BOC Qoo10 Platinum MasterCard: Shopping Rebates for Budget Spenders
BOC Qoo10 Platinum MasterCard: Shopping Rebates for Budget Spenders
ValueChampion Rating 
Pros
- 10% cashback on public transportation, 3% on Qoo10 and other select purchases
- Low annual fee and minimum spend requirement
Cons
- Max cashback of S$30 per month
- Rewards are only redeemable at Qoo10
With no income requirements and a minimum monthly spend of only S$200, BOC Qoo10 Platinum MasterCard is a great fit for students looking to earn cashback on everyday spend. This card offers 3% cashback on all Qoo10 transactions, 10% on public transportation, 3% on selected categories and 0.3% on all other spend. While cashback is capped at S$30, with such low spend requirements and annual fee of only S$32.10 this card is a great investment for frequent Qoo10 shoppers on a budget.
BOC Qoo10 Platinum MasterCard Features and Benefits
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Key Features:
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What Makes the BOC Qoo10 Platinum MasterCard Credit Card Stand Out?
BOC Qoo10 Platinum MasterCard is especially designed for students in mind who spend at least S$200 per month and frequently shop at Qoo10. This card offers 3% cashback on Qoo10 spend, 10% on public transportation, 3% on selected categories (fast food, online and overseas spend, entertainment and public taxi/Grab services) and 0.3% on all other spend.
Monthly cashback is capped at S$30, with S$10 being the cap which only applies to Qoo10 transactions and S$20 is the cap on all other transactions. The main downside of this card is that cashback earned on qualifying purchases is credited to your account in Qmoney, which is this card's virtual currency, rather than cash. Therefore, it can only be used to make payments at Qoo10.
Monthly Cashback Breakdown
| Category | Individual spend | Monthly category cap |
|---|---|---|
| Category A |
| S$10 |
| Category B |
| S$20 |
Qmoney will be credited to your Qaccount, which is an account you as the user will maintain to make Qoo10 purchases with your BOC Qoo10 Platinum MasterCard. Qmoney cannot be exchanged for or converted to cash, transferred or paid to any person. While a downside for most, if a large portion of your monthly budget is spent at Qoo10, then this card is a fantastic option to save on purchases you are already making.
Below is a table demonstrating minimum monthly spend required to reach this card's cashback caps. Since Qoo10 spend is capped at 3%, the most you can spend to reach the S$10 cap is S$333.33. Given that public transportation costs tend to remain the same month-to-month, it is safe to assume the rest of monthly spend will go towards the selected categories, which include fast food, taxis, entertainment, online and overseas spend.
Monthly Spend Breakdown
| Category | Individual spend to reach cap | Cashback earned |
| Qoo10 (3%) | S$333 | S$10 |
| Public transportation (10%) | S$40 | S$4 |
| Selected categories (3%) | S$533 | S$16 |
| Total spend | S$906 | S$30 |
BOC Qoo10 World MasterCard vs BOC Qoo10 Platinum MasterCard
Both BOC Qoo10 Platinum MasterCard and World MasterCard were co-launched by Bank of China and Qoo10 with the goal of servicing both students and young adults. While they are similar in how cashback is credited to the account and how it can be used, they do differ when it comes to their cashback rates and annual fees.
BOC Qoo10 World MasterCard vs BOC Qoo10 Platinum MasterCard
| Category | BOC Qoo10 World MasterCard | BOC Qoo10 Platinum MasterCard |
| Annual fee | S$203.30 | S$32.10 |
| Annual income requirement | S$30,000 | None |
| Min spend | S$800 | S$200 |
| Monthly cashback cap | S$70 | S$30 |
| Qoo10 cashback rate | 10% | 3% |
| Qoo10 cashback cap | S$30 | S$10 |
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 Platinum MasterCard Compare to Other Options?
In order to help you understand the BOC Qoo10 Platinum 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 Platinum MasterCard v. DBS Live Fresh Student Card
- Pros
- 5% rebate on select merchants & 5% rebate on sustainable spend
- No minimum spend requirement
- Annual fee waived 5 full years
- Cons
- Just 0.3% rebate on general spend
- otal rewards capped at just S$50/mo
DBS Live Fresh Student Card is a great option for young adults looking for cashback on movies, fast food, streaming services and much more. This card offers 5% cashback on Golden Village, McDonald's, McDelivery, Netflix, Spotify and Starbucks, all capped at S$15 per month. All other spend earns 0.3% cashback and is capped at S$20 per month. While the annual fee is waived for 5 years, S$192.60 is rather high for a student card, given that most student credit cards charge an annual fee between S$20 and S$40.
While BOC Qoo10 Platinum MasterCard boasts a much lower annual fee of S$32.10, and cashback categories ranging from overseas spend to online and local fast food, the main downside of this card is that it doesn't offer additional perks and its cashback is awarded in virtual money which can only be spent on Qoo10 purchases. DBS Live Fresh offers various discounts and promos for gamers, shoppers and frequent moviegoers while being relatively limited on cashback categories. Ultimately, which card is best for you depends on your spending habits.
BOC Qoo10 Platinum MasterCard v. Maybank eVibes Credit Card
- Pros
- Students & NSF earning less than S$30,000/year
- People looking for easy cashback on all spend
- Individuals hoping to avoid paying an annual fee
- Cons
- Young adults who’d prefer a card with EZ-Link functionality
Maybank eVibes Credit Card's main advantages are its 1% unlimited cashback rate, additional perks and a rather low S$20 annual fee, waived for 2 years. While this is a student card, the unlimited 1% cashback is a feature more common among credit cards for working adults, making this card both unique and also limiting. Maybank eVibes is a great fit for students who are looking to earn on all purchases with no limitations, as well as for students with part-time jobs or larger monthly budgets. For example, in order to earn S$30 cashback, BOC Qoo10 Platinum MasterCard customers should spend S$906/month, whereas Maybank customers will have to spend S$3,000/month.
BOC Qoo10 Platinum MasterCard's cashback, while great given the required monthly spend, can only be used for subsequent Qoo10 purchases, making the card rather limiting as well. In conclusion, if you tend to spend mostly at Qoo10 and your monthly spend is between S$200 and S$800, then BOC Qoo10 Platinum MasterCard is the better option. If you are a student with an additional annual income below S$30,000 and you would like to earn cashback on all spend and use it freely, then Maybank eVibes is the way to go.
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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.