OCBC Frank Card: What Makes It Special?

OCBC Frank Card: What Makes It Special?

Earn 6% on all online purchases, in-store contactless mobile payments and in-store foreign currency spend

Good for

  • Individuals that have low-spend budgets
  • Young adults who spend a lot online, on mobile apps and mobile payments

Bad for

  • Those who do not utilize the mobile contactless payment feature
  • Consumers who spend most of their budget offline

Analyst's Rating


The OCBC Frank Credit Card is an excellent card for young adults who want to earn great rewards, without needing to have a high-spend budget. This card offers 6% on online purchases, 6% on mobile contactless spend, and 6% on FX transactions, expenditure areas that are very central to the younger generation. To qualify for these rewards, cardholders only need to spend S$600 per month, a monthly spend requirement that's around the low end of the market standard. It also offers a very affordable fee waiver with just S$10,000 annual spend. Overall, by combining benefits that are geared towards technology savvy consumers & spend requirements that are accommodating to low budgets, the OCBC Frank credit card allows young adults to start easily earning rewards on their purchases without the need to increase their monthly expenditures.

  • 6% rebate on FX spend
  • 6% on mobile contactless spend
  • 6% on online spend
  • Fee waiver with just S$10,000 annual spend
  • 0.3% rebate on general purchases
  • Use code VISA15OFF to get 15% off Zalora w/ min spend of S$80 (until June 30, 2021)
Card Overview
  • 6% rebate on FX spend
  • 6% on mobile contactless spend
  • 6% on online spend
  • Fee waiver with just S$10,000 annual spend
  • Promotions: Use code VISA15OFF to get 15% off Zalora w/ min spend of S$80 (until June 30, 2021)
  • 0.3% rebate on general purchases

What Makes OCBC Frank Card Stand Out

This credit card stands out for its low minimum spend requirement and its annual fee waiver. With just S$600 spend per month, cardholders begin to earn elevated rewards rates on their purchases–6% on all mobile contactless, online, and FX purchases, making this card great for young adults who frequently use these modes of payments Each boosted rewards rate category has an earnings cap of S$25, giving cardholders the potential to earn a total rebate of S$75. For individuals that do not meet the minimum spend, they will earn just 0.3% on their purchases.

CategoryRateMinimum SpendEarnings Cap
FX Spend6%S$600S$25
Mobile Contactless6%S$600S$25

The OCBC Frank Card has a very low annual fee of S$80 that is waived for the first 2 years. An individual must spend just S$10,000 annually to avoid the fee for subsequent years, meaning this annual fee can be avoided with just S$833.33 of spend per month, which is less than half of the average monthly expenditure of an average adult in Singapore. Even in instances where a cardholder does not spend a minimum of S$10,000 within a year, her cashback may be able to cover for the entire annual fee.

CategoryRateMonthly PurchasesMonthly Earnings
FX Spend6%S$200S$12
Mobile Contactless6%S$200S$12

However, there are also drawbacks to OCBC Frank Card. There are restrictions to what qualifies for the initial S$600 spend. Among other, less applicable restrictions, utility payments (electric, gas, water, and sanitary) do not count towards the minimum spend requirement. While it is quite common for credit cards to restrict utility payments for minimum spend, this may make a substantial difference in an individual’s total monthly expenditures. Additionally, in comparison to other credit cards on the market, the OCBC Frank Card’s general spend's rewards rate is quite low. Despite not having a minimum spend to qualify, the 0.3% rate offers less value for purchases when compared to other credit cards.


Minimum SpendGeneral RateEarnings Cap
OCBC Frankn/a0.3%S$25
Maybank Platinum VisaS$3003.33%S$30
CIMB Worldn/a1.5%n/a

Ultimately, OCBC Frank Card does offer young adults a great, no-fee way to earn cashback from social and online spend. Especially for young adults who don't spend much on nightlife and entertainment, or offline on monthly bills and EZ-Link Auto Top Ups, OCBC Frank Card is definitely worth consideration.

How Does OCBC Frank Card’s Rewards Program Work?

Use our quick and easy-to-read guide below to learn how you you can redeem card rewards.

