sweet spot during the campaign. Above that, you're back to base earn for the excess.
A worked example
Say you charge the following to the card in a single month during the campaign:
Spend | Amount | Earn rate | OCBC$ earned |
|---|---|---|---|
Shopee (campaign-eligible) | $500 | 15 OCBC$ per $1 | 7,500 |
Lazada (campaign-eligible) | $400 | 15 OCBC$ per $1 | 6,000 |
IKEA (eligible retail category) | $300 | 10 OCBC$ per $1 | 3,000 |
Everything else (non-bonus) | $500 | 1 OCBC$ per $1 | 500 |
Total | $1,700 | – | 17,000 |
You'd earn 17,000 OCBC$ in this month, of which 15,500 are bonus OCBC$ (within the 15,000 cap on the 15x and the 10,000 cap on the 10x). At 2.5 OCBC$ per KrisFlyer mile (we'll explain the conversion in the next section), that's 6,800 KrisFlyer miles in a single month—a strong haul.
5. OCBC Rewards Credit Card: How to redeem your OCBC$
One of the OCBC Rewards Credit Card's strongest selling points is redemption flexibility. You're not locked into one type of reward—you can mix and match based on what you need.
All redemptions are done via the OCBC app. Here are the main options.
Cash rebates
Exchange 3,600 OCBC$ for a $10 cash rebate that offsets your card balance.
In effective rate terms, that works out to 1 OCBC$ being worth about $0.0028. On the 10 OCBC$ per $1 (4 mpd) tier, that's an effective cashback rate of around 2.8%. On the 15 OCBC$ per $1 (6 mpd) campaign tier, it's about 4.2%. Decent, but not the best use of your OCBC$—you'll typically get more value redeeming for miles.
Air miles (KrisFlyer and other airline partners)
Convert 25,000 OCBC$ to 10,000 KrisFlyer Miles—a conversion rate of 2.5 OCBC$ per mile. This means:
- 10 OCBC$ per $1 spent = 4 KrisFlyer miles per dollar
- 15 OCBC$ per $1 spent = 6 KrisFlyer miles per dollar
- 1 OCBC$ per $1 spent = 0.4 KrisFlyer miles per dollar
You can also convert OCBC$ into other airline and hotel loyalty programmes via the OCBC app.
Vouchers and products
Use OCBC$ to redeem vouchers from popular retailers, lifestyle products, or experiences directly from the OCBC rewards catalogue.
What about the $5 block rule for redemption?
A reminder that OCBC$ are awarded in blocks of $5 per transaction. If you make several small transactions, you'll lose out on points that would have been earned if you'd consolidated those purchases. Use this card for medium-to-large transactions rather than small everyday spends to maximise your earn.
6. OCBC Rewards Credit Card: Fees and charges
Most of the OCBC Rewards Credit Card's fees and charges are in line with the market. There's one perk worth highlighting: the first 2 years of annual fees are waived for both the principal and supplementary cards.
First 2 years annual fee waiver
For new cardholders, the principal card's $196.20 annual fee and the supplementary card's $98.10 annual fee are waived for the first 2 years. After that, you'll need to either pay the fee or call the bank to negotiate a credit card fee waiver—standard practice for most credit cards in Singapore.
ALSO READ: Which Credit Cards Have No Annual Fee in Singapore?
27.78% interest rate
The card's annual interest rate of 27.78% is on the higher end. If you don't pay off your statement balance in full, interest charges will quickly eat into any rewards you've earned. Treat this card as a rewards-maximisation tool, not a credit facility.
OCBC Rewards Credit Card | |
|---|---|
Annual principal fee | $196.20 (first 2 years waived) |
Supplementary annual fee | $98.10 (first 2 years waived) |
Interest-free period | 23 days |
Annual interest rate | 27.78% |
Late payment fee | $100 |
Minimum monthly repayment | 3% or $50, whichever is higher |
Foreign currency transaction fee | 3.25% |
Cash advance transaction fee | 6% or $15, whichever is higher |
Overlimit fee | $40 |
Card association | Mastercard |
Contactless payment | Apple Pay, Samsung Pay, Google Pay, Mastercard Contactless |
7. OCBC Rewards Credit Card: Eligibility
The OCBC Rewards Credit Card is fairly accessible compared with premium rewards cards. Here's who can apply:
Minimum age: 21 years old
Singaporeans and Singapore PRs:
- Aged 21-54: minimum annual income of $30,000
- Aged 55 and above: minimum annual income of $15,000
Foreigners:
- Minimum annual income of $45,000
The income requirements are standard for an entry-level rewards card in Singapore, and the lower threshold for cardholders aged 55+ makes the card a viable option for retirees or older cardholders looking to earn on online shopping.
