OCBC Rewards Card Review

The OCBC Rewards Credit Card is a miles-focused shopping card designed for frequent online shoppers and retail spenders, offering up to 10X OCBC$ pr 4 mpd (boosted to 15 OCBC$ or 6 mpd until 31 December 2025) on eligible online platforms and at Watsons, capped at 10,000 OCBC$ per month. All other spend will be awarded 1 OCBC$ (0.4 mpd).

Initially launched as the Titanium Rewards Card, this card was popular among shoppers for its evergreen 10X OCBC$ earn rate. Over time, OCBC repositioned it under the Rewards branding, refining its bonus categories and redemption options to stay competitive with other 4 mpd cards like the Citi Rewards and DBS Woman’s World. Despite changes, it continues to hold its place as an entry-level favourite for those who prioritise retail and e-commerce rewards over travel perks.

Key highlights include:

• Until 31 December 2025, cardholders can receive up to 15 OCBC$ per S$1 spent at eligible merchants, with 1 OCBC$ per S$1 on all other spend.

• Bonus merchant list includes a wide variety of retailers, from Lululemon and Adidas to Isetan and Marks & Spencer’s.

• OCBC$ can be redeemed for airmiles, vouchers, or cash rebates.

• E-commerce protection is available on online purchases.

The OCBC Rewards Card is best suited for frequent shoppers who want to maximise rewards on retail and online spend. It offers up to 6 miles per dollar at selected merchants, making it attractive for those who regularly shop within its bonus categories. The income requirement is relatively low and the annual fee is waived for the first two years, with an easy waiver if you meet the spend requirement in subsequent years.

That said, the base earn rate is low at just 0.4 miles per dollar, and the bonus rates are capped monthly, which limits overall rewards potential. With no sign-up bonus, it may not appeal to those seeking quick wins, but consistent spenders in eligible categories can still find strong value.

• SG60 promotion: Sign up for an OCBC Rewards Card and spend a minimum of S$60 within 30 days of card approval to receive a limited-edition Stitch charm. While stocks last.

Rewards and perks

Fees

Eligibility

History and evolution

Following its rebranding from the Titanium Rewards Card, the OCBC Rewards Card now features an evolved rewards structure to keep pace with changing consumer habits. Its focus has shifted focus toward shopping and online spend, introducing the now-popular 10X OCBC$ (4 mpd) earn rate at selected merchants (boosted to 15X OCBC$ or 6 mpd until 31 December 2025).

Over time, OCBC tightened bonus categories and spending caps, reflecting the competitive pressure from other 4 mpd cards. Despite these adjustments, the OCBC Rewards Card has remained relevant by offering non-expiring points and a wide range of airline transfer partners, keeping it attractive to shoppers and entry-level miles chasers alike.

Things to note

• OCBC$ earned expires in two years.

• OCBC$ can be redeemed as airmiles shopping vouchers, and more on the OCBC Rewards Portal.

• Transactions such as bill payments, insurance premiums, education fees, and government services typically do not earn OCBC$.

OCBC Rewards Cardholders earn OCBC$, which can then be converted into frequent flyer miles or redeemed for cash rebates to offset credit card spend. Here’s how the mechanics work:

• Local and foreign currency spend: Every S$1 of eligible spend earns 1 OCBC$ (base rate, equivalent to 0.4 mpd).

• Bonus earn: At selected retail and online merchants, every S$1 earns 10 OCBC$ (equivalent to 4 mpd), capped at 10,000 OCBC$ per calendar month.

• Posting time: OCBC$ are credited within 1–3 working days once the transaction posts.

Since OCBC$ are awarded in blocks of S$5, your transactions will be rounded down. For example, if you spend S$27.99 at an eligible merchant:

• S$27.99 rounds down to S$25.

• 25 × 10 = 250 OCBC$.

• 250 OCBC$ converts to 100 miles (25 × 4 mpd), giving you exactly 100 mpd on this transaction.

As OCBC$ come with a validity period of two years, you have ample time to convert them into the reward of your choice.

Earn rates at a glance

• Local spend at selected merchants: 6 miles per dollar (until 31 December 2025), 4 miles per dollar (outside promotional periods)

• All other spend: 0.4 miles per dollar

Bonus spend categories

The OCBC Rewards Card offers up to 10X OCBC$ (4 mpd) on transactions at these selected merchants:

Comparison to other cards

While the OCBC Rewards Credit Card offers bonus points in select retail categories, you must be a consistent shopper in order to benefit from these bonus points.

Bonus opportunities

From time to time, OCBC runs seasonal promotions that enhance the earn rate on the Rewards Card, particularly around major shopping or festive periods. These may include boosted OCBC$ on selected online retailers or lifestyle categories, but they are time-limited and subject to conditions such as registration, monthly caps, or minimum spend requirements.

OCBC$ features

• Expiry in two years: OCBC$ expires in two years, giving you plenty of time to redeem them for your desired rewards. However, once converted to air miles or vouchers, those rewards follow the respective partner’s expiry rules.

• Pooling: You can combine OCBC$ earned across eligible cards for larger rewards redemption.

• Cancellation impact: If you cancel your OCBC Rewards Card, any unredeemed OCBC$ tied to it will be forfeited. Always convert or redeem before closing the account.

