BOC Qoo10 World MasterCard Credit Card: Great Cashback for Shopping at Qoo10

Shoppers and commuters will appreciate this card's cashback rates of up to 15%, although rewards can only be spent at Qoo10.
BOC Qoo10 World MasterCard
BOC Qoo10 World MasterCard

BOC Qoo10 World MasterCard Credit Card: Great Cashback for Shopping at Qoo10

Shoppers and commuters will appreciate this card's cashback rates of up to 15%, although rewards can only be spent at Qoo10.

3.9/5.0

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Rewards
Perks
Fees

Pros

  • Very high cashback of 10% at Qoo10 and 15% on public transportation
  • 3% cashback in useful categories like online shopping, entertainment, and overseas
  • Annual fee waived in first year

Cons

  • Max cashback of S$70 per month
  • Rewards are only redeemable at Qoo10
  • Higher annual fee than BOC Qoo10 Platinum
BOC Qoo10 World MasterCard
BOC Qoo10 World MasterCard

A great fit for both students and young adults with monthly spend between S$400 and S$800, Bank of China Qoo10 World MasterCard offers up to 10% cashback on Qoo10 spend and 15% on public transportation with min monthly spend of S$800. In addition, 3% will be awarded on local fast food, entertainment, online and overseas spend, making this a great card for those on a budget looking to earn on everyday spend. If monthly spend is just above S$400, then the expected cashback rates only apply to 2 categories of qualifying spend – Qoo10 transactions with 3% cashback and all other spend, earning 0.3%.

Bank of China Qoo10 World MasterCard Credit Card Features and Benefits

  • Annual Fee: S$203.30, Waived for 1 year
  • Income Requirement: S$30,000 for citizens & PRs, None for foreigners
Key Features:
  • Annual fee: S$203.30 (first year waived)
  • 10% cashback on Qoo10 transactions, 15% on public transport
  • 3% cashback on fast food, entertainment and online spend
  • 0.3% all other spend
  • S$70 monthly cap
Promotions:

What Makes the BOC Qoo10 World MasterCard Credit Card Stand Out?

BOC Qoo10 World MasterCard is most suitable for students and young adults who prioritize cashback to miles, and are frequently making purchases at Qoo10. This card's dual cashback structure is also useful for those who spend between S$400 and S$800 each month, while still earning cashback on select spend. The cashback earned on qualifying purchases is referred to as Qmoney, which is Qoo10's virtual currency and can be used to make payments on Qoo10.

Between S$400 and S$800 monthly spend, cashback categories are limited to Qoo10, earning 3% cashback and all other spend, earning 0.3% cashback. If monthly spend reaches S$800, cardholders will be able to earn 10% on Qoo10 spend, 15% on public transportation, 3% on selected categories (fast food, online, overseas, entertainment and public taxi) and 0.3% on all other spend.

There is no specified cap on spend below S$800, but for spend above S$800, the total cap is S$70, shared between Qoo10 which is capped at S$30 and the rest of the categories (transportation, selected categories and other spend) capped at S$40. In order to reach the S$70 cashback cap, assuming moderate spend in each category, overall monthly spend will be around S$1,500.

The ability to earn 3% cashback on selected categories with S$800 min spend is a great feature as it allows those on a budget to earn cashback on frequent transactions. These include: local fast food restaurants, entertainment (movies theatres, bars, taverns, night-clubs, cocktail lounges and discothèques), online (includes online retail transactions made in SGD and foreign curries) and overseas (foreign currency transactions).

Monthly cashback breakdown

Monthly spendSpend categories and ratesMonthly cap
S$400 – S$800
  • Qoo10 spend – 3%
  • All other spend – 0.3%
None
Above S$800
  • Qoo10 spend – 10%
  • Public transportation – 15%
  • Select categories (fast food/online/entertainment/overseas) – 3%
  • All other spend – 0.3%
S$70

The main downside of BOC Qoo10 World MasterCard is that cashback is awarded in Qmoney, which is not cash, and cannot be exchanged for or converted to cash. It cannot be transferred or paid to any person and cant be used to pay any other liabilities. In short, this cashback can only be used on Qoo10 purchases.

Cashback Not Available On...

There are certain transactions which do not qualify for cashback and do not earn BOC Bonus Points. These are:

  • Government institutions
  • Financial institutions and services
  • Utility bill payments
  • Prepaid accounts
  • Cleaning and maintenance

How Does BOC Qoo10 World MasterCard Credit Card Compare to Other Options?

