ocbc 360 account

[neolaw]

tia gong from ocbc branch today 2 new categories

1. Insurance Premiums certain amount / unit trust certain amount
2. Stepup balance in ocbc360 every month (like cimb starsaver)

Might be wrong though. wait 1st may to confirm

Let's see. I got Prudential Insurance (up to $600 per month).

 

[pcmdan]

Let's see. I got Prudential Insurance (up to $600 per month).

u mean great eastern? I doubt OCBC will allow prudential premium be counted.

 

[standing]

But what if you already have $50k in the account? The excess only earns 0.05%. I normally transfer my salary out to CIMB after paying my bills.

Mayb see how much step up they wan 1st..
If $100-200 is still ok ba.. For that extra interest of that 50k

 

[giggs011]

UOB bonus interest is credited at the end of 12 months?
So if you suay suay 12th month never hit then all 11 month efforts gone.

At least OCBC credit monthly.

 

[standing]

Let's see. I got Prudential Insurance (up to $600 per month).

Sian.. Insurance pay by once a yr one

 

[standing]

UOB bonus interest is credited at the end of 12 months?
So if you suay suay 12th month never hit then all 11 month efforts gone.

At least OCBC credit monthly.

Is it?
Then I 11 mth put 1k only, 12th mth top up to 50k, can?

 

[pcmdan]

UOB bonus interest is credited at the end of 12 months?
So if you suay suay 12th month never hit then all 11 month efforts gone.

At least OCBC credit monthly.

Website is not clear on that. But last I rmb, the uob i had was credited monthly

 

[pcmdan]

Is it?
Then I 11 mth put 1k only, 12th mth top up to 50k, can?

in the website it was stated clearly that it is based on avg daily balance. Last min. putting 50k no count towards full year. Just prorated

 

[zoossh]

UOB bonus interest is credited at the end of 12 months?
So if you suay suay 12th month never hit then all 11 month efforts gone.

At least OCBC credit monthly.

Where did u read that? Can quote?

 

[edwinttt1978]

UOB bonus interest is credited at the end of 12 months?
So if you suay suay 12th month never hit then all 11 month efforts gone.

At least OCBC credit monthly.

Just because UOB used a 12-month example does not mean Bonus Interest is credited on a yearly basis.

Under clause 40 ONE ACCOUNT of the 'UOB TERMS AND CONDITIONS GOVERNING ACCOUNTS AND SERVICES (Individual Customers)', clause 40.5 reads:

"Bonus Interest is calculated at the end of each calendar month based on the monthly average balance and is credited at the beginning of following month. Monthly average balance is the summation of each day-end balance for each month divided by the number of calendar days for that month..."

Accordingly, fears that Bonus Interest is paid on a yearly basis are unfounded.

 

[edwinttt1978]

Website is not clear on that. But last I rmb, the uob i had was credited monthly

It is clear website wants to use 12 months to make interest even more appetising mah.

 

[pcmdan]

It is clear website wants to use 12 months to make interest even more appetising mah.

Oh i did not read on the T&Cs. But from my exp it was credited monthly. Hence when someone mentioned yearly, i had my reservation on that statement made

 

[more3cm]

It is clear website wants to use 12 months to make interest even more appetising mah.

The examples shown include the 3.33% obtained from UOB One, but UOB One is quarterly rebate mah so boh bian show P.A. interest lor...

 

[wts2013]

The examples shown include the 3.33% obtained from UOB One, but UOB One is quarterly rebate mah so boh bian show P.A. interest lor...

hahaha, it is marketing skill/tactics lah, cos debit card also can, but with cc can earn more lah, then hor if u dun have debit card or cc, cannot have the One account hor or earn the bonus interest leh, hahaha

 

[zoossh]

i wonder how the bill cycle of the cc going to work if the interest is based on calender month. is it specified anywhere?

 

[edwinttt1978]

The examples shown include the 3.33% obtained from UOB One, but UOB One is quarterly rebate mah so boh bian show P.A. interest lor...

Examples must make people gian. If the examples fail to make people gian at first sight, then the marketing has failed miserably.
These UOB examples prove to be really very gianful.

 

[edwinttt1978]

Oh i did not read on the T&Cs. But from my exp it was credited monthly. Hence when someone mentioned yearly, i had my reservation on that statement made

It is a good habit to read and understand all T&Cs.

 

[pcmdan]

It is a good habit to read and understand all T&Cs.

yeah...i know..before opening it will do so. But since I haben open yet, too early for that

 

[edwinttt1978]

i wonder how the bill cycle of the cc going to work if the interest is based on calender month. is it specified anywhere?

Bill cycle of ONE card does not change.

Therefore, a cycle that starts from 20th April and ends on 19 May would require thorough planning, such as charging minimum
$500 from 20-30 April,
$300 from 1-19 May,
$200 from 20-31 May,
$600 from 1-19 June,
$200 from 20-30 June,
$600 from 1-19 July, etc.
in order to achieve BOTH Bonus Interest of calendar month & $80 quarterly rebate on $800/billing cycle.

A transaction that is not posted on time could throw the entire game off track, leading to castastrophic effect on Bonus Interest and/Quarterly Rebates.

 

[hwmook]

Bill cycle of ONE card does not change.

Therefore, a cycle that starts from 20th April and ends on 19 May would require thorough planning, such as charging minimum
$500 from 20-30 April,
$300 from 1-19 May,
$200 from 20-31 May,
$600 from 1-19 June,
$200 from 20-30 June,
$600 from 1-19 July, etc.
in order to achieve BOTH Bonus Interest of calendar month & $80 quarterly rebate on $800/billing cycle.

A transaction that is not posted on time could throw the entire game off track, leading to castastrophic effect on Bonus Interest and/Quarterly Rebates.

Please call the CSO to change billing date to match closer to calendar month like 28th. That is easier to track.