If you’re an OCBC 90ยฐN Cardholder, you might want to check your inbox to see if you’ve been targeted for a 5 miles per S$1 promotion on foreign currency spending, valid from now till 30 September 2024.
No minimum spend is necessary to unlock this rate, but there is a S$5,000 spending cap, and perhaps more importantly, a 500 customer cap.
Earn 5 mpd on foreign currency spending with OCBC 90ยฐN Cards
Offer Page |
From 6 May to 30 September 2024, OCBC 90ยฐN Visa and Mastercard Cardholders can earn up to 5 mpd on in-person transactions made in foreign currency.
Registration is required, and can be done by sending the following SMS to 72377:
๐ฑ SMS to 72377 |
OCBCFX90<space>Date of birth in DDMMYYYY to 72377 (Example: OCBCFX90 01011988) |
Do note that this is a targeted offer, and you must have received an SMS or email from OCBC inviting you to participate.
Registered cardholders will earn the usual 2.1 mpd on foreign currency spending, plus a bonus 2.9 mpd on the first S$5,000 spent throughout the promotion period.
Base | Bonus | Total | |
2.1 mpd | 2.9 mpd | 5 mpd |
If you have both the 90ยฐN Visa and 90ยฐN Mastercard, you can only register one card for the offer (though the T&C’s don’t say how you can tell which one it is!).
Do remember that your transactions must be made in-person; any online transactions will not be eligible. This can be an issue at certain overseas restaurants where you order via QR code and pay online before getting your food, so take note!
โ Can I use Amaze? |
To pre-empt the inevitable “can I use Amaze” question, no, you can’t. Amaze converts all transactions into SGD, and this offer only applies to spending made in FCY |
First 500 cap applies!
While a 5 mpd earn rate is welcome indeed, what’s not welcome is the customer cap.
Only the first 500 customers who meet the qualifying spend will earn the bonus, and it’s not clear whether successful registration guarantees you’ll earn anything (my guess is no, as I don’t think the system is smart enough to reject new entries after 500 registrations).
This means you’ll have to take a gamble, and in a worst case scenario, you’ll only earn the regular 2.1 mpd.
To give you an idea of what that means for cost per mile, given OCBC’s 3.25% FCY fee:
- 2.1 mpd @ 3.25% FCY fee = 1.55 cents per mile
- 5 mpd @ 3.25% FCY fee = 0.65 cents per mile
When will bonus miles be credited?
OCBC 90ยฐN Cardholders will earn the regular 2.1 mpd initially.
The remaining 2.9 mpd will be credited within three months from the end of the promotion period, i.e. by 31 December 2024.
Terms & Conditions
The terms & conditions of this offer can be found here.
What can you do with 90ยฐN Miles?
Back in July 2023, OCBC finally added its long-delayed new airline and hotel partners, which gave cardholders choices beyond just KrisFlyer.
Frequent Flyer Programme | Conversion Ratio (90ยฐN Miles : Miles) |
1,000 : 1,000 |
|
1,000 : 1,000 | |
1,000 : 1,000 | |
1,000 : 1,000 | |
1,000 : 900 | |
1,000 : 900 | |
1,000 : 750 | |
1,000 : 700 | |
1,000 : 500 |
Unfortunately, the transfer ratios for the new partners leave a lot to be desired.
I would at the very least have expected Asia Miles to enjoy the same conversion ratio as KrisFlyer. That’s the way it is for every other bank on the market, and it effectively eliminates Asia Miles as a viable transfer partner. After all, why on earth would you take a 25% haircut on the value of your OCBC points (and therefore your card spending rebate) when no other bank forces you to do that?
Likewise, it’s disappointing to see that there’s a 10% haircut for British Airways Executive Club and Etihad Guest, when Citibank and the HSBC TravelOne Card offer transfers to both at the same ratio as KrisFlyer.
As for hotel partners, the ratios for IHG and Marriott Bonvoy aren’t that appealing when you factor in the opportunity cost- you’re basically forgoing 1 KrisFlyer mile (~1.5 SG cents) for every IHG (~0.5 US cents/0.67 SG cents) or Bonvoy (~0.7 US cents/0.94 SG cents)
What about Accor? This is an easier comparison since Accor works like a cashback programme where 2,000 points = โฌ40. This implies an opportunity cost of 1.5 SG cents per KrisFlyer mile, which is marginal, really. I would only consider it if Accor brings back one of its conversion bonuses.
As for conversion blocks:
- Transfers to KrisFlyer must be in blocks of 1,000 90ยฐN Miles
- Transfers for all other programmes must be a minimum of 1,000 90ยฐN Miles, but subsequent conversions can be in blocks of 100 90ยฐN Miles
A S$25 fee applies to all conversions.
Overview: OCBC 90ยฐN Card
Apply (Mastercard) | |||
Apply (Visa) | |||
Income Req. | S$30,000 p.a. | Points Validity | No expiry |
Annual Fee | S$54 (FYF) |
Min. Transfer |
1,000 90ยฐN Miles (1,000 miles) |
FCY Fee | 3.25% | Transfer Fee | S$25 |
Local Earn | 1.3 mpd | Points Pool? | Yes |
FCY Earn | 2.1 mpd |
Lounge Access? | No |
Special Earn | 7 mpd on Agoda | Airport Limo? | No |
Cardholder Terms and Conditions |
The OCBC 90ยฐN Card offers 1.3 mpd on local spending, and 2.1 mpd on FY spending.
Historically, there were big differences between the two versions; the Visa had lower general spend rates, but enjoyed a bonus (insofar as 1.5 mpd can be called a bonus) on groceries, online food delivery and shopping. The Mastercard has higher general spend rates, but lacked a bonus category. That’s no longer the case from early 2023, with the two cards now offering exactly the same value proposition.
Cardholders do not enjoy any lounge access, but the 90ยฐN Mastercard is eligible for a complimentary 3x 1GB 5-day FlexiRoam data plan per calendar year.
Check out my full review below.
Conclusion
Targeted OCBC 90ยฐN Cardholders can register to earn 5 mpd on their in-person foreign currency spending from now till 30 September 2024, capped at S$5,000. However, the presence of a first 500 cap means that you won’t know for sure if you’re eligible.
If I were you, I’d prefer to go with alternative options for overseas spending, where a guaranteed rate of up to 4 mpd is on offer.
Who are these credit card marketing folks who come up with STUPID Ts&Cs like this? I mean a 500-person cap? Sad.
I think the annual fee is S$196.20?