OCBC FRANK Credit Card - Seedly
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OCBC FRANK Credit Card

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Hi all, appreciate it if you could recommend me a credit card that will be suitable for me. I'm currently looking at StandardChartered unlimited cashback, Citi Cashback & OCBC Frank?
Hi Anon, Not sure if you're still pondering over this, but here's my take on this: Given your spending breakdown, you have about $600~$800 that will be eligible for rewards (because insurance payments are typically excluded). This puts the Citi Cashback card out of the picture, since it requires a monthly spending of $888, and the cashback are on very specific categories (petrol, groceries, dining). Between SC Unlimited Cashback and OCBC Frank, I'd say it depends on how committed you are to cutting down on spending. This is because OCBC Frank has a monthly minimum spending of $600, which based on your breakdown, you are just hitting. Trying to meet this monthly spending may conflict with your goal of trying to cut down on spending, which is not what using a credit card should be about - it should complement your lifestyle. SC Unlimited Cashback will serve as a fuss-free way for you to get some cashback without having to worry about meeting any monthly spend. You can also consider some alternatives to the SC Unlimited Cashback, such as the AMEX True Cashback and the Citi Cashback+ card. The former is very similar to SC Unlimited Cashback, but also offers cashback on GrabPay top-ups . Meanwhile, the latter offers a marginally higher cashback of 1.6% vs 1.5%. Hope this helps! Regards, thefrugalstudent

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I applied for 2 credit cards in the last 6 months and failed, and my credit report is HX, should I try applying for another?
Hi Anon, I am assuming that you meet the basic requirements for the credit cards that you have been trying to apply for (ie annual income requirement + nationality). May I ask if you have been applying to the same bank for both times, or were they to 2 different banks? The reason is because some banks may be more stringent with credit card approvals - and if you have been applying to such a bank 2x in a row, it is not surprising that you have failed again. You may want to consider trying to improve your credit score first by applying for lower limit credit cards such as the CIMB AWSM card or the Standard Chartered Manhattan 500 card. Both of these have low credit limits and should thus be easier to get approved for. If you are successful in applying for these cards, use them for a few months and pay off the bill on time every month before applying for a better credit card again. Also, to make sure that you submit the correct documents in future, you can consider applying online via Myinfo - it will get all your necessary information via SingPass, then you simply need to check that they are correct. Hope this helps and all the best! Regards, thefrugalstudent

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I have been trying to apply for a credit card since last year, in total I have applied 3 times, and they are all rejected. My score is GX, is there anyway for me to improve the score?
Hi Anon, I am assuming that you meet the basic requirements for the credit cards that you have been trying to apply for (ie annual income requirement + nationality). May I ask if you have been applying to the same bank for all 3 times, or were they to 3 different banks? The reason is because some banks may be more stringent with credit card approvals - and if you have been applying to such a bank 3x in a row, it is not surprising that you have failed over and over again. As for how to improve your credit score, you can consider applying for lower limit credit cards such as the CIMB AWSM card that Peter has suggested, or the Standard Chartered Manhattan 500 card. Both of these have low credit limits and should thus be easier to get approved for. Hope this helps and all the best! Regards, thefrugalstudent

0

Does anyone know would it be better to use frank debit card or OCBC 365 credit card for foreign currency conversion (e.g. SGD to USD)?
SW

Shaun WQ Lim

Level 8. Wizard

Answered on 22 Aug 2020

I don’t think it makes a difference unless it is explicitly stated that either of those cards have lower exchange rates. Both will use the bank forex rate for conversion. Read the T&Cs. Use TransferWise/Revolut etc for such stuff. Apply for their debit cards.

2

How does the STACK feature on OCBC credit cards work?
The STACK rewards programme is a multi platform loyalty platform that brings all your rewards points together on a single platofrm so you can track and exchange points. STACK allows you to combine points from multiple rewards systems. STACK has a feature called STACK marketplace where you get to access a catalogue of deals and rewards listed. As long as you are a member of at least 2 of the participating members, you can use STACK. Partners of OCBC are: Robinsons, Millennium Hotels and Resorts, UPGREAT, AsiaMalls

0

Hello! I just started work and have 0 savings, where do I start?
Junus Eu

Junus Eu

Level 9. God of Wisdom

Updated on 27 Sep 2019

Having that initiative to take that step is already a good start! But moving on: 1. YES! Definitely get that savings account that gives you higher interest with salary crediting. 2. Since you are just starting and have 0 savings, maybe not the best time to do the minimum spend game if you need to spend extra to spend that minimum spend to hit the higher interest tier. Now on to 3: 3. Start looking up the various investment options - get educated and look to build up your emergency fund, then investment capital. Bank accounts can only get you so far, but yes, it's on the tail end of the risk-reward spectrum. 4. Of course, another way to increase savings is to increase income. As you are just starting, learn as much as you can and grow as an individual.

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Which account is better for saving, OCBC Frank or OCBC 360?
Jacqueline Yan

Jacqueline Yan

Level 5. Genius

Updated on 13 Sep 2019

OCBC 360! I was on Frank previously and it was pretty useful in helping me save money with the saving goals feature. Switched to OCBC 360 for the bonus interest rates, also because I got a credit card. Even if you don't have CC with OCBC 360, having money going in monthly gives you bonus interest. And since you won't be spending money on that account, you'll definitely be able to unlock another bonus interest by having your balance increase by at least $500 from the previous month. The saving goals features are available in 360 too so it's pretty helpful!

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I can no longer meet the conditions to earn the 2% Cash Gift in POSB SAYE Account (no monthly salary), thus receiving up to 0.25%. If that's the case, is it advisable for me to close the account and go for OCBC Frank of 0.30% for abv S$10,000 ?
Cimb fastsaver need a min 1k in the account for the 1% interest btw. Since you might have accumulated a sum of money in the SAYE, why not put it in SSB or FD if you have sufficient enough for placements?

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I have OCBC 360 acc but using fully cos i freelance. I want to setup a CIMB fastsaver acc, but how much shld i put thr and shld i still leave OCBC for mthly bills? Shld $$ i earn go to CIMB or OCBC? I have FRANK for mthly spending, 360 is savings.?
Tan YB

Tan YB

Level 3. Wonderkid

Answered on 10 Jun 2018

If there is salary going in, suggest ocbc 360. And to use cimb only if you reach the ocbc $70k limit for bonus interest / if you don't Wana put more than $50k in one bank. Can use ocbc 360 for monthly bills as well to earn higher bonus interest

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