The Bank of China (BOC) recently announced a new co-brand credit card in partnership with Qoo10, called the BOC Qoo10 Credit Card. There are two variants of the co-branded card, a World Mastercard and a Platinum Mastercard. The latter is a card targeted at students and fresh grads, as it comes with a lower minimum income requirement. In this BOC Qoo10 credit card review, we’ll be focusing on the BOC Qoo10 World Mastercard.
With so many credit cards in our wallets already, should we be getting the new BOC Qoo10 World Mastercard? What role does it play in helping us save money? Let’s find out.
|BOC Qoo10 World Mastercard|
|Principal card annual fees||S$190 (waived for 1 year)|
|Supplementary card annual fee||S$95 each (waived for 1 year)|
|Minimum income||S$30,000 (Singaporean or PR)|
|Interest-free period||23 days|
|Interest rate per annum||28.88%|
|Minimum monthly payment||3% or S$50 (whichever is greater)|
|Cash advance fee||S$20 or 6% (whichever is greater)|
|Foreign currency transaction fee||2.5%|
|Dynamic currency conversion fee||1% levied by Visa or MasterCard|
|Stolen card liability||S$100|
|Late payment fee||5% or S$100 per month (whichever is greater)|
Features and benefits of the BOC Qoo10 World Mastercard
The best features of the BOC Qoo10 World Mastercard kicks in when you’ve spent a minimum of S$600 on your card in a month. But because of the rebate caps on the individual categories, you need to be aware of how much you’re spending on each category and when those spends are no longer earning rebates. At the same time, you must ensure that you meet the minimum monthly spend requirement.
The total amount of rebate you can earn in a month is S$80 worth of Qmoney. That’ll mean up to S$960 of rebates in a year!
Up to 15% rebate on Qoo10 transactions, capped at S$40 a month
For Qoo10 fans, this is probably a ridiculously amazing feature of the card. For non-shoppers at Qoo10, this could be a good time to start shopping at Qoo10. Afterall, messy as the site may be, it does seem to have all sorts of things to buy, from fashion, to electronics, to vitamins.
20% rebate on public transport spends
Let’s cut to the chase. We love this benefit! Other cards may offer a rebate on EZ-Reload Auto Top Up transactions, but nothing comes close to 20% rebate on your public transport fares. For most of us, we probably spend about S$100-S$150 on public transport, which gives us at least S$20 back in Qmoney rebates.
Keep in mind that this rebate is awarded for contactless transactions made via the TransitLink Account-Based Ticketing System. You will need to create an account and add your card before using it.
All other transport transactions such as taxi rides and Grab rides earn a rebate of 5%.
5% rebate on selected categories
Using your BOC Qoo10 World Mastercard will earn you 5% Qmoney rebate on the following categories:
- Public taxi rides and Grab rides.
- Local dining transactions
- All entertainment transactions which include spends at cinemas, pubs, clubs, etc.
- All online transactions excluding Qoo10 spends. The rebate applies to spends made in S$ and foreign currencies.
- All transactions made overseas in foreign currencies.
These aren’t the highest rebates you can get from credit cards, but it’s decent, and it’s a way to ensure that you hit the S$600 spend requirement every month. Also, while there is a combined cap of S$40 Qmoney on the monthly rebate for public transport and these categories, you can earn unlimited rebate for your overseas spends until 31 December 2018.
What happens if you don’t meet the S$600 spend per month?
The consolation is that you can still get a 3% rebate on your Qoo10 spends if you have spent more than S$300 in a month. However, everything else gets a paltry 0.3% rebate.
If you aren’t confident of spending much but would still like to enjoy cashback, you might be better of with the Citibank SMRT Card, or credit cards that don’t have a minimum spend requirements like the Spree Credit Card or HSBC Advance Card.
What about welcome gifts when you sign up for the BOC Qoo10 World Mastercard?
The first 2,000 approved applications get S$100 Qcoupons. Each coupon pack can be broken down into:
- 1 x S$30 Qcoupon (min. spend of S$60 per transaction)
- 2 x S$20 Qcoupon (min. spend of S$40 per transaction)
- 3 x S$10 Qcoupon (min. spend of S$20 per transaction)
Here’s our verdict on the BOC Qoo10 World Mastercard
We like this card. There’s a high rebate on your Qoo10 shopping, and it is one of the few cards out there that handsomely rewards public transport spending. Plus the rebate on dining, online spends and entertainment is also pretty high.
Yes, there will be those who argue that the rebate is in the form of Qmoney is troublesome. But if you are already one of the 3 million registered Qoo10 users, then this is a great card to help you offset your spends. You can earn up to S$960 per year in the form of Qmoney rebate.
Like we mentioned earlier on, BOC also offers a version of this card for tertiary students with a credit limit of S$500. If you are looking for a student credit card, or have not met the income requirements for the BOC Qoo10 World Mastercard yet, you can consider the BOC Qoo10 Platinum Card. The rebate you earn is lower than the World Mastercard and is capped at S$348 per year.
BOC has an interesting strategy when it comes to co-branded credit cards in Singapore. First, it was the BOC Sheng Shiong Card, then the BOC Zaobao Card, and now they have partnered with Qoo10. The benefits of each of these cards have always been targeted and very attractive, so it’s going to be interesting to see what other co-branded credit cards will be next.
BOC Qoo10 Mastercard eligibility