OCBC boosts 365 card cashback to 6%, simplifies tiers
Singapore's OCBC will raise cashback rates for everyday spending categories like dining and groceries from 1 November 2026, standardising its minimum spend requirement.
Enhanced Rewards from November
OCBC is set to increase the cashback rewards for its 365 Credit Card holders, with new rates taking effect from 1 November 2026. Customers will now earn 6% cashback on key daily expenses including dining, groceries, transport, and petrol. This enhanced rate applies to both local and international transactions that meet eligibility criteria.
To qualify for these benefits, cardholders must maintain a minimum monthly expenditure of S$800. The maximum monthly cashback a user can receive under the revised scheme is S$160, according to OCBC.
Streamlined Spending Tiers
The bank has streamlined its cashback structure, replacing a two-tier system with a single, more accessible minimum spend. Previously, cardholders needed to spend at least S$1,600 monthly to reach the S$160 cashback cap. Those spending between S$800 and S$1,600 were capped at S$80. Under the new terms, the S$800 monthly spend now qualifies for the full S$160 cap.
Specifically, cashback for groceries and transport will double from 3% to 6%, while dining cashback increases from 5% to 6%, now including fast-food establishments. Petrol cashback remains at 6%.
Adjustments to Digital Spending Benefits
While everyday spending sees a boost, other categories will experience reduced cashback. Telco bills, utilities, electric vehicle charging, and streaming services will see their cashback rates decrease from 3% to a base rate of 0.25%. Spending at Watsons will continue to earn 3% until 31 March 2027, then revert to 0.25%.
Regina Lim, OCBC's Head of Group Card Payments and Personal Loans, stated the changes address a "firm demand for an effective everyday cashback card" that is "simple to understand and offers meaningful, easy-to-earn benefits." An OCBC survey from July 2026 revealed dining, groceries, and public transport rewards are most appealing to Singaporean working adults.
These adjustments by OCBC reflect a strategic focus on high-frequency consumer spending, aligning with insights from its recent survey. The bank noted that three in five of its credit cardholders use the OCBC 365 Credit Card, averaging over 25 transactions monthly.
By simplifying rewards and concentrating them on essential categories, OCBC aims to reinforce the card's position as a primary payment tool for daily expenses. This move could influence how cardholders manage their spending, potentially shifting more transactions towards categories with higher cashback, while reducing reliance on the card for digital services with lower rewards.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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