Overview of OCBC Credit Cards
OCBC is one of the most popular banks in Malaysia and has operations in several South East Asian countries. The bank has many credit cards to offer and each of them are loaded with an array of splendid features to add excitement to everyday life. While some cards let you earn reward points on a string of purchases, others enable you to enjoy discounts and cashbacks on online deals from time to time.
Key features and benefits of OCBC Credit Cards in Malaysia
- OCBC has diverse credit card offerings, giving you the option of choosing a card that best fits your lifestyle requirements.
- OCBC releases many promotional offers that customers can enjoy from time to time.
- OCBC credit cards can be used to make emergency cash withdrawals at ATMs.
- Reward points and cash rebates can be earned on purchases with certain cards and converted into cash.
- The annual interest charges on these cards is 15% p.a. on transactions.
- The minimum monthly payment that needs to be made is 5% of the outstanding amount. Late payment charges of 1% of the monthly outstanding amount will be charged if the minimum amount isn’t made by the payment due date.
- Customers can visit OCBC Bank’s official website to apply for an OCBC credit card. Customers can also visit any of numerous OCBC branches across Malaysia to physically fill out the card application.
- A cashback of 1% can be earned on purchases – this feature is applicable to all OCBC credit cards.
- Cardmembers enjoy an interest-free period of 20 days, provided the entire bill amount is paid in full.
- The annual fee is waived for all OCBC credit cards for the first year.
- The bank allows for balance transfers from credit cards of other banks. Interest charges and other features will accordingly hold applicable.
- Cardmembers get to enjoy several other benefits and privileges including golfing privileges, complimentary VIP airport lounge services, 24/7 concierge services, and more.
Types of OCBC Credit Cards in Malaysia
Here are the various credit cards offered by OCBC to its Malaysian customers:
- The OCBC 365 MasterCard: The OCBC 365 MasterCard credit card is one of OCBC’s top offerings in its credit card segment. The annual fee on the card is waived for the first year and the interest rate on transactions is 15% p.a.
- OCBC Platinum MasterCard: Another top card in OCBC credit card kitty, the OCBC Platinum MasterCard gives you exclusive VIP access at airport lounges, 24/7 concierge services, awesome discounts on online deals, and more.
- OCBC World MasterCard: The OCBC World MasterCard also offers VIP access at premium airport lounges, besides letting customers enjoy cashback and reward points on several purchases. The annual interest charges is 15% p.a. for transactions made using the OCBC World MasterCard.
- The OCBC Premier Voyage MasterCard: A premier credit card in OCBC’s credit card line-up, the OCBC Premier Voyage MasterCard is a travel card, enabling customers to earn air miles on purchases. These air miles can be redeemed during purchase of flight tickets, letting cardmembers offset their next holiday, business trip, or vacation. The annual fee is RM800 for the primary card and RM500 for the supplementary card.
- OCBC MasterCard Pink: The OCBC MasterCard Pink allows cardmembers to enjoy a 1% cashback on all retail spending. The annual fee on the card is waived for until the time the card is active. Annual interest charges is 15% p.a.
- OCBC MasterCard Blue: The OCBC MasterCard Blue is similar to the OCBC MasterCard Pink, allowing for a 1% cashback on retail spending and no annual fees for a lifetime.
Why choose Credit Cards from OCBC?
Well, there are several reasons why you should opt for a credit card from OCBC. Here are a few:
- OCBC has diverse credit card offerings, giving you the opportunity to choose the ideal card that best fits your needs.
- OCBC credit cards carry a low interest rate of 15% p.a.
- The bank allows for balance transfers from other banks at an interest rate of 2% p.a. (for 6 months) and 4% (for 12 months).
- Balance transfers don’t attract any handling fee or processing fee.
- With your OCBC credit card, you get free access to the KLIA Flight Club (the OCBC Premier Miles Voyage Card offers this). Benefits include free beverages, International Television channels, and delectable food.
- OCBC cardmembers are covered by a travel insurance policy, the worth of which is up to USD 1 million. This holds good if booking for flight tickets are made using OCBC credit cards.
- OCBC allows you to convert your credit card purchases into easy, simple and flexible monthly payments.
Fee Details and Charges
- The annual interest charges on transactions is 15% p.a. Cash withdrawals attract interest charges of 18% p.a. The interest on cash withdrawals is levied on a daily basis on a compounding rate.
- The minimum monthly payment has to be paid by the due date every month. This amounts to 5% of the total monthly outstanding amount.
- Late payment charges of 1% of the monthly outstanding balance will be charged if the minimum payment isn’t made by the due date.
- The annual fee can vary for OCBC credit cards vary from RM500 to RM800 depending on the type of card.
Eligibility criteria to apply for an OCBC Credit Card
- The applicant has to be over 18 years old.
- The applicant must meet the income requirements for the card he/she wishes to apply for.
- All necessary documents must be submitted to the bank. Absence of documents can result in the rejection of the credit card application.
Here is the list of documents that need to be submitted to the bank:
For salaried individuals:
- Photocopy of identity document.
- Payslips for the last 3-months.
- Receipt of acknowledgement of tax payment/e-filing of returns, latest BE form or latest EA.
For self-employed individuals and individuals with varied income:
- Bank statement for the last 3 months.
- Copy of Identity document (any identity document issued by the government).
- Receipt of e-filing of income tax returns or latest BE Form.
In case of foreigners, Visa permit with a validity period of 1-year and employment letter from the employer also need to be produced/submitted.