8. Is the OCBC Rewards Credit Card worth it?
The OCBC Rewards Card is a specialist card, not an all-rounder. It earns its keep on a narrow but useful slice of spending—online shopping, big-ticket retail purchases, and Watsons runs. If your spending lines up with those categories, the card delivers strong miles-earning at a competitive rate.
Pros of the OCBC Rewards Credit Card:
- Up to 6 air miles per $1 (15 OCBC$) at Watsons, Lazada, Shopee, Taobao, and TikTok Shop until 30 Jun 2026—one of the highest rates on the market.
- 4 air miles per $1 (10 OCBC$) on a permanent basis for selected online and retail categories—still competitive.
- Flexible redemption: cash rebates, KrisFlyer miles, hotel loyalty points, vouchers, products, and experiences.
- First 2 years annual fee waiver for both principal and supplementary cards.
- Complimentary e-commerce protection for online purchases.
- Accessible eligibility: $30,000 minimum income for Singaporeans/PRs aged 21-54, and $15,000 for those 55 and above.
Cons of the OCBC Rewards Credit Card:
- Top earn rate is a campaign rate, valid until 30 Jun 2026. The permanent ceiling is 4 mpd.
- Bonus OCBC$ capped at 10,000 per month (15,000 during the campaign)—heavy spenders will cap out around $1,000-$1,100 of bonus-category spend.
- OCBC$ awarded in blocks of $5 per transaction, so small purchases under $5 earn nothing.
- Narrow bonus categories compared with cards like HSBC Revolution, which includes dining, ride-hailing, and travel.
- 27.78% interest rate—steep if you carry a balance.
Checklist: Is the OCBC Rewards Credit Card for you?
Ask yourself:
- Do I shop frequently on Lazada, Shopee, Taobao, or TikTok Shop?
- Am I a regular at Watsons?
- Am I making larger one-off purchases—like furniture, appliances, or baby and kids gear—where the $5 block rule won't sting?
- Do I want flexible redemption options rather than being locked into one type of reward?
- Am I comfortable using this card as a supplementary card rather than my main daily driver?
- Will I pay off my balance in full each month to avoid the 27.78% interest charge?
If you answered "yes" to most of these, the OCBC Rewards Credit Card is a strong fit—especially during the current 6 mpd campaign window.
9. OCBC Rewards Credit Card promotion
- for every S$1 spent at Watsons and certain online shopping platforms
- Earn 15 OCBC$ (equivalent to 6 air miles)
- on All Other Spend
- S$1 = 1 OCBC$
- Rewards to Miles Conversion
- 10 OCBC$ = 4 Miles
Get $250 Cash or 3,900 SmartPoints (enough to redeem an Apple AirPods Pro 3 worth S$349) when you apply and spend a min. of S$400 within 30 days! T&Cs apply.
From now to 31 May 2026, apply for the OCBC Rewards Credit Card via MoneySmart and get $250 cash or 3,900 SmartPoints (enough to redeem an Apple AirPods Pro 3 worth $349) when you charge a minimum of $400 within 30 days of your application being approved.
This MoneySmart Exclusive is for new-to-card customers only and applications must be made through MoneySmart to qualify. T&Cs apply.
Don't forget to check out all our ongoing credit card promotions for more welcome gifts.
10. Alternatives to the OCBC Rewards Credit Card
The OCBC Rewards Credit Card is strong in its niche, but it's not the only rewards card in town. Here are 3 alternatives worth weighing.
