The OCBC Frank Credit Card has been one of my favourite cards as it provided 6% rebate for online spending as well as 6% cashback for NETS Flashpay top-up (albeit limited to twice a month). Furthermore, since it is an OCBC product, an expenditure of $500 a month on this card will ensure that I get the bonus 0.5% interest on my 360 savings account and the 6% cashback. However, all this will change on 1 Oct 2015 when the new T&C come into play.
One of the main reasons why I use the NETS Flashpay for transport is its 6% cashback rebate per topup. When it first started, there was no cap, and wise spenders would chalk up cab fares, grocery spending and others on this card and earn the rebate. Then, there was a cap for the rebate, limiting it to the 1st 2 top-up in a month. And now, it is reduced to 3%. Furthermore, this ATU will not contribute towards your offline spending which is necessary for the 6% rebate (see below)
2. Minimum $400 offline spending a MUST for 6% rebate
Previously, you can spend $500 on online transactions & NETS Flashpay ATU to obtain the 6% rebate. Now, there is a requirement of a $400 minimum spend OFFLINE before you can get the rebate. With the new T&Cs, they have also added an additional component of “bars, cinemas, KTVs, clubs and selected cafes”, where you get 3% rebate on Mon-Thurs and 6% rebate from Fri-Sun. Do note the definition of cafes =”Starbucks, Coffee Club, Costa Coffee, TCC, Coffee Bean & Tea Leaf, Dimbulah Coffee”, which excludes the hipster cafes that are all abundant. Morever, there are better credit card options at these coffee joints (read my previous post here) and cinemas (read my previous guide to movie tickets here). Well, if you are someone who clubs regularly, goes KTV regularly, then chalking up the $400 is not difficult. That means you get $24 in rebate if you spend $400 on weekends in this category! If you have read my previous post on rebate cards (see here), there is a credit card that offers 7% rebate based on online spending only! Maybe it’s time to switch for the serious online shoppers?
3. Cap on rebate
Previously, there was a cap of $60 on the rebates for online spending and ATU, and 0.5% for everything else. Now, this $60 rebate is for everything, meaning even if you spent $10000 next month, you will just get $60. Thus, the OPTIMAL spending pattern is $400 on bars, cinemas, KTVs, clubs and selected cafes from Fri-Sun to get the $24, and $600 online to get the $36 to max out the $60 rebate. If you use the NETS Flashpay regularly, then you can try for 2 ATU in a month to get 3% rebate (i.e. $3), and your online spending should be capped at $550 to get a $33 rebate.
4. 0.3% rebate for everything else
Well, the previous 0.5% rebate for other spending was pretty pathetic. Now, it is worse. I would suggest using other cards that provide better rebate options.
Weighing the pros and cons, I think there are better rebate cards elsewhere (see previous comparison on rebate cards here). You may wish to check out the detailed OCBC Frank Card Terms & Conditions here.