With rebates on online spends, upsized weekend cashback on entertainment, and the option to choose your own cardface design, the OCBC FRANK Card is one of the few credit cards on the market aimed at young millennial spenders. The latest refresh of OCBC’s Frank Credit Card comes with several crowd-pleasers that will make this notoriously fickle group sit up and take notice.
1. 6% cashback on mobile payment (New)
The OCBC FRANK Card has always had a clear understanding of the lifestyle, likes and hobbies of its young target audience.
And now OCBC has opened up a whole new cashback category that captures not what but how FRANK customers are spending – you can now earn 6% cashback on all mobile payments.
This change taps directly into the rising popularity of contactless payment methods among young spenders, bringing the card more closely aligned with the lifestyle of millennials.
For example, let’s say your favourite restaurant is not eligible for cashback, because it’s not that hipster just yet. But by paying with your FRANK card via Apple Pay, Google Pay or Samsung Pay at the counter, your restaurant bill will now count as a mobile payment.
This means you’ll enjoy 6% cashback!
This new mobile payment spend category comes alongside the cashback of 6% already being offered for all online transactions (including flights, hotels, fashion and even Grab rides), which really covers millennial lifestyle spending habits.
Do note this 6% offer is only valid till 31 Dec 2018 and is only for newly approved cards and existing customers who have registered.
2. Up to 5% cashback on entertainment
Another big plus of the refreshed OCBC Frank Card is that you can earn up to 5% weekend cashback on entertainment (bars, clubs, cinemas, KTVs and selected cafes) on Fridays, Saturdays and Sundays. For the rest of the week, it’s a 3% rebate.
This, together with the mobile payment category above, covers most of the spend of your average young spender.
This change also increases the ease of earning rebates, extending eligible transactions outside of online, fashion, clubs and cafes.
3. Spend just $300 to earn cashback (until 31 Dec)
The other reason why young spenders will find the OCBC FRANK card attractive is this: The minimum spend required on the FRANK Card to earn cashback is one of the lowest in the market. But it’s gone even lower.
Cardholders usually need to spend $400 a month in stores to be eligible for cashback. In comparison, some of the more popular cashback cards with comparable benefits require at least S$600 in minimum monthly spend.
OCBC has now lowered the minimum spend on the FRANK Card to just S$300 (until December 31), for new and existing card members who register. This means even casual spenders can have a real crack at earning the headline cashback rate. With a maximum of $60 cashback per month, you’re basically getting back $1 for every $5 you spend!
($300 minimum spend is comprised of Visa transactions made with the physical card present only – typically in-store transactions. And yes, mobile payments are counted.)
4. Low annual fee and 2-year annual fee waiver
The low S$80 annual fee for the OCBC Frank Credit Card is also market beater. As a comparison, credit cards on the market that offer competing cashback rates like the Citi CashBack card, UOB Yolo, Standard Chartered Spree and UOB One all come with annual fees ranging between S$150 and S$$193.
In addition, most credit cards on the market typically come with a one-year fee waiver. But the OCBC Frank Credit Card automatically comes with a 2-year fee waiver upon sign-up.
5. Customizable card face (up to 120 designs)
Another bonus of the OCBC Frank Credit Card is there are up to 120 card face designs to choose from. This means two things: you’ll never mistake your card with another of your friend’s, and you’ll get to stand out with your own choice of design by local artists. Think of it as art in your pocket.
S$100 bonus cash credit
If you apply as a new OCBC cardmember before 30 Nov 2018, you’ll receive an additional $100 in cash credit with no minimum spend, available only on SingSaver.
And yes, this $100 is on top of the cashback you earn on the eligible transactions.
OCBC FRANK Credit Card: Good upgrade from the debit card
If you’re familiar with cashback cards and how they work, you may already have made your mind up on the OCBC FRANK Credit Card two paragraphs ago.
However, for those holding the OCBC Frank Debit Card, you’ll find the OCBC FRANK Credit Card a close cousin.
Both the credit and debit versions of the FRANK Card work similarly, giving you rebates as you spend, ultimately saving you money over time. However, the FRANK Credit Card gives you much better rebate rates (3% to 6%) compared to the Debit Card version (1%).
The key difference here is that the FRANK Credit Card will incur interest if you fail to pay your statement in full. (Whereas for the FRANK Debit Card, you won’t incur interest charges simply because you’re limited to the funds you already have in your account.)
Besides, with just $400 minimum spend required to earn cashback (or $300, till 31 Dec!), it’s easy to keep a balance between enjoying benefits and staying debt free.
For this reason, the OCBC FRANK Card is a good upgrade for debit card users, rewarding them with better rebates as they learn the finer points of money management.
This article was developed in collaboration with OCBC.
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By Alevin Chan
A Certified Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimize happiness and enjoyment in his life.