OCBC revises the OCBC 365 Credit Card - Good Improvements but Higher Minimum Spend per Month

While I have never been an advocate for a cashback card, it does make sense for some consumers (especially when you have no interest in using miles for Business Class and First Class travel) - using your miles for an Economy class ticket is just heart-wrenching and honestly, you maybe better off with a cashback card. The OCBC 365 Credit Card has always been a strong contender and it brings about some new revisions this month. On the whole, it looks like it has gotten better but there are some caveats that you should take note of.

Click HERE to find out more about the OCBC 365 Credit Card!

Photo Credit: OCBC Bank

Photo Credit: OCBC Bank

POSTIVES

6% Cashback on Dining (Locally, Overseas and Online) 

Prior to today, the OCBC 365 Credit Card was only offering 6% cashback on weekend dining in Singapore - dining overseas or during the weekdays locally used to only earn 3% cashback. With the new revisions, the OCBC 365 Credit Card is quite possibly the best cashback card in Singapore for dining. Additionally the 6% cashback will also apply to online food delivery like GrabFood and Deliveroo. 

3% Cashback on Groceries now cover Overseas and Online Grocers

Previously, the 3% cashback on groceries only covered local supermarkets but this benefit has been extended to supermarkets overseas (because who doesn't love to roam around a supermarket when you are traveling?!) as well as online grocers like RedMart. Once again, a positive change to the card since it includes more businesses under the 3% cashback umbrella. 

3% Cashback on Bills now include recurring Electricity Bills

The OCBC 365 Credit Card now includes recurring electricity bills - you will earn 3% cashback on these in addition to recurring telco bills (e.g. Singtel, M1 and StarHub). 

Photo Credit:  Nick Youngson

Photo Credit: Nick Youngson

NEGATIVES

3% Cashback on Online Shopping shrinks to just Online Travel and Transport

Here's a negative change on the OCBC 365 Credit Card - you used to be able to get 3% cashback on all eligible online shopping spend (travel, fashion and movie tickets just to name a few) but now online shopping is no longer listed. You will however continue to earn 3% cashback on online travel as well as transport in the following categories:

  • Local and overseas private hire rides (e.g. Grab and Ryde)
  • Local and overseas taxi

Removal of 3% Cashback on Medical Spend for Child Development Account Trustees

This negative change will probably not affect most cardholders but the 3% cashback on medical spend for Child Development Account Trustees has now been removed following the revision.

Minimum Spend increases to S$800

The biggest change that will probably upset current cardholders is the minimum spend change that is required each calendar month to trigger the bonus cashback amounts - failing to hit this amount will only trigger a 0.3% cashback rate for that month. OCBC has increased this minimum spend amount from S$600 to S$800 but the cashback amount is still capped at S$80 per calendar month.

Bonus Cashback Minimum Spend Cashback Amount Maximum Spend Maximum Cashback
3% $800.00 $24.00 $2,666.67 $80.00
5% $40.00 $1,600.00
6% $48.00 $1,333.33

The best way to use the OCBC 365 Credit Card is to use it on spend that will award you with bonus cashback - using this as a pure dining card will give you a flat 6% cashback so long the minimum spend of S$800 is met each month. In order to benefit from the full S$80 cashback each month, you can charge up to S$1,333.33 worth of dining spend on the card each month.

CONCLUSION

As you would expect with the improved cashback benefits, the biggest caveat is the increase of minimum spend on the OCBC 365 credit card. As I have mentioned previously, cashback cards may not be for me personally but if most of your monthly expenses come from just dining out and you do not even have a silver of interest in the miles game, the OCBC 365 credit card may not be a bad choice after all.