Iโve been an OCBC cardholder for just shy of a decade now, but that streak is about to end as I cancel all my remaining credit cards with the bank.
And no, this isnโt some rage-quit, โthatโll show โem!โ moment. Rather, itโs a clear-eyed, calculated decision based on the fact that OCBC cards just arenโt very attractive to me right now- but they could be in six monthsโ time.
Why Iโm cancelling my OCBC cards
While Iโve gotten some great value out of my OCBC credit cards in the past, I donโt think itโs a good idea to retain cards because of sentimentality. The cold hard reality is that I canโt think of a single thing they do right now that other cards couldnโt do better.
OCBC 90ยฐN Mastercard & Visa
I already explained why Iโd be cancelling my OCBC 90ยฐN Mastercard & Visa in my post on Marie Kondo-ing my credit card collection, but Iโll do a quick recap.
I got the OCBC 90ยฐN Mastercard because of its amazing launch offers. When the card first debuted in August 2019, you could earn an uncapped 4 mpd on all foreign currency spending, SIA, Scoot, AirAsia and Jetstar tickets, Changi duty-free shopping, and Netflix & Spotify subscriptions. There was also an uncapped 8 mpd on AirBnB and Millennium Hotels & Resorts! Add the absence of conversion fees, a minimum conversion block of just 1,000 miles, and a sign-up bonus of 3,000-7,000 miles, and this was as big a no-brainer as any I can recall.
It took two more years before we saw the OCBC 90ยฐN Visa, but its debut was also impressive. For a limited time, cardholders could earn 4 mpd on online entertainment, retail, food delivery, groceries and overseas spending, albeit with a cap.
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Sadly, both cards have fizzled out. They lost their fee-free conversions, they added S$5 earning blocks, and most of their new transfer partners have conversion ratios which negate the value.
Besides, outside of sign-up bonuses I have very little use for general spending cards because most of my daily transactions are on specialised spending cards like the Citi Rewards, DBS Womanโs World Card or UOB Ladyโs Card, which offer 4-6 mpd. And in situations where I canโt use specialised spending cards, my fallback options of the AMEX HighFlyer Card (1.8 mpd) or UOB PRVI Miles Card (1.4 mpd) would still outperform both 90ยฐN Cards.
OCBC Titanium Rewards
The OCBC Titanium Rewards has been one of my go-to cards for many years, but that love affair ends from 1 November 2023.
Thatโs because OCBC will be nerfing the key advantage of this product by converting its 4 mpd cap of S$13,335 per membership year into a 4 mpd cap of S$1,110 per calendar month.
On first glance you might wonder why customers would care, since S$13,335 is just S$1,110 over 12 months, give or take. But believe me, the change is big. This means you can no longer use the OCBC Titanium Rewards as a sponge for big-ticket purchases like electronics (which is dropping off the bonus category list anyway).
Moreover, itโs relatively easy to make a large โone and doneโ transaction that maxes out the annual bonus cap. Itโs much more difficult to make 12 transactions of S$1,110 like clockwork each month, which realistically speaking means leaving some bonus miles on the table.
In fact, once the OCBC Titanium Rewards switches to a monthly cap, I can think of very few reasons to use it over competitors like the Citi Rewards Card, DBS Womanโs World Card, HSBC Revolution or UOB Ladyโs Card. These all offer comparable or higher earn rates, comparable or higher monthly bonus caps, and a wider range of bonus categories.
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For more analysis on this topic โ and cards that would easily fill the OCBC Titanium Rewardโs place โ refer to the post below.
OCBC Premier Visa Infinite
In my Marie Kondo post, I wrote that I didnโt see the point in cancelling my OCBC Premier Visa Infinite because:
- it has no annual fee
- it wasnโt standing in the way of me becoming new-to-bank, so long as I refused to give up my OCBC Titanium Rewards
But now that (2) no longer holds, (1) isnโt enough to make me keep the card.
While its local/FCY earn rates of 1.28/2.24 mpd are decent for a general spending card, I refer you to my previous comments in the 90ยฐN section about not really needing one. And even though it does offer two free Plaza Premium Lounge visits, I already get unlimited lounge access from my AMEX Platinum Charge.
