OCBC FRANK Credit Card: What Are The Changes in July 2020?
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Seedly OCBC FRANK Credit Card Benefit July Change

OCBC FRANK Credit Card: What Are The Changes in July 2020?

Kenneth Fong
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After OCBC revised their interest rates for their OCBC 360 Savings Account, guess what else are they tweaking?

SpongeBob Peeking Out Of Window
Source: SpongeBob SquarePants | Giphy

That’s right.

Their OCBC FRANK Credit Card benefits.

So, is it for the better?

Or will it be more cui (Hokkien: lousy)?

Let’s find out.


TL;DR: Changes to OCBC FRANK Credit Card from 1 July 2020

Seedly OCBC FRANK Credit Card Benefit July Change

Revision of OCBC Frank Credit Card Benefits from 1 July 2020

OCBC Frank Credit Card BenefitsBefore 30 June 2020After 1 July 2020
Minimum Monthly Qualifying Spend$400 offline spend$600 all eligible spend

(both online and in-store)
Bonus Cashback Categories6% for online spend6% for online spend
(capped at $25 per month)
3 to 5% entertainment6% in-store mobile contactless payment and/or foreign currency transactions made in-store
(capped at $25 per month)
0.3% all eligible spend0.3% all eligible spend
(capped at $25 per month)
Total Monthly Cashback Cap$60$75
What if I do not meet the minimum monthly spend?0.3% flat cashback0.3% flat cashback

Overall, an OCBC Frank Credit Cardholder will see an increase in the minimum monthly qualifying spend from $400 to $600.

However, both online and in-store purchases are now eligible as compared to the previous in-store (or offline) spend only.

While monthly rebates used to be capped at $60.

The revised monthly cashback cap will be increased to $75.

With all 3 bonus cashback sub-categories each having a $25 monthly cashback cap.

The 6% online bonus cashback is will be available for two other types of spending: in-store mobile contactless payments AND foreign currency transactions made in-store.


Is it Still Worth Using the OCBC FRANK Credit Card After 1 July 2020?

A Higher Minimum Monthly Qualifying Spend

Even though the minimum monthly qualifying spend has been increased from $400 to $600.

This amount should be easier to hit come 1 July 2020 as both online and offline spend are counted.

This definitely makes it easier for you to track and hit this quota — especially if you do a lot of online shopping.

Speaking of online shopping.

There’re always alternative credit cards to consider especially if you’re looking for the best credit card to use for online shopping.

Best Credit card for online shopping. Miles and cashback

Monthly Rebate Revision and Sub Category Caps

While the monthly rebates for the FRANK Credit Card used to be capped at $60.

The overall monthly cashback will now be capped at $75 instead.

Even though it sounds like you can potentially get more, I wouldn’t celebrate just yet…

The bonus cashback categories will be re-categorised into:

  • Online spend (6%)
  • In-store mobile contactless payments and/or foreign currency transactions made in-store (6%)
  • All other eligible spend (0.3%)

And all 3 sub-categories have a $25 monthly cashback cap each.

This means that while you could enjoy a $60 cashback for spending $1,000 online from before.

Spending the same amount online after 1 July 2020 will only net you a $25 cashback.

Meaning once you spend about $417 online, you should switch to another card if you want to clock more rewards or cashback on your online purchases for the rest of the month.

Alternatively, you could spread out your online purchases to the next month too.

Getting that Bonus Cashback

The newly introduced bonus cashback for in-store mobile contactless payments and/or foreign currency transactions made in-store might also be a little tricky.

Especially during this COVID-19 period.

While you can link it to SimplyGo and use your smartphone or watch to pay for your train and bus fares via Apply Pay, Fitbit Pay, Garmin Pay, Google Pay, Samsung Pay, and etc.

It’s unlikely that you would incur that much in transportation given that most of us are still working from home right now.

Also, almost all retail malls are currently closed and international travel is limited during COVID-19.

So where’re you EVER going to spend your money in-store, whether it’s via contactless spend or in a foreign currency?

Sad SpongeBob Sitting In A Diner
Source: SpongeBob SquarePants | Giphy

This means that the only way you can realistically clock this is to skip the food delivery and grocery delivery.

And head down physically to the restaurant to order takeaway.

Or the supermarket to buy your groceries in order to pay in-store.

Side note: okay, this is totally #firstworldproblems.

But once all of this is over, the mobile contactless payment caveat means that you can use this as your general spend cashback credit card.

Verdict: Still Decent

Overall, the OCBC FRANK Credit Card is still a pretty decent cashback credit card to get.

Although one of my biggest gripes is its $80 annual fee.

Note: it’s free for the first 2 years

The only way to waive this annual fee is to spend a minimum of $10,000 annually.

(Or probably have all kinds of insurance and investment products with OCBC…)

And that works out to be about $834 a month.

Coincidentally (I think not…), if you want to avoid paying the annual fee that is, you’d have to clock:

  • Online spend ($417)
  • In-store mobile contactless payments and/or foreign currency transactions made in-store ($417)

Although, you could try calling the customer service hotline and hint that you’d rather cancel your card than pay the annual fee…

REITs Tool

About Kenneth Fong
Owner of a 4-room HDB BTO and married to a financial clutz. Probably the closest to an adult you can find on the Seedly team.
You can contribute your thoughts like Kenneth Fong here.

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