The OCBC 365 Credit Card offers attractive cashback rates, including up to 6% on dining, groceries, and online shopping. However, its $800 minimum spend requirement for eligible transactions each month can be a significant hurdle at times.
While the cashback potential is high, meeting the $800 minimum spending threshold can be sometimes difficult. Recently trying to optimise my spending, I ended up with in a situation where regular expenses like dining and groceries did not add up to $800, and not all purchases qualify for cashback. For instance, spending on medical bills, entertainment, and certain services do not count.
The pressure to increase unnecessary spending then arises, which can lead to financial strain or debt accumulation.
The real downside of not meeting the $800 threshold is the dramatically reduced cashback. If you fail to reach the required spend, there is only 0.3% cashback on all eligible transactions, which is far less than the card's usual 6% for dining, groceries, and online shopping, or even the 3% on recurring bills.
This sharp drop in cashback can make the card less worthwhile, especially for those who may not regularly hit the $800 mark. Therefore, if you’re unable to regularly meet the minimum spend, the rewards earned may just not be attractive.
While the OCBC 365 Credit Card offers great rewards for those who can consistently meet the $800 minimum spend, failing to do so leads to disappointingly low cashback. For some, the difficulty of hitting this threshold may outweigh the benefits, making it important to carefully evaluate if this card suits your spending habits.
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