Overview of OCBC Credit Card
OCBC is among the leading banking service providers in the world and offer comprehensive banking and financial services to its customers. They specialize in personal banking, corporate banking, investment banking and global treasury. The credit cards offered by OCBC provide a wide range of benefits such as cashback on retail expenses, easy instalment pay plans, and low annual fees with no annual fees for the first year and travel insurance among others. The different OCBC cards and their features are given below.
Why Choose OCBC Credit Cards?
- The OCBC credit cards have no frills attached and are catered to maximise the savings of the cardholder.
- The cards provide a cash rebate on retail expenses which is credited into the cardholder’s account.
- The cards also have a low annual fee and offer convenience through easy automatic instalment payment plans and the option of paying one’s utility bills by charging them to the card.
- The credit cards from OCBC are hassle free and designed for daily use.
Features and Benefits of OCBC Credit Cards
- The OCBC credit cards have an interest rate of 15% p.a.
- The card has an Auto-Instalment payment plan that provides hassle free payment terms with 0% interest.
- When the expenditure charged on the card is higher than RM 500.
- The card provides a 20 days interest free period.
- The card has low annual fees with cards having no annual fees for the first year and some cards are free for life.
- The cards from OCBC allow easy payment of utility bills by providing the option to charge them directly to the card.
- The minimum monthly payment is 5% of the outstanding amount.
- Any late payment attracts a penalty of 1% of the outstanding amount.
- The cash withdrawal fee is 5.3% of the withdrawn amount and the interest charged on cash withdrawals is 19.08%.
- The daily cash withdrawal limit is RM 5000
OCBC Credit Cards Eligibility
- Anybody with an OCBC account can apply for these credit cards
- The minimum age for the primary cardholder should be 21 years
- The minimum age for the supplementary cardholder must be 18 years
- The minimum annual income required to avail the OCBC World MasterCard is RM 100,000.
- The minimum annual income required to avail all other credit cards offered by OCBC is RM 24,000.
OCBC Credit Card Documentation
To apply for the OCBC credit cards, the applicant must meet all the eligibility criteria. If the applicant has attained 21 years of age, and has a minimum annual income RM 24,000 then that applicant has to fill in the application form and submit the form with the required documents.
The set of documents required is dependent on the applicant and varies for salaried, self-employed and expatriate applicants.
For the salaried applicant
- A photocopy of both sides of the NRIC
- Recent utility bill such as a telephone bill
- Latest bank statement
- Latest pay slips dating back at least 2 months
- Letter stating the confirmation of employment and the latest BE forms with tax payment receipts
For self-employed applicants or those who work on commission basis or variable income basis
- A photocopy of both sides of the NRIC
- A copy of the registration of the business
- Latest bank statements dating back at least 6 months
- Latest EPF statements and latest BE form with tax payment receipts
- A copy of the passport
- Latest pay slips and a confirmation of employment letter
- Recent telephone bills and bank statement with address that matches the address filled in the application form
- A work permit that has been valid for at least 6 months at the time of application
OCBC Online Balance Transfer Facility
OCBC Credit card help in managing finances by offering a balance transfer facility. This facility allows cardholders to reign in their outstanding credit card balances from other credit cards and transfer it on to the OCBC credit card balance transfer program for interest rates starting as low as 2%. OCBC balance transfer allows for a transfer of up to 90% of the total credit line available with a minimum transfer amount of RM 1000. The tenures range from 6 months to 12 months with a 6 month tenure charging 2% interest and a 12 month tenure charging 4% interest. Submitting an online application for the balance transfer facility may also fetch attractive promotional interest rates.
A few key points to remember are that, Balance transfer can be applied only for transferring balance from any financial institution apart from OCBC itself. And the balance transfer can only be made to a receiving account.
Availing a balance transfer program results in a non-refundable processing fee charged on the amount. Any unpaid or outstanding amount from the balance transfer service after the stipulated period will attract normal prescribed interest rates
|Read More on OCBC Balance Transfer|
OCBC Credit Card with Easy Payment Plan
The OCBC credit cards come equipped with an easy payment plan that allows cardholders to split their repayments over tenures ranging from 5 months, 10 months or 20 months with interest starting as low as 2.12%. If the tenure chosen is 5 months, the interest applied is 2.12%, if tenure is 10 months then the interest is 4.24% and for a chosen tenure of 20 months the interest applied is 5.3%.
The Easy Payment plan allows cardholders to convert any amount equal to or above RM 1000 and comes with a one-time up front handling fee.
OCBC Credit Card Application Status
OCBC credit cards are easy to apply for with forms readily available for download on the OCBC website. An applicant only needs to fill out the form and attach the required documents and submit them. If the application is approved, the credit card once received can be activated immediately by the cardholders themselves through OCBC online banking.