Basically, when the OCBC Titanium Rewards domino falls, so does the OCBC Premier Visa Infinite.
What do I lose by not having OCBC cards?
OCBC credit card offers
OCBC, like most banks, has a wide variety of cardholder discounts at selected restaurants, attractions and petrol stations.
However, most of these are available to debit cardholders too, and Iโll still have an OCBC debit card because of my 360 Account (if the discount is good enough, Iโd be willing to forgo miles on that particular transaction- case in point DBS yuu).
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Itโs true there are a few credit card only deals, such as S$100 off the latest iPhone 15 at Best Denki, but I can live without that.
OCBC 360 bonus interest
๐ฆ OCBC 360 Interest | ||
First S$75K | Next S$25K | |
Salary | 2.0% | 4.0% |
Save | 1.2% | 2.4% |
Spend | 0.6% | 0.6% |
Wealth (Insure) | 1.2% | 2.4% |
Wealth (Invest) | 1.2% | 2.4% |
Base Interest | 0.05% | |
Max EIR | 7.65% | |
Additional Grow bonus of 2.4% p.a. available if minimum ADB at least S$200,000 |
OCBC 360 Account holders who spend at least S$500 per month on selected OCBC credit cards will earn an additional 0.6% p.a. on the first S$100,000 in their accounts.
Thatโs an extra S$50 per month, but the bulk of my savings are inside a UOB One Account anyway, where Iโm earning an easy 5% p.a. on the first S$100,000 thanks to a salary credit and my spending on the UOB Ladyโs Card.
What do I gain by not having OCBC cards?
New customer status
Now, this isnโt the end of my relationship with OCBC; far from it.
This trial separation, if you want to call it that, starts the reset clock on my new customer status. And if thereโs one silver lining to this whole affair, itโs that OCBCโs definition of a new customer is relatively more generous than competitors like Citibank and DBS.
OCBC defines a new customer as one who:
- Does not currently hold a principal OCBC credit card, and
- Has not cancelled a principal OCBC credit card in the past six months
Notice how the timeout period is six months, unlike most other banks where itโs 12 months.
โ ๏ธ Update |
For applications from 1 November 2023 onwards, OCBC defines a new customer as someone who
|
This means that sometime in the first half of 2024, Iโll be eligible for a new-to-bank gift when applying for an OCBC credit card. And if the SingSaver gifts are anywhere as good as they are right now, Iโll happily forgo using OCBC cards for six months.
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For example, the current gifts for new-to-bank customers who sign up for an OCBC 90ยฐN Mastercard, OCBC 90ยฐN Visa or OCBC Titanium Rewards Card are:
- Samsonite Volant Spinner 68/25 EXP + 2x Apple AirTags (worth S$570)
- Apple AirPods (Gen 3) + MagSafe Charging Case + MagSafe Charger (worth S$330.50)
- S$300 eCapitaVoucher
- S$280 cash
Itโs even better if you opt for the cashback-earning OCBC 365 Card, where the new-to-bank gifts are:
- Samsonite Volant Spinner 68/25 EXP + 2x Apple AirTags (worth S$570)
- Apple iPad 9th Gen 10.2โณ WiFi 64GB (worth S$503.65)
- Apple AirPods Pro Gen 2+ MagSafe Charger Bundle (worth S$421.35)
- S$320 cash
These gifts change from time to time, but theyโre certainly a lot more generous than the acquisition offers we saw throughout 2021 and most of 2022.
I should probably mention at this juncture that banks do keep an eye out for customers who apply for cards, get the welcome offers and then cancel the cards as soon as they can. Doing so repeatedly can get you blacklisted as a gamer, with subsequent applications rejected.
That said, I have been spending consistently on my OCBC cards (well, at least the Titanium Rewards), and all of them have tenures of several years or more. Besides, I applied for all my OCBC cards way before the SingSaver gift bonanza started, so Iโm not too worried in my particular case.
A funny thing about cancellationโฆ
Thereโs a little bit of Hotel California when it comes to cancelling OCBC credit cards because, as I discovered, youโre not allowed to cancel all your credit cards at one go.