  • Every 1 dollar of cashback earned is equal to S$1
  • Cashback earned is automatically offset against the next month’s billed amount
  • Cashback earned by Supplementary Cards is credited to the Primary account
  • Accumulated cashback is automatically forfeited with cancellation of the card account

OCBC Frank Card Features and Benefits:

Card Overview
  • Annual Fee: S$80, Waived 2 years, & subsequently with S$10,000 annual spend
  • Income Requirement: 30000 for locals, 45000 for foreigners
Rewards Rate Details
  • 6% on FX spend
  • 6% on mobile contactless purchases
  • 6% on online spend
  • 0.3% base rebate for all other spend (including offline overseas)
  • S$600 minimum spend required to unlock elevated rates
  • Rebates capped at S$75 (S$25/ per boosted rate category)
Perks & Benefits
  • 120 unique card designs, tailored to young adults
  • Use code VISA15OFF to get 15% off Zalora w/ min spend of S$80 (until June 30, 2021)

OCBC Frank Card Rewards Exclusions

Some credit card expenditures are ineligible for earning rewards. We identify these exclusions below.

Annual card fees; Cash-on-Instalment; Instalment Payment Plan; interest, late payment charges; tax payments; Cash Advances; Balance Transfers; PayLite; OCBC Internet Banking payments; bill payments made via any AXS network (& other fees and charges); payments to Charitable/Religious Organizations; payments to Cleaning, Maintenance and Janitorial Services; payments to Real Estate Agents and Managers-Rentals
All general exclusions listed above, plus: payments made via telephone or mail order; subscription & recurring payments; to government institutions; financial institutions (including banks and brokerages); insurance companies; utility bill payments; prepaid accounts & “payment service providers”; schools, hospitals, professional services providers; parking lots; membership fees to clubs & associations; via online banking (& more)

How does OCBC Frank Card Compare Against Other Cards?

Consider this if you frequently spend money on shopping and entertainment

Annual Income Requirement 30000
Foreigner Income Requirement 45000

Read our comparisons of OCBC Frank Card with other cards and learn what makes each card unique in their own way. We compare and contrast each card to highlight its uniqueness to help you identify the card that you need.

OCBC Frank Card performs above the market average for value-to-consumer after two years based on a monthly spend of S$2,000

OCBC Frank Card v. UOB YOLO Card

Consider this if you are a young adult looking for discounts and perks on dining, entertainment and travel spending

Annual Income Requirement 30000
Foreigner Income Requirement 80000

UOB YOLO Card appeals to young adults with curated nightlife privileges plus cashback on dining, entertainment, and Grab (8% weekends, 3% weekdays). Cardholders earn 3% on online fashion spend and up to 13% on select online travel bookings. As with OCBC Frank Card, general spend earns 0.3% rebate with no earnings cap. However, there is a S$600 minimum and S$192.6 fee. Consumers prioritising no-fee cashback might prefer OCBC Frank Card.

OCBC Frank Card v. Citi SMRT Card

Consider this if you want to earn cashback on your daily commute on public transit

Annual Income Requirement 30000
Foreigner Income Requirement 42000

Young professionals with a modest budget can benefit from Citi SMRT Card’s EZ-Link functionality and rebates on everyday spend. Cardholders earn 5% cashback on fast food, groceries, and cinemas, 3% for online spend, and 2% on health & beauty and Auto Top-Ups. While there's no minimum spend requirement, the earnings cap is just S$50/month. In addition, rewards are very limited for entertainment, so OCBC Frank Card may be better for social consumers with high entertainment spend.

OCBC Frank Card v. HSBC Revolution Card

Consider this if you spend mostly on shopping, dining and entertainment

Annual Income Requirement 30000
Foreigner Income Requirement 40000

Average consumers seeking no-fee miles can earn from local dining and entertainment spend with HSBC Revolution Card. Cardholders earn unlimited 2 miles per S$1 in both categories, plus on online spend–including travel bookings, recurring bills and transit payments. HSBC Revolution Card also has no minimum requirement and the S$160.5 fee is waived with S$12,500 annual spend. This card is a great alternative, but consumers who prefer cashback to miles might prefer OCBC Frank Card.

OCBC Frank Card v. DBS Live Fresh Card

Consider this if you shop online frequently and have many opportunities to pay with mobile wallets

Annual Income Requirement 30000
Foreigner Income Requirement 45000

DBS Live Fresh Card doubles as an ATM and EZ-Link card and offers 5% cashback on online and contactless spend, 0.3% on general retail. Cardholders enjoy entertainment promotions like Zouk nightlife privileges. However, there is a S$600 minimum spend, a S$128.4 fee, and the monthly cap is divided into S$20/category, making it difficult to reach the S$60/month max. Consumers who are more interested in maximising cashback than in all-in-one functionality might prefer OCBC Frank Card.

Carrie Arndt

Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. She attended Duke University and Penn State University, graduating with a degree in Political Science and Government. Her work has been featured on a variety of major media such as Yahoo Finance, Asia One, Buro, Zuu Online and more.

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