If you spend more than $600 a month online (e.g. Spotify, Netflix, Taobao, Lazada, Shopee) and on mobile contactless payments (e.g. dining, shopping), then the OCBC Frank Credit Card might be a delightful card to have in your pocket.
6% cashback for online transactions
Let’s start with the most straightforward value proposition of this card – 6% cashback on online spending (including FavePay).
A list of other online spending includes
- Online entertainment (e.g. Netflix, Spotify, Youtube Premium)
- Online shopping (e.g. Lazada, Shopee, Qoo10, Redmart, ASOS, Taobao)
- Online food delivery (e.g. Grabfood, Foodpanda)
- Online/in-app app transactions (e.g. Grab rides)
6% cashback for mobile contactless transactions
At the same time, you get 6% cashback for mobile contactless transactions including
- Paying with your phone or watch through Apple Pay, Samsung Pay, Google Pay, Fitbit Pay and Garmin Pay
0.3% on other spending
All other transactions (excluding prohibited transactions under certain MCCs like e-wallet topups) that don’t fit in the above 2 categories will be categorised as other spending.
For example, if you swipe your card to make payment at the store – this gives you 0.3% cashback.
$25 cap per category each month
The cashback cap is $25 per category each month, which is equivalent to $416 of spending in each category (online + mobile contactless).
Assuming you only spend $300 per category per month and have no other spend, then you are looking at a monthly cashback of $36.
Note that this cashback amount is only given if you meet the minimum spending of $600 per month.
If you don’t, then the cashback falls to a base rate of 0.3% on all qualifying spend, which means a basic cashback card like the Citi Cashback+ Mastercard is 5x more valuable.
An improvement from the previous OCBC FRANK card
This new FRANK card has a new set of T&Cs which grants the 6% cashback to in-store mobile contactless transactions in addition to online transactions, making it a very viable everyday card.
At the same time, it raises the minimum monthly qualifying spend to $600, which is relatively attainable.
A card for executives and consistent spenders
This new OCBC FRANK card improves upon its initial implementation and now is more suitable as an everyday card.
For those with consistent $600 spending across online and mobile contactless categories, this is a very straightforward card to recommend for its generous 6% cashback.