How do you actually calculate how much cashback you get from your credit card spend? - Seedly
 

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OCBC 365 Credit Card

Asked by Anonymous

Asked on 20 Jul 2019

How do you actually calculate how much cashback you get from your credit card spend?

I have been using OCBC 365 credit card even though OCBC has already categorized each percentage of the cashback.

But I'm not too sure what is the maximum cashback I could get and which categories I have met the most so that I can judge whether the credit card is suitable for me. Anybody using the same card and have any methods to share?

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Aik Kai
Aik Kai
Level 7. Grand Master
Updated on 01 Aug 2019

I am using miles card but I guess the method behind is the same.

I use excel. I copy every transaction from my statment and then apply formula.

Most of the time, it tally with what the banks give me. If it don't, I will just call them up and most of the time, it is because the MCC is different. Otherwise, they will look into it and then gives you the points (or cashback) after their investigation.

Hope this helps!

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Question Poster

26 Jul 2019

But how do you know your transaction code is entitled to cashback (or points) and whether you have hit enough to get the cashback (or points)?
Aik Kai
Aik Kai

01 Aug 2019

I refer to this: http://www.ocbc.com/assets/pdf/axs_365_tnc_janversion.pdf Breaking down your question: "how do you know your transaction code is entitled to cashback (or points)"? - It boils down to the MCC. When you make a charge to your card at a merchant, the bank will know the nature of business of the merchant through its MCC and award the cashback (or points) accordingly. "and whether you have hit enough to get the cashback (or points)?" - Check your transactions via internet banking. Most of the time the bonus cashback or points are awarded when you hit the minimum spend on the card itself, and not just specific categories. Hope this helps.