OCBC 365 credit card review: All-round cashback card

What happened?

Earlier, we shared that the OCBC 360 account offers one of the highest effective interest rates amongst savings accounts in Singapore.

This led many to ask which is the best OCBC credit card to enjoy benefits with the OCBC 360 account.

So we decided to start with a review of the OCBC 365 credit card to understand the benefits and eligibility requirements of the card.

We will also find out if there any sign-up promotions when you apply for the OCBC 360 credit card.

Read on to find out more about the OCBC 365 credit card and how you can make the most of it.

What is the OCBC 365 credit card?

The OCBC 365 credit card is a credit card by OCBC bank which offers 3-6% cashback benefits across various categories.

This will allow you to save on daily expenses such as dining, petrol and groceries.

What are the benefits of the OCBC 365 credit card?

With the OCBC 365 credit card, you can enjoy cashback at all your favourite brands across diverse categories – from dining to petrol and more. This includes:

• Dining Benefits: 5% cashback on everyday dining (includes local/overseas dining and online food delivery)
• Groceries: 3% cashback on groceries at supermarkets (both local and overseas) and online groceries
• Petrol Discounts: 6% cashback on fuel spend at all petrol service stations + up to 22.92% fuel savings at Caltex (including 18% instant discount for all fuel)
• Land Transport: 3% cashback on private hire (Grab/Gojek) and taxi rides (both local and overseas) + 3% cashback on bus and train rides using SimplyGo
• Pharmacy: 3% cashback on all purchases made at pharmacies like Guardian or Watsons
• Electric Vehicle Charging: 3% cashback on purchases at electric vehicle charging stations  (e.g. SP Digital, Greenlots, CDG ENGIE and City Energy)
• Utilities: 3% cashback on recurring telco and electricity bills
• Streaming Services: 3% cashback on purchases on streaming services such as Netflix and Spotify

In order to enjoy these cashback benefits on the OCBC 365 credit card, you will need to spend a minimum of S$800, and your cashback will be capped at S$80. 

The cashback cap on the OCBC 365 credit card increases to S$160 when you spend at least S$1600.

What are the annual fees of the OCBC 365 credit card?

The annual fees for the OCBC 365 credit card (principal card) is $196.20 (including GST), waived for the first 2 years.

The annual fees for the OCBC 365 credit card (supplementary card) is $98.10 (including GST) waived for the first 2 years.

Is it possible to get a fee waiver on the OCBC 365 credit card?

Yes, you can get an automatic annual service fee waiver if you spend at least S$10,000 in one year, starting from the month after your OCBC 365 credit card was issued.

What are the eligibility criteria of the OCBC 365 credit card?

To be eligible for the OCBC 365 credit card, you will need to be at least 21 years old. 

The annual income requirements for the OCBC 365 credit card are:

• S$30,000 and above for Singaporeans and Singapore PRs
• S$45,000 and above for foreigners

Comparing the OCBC 365 credit card with the OCBC Frank credit card

The OCBC Frank credit card is another credit card by OCBC Bank which offers cashback benefits for your spending. 

Comparing the OCBC 365 credit card to the OCBC Frank credit card:

• The OCBC 365 credit card offers cashback for selected categories (dining, petrol etc.) while the OCBC Frank credit card offers cashback for all local online purchases/foreign online and in-store purchases/contactless mobile transactions regardless of category.
• Both cards require a minimum spend of S$800. For spendings above S$800, the OCBC Frank credit card offers a higher cashback cap of S$100 compared to the OCBC 365 credit card (S$80). However, the OCBC 365 credit card offers a higher cashback cap of S$160 when you spend at least S$1600. 

Comparing the OCBC 365 credit card with the OCBC Rewards credit card

Formerly known as the OCBC Titanium Rewards credit card, the OCBC Rewards card is another credit card by OCBC Bank which offers OCBC$ which can be redeemed for a range of rewards such as cash rebates and air miles. 

