ocbc 360 account

OCBC Bank

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Hi OCBC Team.

I recently reported credit card fraud transactions, but was still charge with late payment fee.
Do I still need to pay for the outstanding balance when the fraud transactions is still under investigation?

Hi there,

Sorry to learn of the fraudulent transactions on your card account.
Please drop us a PM with your mobile number.

We will arrange for our service executive to call and assist.

^DG
 

OCBC Bank

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How about using OCBC 365 card to top up Grab Pay wallet? Does it count toward minimum spend?

Hi there,

GrabPay will not be eligible under the 'Land transport' cashback for the 365 credit card. It will also not count towards the minimum spend.

^XF
 

josc36

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actually right, I would say OCBC is just dumbing down to match the other banks.

salary credit + step up will still give you 1.2% on 70k, same rate as BOC but BOC requires > $6k salary and only up to 60k.

don't need to talk about SC Bonus$aver - it has dropped to 0.4%, although it gives interest up to 80k.

dbs multipler on the other hand offers a high 1.8% for >$5k salary but only for first 25k if add card spend or 2.2% first 50k if add card spend + insurance/investment/loan. only if you can get 3 categories (card spend, insurance and investment) then u can get 2.3% (effective) on 100k. but insurance and investment... makes u spend more than you actually save. so... hmm.

so for the average joe who's thinking about where to park his salary credit I would say OCBC's rates aren't that bad (for now).

DBS multiplier will be better if and only if one don't mind spending more to save more (oxymoronic).

Although it is 1.25% PA for 70K (0.9% Salary, 0.3% Step Up, 0.05% base)
Step up component is tricky.
If u have 'step up' for the past year, that's $6000 ($500x12 months) more in the account that u cannot move and not earning interest. (since step up interest is only on the 70K.)
So technically the EIR is lower than 1.25% for the amount of money in the account.

For BOC, even if salary <$6000, u can still get 0.8% for salary + 0.4% base + 0.35% for bill payment (relatively easy to achieve) = 1.55%. but yes, the limit is only $60K.
From 60K-100K, u can still get 0.4% base + 0.6% Bonus if you have fulfilled either Salary/ credit card/ bill payment bonus = 1% for 60K - 100K.
There are ppl willing to stay with CIMB fast saver 0.825%PA for 100K, BOC seems like a better option with one or 2 low hoops to jump over.

I agree that DBS multiplier is not for everyone.
If u have a housing loan with DBS then there is added incentive.
You don't have to credit your salary there if you have monthly dividends credited.
While I don't buy their insurance, I can imagine someone who is currently under-insured can take this opportunity to get proper protection while taking advantage of the multiplier interest. Insurance suppose to help you "save and protect your money" during tough times no?
If you do your homework, Investments can help you with your portfolio too.
In this climate of lower interest, these are worth exploring if you want better interest for your deposits. But of course, don't spend money on things that you dont need just to go after better interest.
 

flyingeagles

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Previously wanted to leave my ocbc accounts.
Also signed up for dbs vickers they auto give me multiplier.
Now thinking of below set up:

DBS multiplier

Posb everyday: groceries, dining, petrol

DBS altitude: public transport

OCBC titanium / Scb spree: shipping (/other expense)

Above all no minimum spending.

But thanks to OCBC 365, I'm so used to increasing my spending to meet 800 sgd per month quite easily before Covid19. Citi's Cash Back card (min spend $888 to get higher %) very enticing also. Can be a good switch from 365.

Now open posb/dbs card get 200sgd or airpods min spend 1.2k in 60 days. (can meet if you are from 365).

Posted from PCWX using LYA-L29
 

Trazora

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Previously wanted to leave my ocbc accounts.
Also signed up for dbs vickers they auto give me multiplier.
Now thinking of below set up:

DBS multiplier

Posb everyday: groceries, dining, petrol

DBS altitude: public transport

OCBC titanium / Scb spree: shipping (/other expense)

Above all no minimum spending.

But thanks to OCBC 365, I'm so used to increasing my spending to meet 800 sgd per month quite easily before Covid19. Citi's Cash Back card (min spend $888 to get higher %) very enticing also. Can be a good switch from 365.

