OCBC 365 Credit Card: All you need to know

Aman Saxena

The OCBC 365 credit card is advertised as a credit card that makes everyday spending easier. With cashback rewards every day of the week, you can use the card to get cash back on restaurants, groceries, taxis, petrol and more. The cashback is also on specific overseas spending as well. But do the rewards from this bank credit card make the fees and charges worth it? Read on as we take a closer look at the OCBC 365 credit card.

If you want an account that is 7x cheaper than banks in Singapore, and with more flexibility, take a look at Wise’s multi-currency account.

Table of contents

How does the OCBC 365 Credit Card work?

The OCBC 365 credit card works like your typical bank credit card. Once approved, you get a credit line from the bank that you can spend against using the card online and in-person. At the end of every statement cycle you are sent a bill that you are expected to payback. Not able to pay it back? Your balance gets hit with an interest rate.

But it's not all that simple. This card also carries an annual fee, a fee if you make your payment late, a cash advance fee, and a foreign currency transaction fee too. Take a look below at the breakdown of fees, and you can compare it to Wise’s borderless account.

OCBC 365 Credit Card fees and charges

OCBC 365 Credit Card¹Wise borderless card
Annual fee$192.60 a year, waived for the first 2 yearsS$ 0
Annual interest rate26.88%None
Overseas exchange rateSet by VIsaThe mid-market exchange rate
Late payment feeS$ 100S$ 0
Minimum monthly repayment3% of the total balance, or a minimum of S$ 50None
Foreign currency transaction fee3.25%S$ 0
Cash advance transaction feeS$ 15 or 6% of the amount withdrawnS$ 0
Overlimit feeThe overlimit amount will be added to the minimum monthly repaymentS$ 0

Who is eligible for OCBC 365 Credit Card?

Singapore citizens, Permanent Residents, and Foreigners are all eligible to apply for this credit card, as long as they are above 21 years old. There are, however, income requirements that must be met. If you are a Singapore citizen or a PR, the annual income minimum is S$ 30,000. If you are a Foreigner, the annual income minimum is S$ 45,000.

You can easily apply online through the OCBC website or at a local branch near you. If you are an existing OCBC banking or card client, you can use your existing information with the bank. New applicants can submit using MyInfo or by uploading identity, address and income proof.²

What can I do with OCBC 365 Credit Card?

The OCBC 365 Credit Card can be used for your day to day spending, overseas travel and purchases big and small. But the card also comes with perks that range from complimentary travel insurance to 24-hour concierge service. But the main claim to fame are cashback rewards.

OCBC 365 Credit Card cashback/ rewards

OCBC advertises their attractive cashback rewards, but it’s important to look at the fine print. When you use your OCBC 365 Credit Card, you will always get .3% cashback on all spending, no matter what. Now if, and only if, you spend over S$ 800 every statement cycle, then you get to take advantage of additional cashback amounts.

That means 6% on local or foreign dining transactions, 3% on groceries and local private taxis and 5% on petrol, among other offers. But to keep these cashback rewards going, you need to continue to spend S$ 800 on the card. Otherwise, it reverts back to .3%. On top of this caveat, you can only get a maximum of S$ 80 cashback per statement cycle.³

OCBC 365 Credit Card Visa Privileges

As a Visa Signature card, you can access privileges with your OCBC 365 Credit Card. This includes 24-hour access to concierge services for travel and gifts, as well as possible upgrades with qualifying hotels when you charge it to the card. You can also get exclusive movie ticket offers when you use your card with Visa Checkout.⁴

OCBC 365 Credit Card travel insurance

If you charge your full roundtrip travel using your OCBC 365 credit card, you can get up to S$ 500,000 complimentary travel insurance. This can be for air travel, sea or even by train. The travel insurance can cover inconveniences like baggage loss, and delays and up to personal accident insurance.⁵

Overseas spend with OCBC 365 Credit Card

If you’re traveling abroad, it can be tempting to use an OCBC 365 Credit Card especially with the cashback rewards. But the credit card does have quite a hefty fee despite the cashback amount. And there is a hidden fee tucked away in the exchange rate.

How the card works is that any foreign currency spending is first converted into USD, and then from USD into Singapore dollar. Visa sets their own exchange rate for your overseas spending, instead of using the transparent mid-market exchange rate. That’s the rate you see on Google. By setting their exchange rate weaker than the mid-market rate, they are able to take a cut of every conversion and that can add up to a lot in this hidden fee.

Combine the exchange rate hidden fee with the foreign currency transaction fee of 3.25%, on top of the S$ 800 minimum of spending, and this card is making you spend quite a lot to get a little cash back. How about a multi-currency account that makes things cheaper on your wallet?

Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks

Wise makes overseas spending cheap, easy and transparent. With the multi-currency account, you can hold more than 40+ currencies that you can then spend locally as you wish. There’s no annual fee, interest rate, or even foreign currency transaction fees, just one small transfer fee between .35%-1%.

Using smart technology, Wise borderless is able to be cheaper than the banks on average, and more easy to use. You get the same low conversion fee and transparent exchange rate even when you shop online at global sites like Alibaba, Amazon, Qoo10, and Grab. And you get magic notifications through the award-winning app every time you spend. So keep more money in your pocket and spend overseas without hassle using the Wise borderless account.

Sources used for this article:

  1. Fees and Charges
  2. Eligibility
  3. Cashback Rewards
  4. Visa Signature Privileges
  5. Travel Insurance

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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