The CSO had no issue processing four card cancellations at one shot, until she realised that would leave me with no more principal OCBC credit cards. She then told me that I would need to wait for a call back from the bank, which would take five to seven working days.
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I suppose this could be a retention call where some sort of bargain is proposed (e.g. donโt cancel your cards and weโll give you X when you spend S$Y), but I donโt see why that couldnโt be done on the same call.
Conclusion
With the OCBC Titanium Rewardโs impending nerf, Iโve decided to cancel the rest of my OCBC credit cards. I just donโt see any scenario where Iโd be putting significant amounts of spend on them over the next few months, so I might as well start the countdown clock on when I can be considered new-to-bank once again.
In a way, the OCBC Titanium Rewards was the anchor holding everything together. With its key selling proposition now gone, I wouldnโt consider any OCBC credit card to be essential for miles chasers at the moment.
May still be essential for those with 360 accounts?
i have a 360 account but i think itโs much easier to earn bonus interest with uob one, since iโm spending at least $500 on the uob ladyโs card each month anyway.
How do you qualify for ladyโs card?
Just did the same but via secured mail so not sure if will run into the same issue with my 4 cards undergoing the chop..
I cancelled all my cards at once via secured mail as well. The callback that you receive is the retention one already so only 1 call is needed. The retention offer is something like $50 statement credit with no min. spend or something like that which I declined lol
Me too, cancelling my OCBC cards. Remember the 4mpd on Samsung Pay? Its value proposition has just continually gone downhill
What about the voyage card worth keeping?
I say keep if yours is premier banking and above because it makes it the best general spending card around.
FWIW, i just cancelled my voyage last month. the miles earning rate is low, as you know, so assessment is mostly on the perks such as lounge access, limo, better rate on cardup (if you use it), and how likely you are hitting minimum annual spend. in my case, my travels decrease a lot and i didnt manage to hit min spending so i cancel it. in my mind, itโs better to reapply down the road.
I am cancelling all too but got to keep the OCBC Great Eastern Cashflo card. Solely for the payment of insuranceโฆ
I think voyage cards r still worthwhile to keep esp the 1.6 mpd ones
am going to cancel mine too!!
ocbc must be wondering why so many cancellations today โฆ.lol
Hope the sudden influx of OCBC TR cancellation would somehow let OCBC have a wake up call.. but I seriously doubt so though lol..
โI suppose this could be a retention call where some sort of bargain is proposed (e.g. donโt cancel your cards and weโll give you X when you spend S$Y), but I donโt see why that couldnโt be done on the same call. โ
I think only managers and above can offer this solution. Thatโs why the CS cannot handle.
Perhaps when the CSO calls you back you could redirect her to this page if she tries to hard sell you
Could not agree more. OCBC cards are a complete waste of time.
Done! Bye OCBC TR
I have this same experiences with ocbc
Cancelled my 365 card a while back. Then not long after, I applied for the 90N card and they rejected me. lol. See how it goes after a while more.
I cancelled but within days, got a call offering me $50 cash back if I reinstate the card & carry out at least 5 transactions of any value in next 2 months. After I get the $50 cash back, Iโll cancel again!
My last OCBC credit card was terminated in 201q. Before I was faithfully using the card for more than 5 years chalking up multiple overseas expenses. My reason for cancellation was simple- lack of service. Inspite multiple overseas spending (I was based overseas) OCBC advised me to pay off my outstanding balance before they could consider giving me a temporary credit limit increase. My request then was to buy new furniture for my family especially with a new born. That was really the final draw. To think that a bank does not appreciate family situation nor cash flow of cardโฆ Read more ยป
Same here, just cleared all the points into KrisFlyer, cancelling the 2 TRs tomorrow
Never even got my promo signup reward (the Apr/May $228 promo). Their response was I didnโt click through the promo campaign page. Bye bye OCBC
sorry for activating an old article! but i have tried cancelling the card by calling from overseas. no luck so far. averaged 20 mins / call, tried multiple times and waited for nothing. no one picking up, system said itโs busy. any recommendation how do i submit card cancellation from overseas? thanks.