ocbc 360 account

[pcmdan]

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.

First, no one say you have to take frank card to enjoy 6%. you can use any OCBC cards that are branded as Credit Card.

And here you are comparing solely on like for like. Not wrong but is better to see it holistically. Since there is no way you can hit above 1.88% for SCB. But for someone who is enjoying the salary component and able to pay off 3 bills at ease, OCBC is still the preferred choice.

 

[pcmdan]

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?

if you can only meet the credit card requirement and not the other 2, then yes, Bonus saver will be a better option

 

[djchris]

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.

I don't even have to reply further to this because all you need to do is to read my other posts in this thread.

 

[pcmdan]

I don't even have to reply further to this because all you need to do is to read my other posts in this thread.

yawnzzzzzzzzz

 

[EvilPaladin]

anybody received the bonus interest already for this mth?

 

[kokitty]

anybody received the bonus interest already for this mth?

no. 3 May is a public holiday, they have 7 working days to credit. Today is only the 5th working day

 

[EvilPaladin]

no. 3 May is a public holiday, they have 7 working days to credit. Today is only the 5th working day

ahhh i see. i thought its always credited on the 7th, regardless of any PH or whatever in between.

Thanks!

 

[zoossh]

Is It Really Time To Ditch the OCBC 360 Account?

if no salary bonus given, definitely should ditch.

at 1.05%, keeping ocbc 360 is the same as losing money. at the very least, they should maintain 1.2 or 1.25 to compete with other competitors, but they wanna fall back and hope people didnt notice?

for those who cant get your salary bonus cos ocbc denies it. forget about that and just bring your salary and your savings to maybank/scb and keep a cimb, and do some shuffling.

 

[zoossh]

yawnzzzzzzzzz

allow me to speak up for djchris (ok, if i intepreted him wrongly with my own impression, that is my fault).

bonus saver can still beat ocbc 360 in some very limited ways.

1. salary bonus denied by 360.

2. spending pattern does not allow one to hit 6% or even 3% due to spending on things that does not fit the categories set by ocbc.

3. depending on best rate available elsewhere, if can get more than 0.5% rebate equivalent on bonus saver, then it is still better than other cards giving only 0.5% on miscellaneous. if the best deposit rate goes up to 1.76%, then bs returns will be less than 0.5% rebate equivalent.

 

[dloreangel]

if no salary bonus given, definitely should ditch.

at 1.05%, keeping ocbc 360 is the same as losing money. at the very least, they should maintain 1.2 or 1.25 to compete with other competitors, but they wanna fall back and hope people didnt notice?

for those who cant get your salary bonus cos ocbc denies it. forget about that and just bring your salary and your savings to maybank/scb and keep a cimb, and do some shuffling.

i tot cimb not as good liao..
dunno leh, read up on money smart, was a bit disappointed with CIMB and maybank
not too sure abt SCB, havent read up yet

 

[hyperbole]

i tot cimb not as good liao..
dunno leh, read up on money smart, was a bit disappointed with CIMB and maybank
not too sure abt SCB, havent read up yet

Why is CIMB not good? Their rates are not conditional or promotional

 

[zoossh]

i tot cimb not as good liao..
dunno leh, read up on money smart, was a bit disappointed with CIMB and maybank
not too sure abt SCB, havent read up yet

cimb is still gd. u topup $100 that mth, u still get 0.8%.

it can be coupled with scb and maybank to exceed ocbc 360 of 1.05% if u do not fulfil the salary bonus of ocbc or if ocbc denies you salary bonus due to coding issue.

being aware of all these will keep banks in check, so that their cutting down of interest will lead to a corresponding drop in the amount people deposit with them.

if u want total fuss free, get cimb and arrange an auto-giro of $100/mth.

if u dun mind a bit of work, shifting the sum around in scb/maybank/cimb is about the same or just a little more than u had to do with the bill payments with ocbc

 

[djchris]

allow me to speak up for djchris (ok, if i intepreted him wrongly with my own impression, that is my fault).

bonus saver can still beat ocbc 360 in some very limited ways.

1. salary bonus denied by 360.

2. spending pattern does not allow one to hit 6% or even 3% due to spending on things that does not fit the categories set by ocbc.

3. depending on best rate available elsewhere, if can get more than 0.5% rebate equivalent on bonus saver, then it is still better than other cards giving only 0.5% on miscellaneous. if the best deposit rate goes up to 1.76%, then bs returns will be less than 0.5% rebate equivalent.

Thanks zoossh. I didn't want to bother with correcting people because it's just my personal perspective and there's no point driving the direction of this thread off its intended topic.

But yes I may be moving to StandardChartered Bonus Saver next month. I say 'may' instead of 'will', because now this week USD has weakened a bit so I might just move some money onto a Multi Currency account just to lock in the rates because that amount needs to be used to pay a mortgage payment in June.

In the end, if the balance in my account is too low to be worth any effort, then I won't even bother moving it.

 

[zoossh]

Thanks zoossh. I didn't want to bother with correcting people because it's just my personal perspective and there's no point driving the direction of this thread off its intended topic.

not say correcting. just that permutations are a lot and it is not always straightforward. you guys are both correct. saying of mistakes, i think i made the most cos i noob. previously never look at my finance. now i wan to catch up.

 

[beri stupid idiot]

If u can hit only 1.05 maybe consider esaver for a rotational scheme

 

[icicic]

Bonus not in yet? Anyone got it for March already?

 

[Perisher]

Bonus not in yet? Anyone got it for March already?

Ya, just checked, not in yet. Last friday is Good Friday. So today is just nice 7 working day.

 

[kokitty]

Ya, just checked, not in yet. Last friday is Good Friday. So today is just nice 7 working day.

If it is not in today, think we will see a lot of pig's head hanging outside OCBC branches tmr

 

[magnesium1]

it's in already

Sent from research lab using GAGT

 

[hyperbole]

Not me for leh