OCBC INFINITY Cashback Card Review: Is It Your New Gateway To "Infinite" Cashback?

Emma Lam

Emma Lam

Last updated 25 December, 2023

Can't get enough of cashback? Here's how you can earn unlimited 1.6% cashback to infinity, and beyond with the new OCBC INFINITY Cashback Card!

Although the OCBC 365 Credit Card has been a perennial favourite among young adults and homemakers all this while, the OCBC credit card line-up was still surprisingly missing an unlimited cashback card on its roster... which is what prompted their latest launch โ€“ the OCBC INFINITY Cashback Card, offering 1.6% unlimited cashback with no minimum spend or cap!

If you've read our credit card guide (or any of our other credit card articles), you'll be familiar with the longstanding debate between cashback, miles, and rewards credit cards. And out of the three types, if you're familiar with how cashback credit cards work, you'll also be well aware of the difference between cashback cards with minimum spend, and those without โ€“ AKA unlimited cashback cards.  

But in an already saturated market, can the OCBC INFINITY Cashback Card outshine its other competitors? [Spoiler: You might not need to jump (space)ship.] ๐Ÿ‘ฝ๐Ÿš€ 

Table of contents

Looking for the best credit cards to complement your spending patterns and expenditure in 2024? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore โ€“ from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.

Overview: OCBC INFINITY Cashback Card


OCBC INFINITY Cashback Card product summary:
  • 1.6% unlimited cashback, with no minimum spend and no cashback cap
  • Bonus 0.2% cashback for eligible in-store and online purchases worldwide, bringing your total cashback up to 1.8%
    • Applicable to first S$3,000 qualifying spend per month
    • For first 2,000 new-to-OCBC card applicants only
    • Valid till 31 December 2023
  • Cashback is automatically credited back to your card account
  • Earn bonus 0.06% p.a. interest on the first S$100,000 in your OCBC 360 Account with a minimum card spend of S$500 per month
  • Annual income requirement: S$30,000 (Singaporeans/PRs), S$45,000 and above (Foreigners)
  • Annual fee: S$196.20 (First year waived)
    • Spend a min. S$10,000 per year for subsequent years to waive annual fee
Pros โœ…
Cons โŒ
1.6% unlimited cashback 
Not the highest unlimited cashback rate on the market
No min. spend
Cashback is not credited within the same billing/statement month (see: AMEX True Cashback)
No cap on cashback earned
Categories like insurance payments, education fees, e-wallet topups (e.g. GrabPay), utility bills, and more are excluded from earning cashback
Limited-time welcome offer: Bonus 0.2% cashback on eligible in-store and online transactions worldwide; bringing total to 1.8% cashback
Cashback is credited by the end of the following calendar month
(e.g. spend in January, receive cashback in bank account by end February)
Earn bonus 0.6% p.a. interest on first S$100,000 in OCBC 360 Account with min. S$500 card spend per month

Why should you choose the OCBC INFINITY Cashback Card?


Pros โœ…

#1: Unlimited 1.6% cashback at your fingertips

Similar to the Citi Cash Back+ Card, the OCBC INFINITY Cashback Card nets you a fuss-free, 1.6% unlimited cashback from the moment you start spending โ€“ with no minimum spend and no cashback cap.

That's right, it doesn't matter whether you spend a dime or drop a couple hundred, the 1.6% unlimited cashback is all yours. So if you spend S$1, that's S$0.016 cashback; or if you spend S$100, that's S$1.60 back into your bank account. And since there's no cap on cashback earned, this positions the card as an ideal option for big-ticket items.

See also: How to Maximise the Miles Earned on Big Ticket Spending

#2: Bump up your cashback to 1.8% 

Although the 1.6% unlimited cashback is great, want to know how to level it up to a total of 1.8% cashback? Well, you'll need to satisfy two criteria.

Firstly, you'll need to be a new-to-OCBC cardmember when applying for the OCBC INFINITY Cashback Card. Secondly, you'll need to be among the first 2,000 of these card applicants to have your card approved within the month. 

Once you qualify, you'll immediately unlock your bonus 0.2% cashback on the first S$3,000 eligible in-store and online transactions for the first 6 months from your card approval date. Thus, that brings up your total cashback to 1.8% for half a year as a proud OCBC INFINITY cardholder. ๐Ÿ˜„

Unfortunately, this is not a permanent bonus cashback but is in fact, promotional. It will only be valid until 31 December 2023 (unless they choose to extend it).

