Ocbc 365 Credit Card Review

OCBC 365 Credit Card Review: Best for Online Food Delivery

If you want to earn amazing cashback rates on online food delivery, online groceries, local and overseas dining, and utility bill payments, the OCBC 365 Credit Card is pretty hard to beat. 365 Credit Card customers can enjoy cash rebate rates of between 3 and 6% across multiple in-person and online spend categories – but there’s a catch.

Customers cannot exceed a cashback cap of $80 per calendar month and will need to hit a minimum spend of $800 to get the best cashback rates.

 

Key Features of the OCBC 365 Credit Card

  • Get 6% cashback on purchases of online food delivery and local and overseas groceries 
  • Enjoy 5% cashback on fuel spend, including petrol service stations transactions 
  • Earn a 3% cash rebate rate on online travel bookings, land transport and other online groceries purchases and eligible transactions
  • Pay no annual card fees for the first two years – and save on subsequent annual fees too when you hit minimum spending limits
  • Get travel insurance of up to $500,000 included with your 365 Credit Card Account

 

Pros and Cons of the OCBC 365 Credit Card

Pros:

  • Earn a maximum cashback of up to 6% on eligible dining cashback and online groceries purchases
  • Enjoy amazing everyday bill payment perks, including 3% cash rebate rates on recurring Telco bills 
  • Get an automatic annual fee waiver each year you exceed OCBC’s $10,000 minimum spend limit

Cons:

  • Cashback earned on ineligible transactions is paid out at a low rate of just 0.3%
  • A minimum spend of $800 per calendar month is required to get the best cashback rates
  • A cashback cap of $80 per month also applies to all customers

 

Top Benefits of the OCBC 365 Credit Card – Get Great Rates on Local and Overseas Groceries, and More

1. Dining 

With a cashback rewards rate of 6% available on eligible dining cashback and online food delivery transactions, this is one of the best cashback cards on the market for local and overseas dining rewards. If everyday dining is important to you, you’ll love the OCBC 365 Card.

2. Fuel/Petrol 

Eligible fuel spend, which includes payments made at petrol service stations locally and overseas, attracts a superb cashback rewards rate of 5%. What’s more, you’ll get discounts of more than 20% at both Caltex and Esso brand petrol service stations.

3. Public Transport 

The OCBC 365 Card offers handy EZ Link functionality, but only limited cashback can be earned in this area. Other cashback cards might be worth considering if you’re a regular public transport user, as the 365 Card focuses more on land transport, taxi, and food delivery perks than EZ Link rebates. 

4. Utilities & Telecommunication 

Bill payments and tax payments can attract cashback rates of up to 3% with the OCBC 365 Credit Card – and this includes recurring Telco bills. StarHub, Singtel, MyRepublic, M1, and CirclesLife are all eligible for this 3% rate, as well as power service providers Senoko Energy, Sembcorp Power, and Keppel Electric.

5. Groceries 

This card is almost as good for everyday expenses as it is for everyday dining, with cashback awarded at a rate of 3% on local and overseas groceries. This includes online groceries purchases and overseas groceries transactions at chains like Honestbee and Redmart.

6. Travel 

The OCBC 365 Credit Card scores big on the travel front, too, with travel insurance included as part of your credit card account, as well as 3% cashback rates on online travel bookings, tour bookings, and overseas private hire rides with Grab and Gojek.

7. Others 

On top of the above cashback benefits, OCBC 365 cardholders can also enjoy 3% cashback on online hotels, online air, and online travel bookings, as well as annual card fees waivers whenever they hit an $800 monthly spend per calendar year.

 

What is the OCBC 365 Credit Card?

Put simply, the OCBC Credit Card is a cashback card that offers the principal cardholder cashback rewards on eligible transactions. Everyday expenses, local and overseas dining, online travel transactions, land transport, and more all qualify for boosted cashback rates of between 3 and 6%, whereas all other transactions will attract cashback at a basic rate of just 0.3%. 

Like other cashback cards on the market, OCBC imposes minimum spending and minimum payment limits on customers who wish to take advantage of the best rates available to them. Cardholders must also pay an annual fee for the privilege of using their 365 Credit Card, although this fee can be waived each year with an annual spend of $10,000 with this particular card.

 

How Does the OCBC 365 Credit Card Program Work? 

  • Cashback rates with the 365 Credit Card are subject to a cashback cap of $80 per calendar month. Customers should also be aware that:
  • Each $1 of cashback earned will always be equal to $1
  • Recurring bills each month will offset any cashback earned
  • The principal cardholder will receive any cashback earned by supplementary cards into their main OCBC card account
  • Minimum spending limits of $800 apply if you wish to access maximum cashback rates for maximum value
  • You may forfeit any cashback accumulated if you choose to close your card account

 

OCBC 365 Credit Card Review – How Does This Card Differ from Competitors?

