The OCBC Great Eastern Cashflo Credit Card is a unique offering in Singapore’s credit card market, designed to help cardholders manage their cash flow more effectively.
This card stands out for its automatic instalment feature and cashback rewards, making it particularly attractive for those who frequently make large purchases or pay insurance premiums.
TL;DR: OCBC Great Eastern Cashflo Credit Card Review 2024
- The OCBC Great Eastern Cashflo Credit Card offers interest-free instalment plans and cashback rewards. It automatically splits large purchases into 3 or 6-month instalments with 0% interest.
- The card provides up to 1.2% cashback on eligible spending if it exceeds $1,000. If your monthly spend is below $1,000, the cashback is reduced to up to 0.3%.
- The card offers 16% savings at Caltex and 14% at Esso stations.
- The card is also especially beneficial for Great Eastern insurance policyholders, offering 12-month premium instalments. However, it comes with a 1% processing fee for insurance premium instalments.
Key Features of the OCBC Great Eastern Cashflo Credit Card
The OCBC Great Eastern Cashflo Credit Card comes with several key features that set it apart from other credit cards in the market. Firstly, it offers automatic instalment plans, where purchases above S$100 are automatically split into 3 or 6-month instalments at 0% interest. This feature is particularly useful for managing large expenses without incurring additional interest charges.
OCBC Great Eastern Cashflo Cashback Rate
For eligible transactions, earn 0.30% cash rebate if your monthly billed amount of eligible retail spend (excluding GE Life and GE General Insurance Premiums) is below $1,000 and 1.2% if your monthly billed amount of eligible retail spend (excluding GE Life and GE General Insurance Premiums) is $1,000 and above, Do note that cashback is capped at $100 a month.
For Great Eastern insurance policyholders, the card offers the additional benefit of splitting insurance premiums into 12-month instalments. This feature can significantly ease the financial burden of paying large insurance premiums in one go.
The card also provides attractive petrol discounts, with up to 16% savings at Caltex and 14% at Esso stations. These discounts can lead to substantial savings for frequent drivers.
Lastly, the card has an annual fee of $160.50, which is waived for the first two years. This initial waiver allows cardholders to experience the card’s benefits without immediate cost.
OCBC Great Eastern CashfloĀ Pros
The OCBC Great Eastern Cashflo Credit Card offers several advantages, making it an attractive option for many Singaporeans. The standout feature is undoubtedly its interest-free instalment plan. By automatically splitting large purchases into manageable instalments, the card helps users to better manage their cash flow without incurring additional interest charges. This can be particularly beneficial for those who frequently make big-ticket purchases.
Another significant advantage is the cashback on all spending. Unlike many other cards that restrict cashback to specific categories, this card offers up to 1.2% cashback on almost all eligible monthly spending. This simplifies the rewards structure and ensures cardholders can earn cashback on every purchase.
For Great Eastern insurance policyholders, the 12-month instalment plan for insurance premiums is a significant plus. This feature allows policyholders to spread the cost of their insurance over a year, making it more manageable for many budgets.
The card also offers substantial petrol savings, with significant discounts at Caltex and Esso stations. For frequent drivers, these savings can add up to a considerable amount over time.
Lastly, the flexible trigger amount for automatic instalments is a thoughtful feature. Cardholders can set their preferred amount for when purchases should be split into instalments, providing a personalised approach to cash flow management.
OCBC Great Eastern CashfloĀ Cons
While the OCBC Great Eastern Cashflo Credit Card offers many benefits, it also has some drawbacks that potential applicants should consider. One of the main disadvantages is the 1% non-refundable processing fee charged for insurance premium instalments. This fee can eat into the savings gained from spreading the premium payments over 12 months.
While the cashback is consistent across all spending categories, it is limited to $100 per month. This cap may be restrictive for high spenders and prevent them from maximising their rewards.
It’s also worth noting that as of October 2020, Great Eastern premium payments no longer earn cashback. This change has reduced the card’s appeal for those primarily using it for insurance premium payments.
Comparison with Other Similar Credit Cards
When comparing the OCBC Great Eastern Cashflo Credit Card to other options in the market, it’s important to consider cards that offer similar benefits in terms of instalment plans and cashback rewards.
For instance, the Standard Chartered EasyOne Credit Card offers 0% interest instalment plans for 3-36 months and up to 5% cashback on selected categories.Ā However, it doesn’t automatically split purchases into instalments like the OCBC card does.
The Citi FlexiBill Instalment Plan allows big-ticket items to be converted into instalments but doesn’t offer a cashback feature. It provides more flexibility in choosing instalment tenure (up to 60 months) but charges a processing fee for instalment plans.
The HSBC Visa Platinum Credit Card offers a 0% interest instalment plan for 3-36 months and up to 5% cashback on dining and groceries. Its annual fee of S$192.60 is waived for the first two years. However, manual conversion of purchases to instalments is required.
The OCBC Great Eastern Cashflo Credit Card stands out for its automatic instalment feature and consistent cashback rate across all spending categories. However, it may not be the best choice for those seeking higher cashback rates in specific categories or more flexible instalment plan options.
Conclusion
The OCBC Great Eastern Cashflo Credit Card is a solid choice for Singaporeans looking to manage their cash flow effectively, especially those who frequently make large purchases or hold Great Eastern insurance policies. Its automatic instalment feature and consistent cashback rate make it stand out in the market.
However, the card’s value proposition has been somewhat diminished by introducing the 1% processing fee for insurance premium instalments and removing cashback on these payments. After the first two years, the relatively high annual fee must also be considered.
For those who can maximise the card’s benefits, particularly the interest-free instalments and petrol discounts, it can be a valuable addition to their wallet. However, individuals seeking higher cashback rates or more flexible instalment options might want to explore other cards in the market.
Ultimately, the decision to apply for the OCBC Great Eastern Cashflo Credit Card should be based on your spending habits, cash flow needs, and whether you hold or plan to purchase Great Eastern insurance policies. As with any financial product, it’s crucial to carefully read the terms and conditions and consider how the card fits into your overall financial strategy.
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