OCBC 365 Credit Card Review: High Cashback or Cashback Everyday?

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The OCBC 365 Credit Card seems to offer it all – cashback on dining, online shopping, petrol, grocery, recurring bills and more. As tempting as it looks to just go for this card, what secrets are hidden in the fine print that you may have missed? Here’s the real scoop on the card.

OCBC 365 Credit Card review

OCBC 365 Credit Card Review: High Cashback or Cashback Everyday?

Features of the OCBC 365 Card

You know where the name OCBC “365” comes from? It is because this card gives you cashback throughout the year, all 365 days and here’s how you can earn it:

OCBC 365 credit card cashback rates

Medical – If you also hold a Child Development Account with OCBC, you will earn 3% cashback on over-the-counter transactions at clinics, on dental expenses, at cord blood banking and hospitals.

Terms and conditions of the OCBC 365 Credit Card

Here’s what you need to take note of in order to maximise your OCBC 365 credit card:

  • The credit card requires you to spend a minimum of S$600 per calendar month in order to earn the cashback for the respective categories
  • If you fail to meet the S$600 mark, you will receive a flat cashback rate of 0.3% on ALL spends
  • The minimum monthly spending is aggregated between the Principal and Supplementary cardholder.
  • Cashback is capped at S$80 per month

Earn more than cash, earn a new lifestyle

The OCBC 365 Credit Card comes with the Visa Signature Concierge service that offers assistance 24/7 for any and all of your lifestyle needs.

Also, this card offers complimentary travel insurance of up to S$200,000 when you use your credit card to book your return tickets. And don’t forget, if you book your tickets online, you will earn 3% cashback on the spent amount (if you meet the minimum monthly spend of course).

How could earning your cashback look like?

Cashback category Monthly spends Cashback earned
Weekend dining S$200 S$12
Online shopping S$300 S$9
Petrol S$150 S$7.5
Grocery S$200 S$6
Telecommunication S$100 S$3
Other expenses S$100 S$0.3
Total S$1,050 S$37.8

But, what if you’re not big on spending? What will you earn then?

Cashback category Monthly spends Cashback earned
Weekend dining S$50 S$0.15
Online shopping S$70 S$0.21
Petrol S$100 S$0.3
Grocery S$200 S$0.6
Telecommunication S$100 S$0.3
Other expenses S$50 S$0.15
Total S$570 S$2.01

There is a stark difference between how much cashback you will earn on this card if you do and don’t meet the minimum spend criteria. The same logic applies to nearly all cashback credit cards in Singapore, with the exception of those all-category cashback cards that don’t need minimum spends.

What are your other credit card options?

Categories OCBC 365 Credit Card Citi Cash Back Card BOC Family Card
Dining Up to 6% cashback 8% cashback 10%
Online shopping 3% cashback 0.25% cashback 5%
Petrol 5% cashback 8% cashback 0.3%
Grocery 3% cashback 8% cashback 5%
Telecommunication 3% cashback 0.25% cashback 5%
Additional categories 3% on medical expenses for OCBC Child Development Account Trustees 8% cashback on Grab rides
  • 10% cash rebate for movies
  • 5% cash rebate on hospital bills and first 4 NETS FlashPay Auto Top-Ups
  • 5% cash rebate on BIG BOX, BEST Denki, Toys ‘R’ Us, Watsons and Unity Pharmacy purchases
  • 2% cash rebate on supplementary card purchases in other categories
Other expenses 0.3% cashback 0.25% cashback 0.3%
Cashback/rebate cap S$80 S$100 (S$25 per category) S$120 (S$100 cap on principal card + S$20 cap on supplementary card)
Minimum spend requirement S$600 S$888 S$700

OCBC 365 Credit Card vs. Citi Cash Back Card:

The Citi Cash Back Card offers more cashback than the OCBC 365 Credit Card on selected categories including dining, petrol and grocery. It also offers 8% cashback on Grab rides which is not offered by the latter. However, the OCBC 365 Card offers cashback on more categories and has a lower monthly spend requirement.

Another difference is that the cashback cap on the Citi credit card is based on individual categories. If you excessively spend more under a single eligible category, you won’t be able to get much cashback. Read our detailed review of the Citi Cash Back Card here.

With the OCBC credit card, as long as you spend S$600 on any eligible categories, you can receive up to S$80 cashback every month.

Related: Best Cashback Credit Cards in Singapore

OCBC 365 Credit Card vs. BOC Family Card

The BOC Family Card fares better in a number of ways, the top reason being that the cashback rates are higher than the OCBC 365 card is almost every category.

Although the minimum monthly spend is slightly higher, the overall cash rebate cap is also higher.

Where the OCBC card wins is how the cashback limit is not capped by specific categories. Use the card for your daily expenses, and never worry if you’re maxing out in a particular category.

Many of us may also have the OCBC 360 Account, and using the OCBC 365 credit card help us earn bonus interest.

Related: 10 Best Cashback Credit Cards for Grocery Shopping in Singapore

Which is the best?

  • For those with very consistent (and high) spending patterns on dining, petrol, Grab, and groceries – Citi Cash Back Card
  • For those who need a cashback card that rewards in more categories, and find themselves having consistent spends – BOC Family Card
  • If you desire a well-rounded card, good online banking platform and numerous cashback categories – The OCBC 365 is a good choice

Our final thoughts

Over the years, many new worthy competitors have come in to offer much higher rates of cashback, but these come with higher minimum spends and cashback caps by categories.

With the OCBC 365 credit card, earning cashback is not complicated. It’s an all-rounded card that saves you trouble trying to track your spends by categories.

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