Thursday 2 April 2015

OCBC tightens the terms for its OCBC360 account

As we know by now, OCBC has decided to tighten the terms and conditions required for us to earn the 3% interest from the OCBC360 account. As I had already mentioned in my previous post, it is widely expected that they would do so, and to be exact, the promotion has been running for exactly a year. I had actually predicted they would end the promotion by April, and it seems like I am not so way off my prediction.

So here are the changes. (highlighted in green)
The Revised Changes taken from the OCBC website.

Basically, the main changes which is likely to hit us would be that the existing interest rate from paying your 3 unique bills and your credit card spending would reduce from 1% to 0.5% each! Plus, the requirement for credit card spending would increase to $500!

But it is not all bad news, the OCBC statement briefly mentioned on another 2 conditions which would allow the account holder to achieve additional bonus interest. As quoted from an OCBC spokeswoman, "Customers who satisfy the terms of the two new categories could  have their deposits yield an interest of over 3%." There is a rumor going around that one of them is going to be a refinancing home loan requirement. Well, if it is, then I won't be able to fulfill it. :(

This revised changes will take effect from 1st May 2015. I don't know what to make out of the new 2 conditions, but the changes to the existing conditions is definitely not so good news for existing account holders like us. Well, we will see how it goes on 1 May then.

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