ocbc 360 account

[naro]

You guys were talking about rebates. And we are currently at a period where OCBC 360 only needs $400 spend while Frank card wants $500 spend for rebate eligibility.

Come May when OCBC 360 needs $500, then there's no $100 saving. But for OCBC, it means you need to spend $500 for 0.5% bonus interest while SC Bonus Saver gives you 1.88% for spending $500 on their card.

based on your logic, does it mean that even at 1% bonus interest for credit card spending, its not worth it and one should use Bonussaver instead?

 

[djchris]

based on your logic, does it mean that even at 1% bonus interest for credit card spending, its not worth it and one should use Bonussaver instead?

Don't get me wrong.

The 1% bonus interest for credit card spending is good. I get 2.05% since I meet the online payment as well. I never did qualify for the salary credit. But for 0.5% and a higher credit card spending limit, it's up to the individual to decided if it's worth the effort to keep jumping through this hoop.

From May onwards, even if I bother jumping through the hoop for the credit card and bill payment, I only get 1.05% at the end of the day.

I'm just saying don't get too hyped up about cash rebates from credit cards.

 

[naro]

Don't get me wrong.

The 1% bonus interest for credit card spending is good. I get 2.05% since I meet the online payment as well. I never did qualify for the salary credit. But for 0.5% and a higher credit card spending limit, it's up to the individual to decided if it's worth the effort to keep jumping through this hoop.

From May onwards, even if I bother jumping through the hoop for the credit card and bill payment, I only get 1.05% at the end of the day.

I'm just saying don't get too hyped up about cash rebates from credit cards.

I see.

Fortunately and unfortunately, spending $100 usually isnt a big problem.

 

[standing]

Don't get me wrong.

The 1% bonus interest for credit card spending is good. I get 2.05% since I meet the online payment as well. I never did qualify for the salary credit. But for 0.5% and a higher credit card spending limit, it's up to the individual to decided if it's worth the effort to keep jumping through this hoop.

From May onwards, even if I bother jumping through the hoop for the credit card and bill payment, I only get 1.05% at the end of the day.

I'm just saying don't get too hyped up about cash rebates from credit cards.

I thought the salary part is easiest to get one?
Y u cannot quality ah? Can share?

 

[zoossh]

But OCBC CC.. Not everything will return 6% rebate right?

anything will be higher than 0 from scb. plus the rest in the equation are still better than scb.

Esaver requires even more work and only gives the 1.25% for eligible incremental balance. It requires EVEN more work.

incremental is not based on every previous month, but the month prior to the promotion. esaver can give up to 1.4 at the moment. work is relative.

 

[twosix]

I see.

Fortunately and unfortunately, spending $100 usually isnt a big problem.

if u have the frank card, just use flashpay to buy some vouchers. very easy to reach $500.

 

[hyperbole]

I thought the salary part is easiest to get one?
Y u cannot quality ah? Can share?

Code. For some of us the salary coded as ibg not sal

 

[kokitty]

I thought the salary part is easiest to get one?
Y u cannot quality ah? Can share?

Many organisations' salary code is not GIRO-SAL. It doesn't matter if the organisation is big/small... many MNCs use IBG-SAL as a code.

 

[zoossh]

I see.

Fortunately and unfortunately, spending $100 usually isnt a big problem.

u dun spend unnecessary 100 to get a few dollars. that i agree with him

 

[zoossh]

Code. For some of us the salary coded as ibg not sal

dunno if true that dbs will reject ibg as well.

 

[djchris]

Many organisations' salary code is not GIRO-SAL. It doesn't matter if the organisation is big/small... many MNCs use IBG-SAL as a code.

That's what happens in my case.

 

[djchris]

u dun spend unnecessary 100 to get a few dollars. that i agree with him

I'm glad we agree to disagree in certain aspects. End of the day, this is a forum where we share our opinions and learn new things.

 

[zoossh]

I'm glad we agree to disagree in certain aspects. End of the day, this is a forum where we share our opinions and learn new things.

i am also going to cancel one 360 account in may as it is not worthwhile to get only 1.05% locking up 3k min sum. dunno if can cancel from overseas.

 

[standing]

Code. For some of us the salary coded as ibg not sal

Many organisations' salary code is not GIRO-SAL. It doesn't matter if the organisation is big/small... many MNCs use IBG-SAL as a code.

dunno if true that dbs will reject ibg as well.

ic.. Is it because.. IBG-SAL means interbank giro.. Means ur hr transfer from OCBC to OCBC.. So OCBC nv gain anything..

If is giro.. Means $ from other bank.. Transfer to Ocbc.. In flow.. So OCBC profit from it..

Correct?

 

[hyperbole]

Wrong. My company doesn't use OCBC

 

[naro]

u dun spend unnecessary 100 to get a few dollars. that i agree with him

Of course I don't spend unnecessarily.

But there are spending on necessities which have to be incurred.
Utility, transport and grocery being some of the necessities that I think are necessary.
Dining is a bit more discretionary.

One just need to plan the necessity spending well.

It may not be easy for a single person, but for a family, quite easy to hit $500 or even thousands each month.

 

[djchris]

I started cycling to work recently. Clocking 1 auto topup on my flashpay is pretty hard too.

 

[a1v1n_]

Is It Really Time To Ditch the OCBC 360 Account?

 

[Vyzyl]

Anybody has luck with some other salary code apart from GIRO-SALARY?
Will the following work? HR about to vomit blood.

SAL
SALA
GIRO SALARY (without the dash "-")
SALARY

 

[pcmdan]

You say po-tae-to, I say po-ta-to.

I feel that it really depends on the individual. For me, not all my credit card spendings are entitled for 6% rebate and I don't go out of my way to make the entire $500 spend entitled for 6% rebate because that means I will be spending unnecessarily for some purchases.

I only use it to buy what I need to hit the limit needed for the bonus interest rate.

Instead of trying to make that $6 cash rebate, I rather save that $100 cash in my pocket.

What nonsense are you talking about? If dont uds, read and read it again.

Bonus saver credit card got 0 benefit

Whereas OCBC credit card got rebates in term of points or cash

Of course, if you are comparing between OCBC 0.5% savings interest and SCB 1.88% savings interests from charging their cards, of course it is better with SCB

But if you are already earning something from OCBC, i.e. Salary + 0.5% from 3 payments

It would be better off staying put.

If you dont uds, since i read it as po-tae-to, let me give u an e.g.

if you have only $25k
if you continue in OCBC

$25k * 2.05% + the benefits u receive from the card

Whereas if you take out and park in SCB

$25k * 1.88%

Of course if you got $75k, then the story change. It is better to put the $25k in Bonus saver than OCBC. Thats is also true if you are not even able to hit 2 out of 3 of the requirement, i.e. pay 3 bills and salary

Yes, not all ur spending entitled to 6%. But OCBC frank still comes with 0.5%. BONUS SAVER Card? 0%.

Yes, i agree with your point that we should not hype over card benefits. Hence, i will propose everyone to look at it holistically and determine if the things you do will give you an interest of >1.88% monthly. If yes, stick with OCBC. If no stick with Bonus saver.