Balance Transfer Plan with OCBC
OCBC allows you to transfer 90% your permissible credit limit (current credit limit on your credit card from a different bank) from another credit card to your OCBC credit card as part of its balance transfer offering. Interest charges are 2% for a 6-month period and 4% for a 12-month period.
How to apply for an OCBC Credit Card in Malaysia?
You can apply for an OCBC credit card by visiting the official OCBC website and filling out the online application form. Once you’ve filled the form, you’ll be required to submit the necessary documents – documents can vary depending on whether you’re a salaried individual, foreigner or self-employed individual. A representative from the bank will subsequently get in touch with you and obtain further details that might be necessary to complete your application form. Once that’s done, the bank will process, review, and approve your application if all eligibility parameters are met.
Alternatively, you can also visit any of the numerous OCBC branches in Malaysia and physically fill out your application form. All necessary documents required to complete your application must also be produced.
OCBC Malaysia Credit Card Hotline Number
For any urgent queries, customers can contact the bank at 1800 363 3333.
Reporting loss/theft of your OCBC Credit Card
You can report the loss/theft of your OCBC credit card by contacting the bank’s customer service number. You are required to immediately inform the bank regarding the loss/theft by providing necessary card details and information on most recently performed transactions. The bank will consequently block your credit card and prevent any further transactions from taking place.
OCBC Credit Cards Frequently Asked Questions
Q. What is the minimum amount that needs to be paid?
Customers are required to make a minimum payment of 5% of the monthly outstanding balance by the payment due date. If not, late payment charges of 1% of the outstanding balance will be accordingly charged.
Q. Can the OCBC Card be used to make cash withdrawals overseas?
Yes, the OCBC credit card can be used to make overseas cash withdrawals.
Q. What purchases allow you to earn reward points?
Reward points can be earned on retail purchases, travel bookings, online and offline shopping, lifestyle-related purchases and fuel purchases.
|Read More on OCBC Balance Conversion|
Other Products offered by OCBC:
Apart from offering Credit Card, OCBC offers other products and services which include:
- Cash vs Cards Payments Malaysia
- How to Find the Perfect Credit Card in Malaysia
- How to Improve your Credit Rating in Malaysia
- How to Increase Credit Limit in Your Credit Card
- How to Pick an Emergency Credit Card
- Student Credit Cards in Malaysia
- Supplementary Credit Cards in Malaysia
- When to Use Credit over Cash
- Shed the Excess Interest Rates
- Protecting One’s Credit Card While Travelling
- Defaulting Your Credit Card Bills in Malaysia?
- Top 5 Reasons Why Owning a Credit Card is Good for You
- How to improve your chances of having a credit card approved
- Credit Card fraud: Are you aware of it?
- Understand Credit Card interest free period
- Reward Credit cards Malaysia
- Best Cash Back Credit Cards in Malaysia
- Best Zero Annual Fee Credit Cards in Malaysia
- Personal Loan Against Credit Card
- How to Maximise Your Credit Card Benefits
- Popular Credit Card Fees and Charges in Malaysia
- How to Apply for Credit Cards in Malaysia for Foreigners
- Top 10 Credit Cards in Malaysia 2016
- Best Low Interest Rate Credit Cards in Malaysia
- What charges do you pay for when you swipe your card overseas
- Best Petrol Credit Cards In Malaysia
- Credit Cards for Employees in Malaysia
- Common Mistakes to Avoid While Applying for a Credit Card
News About OCBC Credit Card
Great Eastern, OCBC Introduce Insurance as Reward for Cardholders
The Great Eastern Life Assurance (Malaysia) Bhd and the OCBC Bank (Malaysia) Bhd have decided to join forces to present Malaysia with a one-of-a-kind life insurance as reward for their credit card spending program.
In a press statement released by OCBC, the Bank said that all policyholders from Great Eastern Life Assurance would be eligible to get the OCBC-Great Eastern Credit Card.
The revamped rewards scheme offers an RM100,000 worth of insurance coverage against permanent disability and death. The new scheme replaces the earlier reward plan of offering rebates.
The statement said that the protection coverage is valid for all principal cardholders during the first year. From the subsequent year onward, the coverage will be valid only if the cardholder has spent a total of RM10,000 in the year preceding it.
9th January 2017
OCBC is the first bank in Southeast Asia to use Blockchain Technology
OCBC has become the first bank in Southeast Asia to use Blockchain Technology in the local and cross-border payment funds transfer services. This technology will see increased security, transparency, efficiency, and lowers the costs. This technology will allow inter-bank payments without requiring a payment intermediary. The technology will be extended to other financial products and service applications. The pilot payment transactions made were for cross-border funds transfer between OCBC Singapore and OCBC Malaysia and local funds transfer between OCBC Singapore and Bank of Singapore.
23rd November 2016
OCBC Introduces OCBC 360 Account Which Offers Bonus Interest
OCBC has launched a new account called OCBC 360 account which offers a bonus interest to the working customer that is almost on par with fixed deposit rates. This interest is provided when the customer performs one or more of the three common types of transactions through the account.
Lim Wyson, head of consumer financial services, OCBC Bank said that this account offer the working adult a path to beat market interest rates and offers them 1.2% p.a. based on the performing one or more of the following transactions; depositing RM 500, spend RM 500 using the OCBC credit Card or pay 3 bills all in the span of a month using the OCBC 360 account.
The maximum bonus interest that can be availed is 4.1% p.a. and the interest rate varies according to transactions made. With more and more people opting to pay bills online, this account allows for customers who are not very cash rich to maximise their savings and earn an attractive bonus interest rate by combining all of the banking transactions to one primary account.
15th January 2016