Comparing the OCBC 365 credit card to the OCBC Rewards credit card:

• The OCBC 365 credit card mainly offers cashback rewards while the OCBC Rewards credit card mainly offers reward points (OCBC$) that can be exchanged for other benefits.
• The OCBC Rewards credit card requires no minimum spend to earn OCBC$ and there is no limit to the base OCBC$ you can earn. On the other hand, the OCBC 365 credit card requires a minimum spend of S$800 and the cashback you can earn is capped at S$80 (or S$160 if you spend more than S$1600).

Comparing the OCBC 365 credit card with the OCBC Infinity credit card

The OCBC Infinity Cashback card is another credit card by OCBC Bank which offers unlimited cashback on most categories of spending. 

Comparing the OCBC 365 credit card to the OCBC Infinity Cashback card:

• The OCBC Infinity Cashback card offers a lower cashback (1.6%) on spendings regardless of category (except for selected merchant categories) while the OCBC 365 credit card offers a higher cashback (3-6%) on spendings for selected categories such as dining, groceries and utilities.
• The OCBC Infinity Cashback card requires no minimum spend and no cashback cap. On the other hand, the OCBC 365 credit card requires a minimum spend of S$800 and the cashback you can earn is capped at S$80 (or S$160 if you spend more than S$1600).

Comparing the OCBC 365 credit card with the DBS LiveFresh card

The DBS LiveFresh card is an eco-friendly credit card by DBS bank which offers cardholders cashback rewards. 

Comparing the OCBC 365 credit card to the DBS LiveFresh card:

• The DBS LiveFresh card offers an extra 5% Green Cashback for spendings on specific eco-eateries, eco-retailers and eco-transport services, which is unique to this card.
• The DBS LiveFresh card requires a lower minimum spending of S$600 but the cashback is capped at S$75 for each calendar month, which is further split into different categories. On the other hand, the OCBC 365 credit card requires a higher minimum spending of S$800 but the cashback is capped at a higher amount of S$80 (or S$160 when you spend more than S$1600).

Comparing the OCBC 365 credit card with the POSB EveryDay card

The POSB EveryDay credit card is a cash rebate credit card by POSB Bank which offers cash rebates in the form of POSB Daily$. 

Comparing the OCBC 365 credit card to the POSB EveryDay credit card:

• The OCBC 365 credit card offers cashback rewards while the POSB EveryDay credit card offers cash rebate in the form of Daily$.
• The POSB Everyday credit card offers a higher cash rebate of 10% for online food delivery while the OCBC 365 credit card offers a higher cashback of 5% for all other dining transactions.
• While both cards require a minimum spending of S$800 and rewards are capped at S$80, the Daily$ rebate cap for POSB EveryDay credit card is further split into various categories. This implies that each category of spending has a maximum amount of cash rebate which is less than S$80.

Comparing the OCBC 365 credit card with the UOB One credit card

The UOB One credit card is a credit card by UOB Bank which offers cashback rewards on spendings across various categories. 

Comparing the OCBC 365 credit card to the UOB One credit card:

• The UOB One credit card offers quarterly cashback while the OCBC 365 credit card offers monthly cashback.
• The UOB One credit card has a lower minimum spending requirement of S$500 compared to that of the OCBC 365 credit card (S$800). 
• In terms of maximising each card’s rewards: You will need to spend at least S$2000 on the UOB One credit card in order to attain maximum additional cashback. You will need to spend at least S$1600 on the OCBC 365 credit card to increase the maximum cashback of up to to S$160.
• The UOB One credit card offers a higher flat cashback rate of 3.3% per quarter on spendings below the minimum spend of S$500 while the OCBC 365 credit card offers a lower flat cashback rate of 0.25% per month on spendings below the minimum spend of S$800.

What would Beansprout do?

The OCBC 365 is a comprehensive cash-back credit card, offering cashback of 3% to 6% across various spend categories.

This makes the OCBC 365 credit card ideal if you are looking at earning cashback on your everyday spend, including grocery shopping. 

More importantly, you will not be restricted by the spend category. 

However, to enjoy the attractive cashback, you will need to spend a minimum of S$800 per month on your OCBC 365 credit card, and your cashback will be capped at S$80.  

This makes the OCBC 365 credit card a decent entry-level cashback credit card, especially if you are pairing it with the OCBC 360 savings account.