Do you think it is a wise option to cancel my OCBC 365 credit card since the Spend Bonus is removed from OCBC 360 account?

Looking at it, it's seem like having OCBC Yes! DC is better than 365 CC

1) Yes! DC reduced my min requirement for spending. This will save rather than spend

2) Never like the cashback game for 365 cc. As I spend $800 min only get back around $20. Not considering as con, but cc did give a better cashback

3) Looking on the economy that is bad, maybe I should consider reduce my spending power. But my concern is if I cancel my now, future I want to apply will there be an issue

Any Suggestion?

OCBC 365 Credit Card OCBC 360 Account

5

Discussion (5)

What are your thoughts?

Learn how to style your text

Kenneth Lou

03 Jun 2020

Co-founder at Seedly

Yes I would also think so.

You should aim to now disconnect your spending and saving relationship with seperate banks/issuers that can give you a better interest rate.

For example:

CIMB FastSaver has 1.0% pa flat on your savings (no conditions)
AMEX true cashback card, HSBC Advance card has flat cashback as well (no min spend) and a few other cards also can't rmb off hand!

Just some food for thought, because I am also doing this right now to disconnect and re-think my banking relationships come July 2020 to optimise it better.

Reply

Save

View 1 replies

Tay_WenHao

03 Jun 2020

Yes, but OCBC Yes DC 1% cashback only for selected categories. You can look for other banks CC that have ni min spend and 1% cashback for all general spending.
Yup, you shouldnt be forcing yourself to spend to hit the min amount for cashback/to clock for ocbc 365 higher interest. You could have saved more if you cut down on those redundant expenses.
You can keep the card without spending since there's no harm keeping the card. If annual fees are charged and cant be waived, then consider cancelling the card. However, if you are afraid you cannot control your spending if you keep the card, then jist cancel it.

Reply

Save