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

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The OCBC 365 Credit Card recently revised its cashback programme and it looks like most of it is an improvement from before. We’ll take a look at the changes in this review of the OCBC 365 Credit Card.

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

Features of the OCBC 365 Card

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Dining, grocery and land transport changes

The new dining benefits are definitely not a bad upgrade. It’s quite likely that OCBC has been forced to revise its dining cashback due to competition from credit cards like the BOC Family Card and Citi’s Cash Back Card. Both BOC and Citi cards offer a higher cashback rate of 10% and 8% respectively, but there is also a cashback cap on each category.

If you have a massive appetite for food and cashback, you can spend up to S$1,333 on dining with your OCBC 365 Card, and get the full S$80 cashback simply on dining spends.

The grocery and land transport benefits aren’t amazing, but it’s nice to see OCBC loosen the criteria and allow overseas uses and online groceries to earn cashback.

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Utilities, online travel and medical benefit changes

The additional cashback for recurring electricity bills is great, especially with the recent announcement that Singaporeans will soon be able to choose their own electricity provider. This is very timely and helps those of us who wish to switch to a more competitive provider and earn cashback on our electricity bills. Futhermore, most cards that offer cashback on recurring bills restrict these bills to telco bills.

OCBC has added Online Travel has part of their categories, and while it’s only 3%, it’s easier to get cashback from the OCBC 365 card as compared to if you’re using UOB YOLO Card, CIMB Platinum Mastercard or even OCBC Frank Card. However, Online Shopping as a category has been removed and cashback is only awarded if your online spend is within selected categories.

Medical benefits have been removed, which is probably because the previous terms were too restrictive to apply to most people anyway.

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Monthly minimum spend and cashback cap

In terms of minimum spend, you now have to spend S$800 in a calendar month, otherwise, your cashback will only be a flat 0.3%. This puts the OCBC 365 Card between the BOC Family Card (S$700) and the Citi Cash Back Card (S$888). The cashback cap remains at S$80 per calendar month.

Note: If you can’t meet the minimum spend for any of these cards, and still want to earn cashback on your daily spending, then you might want to consider an all-category cashback card that doesn’t have minimum spends. 

What are your other credit card options?

Category OCBC 365 Card BOC Family Card Citi Cash Back Card
Dining 6% 10% 8%
Groceries 3% 5% 8%
Land transport 3% 0.3% 8% for Grab
Petrol 5% 0.3% 8%
Utilities 3% 5% on telco bills 0.25%
Online travel 3% 5% 0.25%
Medical 0.3% 5% on hospital bills 0.25%
Cashback cap S$80 S$120

(Category caps apply)

S$100

(S$25 per category)

Minimum spend S$800 S$700 S$888

Which is the best for you?

  • 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 that also gives good petrol discounts, good online banking platform and numerous cashback categories, but might have varying spending patterns – The OCBC 365 is a good choice

Our final thoughts

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

The OCBC 365 Card has updated its cashback programme to include a number of useful categories and allow us to earn on overseas spending. We like that it has kept earning cashback uncomplicated, positioning the OCBC 365 Card as an all-rounded card that saves you trouble trying to track your spends by categories.

Read also: UOB One Card Review – The Quickest Way to Get 5% Cashback on EVERYTHING

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