OCBC Call for Cash
OCBC offers eligible customers who have one or more OCBC credit cards and are good paymasters the Call-For-Cash service which is allows the principal cardholders to obtain cash advances on the available line of credit from their OCBC credit card and repay it through a series of monthly fixed instalments. The call for cash service attracts a non-refundable fee of 1% of the cash advance amount and is charged on each call for cash application. The minimum amount of cash that can be availed under the Call for cash service is RM 1,000.
OCBC PIN and Pay
Signature based credit cards are phasing out in Malaysia and is being replaced by new PIN based credit card. Credit card users will now have to enter the PIN instead of signing a transaction receipt when paying at the sale terminal. Signatures will not be accepted from 1st July, 2017 onwards in Malaysia.
|Read More on OCBC PIN and Pay|
OCBC Balance Conversion
OCBC allows their card members to convert their credit card purchases to affordable monthly repayment at a mere 7.99% per annum. The effective interest rate is 14.66% per annum. There is no lock-in period and card member gets to choose from three different tenures, that is 12 months, 24 months and 36 months.
|Read More on OCBC Balance Conversion|
How to make OCBC Credit Card Payments
There are multiple ways of paying your OCBC Credit Card Bill. You can use any of the following means and pay your OCBC Credit Card bill on time without paying any additional charges:
- Cheque Payment: You can mail a cheque directly to the Credit Card Department, OCBC Bank writing your name and relevant card number on the reverse of the cheque. Don’t mail any cash to the bank. Bank does not entertain cash payment received through post. Also, you can also deposit the cheque at the Deposit Cheque Machines at any OCBC branches in Malaysia.
- Online Payment: You can use OCBC Internet Banking and pay your credit card bill.
- Cash payment: You can make cash payment of your OCBC Credit Card bill by depositing cash in OCBC Cash-In ATMs.
- Payments through OCBC ATMS: Payments can also be done by using your OCBC ATM card at OCBC ATMs.
- Payment through Phone Banking: You can also pay your bills by using the OCBC Phone Banking services.
- InterBank Funds Transfer: Also, you can use InterBank Funds Transfer from your Current or Savings account to your Credit Card account and pay your credit card dues.
- Direct Debit Instruction: You can also opt for Direct Debit Instruction. It is an authorization from you to the bank to collect any amount at any time. It helps you transfer fund from your current or savings account opened with any branch of OCBC Bank in Malaysia to your Credit Card account. Thus, you can clear of your minimum dues or the full amount shown in your statement without paying any penalty fees.
Know how to activate your OCBC credit card via online
Activating your OCBC Credit online is very simple. What you have to do is to keep the following information handy with you:
- Your 16 digit credit card number.
- 6 digit PIN mailed to you by your OCBC Bank.
Next step is to create an OCBC Online Banking Account. To create this account, you need to first visit the online banking page of OCBC and follow the below mentioned steps:
Step 1 – Click on “Register Now “on the OCBC Online Banking Page.
Step 2 – Now, enter your credit OCBC Credit Card details and 6 digit PIN.
Step 3 – Enter the security code.
Step 4 – Choose your preferred login ID and Password and then re-enter your Password.
Step 5 – Confirm your mobile number and click on the "submit “button.
Once your registration is complete, you need to go through the following steps:
Step 1– Visit the OCBC Online Banking page with your login ID and password. It will direct you to the main page of your online banking.
Step 2–Then select “Customer Service” and go to "cards “and then click on "Activate Credit Card".
Step 3 –Now, click on "Activate" and accept the terms and conditions by clicking on it. Your card will be activated immediately.
Frequently Asked Questions – OCBC Credit Cards
Q) What transactions are eligible for Auto-IPP?
A) Auto-IPP feature is applicable only when the card is used for retail expenses. Retail expenses are when cardholder purchases goods and services like appliances or air fares.
Q) Are Auto-IPP transactions eligible for rebates?
A) Yes. The transactions are applicable to receive a 0.5% rebate
Q) Can one apply for both blue and pink credit cards?
A) No. A cardholder my only apply for one of the cards and cannot hold both cards at the same time.
Q) Can outstanding Auto-IPP amount be paid off in full?
A) Yes. You can choose to pay the Auto-IPP amount in fall. You can contact the OCBC Contact Centre and request for full payment.
Q) What is the minimum amount to be payed monthly?
A) The minimum monthly payment should be 5% of the outstanding amount.
Q) Are there any penalties for late payment?
A) Yes. The cards from OCBC have a late payment fee of 1% of the outstanding amount. It is advisable for the cardholder to be a good paymaster and pay monthly bills on time.
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
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