ocbc 360 account

[jujuhippo]

i just opened my ocbc 360 account today and have a question.

I currently have a FRANK credit card and am thinking of using the nets flashpay ATU. If let's say I top up $150 per month for transport - Does this $150 qualify for the 'minimum of S$400 in retail transactions across your OCBC Credit Cards'?

 

[naro]

i just opened my ocbc 360 account today and have a question.

I currently have a FRANK credit card and am thinking of using the nets flashpay ATU. If let's say I top up $150 per month for transport - Does this $150 qualify for the 'minimum of S$400 in retail transactions across your OCBC Credit Cards'?

Yes. Part of ur credit card expenditure

 

[naro]

It will depends on how it's prorated.

For first 10 days, your daily average balance is 10/30 x 10k = 3.33k. For the rest the rest 20days, you will get a prorated 20/30 days x (80k+10k) = $60k. So effectively for the whole month your daily average balance is $63.33k.

So yes, you will get up to max 3.05% of 50k which is still overkill. To maximimze your usage without overkill, you only need to top up approximately $61k, which will bring your daily average balance to just about $50k

Invest the rest of your 19k somewhere else more useful

Yup. Like scb bonussaver or cimb starsaver.

 

[jujuhippo]

Yes. Part of ur credit card expenditure

Great thanks

 

[OCBC Bank]

my friend went to ocbc today and one of the staff told her the "catch" to this high interest. apparently the bonus interest only kicks in when you hit the requirement i.e. it matters whether you spend the $400 at the start of the month or end of the month. if you hit the $400 early on the bonus interest will kick in earlier. however when i check the Ts&Cs of OCBC, my interpretation is not the same.

http://www.ocbc.com/assets/pdf/Accounts/360-account-terms-and-conditions.pdf

Clause 2.2 states that as long you meet the requirements WITHIN THE CALENDAR MONTH, bonus interest will be calculated based on the average daily balance you maintain.

its either ocbc is trying to hide some information or the staff is dumb. i hope its the latter. what's your take on this, guys?

Hi giftgalz,

No catch here. As long as the requirements for the 3 Bonus Interest categories are fulfilled, the bonus interest will be calculated and given accordingly, up to $50,000. Hope this clarifies. Thanks

^ Greg
For OCBC Bank

 

[elctrbst]

I had mine since Oct 2013 using the old rate of about 0.5% p.a interest as long as 2 unique bill payments have been made. based on 10k balance, I wait month after month for the additional $5 interest for the past few months but I only got 50c-$1 each month.

My balances have steadily doubled till since they relaunched and I've kept to 3 bills a month. I'm still getting $1.50 each month. I watched for the 7th business day for it to be credited. I only get my base interest on 1st of month

Ocbc Are you sure you're not scamming me?

 

[anfielder]

I had mine since Oct 2013 using the old rate of about 0.5% p.a interest as long as 2 unique bill payments have been made. based on 10k balance, I wait month after month for the additional $5 interest for the past few months but I only got 50c-$1 each month.

My balances have steadily doubled till since they relaunched and I've kept to 3 bills a month. I'm still getting $1.50 each month. I watched for the 7th business day for it to be credited. I only get my base interest on 1st of month

Ocbc Are you sure you're not scamming me?

They nv scam you.. you tio pwn by not reading the fine print. Anything under $25k only earns 0.1% interest.

 

[chengsun]

I had mine since Oct 2013 using the old rate of about 0.5% p.a interest as long as 2 unique bill payments have been made. based on 10k balance, I wait month after month for the additional $5 interest for the past few months but I only got 50c-$1 each month.

My balances have steadily doubled till since they relaunched and I've kept to 3 bills a month. I'm still getting $1.50 each month. I watched for the 7th business day for it to be credited. I only get my base interest on 1st of month

Ocbc Are you sure you're not scamming me?

why u never call ocbc to ask for the reason?