To put things into perspective:

Card approval period: November 2023

Bonus 0.2% cashback validity: From approval date till 30 April 2024

Note: To earn the bonus 0.2% cashback, the S$3,000 spend must consist of qualifying transactions. If you're spending with an ineligible merchant, you won't earn any cashback, not even the base 1.6% rate.

To check merchant code category (MCC) eligibility, refer to the card's T&Cs here.

๐Ÿ’กPro-tip: On top of this bonus cashback, enjoy these other standard OCBC acquisition gifts for new-to-OCBC cardmembers too:

- De'Longhi Icona Vintage Breakfast set with S$500 spend in 30 days, or
- Samsonite Polygon Spinner 28" luggage with S$500 spend in 30 days, or
- S$200 cashback with S$2,000 spent in 60 days (S$1,000 spend in each 30-day period)

#3: Cashback is automatically credited to your account

Unlike the Citi Cash Back+ Card, any cashback earned on the OCBC INFINITY Cashback Card will be automatically credited to your card account by the end of the following calendar month. You don't have to redeem or retrieve your cashback via any banking app, SMS, or other methods.

Suppose you spend S$100 in November 2023, you'll receive your S$1.60 cashback by the end of December 2023. All cashback is also rounded to the nearest two decimal places.

This makes tracking cashback very fuss-free and straightforward.

#4: Earn bonus 0.6% p.a. interest in your OCBC 360 Account

If you happen to have an OCBC 360 Account, your spend on the OCBC INFINITY Cashback Card can pair nicely with your bank balance. By spending at least S$500 per calendar month with your card, you'll stand to earn a bonus 0.6% p.a. interest on the first S$100,000 balance in your OCBC 360 Account.

This is on top of if you credit a minimum of S$1,800 salary (2.5% EIR) and/or increase your average daily balance by at least S$500 per month (1.5% EIR). Combining all these conditions together, you'll effectively earn up to 4.65% p.a. EIR on the first S$100,000 in your account.

Salary + Save + Spend = Up to 4.65% p.a. EIR

Compared to other savings accounts in Singapore, this bonus interest rate fares better than examples like the DBS Multiplier Account (4.10% p.a.) and the HSBC Everyday Global Account (4.50% p.a.).

Cons โŒ

#1: Unlimited 1.6% cashback is not the highest rate on the market

Although this rate is on par with Citi Cash Back+, there's a reason why other unlimited cashback cards outperform them in cashback rate alone. 

Credit card
Unlimited cashback rate
CIMB World Mastercard
2% on select categories with min. S$1,000 spend per month
CIMB Visa Infinite Card
2% on travel, overseas (in foreign currency or SGD), and online foreign currency spend with min. S$2,000 spend per month
UOB Absolute Cashback Card
1.7% on all spend with almost no exclusions
1.6% on all spend, with exclusions; bonus 1.8% on first S$3,000 eligible spend within first 6 months of card approval
Citi Cash Back+ Card
1.6% on all spend, with exclusions
AMEX True Cashback Card
1.5% on all spend with exclusions; bonus 3% on first S$5,000 eligible spend within first 6 months of card approval
Standard Chartered Simply Cash Card
1.5% on all spend, with exclusions
โญ Honourable mention
DCS Unlimited Cashback Card
2% on all spend with exclusions on up to S$10,000 per month, capped at S$200 cashback

From this table, you can see that the OCBC INFINITY Cashback Card ranks squarely in the mid-tier. It's not the worst, but neither is it the best. However, thanks to its "extra 0.2% cashback" promotion currently running, it ranks slightly above the Citi Cash Back+ Card โ€“ at least until 31 December 2023. ๐Ÿ™Š

#2: It has spend exclusions

According to OCBC INFINITY's product page, here's what the card promises:

"No fuss. No complicated conditions. Just cashback โ€“ to infinity โ€“ on everything you need, want and love."

Unfortunately for them, the "everything you need, want and love" comes with terms & conditions... aka spend exclusions; so it's more like "almost everything" at best. ๐Ÿ˜… But what are these spend exclusions exactly?

Source: OCBC

Apart from the obvious cashback omission for card fees, charges, annual fees, balance transfers and the like, the OCBC INFINITY Cashback Card is also excluded from earning cashback on e-wallet top-ups (e.g. GrabPay wallet).

Although once widely accepted, this exclusion has become commonly prevalent among almost all credit cards, including AMEX True Cashback last year. Thus, we won't really peg this as a major disadvantage, but it's still pertinent to note.

