Well, I would have appreciated it if the changes to T&C were sent by snail mail together with the monthly statements. However, more often than not, these major changes are on the website and I believe that the banks expect its consumers to view their sites regularly to monitor for changes (or just continue to be ignorant).
From 1 Dec 14, these are the changes that will take effect:
1. Cap of 2 ATU (Auto-Top-Up) per month
Previously, there was no restriction on the number of ATU per months, so people who spend regularly using the Nets Flashpay card could chalk up the $500 minimum spend easily. However, there is a cap of 2 ATU per month, so that amount of rebate you can claim under Nets Flashpay is only $6.
2. $0.25 top-up fee for ATU (From 1 Jan 15)
The $0.25 convenience fee for Nets Flashpay auto-topup has been waived since the card had been in effect. However, this waiver will cease 31/12/14 so expect to pay for the top-up next next month!
3. More exclusions to spending online
According to the T&C here
“Retail transactions are purchases for goods and services and exclude the following transactions: (a) Payments made via telephone or mail order; (b) Subscription and recurring payments; (c) Payments to government institutions; (d) Payments to financial institutions (including banks and brokerages); (e) Payments to insurance companies; (f) Utility bill payments; (g) Donations; h) Payment of funds to prepaid accounts and merchants who are categorised as “payment service providers”; (i) Payments to schools, hospitals, professional services providers and payments for parking lots (j) Payments of membership fees to clubs and associations; (k) Payments made via online banking; (l) Any other transactions determined by OCBC from time to time.”
Pardon my memory, but I’ve actually had 6% rebate on some of the spending made in the various categories in bold previously. Looks like it’s not that easy to earn rebates anymore 🙁