OCBC 365 Credit Card Doubles Grocery, Transport Cashback to 6%

The updated OCBC 365 Credit Card terms consolidate previous two-tier spending requirements into a single S$800 minimum for the maximum S$160 cashback cap. This change effectively lowers the entry barrier for cardholders to achieve the highest cashback benefits, as the prior structure required S$1,600 in monthly spending to qualify for the S$160 cap. This adjustment could simplify the card's value proposition for a broader segment of users who previously met the S$800 threshold but not the higher S$1,600 one.

The revision significantly boosts cashback rates for everyday spending categories, with grocery and transport cashback doubling from 3% to 6%, and dining increasing from 5% to 6%, now also extending to fast-food establishments. This aligns with OCBC's internal survey findings from July 2026, which indicated strong customer appeal for rewards in these specific areas. The bank's strategy appears to focus on enhancing benefits for common expenditures, potentially reinforcing the card's positioning as an 'everyday cashback card,' as described by Regina Lim.

However, the enhanced benefits in core spending categories are accompanied by a substantial reduction in cashback for other services. Telco bills, utilities, electric vehicle charging, and streaming services will see their cashback drop from 3% to a base rate of 0.25%. This re-prioritization suggests OCBC is narrowing the focus of its cashback program, potentially directing rewards towards categories with broader appeal or higher transaction volumes, while reducing incentives for more specialized or recurring bill payments.