Now open posb/dbs card get 200sgd or airpods min spend 1.2k in 60 days. (can meet if you are from 365).

Posted from PCWX using LYA-L29

Can consider Maybank family and friend card also. 8% for a wide range of daily spend, min $800 spend. No rebate cap per category or min $50 rebate to get rebate credited like in the case of citi cashback card. https://www.maybank2u.com.sg/en/personal/cards/credit/maybank-family-and-friends-mastercard.page
 

xorionn

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Ya this month I stopped using frank ocbc card and next month plan to close the 360, ocbc is useless now
 

Trazora

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Ya this month I stopped using frank ocbc card and next month plan to close the 360, ocbc is useless now

Yea. Though the new TnC wef 1 jul for Frank card looks quite good.
 
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Trent_83

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Hi all,

Just to confirm this is the last month for Credit Card spend of $500?

As in I spend 500 this month, in Jul still can get the bonus interest?
 

OCBC Bank

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Hi all,

Just to confirm this is the last month for Credit Card spend of $500?

As in I spend 500 this month, in Jul still can get the bonus interest?

Hi Trent_83,

Yes, the revised interest rates will take effect only on 1 July 2020.
For the month of June, the interest rates will be as what is currently on https://www.ocbc.com/personal-banking/deposits/360-savings-account.

The bonus interest for the month of June 2020 will be credited to your account on 9 July 2020.

^DG
 

kurt111494

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Although it is 1.25% PA for 70K (0.9% Salary, 0.3% Step Up, 0.05% base)
Step up component is tricky.
If u have 'step up' for the past year, that's $6000 ($500x12 months) more in the account that u cannot move and not earning interest. (since step up interest is only on the 70K.)
So technically the EIR is lower than 1.25% for the amount of money in the account.

For BOC, even if salary <$6000, u can still get 0.8% for salary + 0.4% base + 0.35% for bill payment (relatively easy to achieve) = 1.55%. but yes, the limit is only $60K.
From 60K-100K, u can still get 0.4% base + 0.6% Bonus if you have fulfilled either Salary/ credit card/ bill payment bonus = 1% for 60K - 100K.
There are ppl willing to stay with CIMB fast saver 0.825%PA for 100K, BOC seems like a better option with one or 2 low hoops to jump over.

I agree that DBS multiplier is not for everyone.
If u have a housing loan with DBS then there is added incentive.
You don't have to credit your salary there if you have monthly dividends credited.
While I don't buy their insurance, I can imagine someone who is currently under-insured can take this opportunity to get proper protection while taking advantage of the multiplier interest. Insurance suppose to help you "save and protect your money" during tough times no?
If you do your homework, Investments can help you with your portfolio too.
In this climate of lower interest, these are worth exploring if you want better interest for your deposits. But of course, don't spend money on things that you dont need just to go after better interest.

Is BOC going to follow suit with the interest reduction trend? :s11:
 

josc36

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Is BOC going to follow suit with the interest reduction trend? :s11:

haha i don't think anyone can answer your question unless they have insider info.

unlikely BOC can maintain their max interest of 3.55% PA on $60,000 in this current low interest climate. Similarly for DBS multiplier max interest at 3.65% PA on $100,000 not likely to be sustainable.
 

SBC

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Looks looks I will also follow suite to cancel both my OCBC cards.
 

AlvinDj

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After 1 July 2020,

Is it mandatory to spend minimum $500 on ocbc365 card to qualify for 360 account interests like (Salary / Save etc.) ?
 

Trazora

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After 1 July 2020,

Is it mandatory to spend minimum $500 on ocbc365 card to qualify for 360 account interests like (Salary / Save etc.) ?

None of these caregories are ever mandatory. No more card spend bonus interest wef 1 jul
 

juelim

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After 1 July 2020,

Is it mandatory to spend minimum $500 on ocbc365 card to qualify for 360 account interests like (Salary / Save etc.) ?

Salary and Save interests are separate from interest for credit card spend. So answer to your question is "no".
 
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