OCBC FRANK Credit Card Review (2023): 10% Cashback on Online Shopping

The OCBC FRANK Visa credit card is now one of the best cashback cards in Singapore for online shopping. Here’s what’s in store.

The OCBC FRANK credit card sure seemed like the height of cool when you were a uni or poly student — especially with the many card designs to choose from. But like how we have grown up, the OCBC FRANK has too. 

The OCBC FRANK credit card now offers cardholders a market-leading up to 10% cashback on online, mobile contactless, and foreign currency spending, sufficiently covering Singapore's everyday needs.

Here's why and how to apply for the OCBC FRANK credit card.

Table of contents:

• What can the OCBC FRANK Credit Card do for you?
• Why should you choose the OCBC FRANK card?
  • Cashback structure
  • Go eco-friendly with an additional 2% cashback
  • An all-grown-up new card design
  • Low annual fee
  • Bumped-up security features
• For whom is the OCBC FRANK card best suited for?
• Eligibility, fees & charges
• How to apply?
• Final Thoughts

What can the OCBC FRANK Credit Card do for you?

OCBC FRANK card product summary:

• Up to 10% cashback rate on local and overseas spend
• Min. S$800 monthly spend
• Cashback cap: S$100
• Annual income requirement: S$30,000 for Singaporeans and PRs, S$45,000 for foreigners

How is the cashback earned?

You know what they say – there's no such thing as a free lunch, right? Well, that holds true for this credit card deal too. While you can snag up to 10% cashback, there's a catch. There's a monthly cap of S$100, and it gets divided into S$25 for each category.

But wait, there's more! To unlock the awesome 8% + 2% cashback, you have to spend a minimum of S$800 per month. If you spend below S$800, you're stuck with a measly cashback rate of 0.3% only.

You can earn cashback on four things: foreign transactions, online and mobile contactless transactions, green merchants, and your other expenses. So, choose wisely and earn those sweet rewards!

The typical credit card exclusions apply, so don't expect to get any rebates for tax payments, Parking SG, EZ-Link top-ups, insurance premiums, school fees, hospital fees, charity donations and the likes.

Why should you choose the OCBC FRANK card

#1: Cashback structure

What once was a card aimed at the party-going carefree youngsters, the OCBC FRANK credit card left that lifestyle behind as it now caters to those who have bills to pay and nappies to change.

If that hits too close to home, the revamped OCBC FRANK credit card should get your attention.

First, the minimum spend has gone from $400 on offline spending to $800 across all eligible spending. It’s higher, but it might be easier to hit the new minimum spend.

Hit the $800, and you get a no-frills 8% cashback rate on online, mobile contactless and foreign currency payments. That makes it suitable for all life stages — it doesn’t matter whether you’re spending at ASOS or Mothercare, Starbucks or Sheng Siong.

Plus, the eligibility on foreign currency spending makes it easy to do any retail therapy, even online overseas websites!

#2: Go eco-friendly with an additional 2% cashback

But wait, didn't we say the OCBC Frank Card rewards up to 10% cashback? Right, you are.

Apart from the aforementioned 8% cashback, earn an extra 2% cashback on select green merchants in retail and transport. Eco-friendly transport merchants include BlueSG, bus and MRT rides via SimplyGo, and eco-friendly retail merchants include The Sustainability Project, Minimakers, Little Farms, and more!

The typical credit card exclusions apply, so don’t expect to get any rebates for tax payments, Parking SG, EZ-Link top-ups, insurance premiums, school fees, hospital fees, charity donations and the likes. 

#3: An all-grown-up new card design

The Obsidian	The Vortex

Gone are the days when your OCBC FRANK credit card design reflected your personality. Since July 2020, the choices have been scaled down to just two options — the Obsidian or the Vortex.

We really like the new default design, though. It’s black and minimalist and all… adult-ed.

The sleek new card design is really just icing on the cake.

#4: Low annual fee

Nobody wants to worry about annual credit card fees in the uncertain economy. 

We like that the OCBC FRANK credit card comes with zero annual fee for students — while the standard OCBC credit card comes with a S$194.40 annual fee.

You won’t have to worry as you will receive a free annual fee waiver Subsequently, OCBC will waive the annual fee every year as long as you spend at least $10,000 on the card annually. (That’s about S$833 a month.)

#5: Bumped-up security features

If the only thing stopping you from embracing the mobile payment revolution is the risk of fraud, here’s a nice feature to consider.

You can lock your OCBC FRANK credit card via the OCBC mobile banking app. So if your child is using your phone or has been stolen, you need not worry about unauthorised charges to your card.

Together with your phone’s existing fingerprint recognition function, OCBC’s remote locking feature makes mobile payments a lot safer.

In addition, the new OCBC FRANK credit card design we featured above does not have your credit card number on it, which minimises the risk of fraud when you hand over your credit card to pay for items.

You can read more of OCBC Frank's T&Cs here.

For whom is the OCBC FRANK card best suited for?

Frequent Online Shoppers: The card offers a generous 8% cashback on local online purchases, making it attractive for those who frequently shop online within Singapore.

Frequent Contactless Spenders: It also provides an 8% cashback on contactless spending, which includes various everyday transactions like dining or groceries and making contactless payments at retail stores.

Eco-conscious Consumers: If you shop at selected green merchants and prioritise eco-friendly products or services, the additional 2% cashback on spending at these merchants could be a significant benefit.

Regular High Spenders: To enjoy the bonus cashback rate, you must spend a minimum of S$800 monthly. Therefore, this card is best suited for individuals with consistently high monthly spending habits who can comfortably meet this threshold.

What charges or fees should I look out for?

Eligibility criteria

How to apply?

Final Thoughts

With a sizeable 8% cashback on online spending, the OCBC FRANK card is perfect for the less discerning spenders. You can also earn a bonus 2% on your online purchases if you spend with select green merchants. 

Realistically, you might not receive the full S$25 cashback on each category every month – a more realistic amount would be around S$50 each month. But that’s still S$600 yearly, which is a decent Christmas gift fund. 

Remember, you will have to spend S$800 each month for you to hit the 8% cashback!

If you are looking for other credit cards that offer rewards for online and contactless spending, you could also consider the HSBC Revolution card or DBS Live Fresh card. The former allows you to earn 4 miles per dollar on online and contactless spending, while the latter lets you earn up 5% cashback on online and visa contactless spending and a bonus 5% cashback on selected eco-friendly merchants.