Singaporeans luuuurve to shop. I’m no exception. As we spend more time online, getting our usual purchases from web stores is a natural progression of this activity. Besides, we can now get our hands on merchandise from almost any part of the world! So here’s a post to make the most of your spending with one of my favourite credit cards for online shopping :D
Credit card: FRANK by OCBC
*Update Nov 2015: They have changed their T&Cs. Depending on your spending habits, it can still be a good card to use.
Rebate: 6% rebates (maximum of S$60 per month) on online retail purchases and NETS FlashPay Auto Top-Ups (up to 2 top-ups per month)
Minimum spend: at least S$500 a month
Use the NETS FlashPay on the FRANK Credit Card for MRT and bus rides, or movie tickets, quick bites and more
You can enjoy unlimited rebates of 0.5% on all other purchases.
Note: If you can’t hit the minimum amount, then the rebate is set at 0.5%.
1) 6% Online shopping rebate on eligible purchases.
2) 5% from Friday to Sunday, and 3% during the rest of the week at bars, cinemas, KTVs, clubs and selected cafes.
Cafes: Starbucks®, The Coffee Bean & Tea Leaf, The Connoisseur Concerto (tcc), Dimbulah, Coffee Coffee Club, Costa Coffee
3) Collect up to S$60 in rebates per month when you spend a minimum of S$400 on your FRANK Credit Card (excluding Online and NETS FlashPay Auto Top-Up spend).
3% rebate on the first 2 NETS FlashPay ATU
0.3% rebate on everything else
With some planning, this is a great card for online shopping, especially for air tickets, hotel booking, electronics, IT equipment and luxury items, etc.
The rebates will automatically be posted to your credit card statement the following month to offset your payment amount.
You must be aged 21 and above with a minimum annual income of S$30,000.
Tip 1: As with all credit spending, definitely make sure you have the moo-lah to pay the amount in full at the end of each month. Otherwise you’ll be incurring a whopping 25.92% per annum interest for the amount you owe the bank. o_O;;
Tip 2: There is a lot of confusion as to the period transactions are calculated. So I dug out OCBC’s published terms and conditions and this is what I found out:
Transactions and rebates are calculated per calendar month. However, we have to be aware of the posting date of the transaction as opposed to its transaction date.
A purchase was made on 31 October but it was reflected in the November statement. Will this be awarded under October or November rebates?
It will be computed under the minimum spend criteria of November and awarded under November rebates. All rebates are computed and awarded based on posted transactions. The posted date is dependent on the settlement by merchant and not within the bank’s control.
Terms and Conditions (updated as at 2014) http://frankbyocbc.com/products_creditcard_tnc.html and http://www.ocbc.com/assets/pdf/cards/frank-faq.pdf
I have encountered some overseas merchants posting transactions a few days later than the actual purchase dates. So don’t forget to factor this in when you plan your purchases to get the maximum rebates from this card.
Happy online shopping :D