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

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.

(For more credit card options, check our blog, which lists the best OCBC credit cards in Singapore!)

OCBC FRANK card product summary:

• Up to 10% cashback on local and overseas spend
• Min. S$800 spend per month required
• Cashback cap: S$100 per calendar month; S$25 per category
• Annual income requirement: S$30,000 for Singaporeans and PRs; S$45,000 for foreigners
• Annual fee: S$196.20 (First year waived)
  • Min. spend of S$10,000 per year for subsequent years for waiver of annual fee

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.

#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!

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. 

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.

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$196.20 annual fee (9% GST; w.e.f. 1 Jan 2024).

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.)

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.

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.

Eligibility criteria

Click on the ‘Apply Now’ button and complete the application form on SingSaver site. You might need to prepare the following documents for the application process:

• Front and back of NRIC/Passport/Employment Pass
• Salaried employees: Past 6 months' CPF statement (Singaporean/PR) or latest Income Tax Notice of Assessment and latest original computerised payslip
• Self-employed / Commission earner: Latest Income Tax Notice of Assessment or latest 12 months' CPF statement
• Foreigners:
  • Passport
  • Employment Pass
  • Latest original computerised payslip and latest Income Tax Notice of Assessment or original company letter certifying employment and salary

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 6% cashback on local and overseas shopping spend, whether online or in-store. Plus, it offers 6% cashback on transport spend and an unlimited base cashback rate of 0.3%.