Source: OCBC

However, perhaps what's more regrettable is that OCBC INFINITY does not reward cashback on insurance premiums, hospital bills, schooling fees, government entities, and utilities as seen from this MCC list above.

At first, you might be wondering, "Aren't these categories commonly excluded from earning rebates for most credit cards"? Well, yes, that's true. But when you look at the likes of UOB Absolute Cashback Card that does permit cashback on these categories, then you see where the disappointment comes in. ๐Ÿ˜” (Unless OCBC decides to amend these spend exclusions in the near future.) 

Eligibility: What charges or fees should you look out for?

  • Annual fee: S$196.20 (First year waived)
    • S$10,000 per card membership year for subsequent fee waivers
  • Late payment fee: S$100
  • Minimum monthly payment: S$50 or 3% of total balance, whichever is higher, and any overdue amount within credit limit 
  • Overlimit fee: S$40
  • Cash advance fee: S$15 or 8% of withdrawal amount, whichever is higher
  • Interest on cash advance: 28.92% p.a.
  • Interest on purchases: 27.78% p.a.
  • Foreign transaction fee: 3.25%
  • Dynamic currency conversion fee: 1%

Eligibility criteria

  • At least 21 years old
  • Minimum annual income: S$30,000 (Singaporeans/PRs), S$45,000 and above (Foreigners)

How to apply?


Click on the โ€˜Apply Nowโ€™ button and complete the application form on SingSaver site.

Otherwise, you can also apply directly on OCBC's site using SingPass to retrieve your details; or if you don't have access to SingPass as a foreigner, fill up the manual application form and OCBC will contact you to inform you of what documents are required. 

Other alternative credit cards to consider

Best Unlimited Cashback Credit Cards

Credit Card Best for/Benefits Details Min. Annual Income
Citi Cash Back+ Card


- 1.6% unlimited cashback on all spending
- No min. spend required

- No cap on cashback earned

- Annual fee: S$196.20 (First year free)
- Local/PR: S$30,000

- Foreigner: S$42,000
AMEX True Cashback Card


- 1.5% unlimited cashback on all spending (including education fees, insurance, healthcare, utilities and telco)
- Enjoy 3% welcome bonus cashback on up to S$5,000 eligible spend within first 6 months of card approval
- No min. spend required

- No cap on cashback earned

- Annual fee: S$174.40 (First year free)
- Local/PR: S$30,000
CIMB World Mastercard


- 2% unlimited cashback on Wine & Dine and Online Food Delivery, Movies and Digital Entertainment, Taxi and Automobile, and Luxury Goods
- Min. S$1,000 monthly spend

- No annual fee

- Local/PR: S$30,000
Standard Chartered Simply Cash Card

- 1.5% unlimited cashback on all spending
- No min. spend required

- No cap on cashback earned

- Annual fee: S$196.20 (First 2 years free)
- Local/PR: S$30,000

- Foreigner: S$60,000
UOB Absolute Cashback Card


- 1.7% unlimited cashback on all spending

- Includes insurance, wallet top-ups (excludes Grab), telco bills, and rental
- No min. spend required

- No cap on cashback earned
- Annual fee: S$196.20 (First year free)
- Local/PR: S$30,000

- Foreigner: S$40,000
Maybank FC Barcelona Visa Signature Card


- 1.6% unlimited cashback on all local spending
- No min. spend required

- No cap on cashback earned
- Annual fee: S$120.10 (First 2 years free)
- Local/PR: S$30,000

- Malaysian Citizen: S$45,000

- Foreigner: S$60,000

Is the OCBC INFINITY Cashback Card for you?


So what's the verdict? Is the OCBC INFINITY Cashback Card really worth getting?

Beyond its sleek and alluring exterior, it doesn't offer many stellar (pun unintended) features to boast about. In general, for each good feature it has, it's overshadowed by other cards.

Just take its bonus 1.8% welcome cashback promotion for example. It pales in comparison to AMEX True Cashback Card's 3% welcome cashback. Meanwhile, it hasn't escaped the troublesome clutches of spend exclusions either, unlike the UOB Absolute Cashback Card.

Now, don't get us wrong, we don't think the OCBC INFINITY is a bad card by any means, but it's definitely not the best. It doesn't have any distinguishable feature or function that truly sets it apart from its peers.

TL;DR, there are better options for unlimited cashback cards out there. 

Although she struggles *slightly* in resisting good deals and sales, Emma is on a lifelong journey to understand what financial independence as a Z-llennial means. That said, her inner child is still very much aliveโ€ฆ with animals and gaming being her weaknesses.


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