Let’s take a brief look at how the OCBC 365 Credit Card compares to other popular cashback cards currently available here in Singapore:

Bonus Cashback Rates Minimum Spend Rewards Caps Annual Fee Costs Best For
OCBC 365 Credit Card 6% on everyday dining, as well as local and overseas online grocery shopping

5% on fuel spend at petrol service stations

3% on groceries, online travel and land transport

$800 monthly $80 per month 2 years waived for a principal card with minimum spend of $10,000 per annum (otherwise $192.60 p.a.) Online food delivery and local and overseas dining
POSB Everyday Card 10% on online food delivery

5% on groceries

3% on online shopping, dining and personal care

1% on recurring bills

$800 monthly $1 per month on recurring bills with selected merchants $192.60 (with first year waived) High-spending families and individuals
Maybank Family and Friends MasterCard Up to 8% cash rebate rate on food delivery, fast food, online groceries, fuel spend, and TV streaming $800 monthly (for 8% rate)

$500 monthly (for 5% rate)

$125 per month $180 (waived for 3 years) Boosted reward rates across more categories
UOB One Card Up to 5% rebate rate on eligible rewards categories $2,000 monthly per quarter (for 5% rate)

$100 per quarter (for 3.3% rate)

$100 per month or $300 per quarter $192.60 (waived for the first year) Flat-rate rewards
Citi SMRT Card 5% on fast food, local and overseas dining, groceries and cinemas

3% for most other online spend

2% on health and beauty products and EZ Link Top Ups

No minimum spend required $600 annually on all SMRT$ rebates $192.60 (waived for 2 years) No minimum spending limits
Citi Cash Back Card 8% on dining, petrol and groceries $888 monthly $80 per month $192.60 (waived for the first year) Simple savings on essentials

 

Credit Card Payment

Verdict

POSB and Maybank both offer cashback cards with higher cashback rates than the OCBC 365 Credit Card – but that doesn’t necessarily mean these products are superior. 

While higher rates might appear attractive at first glance, the spending categories eligible for the best rates with these two cards might not be as useful to you as the everyday eligible transactions OCBC is offering. 

What’s more, other competitors, like the Citi Cash Back Card and the UOB One Card, impose a higher (or stricter) minimum spend limits on cardholders, which could pose a challenge to lower-spending customers. 

Ultimately, whether 365 Credit is best for you will depend on your unique circumstances and everyday spending habits – so think carefully about this and choose wisely.

 

Eligibility and Requirements – From Annual Fee Costs to Minimum Income Thresholds

Before you can apply for an OCBC 365 Card, you’ll need to meet the following eligibility criteria:

Minimum Age Limit

  • 21 years old

Minimum Income Requirement

  • $30,000 for Singapore Citizens and Permanent Residents
  • $45,000 for foreigners

 

Annual Fee Costs and Other Things to Consider Before Applying 

All cashback cards come with fees and charges that you’ll need to agree to – and be happy with – before you sign up to apply. Here are the key annual card fees and other fees you should be aware of with this particular card:

  • Annual Fee – $192.60 (unless waived)
  • Annual Interest Rate – 26.88%
  • Late Payment Fee – $100
  • Foreign Currency Transaction Fee – 3.25%
  • Cash Advance Fee – $15 or 6% on all cash advances, whichever is highest
  • Minimum Monthly Repayment – $50 or 3%, whichever is highest
  • Supplementary Card Fee – $96.30

 

Frequently Asked Questions About the OCBC 365 Credit Card 

We’ve done our best to share all the vital information you need to know about the 365 Credit Card throughout this review. If you have any remaining queries, we hope the FAQs below will be able to help you:

1. What is the Maximum Cashback Amount I Can Earn?

Your cashback earning potential is capped at $80 per month. This means you can earn a maximum of $960 per annum in total cashback.

2. How is Cashback Paid Out?

Any cashback earned using your 365 Credit Card will be credited to you as part of your next month’s statement.

3. Are Any Transactions Excluded from OCBC’s $800 Minimum Spend Limit?

You will not receive any cashback on:

  • Tax payments
  • Interest
  • Cash on instalments
  • Late payment charges
  • Interest instalment payment plan or PayLite plans
  • Balance transfers
  • Cash advances
  • Bill payments made via internet banking, SAM or AXS

4. What Type of Card is the OCBC 365 Credit Card?

The 365 Credit Card is currently only available as a Visa card here in Singapore.

5. Is There a Foreign Check Fee?

OCBC charges no foreign check fee with this card, but you will be subject to foreign currency transaction fees of 3.25% on any overseas purchases made using your card – so keep this in mind.

 

OCBC 365 Credit Card Review – Our Final Verdict 

So, the OCBC 365 Card offers customers superb cashback earning potential on dining and online food delivery transactions – as well as when spending at other eligible vendors – but is it the right card for you? Here at Instant Loan, we think any Singaporean who spends frequently on local and overseas groceries and dining will seriously benefit from this card. Just be sure to consider the following before you apply:

  • You’ll need to hit an $800 minimum spend each month to earn the most cashback
  • Your monthly cashback earned cannot exceed $80
  • Other cashback cards might offer more public transport perks or better rates on certain transaction types
  • Charges such as a cash advance fee and foreign transaction fees may apply
  • It’s always wise to compare the market before deciding whether a 365 Credit Card is right for you. Click here to find out the best credit cards in Singapore. 

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