Last month, I wrote about the benefits of having the OCBC Frank Credit Card since it offers 6% rebates for most online purchases and at the same time, the S$500 minimum spending also triggers the 0.5% interest bonus on the OCBC 360 account. Starting 01 October 2015, this card will have a revised earning rate (across different categories) and the minimum spending required will change as well. In other words (and most definitely in gaming terms), this card's been nerfed! Here are some reasons to cancel your OCBC Frank Credit Card come next month and OCBC has conveniently put together a list of changes (old vs new) that I thought was pretty honourable but it is not going to change my decision to cancel this card:
1. Minimum Spend Excludes Online Transactions
Initially all you had to do was to spend S$500 eligible spend online and you will be able to receive a S$30 rebate (and trigger your OCBC 360 0.5% bonus interest rate). Assuming you have S$60,000 in your account, spending just S$500 on FRANK will trigger a grand total of S$55 (S$30 from FRANK + S$25 from OCBC 360) - 11% cashback is not bad at all! Come 01 October 2015 however, you will have to accumulate S$400 on offline retail spend before you can receive 6% on your online spend. Even though it is not particularly difficult to clock up S$400 on offline retail spend, other cards out there will definitely serve you better in your quest to become the next miles/cashback warrior.
2. FlashPay ATUs Exclusions
FlashPay ATUs (which you can use to take the public transport in Singapore) used to be awarded 6% cashback while qualifying for the S$500 minimum spending each month (up to S$100). However, FlashPay ATUs will now "enjoy" a 3% cash back reduction instead. Additionally, these FlashPay ATUs will not count towards the S$400 minimum spending each month required to trigger the 6% rebates.
3. Annual Fees and Rebate Caps
Sure, no one pays for annual fees anymore (with some exceptions to the super elite credit cards of course) so increasing the annual fee from S$32.10 to S$80 may not be a big deal (since most of us are able to get successful waiver anyway) but still not a cool move when you are clawing back on benefits. Cashback rebates also used to be capped at S$60 per month for online spend and no limit on the rest (at a pathetic 0.5%). With the new terms and conditions in place however, cashback rebates will be capped at S$60, period. This means that if you spend S$400 on your OCBC Frank Credit Card on the rather vague category of Cinemas, Bars, Clubs, KTVs and Selected Cafes on Weekends (Friday to Sunday) only, you will only receive 6% rebate on all online purchases up to S$666.67 each month only. Every other cent you spend online after this amount will give you a grand total of ZERO cents rebate.
So thanks but no thanks OCBC, I'm taking my business with this OCBC Frank Credit Card elsewhere.
While Singaporeans have been able to use an eligible Mastercard for train and bus rides since 20 March 2017, UOB has just announced that customers using the PRVI Mastercard can now earn 1.4 miles per S$1 on all eligible rides in the Account-Based Ticketing (ABT) pilot with Land Transport Authority (LTA) and TransitLink. Even though the UOB PRVI Mastercard gives out 3.5 UNI$ per S$5, transactions in the ABT are processed and charged after a total of S$15 is spent on transit fares or after the charges have been accumulated for up to 5 days - whichever is earlier.
The OCBC Titanium Rewards Card is one of the best credit cards to hold in Singapore - especially if you shop for electronics, clothing or simply use mobile payments (like Apple Pay) a lot. I have previously covered the card in detail where I have also compared it to the Citi Rewards Card which is a credit card for similar purposes. There is currently a targeted opportunity to earn up to 6 miles (15 OCBC$) per SGD on the OCBC Titanium Rewards Card. The word through the grapevine is that OCBC will be extending the 10X OCBC$ on Mobile Payments (supposed to end on 30 September 2017) and they have actually included a Lounge Key Benefit in recent months.
Everyone knows that the DBS Woman's World MasterCard is a credit card to get in Singapore and it does not matter whether you are male or female. While reconciling my DBS Points from last statement's spending on the DBS Woman's World MasterCard, I noticed that I did not get 10X points on some of my transactions - you can request for a breakdown of DBS Points from DBS by sending a message via the secured mailbox.
The OCBC Titanium Rewards Card is one of the best credit cards in Singapore for earning miles and if you wish to understand the dynamics of this credit card, make sure you check out my previous article on everything you need to know about the OCBC Titanium Rewards Card. It appears that OCBC has introduced the opportunity to earn up to 6 miles and 2 miles per dollar on all eligible transactions made on Electronics and Gadgets as well as Dining respectively for selected cardholders. At the moment of writing, only targeted cardholders who have received either an electronic direct mail (EDM) or SMS from OCBC Bank will be able to take advantage of this promotion.
There is a top spot within the OCBC Premier Banking space and that's the Premier Private Client (PPC) - one can 'easily' join this elite group by depositing or investing S$1 million (in fresh funds) and qualifying as an Accredited Investor. What caught my eyes last evening however was the introduction of a dedicated OCBC VOYAGE Card (which I have covered previously) for the PPCs and one of the additional benefits include unlimited airport limousine transfers.
ShopBack is celebrating the upcoming Rewards Day 9.9 (yes that's 09 September 2017!) with up to 39% epic cashback! There will also be exclusive voucher codes and giveaways that will happen on that day itself. For all of us interested in all things travel, you will also be able to enjoy an enhanced cashback rate for hotel and flight bookings made on this very special day - up to 11%!
ShopBack is currently offering 12% cashback on all eligible hotel bookings made on Expedia today - your stay has to be completed before 31 December 2017. Do take note that you will have to use the special Expedia Visa URL in order to take advantage of this 12% cashback promotion. Otherwise, you will be getting 11% instead which is still amazing value for hotels that you already are planning to stay in.
Sign-up for the American Express Singapore Airlines KrisFlyer Credit Card or the American Express Singapore Airlines KrisFlyer Ascend Credit Card via Mileslife between 01 September 2017 and 31 October 2017 to benefit from an additional 2,500 KrisFlyer miles upon first spend on the card. If you use these cards on the Mileslife app, you will earn 2x bonus KrisFlyer miles for everything you spend on the app during the promotional period.
Citibank discontinued the 20X Rewards promotion with Amazon (which equates to 8 miles per S$1) last month and have just introduced Zalora as the newest partner for the 20X Rewards promotion - this will run until 31 October 2017. While this is definitely great for people who shop on Zalora (though I am not sure who in this day and age), it is certainly not as impressive as the Amazon promotion that was running prior to this.
While most banks in Singapore allow you to convert your points (or equivalent currency) earned from credit card spend into Airline or Hotel points, Citibank has one of the most comprehensive list of points transfer partners - I have previously counted the total number of partners to be at 12 but they have apparently removed Delta Skymiles from the list. There are currently 11 airline points transfer partners for Citibank if you hold an eligible credit card in Singapore.