In order to help you understand the BOC Qoo10 World MasterCard's value in the context of your other choices, we've provided a head-to-head analysis comparing it to several other popular credit cards below. In case you would like to compare the rewards value of this card or any other card yourself, go to our RealValue Credit Card Rewards Calculator to compare the cards' rewards, promotions, rates and other unique features.

BOC Qoo10 World MasterCard v. OCBC 365 Credit Card

Consider this if you're looking for great cashback on everyday spend while on a budget
  • Pros
    • 6% rebate on dining, 3% on groceries, transport, utilities, online travel
    • Fee waiver with S$10,000 annual spend
    • Up to 22.1% fuel savings at Caltex, 20.2% at Esso
    • Cons
      • 0.3% rebate on general spend
      • High S$800 minimum spend requirement

      OCBC 365 Credit Card is a great cashback card offering good rates on everyday spend, such as dining (6%), petrol (5%), groceries, land transportation, utilities and online travel (3% each), and other spend (0.3%). In order to enjoy these rates, however, monthly spend has to be at least S$800. If minimum spend is below, only 0.3% flat cashback of 0.3% is awarded. Unlike BOC Qoo10 World MasterCard which charges an annual fee of S$203.30, OCBC 365 Credit Card doesn't have one, and its cashback is awarded in cash, and not in a virtual currency (Qmoney) which can only be spent at one retailer, Qoo10..

      BOC Qoo10 World MasterCard has two main advantages over the OCBC 365 Card. First, it offers higher rates on certain spend categories, such as 10% on Qoo10 transactions (vs. OCBC 365 Card's 3% cashback on groceries) and 15% on public transportation. Second, if monthly spend drops below S$800 (but above S$400), cardholders will still earn 3% on Qoo10 spend and 0.3% on all other transactions, whereas OCBC 365 offers a flat cashback of 0.3% on all spend.

      Both cards, however, have similar cashback caps, S$70 for BOC Qoo10 and S$80 for OCBC 365. To reach monthly cashback caps, BOC Qoo10 cardholders should spend about S$1,500 and OCBC 365 cardholders should spend S$2,115. While these two cards are very similar, BOC Qoo10 seems to be a better fit for those who have a lower monthly budget, and want to get cashback they can spend primarily on groceries, whereas OCBC 365 is a better fit for those whose spend never falls below S$800 and who primarily spend S$2,000 per month.

      BOC Qoo10 World MasterCard v. BOC Sheng Siong Card

      Bank of China Sheng Siong Card
      Bank of China Sheng Siong Card
      Consider this if you're looking for rebates on Sheng SIong spend
      • Pros
        • Up to 6% cashback on purchases at Sheng Siong
        • Unlimited 1.5% cashback on all other spend
        • Low annual fee of S$32.10, waived in first year
        • Cons
          • Highest cashback capped at S$45 & only applies to Sheng Siong
          • Rules for rewards are slightly complicated
          • No extra perks or benefits

          BOC Sheng Siong is a great option for those who are frequently shopping at Sheng Siong. Cardholders can get 6% cashback on Sheng Siong spend, capped at S$45.

          Although the BOC Qoo10 World Mastercard has a higher cashback cap than the BOC Sheng Siong Card (S$70 vs S$45), the BOC Sheng Siong card might be a better option when it comes to overseas spend and cashback flexibility. BOC Sheng Siong annual fee is only S$32.10, while BOC Qoo10 charges an annual fee of S$203.30. BOC Qoo10 World MasterCard only offers capped cashback, whereas BOC Sheng Siong offers unlimited 1.5% cashback on all other local and overseas spend. Finally, BOC Sheng Siong cashback is equivalent to cash, whereas BOC Qoo10 cashback can only be used to make purchases at Qoo10.

          If you're a frequent traveler who regularly shops at Sheng Siong, then BOC Sheng Siong is a good option for you. If your overseas expenses are low, your monthly Qoo10 spend reaches S$300 (S$800/month overall), and you prefer to spend your cashback there too, then BOC Qoo10 World MasterCard is the way to go.

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          Zoryana Melesh

          Zoryana is a Senior Research Analyst at ValueChampion, who focuses on evaluating credit cards, savings and fixed deposits in Singapore. She holds a BA in Political Science and an MPA in International Finance and Economic Policy, both from Columbia University. Prior to joining ValueChampion, Zoryana worked in treasury management consulting.

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