 

[elctrbst]

I don't think I have the old brochure with me. But I recall it's a base of 0.1% without bill payment transactions, slightly higher (0.2-0.5, I forget liao) if you do 2 online transactions for balance under 25k, 25-50k promo rate of 1.xx% I'm damn sure.

I haven't called yet because I want to check if anyone else here is experiencing the same thing, not receiving the right interest or not receiving on the exact date.

 

[elctrbst]

Ps I kanchiong spider. I knew this one is "new" but didn't know it's so new that they will start rolling out the bonus interest next month only

 

[rotiboyz]

I don't think I have the old brochure with me. But I recall it's a base of 0.1% without bill payment transactions, slightly higher (0.2-0.5, I forget liao) if you do 2 online transactions for balance under 25k, 25-50k promo rate of 1.xx% I'm damn sure.

I haven't called yet because I want to check if anyone else here is experiencing the same thing, not receiving the right interest or not receiving on the exact date.

hi you are right, the higher interest is only for between 25 to 50 K only

 

[MoDiE]

They nv scam you.. you tio pwn by not reading the fine print. Anything under $25k only earns 0.1% interest.

LoL for self-pwn

10char

 

[leonaheidern]

Hi giftgalz,

No catch here. As long as the requirements for the 3 Bonus Interest categories are fulfilled, the bonus interest will be calculated and given accordingly, up to $50,000. Hope this clarifies. Thanks

^ Greg
For OCBC Bank

Hi so if you only fufill the salary giro and the pay 3 bills through either giro or internet banking do you get 2.05% or 0.05% only?

 

[Eon]

Hi guys. Let's say i have a bill 'A' of $450 & bill 'B' $20.

- I make a 'partial' payment of $50 to bill 'A' using Pay Any Bill.
- Then i use frank card to pay the rest of $400 of bill 'A' using bill 'A' website
- I then use Pay Any Card to pay my frank card bill of $400
- finally i use Pay Any Bill to fully pay my bill 'B'

By doing the above, does it consider fulfilling both bill payment bonus and credit card spend bonus?

 

[Dividends Warrior]

Hi giftgalz,

No catch here. As long as the requirements for the 3 Bonus Interest categories are fulfilled, the bonus interest will be calculated and given accordingly, up to $50,000. Hope this clarifies. Thanks

^ Greg
For OCBC Bank

Thanks for clarifying, Greg.

 

[winguy]

Hi OCBC,

1) I see a Time Deposit Online account when I login to internet banking. I do not recall opening such account. What is it and do I have to go to the branch to close it?

2) In DBS iBanking, I can add GIRO arrangement (for certain billing organizations) as well as view/delete GIRO arrangements. Can the same be done in OCBC Internet Banking?

Thanks

 

[awful999]

the $400 ocbc credit card spending

Hi OCBC,
Can you help to confirm the following, I had check with hotline and bank staff but both give me different answer, can you help ?

1.Is singtel,M1 bill pay using OCBC credit card counted ?

2. Is utility bill pay using OCBC credit card counted ?

3. Town concil fee using OCBC credit card counted ?

4. life insurance premium using OCBC card counted ?

Thanks.

 

[steven168z]

useless for me as it does not give free cheque book where as my citibank stepup acc with salary credit give me free cheque book

 

[naro]

useless for me as it does not give free cheque book where as my citibank stepup acc with salary credit give me free cheque book

really?

I had the Citibank step-up account and it gave a free cheque book without even salary credit. Recently, it started to charge for the chequebook.

But now, i'm crediting my salary to OCBC360 and opened a CIMB Starsaver account.
OCBC360 for 3.05% for first $50k in the account, provided one meets the 3 requirements (salary credit, payment of bills via OCBC internet banking and $400 spend on OCBC credit cards)
CIMB Starsaver for free chequebook with no requirements. Just need to open the account with $5k but you can withdraw the money as it does not have fall-below fee.

 

[MoDiE]

useless for me as it does not give free cheque book where as my citibank stepup acc with salary credit give me free cheque book

i think the amount of interest covers the cost of the cheque book liao.. 3.05% p.a. where to find sia... citi step up how much nia