Best for broader online and contactless rewards: Citibank Rewards Card
- on Online Grocery, Food Delivery, Ride-Hailing
- S$1= 10X Points
- for in-store shopping purchases at Department Store, Clothing Stores
- S$1= 10X Points
- for all other purchases
- S$1= 1X Point
Apply and spend S$500 within 30 days to choose your reward: S$380 Cash Reward or 6,140 SmartPoints (worth up to S$499 of Gifts).
PLUS, stand a chance to win a dream S$15,000 getaway holiday in our exclusive lucky draw! T&Cs apply
The Citi Rewards Card is the most direct comparator. It earns 10X ThankYou Points (4 air miles per $1) on:
- Online shopping, including online groceries, food delivery, and ride-hailing
- In-store shopping at department stores and clothing stores
The Citi Rewards Card's bonus categories are broader than the OCBC Rewards Card's, particularly for online groceries (Shopee, Lazada and similar) and ride-hailing (Grab, Gojek). It also has no minimum spend requirement and a higher monthly bonus cap. If you want a rewards card with a slightly wider net for everyday online and shopping spend, the Citi Rewards Card is the safer pick.
Best for online, contactless, and travel: HSBC Revolution Credit Card
- on Contactless & Online Spending for cardholders who maintain at least S$50,000 average daily balance in your HSBC EGA SGD Account
- S$1 = 20X Points (8 miles)
- on Contactless & Online Spending for all other cardholders
- S$1 = 10X Points (4 miles)
- on All Other Spend
- S$1 = 1X Point
Get S$420 UPSIZED Cash or 6,140 SmartPoints (worth up to S$499 of Gifts) when you spend S$500 from Card Account Opening Date to end of the following calendar month!
PLUS, win a S$15,000 Dream Holiday to your preferred destination! T&Cs apply.
The HSBC Revolution Credit Card earns 10X Rewards Points (4 mpd) on online and contactless spend across an even wider range of categories—shopping, dining, ride-hailing, memberships, and travel. Cardholders who maintain at least $50,000 in an HSBC Everyday Global Account can earn an upsized 20X Rewards Points (8 mpd).
The biggest draw of the HSBC Revolution Card is its $0 annual fee for life and no minimum spend. If you want a more flexible everyday rewards card—especially one that also rewards your tap-to-pay and travel bookings—the HSBC Revolution Card is the better pick. The OCBC Rewards Card, on the other hand, is more focused on online retail and Watsons spend.
Best for pure miles-chasing: OCBC 90°N Card
- on Agoda accommodations worldwide
- S$1 = Up to 7 Miles
- on Foreign Currency spend
- S$1 = 2.1 Miles
- on Local spend
- S$1 = 1.3 Miles
Get $250 Cash or 3,900 SmartPoints (enough to redeem an Apple AirPods Pro 3 worth S$349) when you apply and spend a min. of S$400 within 30 days! T&Cs apply.
If you're more interested in pure air miles than the flexibility of rewards points, the OCBC 90°N Card is OCBC's dedicated miles card. It earns 1.3 mpd on local spend and 2.1 mpd on overseas spend, with no minimum spend and no caps.
The earn rates are lower than what you'd get on the OCBC Rewards Card's bonus tiers, but the breadth of qualifying spend is far wider—every dollar counts. The OCBC 90°N is the better pick if you're chasing miles on everyday spend (groceries, dining, transport) where the OCBC Rewards Card only earns the base 0.4 mpd.
P.S. Here's our MoneySmart credit card ranking rubric
In case you’re wondering, here’s how we decide on our credit card rankings.
Is that credit card MoneySmart? Our MoneySmart credit card ranking rubric | |
Category | Our rating |
Overall | The average rating for the credit card on the whole, calculated from the ratings for the individual categories below. Plus, we’ll give you a one-liner on who we think the credit card is best suited for. |
Earn rates: Air miles / Cashback / Rewards points | Air miles ✈️✈️✈️✈️✈️ / Cashback / Rewards points . This category looks at the depth rather than breadth of earn rates.
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Earn categories | This category looks at the breadth rather than depth of your earnings.
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Annual fees and charges |
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Accessibility | Minimum income requirements:
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Extras/periphery rewards | These include:
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Sign-up bonus |
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Check out our ultimate list of credit card reviews for the low-down on credit cards in Singapore.
This article was first drafted with the help of AI and later reviewed and refined by the author.
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