OCBC$ conversion

• Transfer minimum: Conversions typically require a minimum of 10,000 OCBC$, and must be made in fixed blocks.

• Transfer fees: Each transfer costs S$25. 

• Partners and transfer time: OCBC$ can be converted to miles at a total of six airline transfer partners. 25,000 OCBC$ can be converted to 10,000 KrisFlyer miles. Conversion ratios vary by partner.

Excluded transaction categories

Certain spend types are excluded from earning OCBC$. This includes:

• Bill and fee payments

• Insurance premiums

• Education fees

• Government services

• Charitable donations

Always check the bank’s exclusion list if you are in doubt.

How OCBC$ are credited

• Credit timeframe: Base points are generally credited within 1–3 working days after the transaction posts, while bonus points are credited by the end of the next calendar month.

• Points calculation method:

• General spend earns 1 OCBC$ per S$1 (0.4 mpd).

• Bonus spend at Watsons and selected merchants earns 10 OCBC$ per S$1 (4 mpd), capped at 10,000 OCBC$ monthly.

• Rounding: OCBC$ are awarded in blocks of S$5, so your transactions may be rounded down and earn slightly less than the advertised rate.

OCBC$ expiry

• Expiry: OCBC$ balances expire two years after they are credited.

• KrisFlyer miles expiry: Once converted, airline miles are subject to each frequent flyer programme’s expiry rules (e.g., KrisFlyer miles expire in 3 years).

Points accumulation examples

Due to the bonus points awarded for eligible retail spend, the OCBC Rewards Card outperforms other cards, such as the DBS Altitude Card, when it comes to airmiles conversion.  

Other important details

• Formula for calculating points:

• Qualifying retail spend  = ROUNDDOWN((X*10)

• All other spend = ROUNDDOWN((X*1)
  where X = transaction amount.

• Expiry policy during redemption: When exchanging points for airmiles, cashback rebates or vouchers, OCBC uses points that are closest to expiry first. This system prioritises the use of older, transferable miles or vouchers before utilising non-expiring OCBC$.

Transfer partners

OCBC$ can be converted into six airline loyalty programmes.

Conversion ratios

Transfer costs

• Per transaction: S$25

Minimum transfer amount

A minimum of 25,000 OCBC$ is required per KrisFlyer transfer. Transfers must be made in blocks of 10,000 miles. 

Transfer time

• Official timeframe: OCBC quotes 21 working days for transfer, although in practice this is usually completed within 24 hours.

Points expiry

• OCBC$: Expire two years after they are credited.

• KrisFlyer miles: Miles expire after three years, regardless of account activity.

Foreign currency fees

• 3.25%: 1% currency conversion fee and 2.25% bank administration fee

Comparison of foreign currency fees by issuer

With its 4 mpd earn rate on eligible online and retail spend, the OCBC Rewards Card delivers an impressive 0.8¢ cost per mile on foreign currency transactions, well below the typical 1.3–1.6¢ range seen on cards like the UOB PRVI Miles, HSBC TravelOne, or DBS Altitude. This makes it far more cost-efficient for overseas online shopping, though its appeal is limited by category caps and exclusions, unlike general spend cards which reward all FCY transactions.

Recommendations

While general FCY cards offer competitive rates, the OCBC Rewards Card can deliver 4 mpd on eligible online and retail spend, making it one of the most rewarding options for overseas shopping. The catch is that returns are limited to selected merchants, so it only outperforms other cards if your purchases fall within these bonus categories.

e-Commerce protection

Enjoy e-Commerce protection on all your online purchases with your OCBC Rewards Card. This feature protects you from non-delivery and ensures you're reimbursed if sellers don't compensate you for damaged goods.

GrabTransport tourist privileges 

Claim your complimentary GrabTransport vouchers for rides booked with Grab in Malaysia, Thailand, Indonesia, Philippines, and Vietnam.

Higher interest rates with OCBC 360 Account

Earn an additional 0.4% interest on your OCBC 360 Account balance when you charge at least S$500 to your OCBC Rewards Credit Card each month.

Recurring promotions

OCBC runs recurring promotions that provide enhanced earn rates, such as 15 OCBC$ (or 6 mpd) per S$1 spent at eligible merchants, compared to the usual 10 OCBC$ (or 4 mpd). The current promotion period runs from 31 July 2025 to 1 December 2025. 

Because the mechanics, caps and categories can vary from campaign to campaign, it is advisable for cardholders to check for updates regularly to ensure they do not miss out on available offers.

The OCBC Rewards Card is best viewed as a specialist shopping card rather than an all-rounder. Its biggest strengths are the generous 4 mpd earn rate at Watsons and a wide range of retailers and online shopping platforms, as well as its multiple transfer partners. However, it lacks travel perks like lounge access or insurance, and its base earn rate of 0.4 mpd is far less competitive for general spend.

This card works best for shoppers who consistently spend in eligible bonus categories and want flexibility in when to redeem rewards. But for frequent travellers or those looking for higher returns on overseas spend without caps, pairing it with a strong general spend card such as the UOB PRVI Miles or HSBC TravelOne may offer better long-term value.