OCBC Bank launches new credit card focusing on cashback rewards

OCBC Bank has launched its latest credit card, which allows consumers to earn up to $960 in cashback rewards a year. -- PHOTO: ST FILE
OCBC Bank has launched its latest credit card, which allows consumers to earn up to $960 in cashback rewards a year. -- PHOTO: ST FILE

SINGAPORE - OCBC Bank has launched its latest credit card, which allows consumers to earn up to $960 in cashback rewards a year.

Different types of spending on the OCBC 365 Credit Card, such as on petrol or weekend and weekday dining, will give cardholders different amounts of cashback rewards, from 0.3 to 6 per cent.

Cashback rewards can be earned at all merchants as long as at least $600 is spent within any given month, said the bank.

OCBC's group lifestyle financing head Desmond Tan said: "Through research, we know that the feature of cashback ranks high in the mind of the consumers. We want to make it simple and almost effortless for our customers to be rewarded.

"To do so, we have chosen to reward them more when they spend on areas where they are transacting more frequently than ever before - dining, petrol, groceries and online spending."

OCBC expects the card to register $1 billion in annual card billings in its third year, and to be issued to more than 400,000 customers within five years.