OCBC VOYAGE Card to Reduce Earn Rate and Increase Minimum Spend for Free Limousine Rides from 01 June 2020

There is no way to sugar-coat this - mostly-negative changes are coming to the OCBC VOYAGE Card on 01 June 2020 and it looks bad. While local spend does get a small bump in earn rate, there are reductions in earn rate on foreign-currency and dining transactions. Additionally, there will also be changes to the way VOYAGE Miles (VMs) are awarded and a free limousine ride will require you to spend 67% more.

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Call me sentimental but the OCBC VOYAGE Card was one of my first metal credit cards (I know it serves very little purpose) and it was a pretty good card to have - the earn rates were decent, limousine rides could easily be unlocked with reasonable amount of spend and the VOYAGE Exchange (i.e. concierge) was pleasant to deal with. We have seen a number of iterations over the years and on 01 June 2020, we will see more changes that will put this card in a less favourable position.

Increased Earn Rate on Local Spend - 1.2 to 1.3 Miles per Dollar

Starting from 01 June 2020, cardholders of the OCBC VOYAGE Card will earn 1.3 mpd on all local (SGD) spend as opposed to 1.2 mpd previously. The increased earn rate on local spend is definitely a positive one (especially since most of us are grounded due to the travel restrictions and the COVID-19 situation) but unfortunately, this improvement is diminished by the way VOYAGE Miles will be awarded (see next section).

Change in Calculation for Awarding of VOYAGE Miles - Per S$5 Block of Spend

VOYAGE Miles on the OCBC VOYAGE Card will only be awarded per S$5 block of spend. If this sounds awfully familiar, it is what UOB has been doing for as long as I can remember. What this essentially means is that all your transactions will be rounded down to the nearest S$5 before VOYAGE Miles are awarded (so a S$4.99 transaction earns you absolutely nothing).

VOYAGE Miles Awarded Based on Spend

Essentially, you will always be better off with the new changes from 01 June 2020 if you spend in blocks of S$5 when it comes to local spend (since you effectively earn 1.3 mpd instead of 1.2 mpd). While the difference in earn rate does converge towards one another on higher-value transactions, should you really be using your OCBC VOYAGE Card when it comes to a high-value transaction (since there are better credit cards out there that will give you up to 4 mpd on eligible spend)?

Decreased Earn Rate on Local Dining Spend - 1.6 to 1.3 Miles per Dollar

While the OCBC VOYAGE Card is not the best credit card to use when it comes to dining out (the UOB PPV gives you 4 mpd if the merchant accepts contactless payments even though you will need to digitise your card from 22 May 2020), it currently allows you to earn 1.6 mpd on local dining spend (for restaurants that refuse to accept other modern forms of payment). Starting from 01 June 2020, this earn rate will be reduced to just 1.3 mpd and there will no longer be a distinction between dining and non-dining expenses - you will simply earn 1.3 mpd on all local SGD transactions. Coupled with the fact that VOYAGE Miles will only be awarded in S$5 blocks, this is a major devaluation especially when it comes to using this card for dining transactions.

Decreased Earn Rate on Foreign Currency (Non-SGD) Transactions - 2.3 to 2.2 Miles per Dollar

You should not be using the OCBC VOYAGE Card for overseas spend - the UOB VIsa Signature Card gives you 4 mpd when you charge S$1,000 to S$2,000 worth of foreign currency transactions (with payment gateway outside Singapore) to it each month. Even the UOB PRVI Miles Card gives you 2.4 miles per dollar on foreign-currency spend which is pretty straightforward. With the upcoming changes going live in June 2020, the OCBC VOYAGE Card will only award 2.2 mpd on all eligible foreign (non-SGD) currency transactions (instead of the 2.3 mpd right now). This reduction in earn rate will also apply to dining transactions that are charged in a foreign currency.

With these changes, the OCBC VOYAGE Card is now a general spend card that offers 1.3 mpd and 2.2 mpd for all eligible local and foreign currency transactions respectively. It is no longer a special-use card that offers bonuses on certain categories of spend. With that in mind, it is probably worthwhile to consider cards like Citi PremierMiles Card and UOB PRVI Miles Card for better earn rates (and lower annual fees which will most likely be waived with regular usage) if you do not need a metallic card that comes with some extra perks.

Minimum Spend Requirement for Free Limousine Ride

Increased Minimum Spend Required for Complimentary Limousine Ride - S$3,000 to S$5,000 (and S$6,000 to S$10,000)

One of my personal favourite perks of the OCBC VOYAGE Card is the complimentary limousine rides that you can easily accrue each month - by simply spending S$3,000 or S$6,000 each month, you will be able to enjoy one, or two free limousine rides in Singapore (perfect for that pre-departure experience when you are going on a trip!). Starting from 01 June 2020, cardholders will be required to spend 67% more for a free limousine ride - S$5,000 and S$10,000 each month for one and two free rides respectively. Additionally, OCBC Bank has also made a few amendments regarding the usage of the complimentary transfer service. For instance, stopovers on the free rides used to be charged at S$10 (even though it was never really enforced) but according to the new terms and conditions, this will be increased to S$20 per stop (and I have a feeling that they will start levying this fee properly).

Longer List of Exclusions - Transactions That Will Not Earn VOYAGE Miles

OCBC Bank will also be expanding its list of exclusions to include more Merchant Category Codes (MCCs) that will not earn you VOYAGE Miles - always refer to the latest Terms and Conditions governing the OCBC VOYAGE Card programme. From what I can see, the newly-added MCCs that will be excluded are for Transportation and Tolls (except Grab/Gojek/Comfort/Citycab), Tolls and Bridge Fees, Cigars Stores and Stands as well as Transactions to Singapore Government Public Hospitals including Non-Profit Hospitals, Community Hospitals, and Polyclinics.

Decreased Earn Rate on AXS Pay + Earn Transactions - 1.2 to 1.0 Miles per Dollar

Now I am not quite sure who actually uses their OCBC VOYAGE Card for AXS Pay + Earn transactions but starting from 01 June 2020, you will only receive 5 VOYAGE Miles for every S$5 (effectively 1 mpd).

Conclusion

The reduction in overall mileage accrual rate and the shift towards awarding VOYAGE Miles in S$5 blocks are both undesirable as it demotes the card into a fairly unattractive general spend credit card (where there are cheaper and better options). Additionally, the increased spending requirement for a complimentary limousine ride is also a negative change for the consumer and it is getting quite difficult to justify the S$488 annual fees (which can be waived only if you spend S$60,000 each membership year) now. While Premier Banking and Bank of Singapore Private Clients are not affected by these changes, most of us who do not fall into these categories will definitely feel the pinch.