OCBC 365 MasterCard

What the OCBC 365 Mastercard Rewards You For

The OCBC 365 Mastercard rewards your everyday spending with OCBC$, which you can redeem as cash credit through the OCBC Malaysia Mobile Banking app. Dining, groceries, and shopping earn the highest rewards, with double the earning rate on weekends, while utilities, petrol, and eligible insurance premiums earn a flat rate every day.

If your monthly spending is concentrated on groceries, dining out, shopping, petrol, and household bills, the OCBC 365 Mastercard can help you earn rewards on purchases you're already making. However, if most of your spending goes towards categories such as rent, education fees, subscriptions, or other excluded transactions, you'll earn fewer OCBC$ and may not get the same value from the card.

Unlike travel rewards cards, the OCBC 365 Mastercard focuses on everyday spending rather than airline miles or airport lounge access. If travel perks are a priority, OCBC also offers the Premier Voyage Mastercard, although it is available by invitation only to eligible OCBC Premier Banking customers.

To apply, you must be at least 21 years old and earn a minimum annual income of RM48,000.

How OCBC$ Earning Rates Work

Every eligible purchase automatically earns OCBC$, so there's no need to activate bonus categories or register for the rewards programme. Dining, groceries, and shopping earn higher rewards throughout the week, with double the earning rate on Saturdays and Sundays. Utilities, petrol, and eligible insurance premiums earn the same rate every day.

*Excludes Great Eastern life and general insurance premiums.

How OCBC Calculates Your Rewards

OCBC calculates rewards based on the transaction amount rounded down to the nearest whole ringgit before applying the earning rate. For example, a RM300 shopping purchase made over the weekend earns 3,000 OCBC$, while a RM202.60 utility bill is rounded down to RM202 before earning 202 OCBC$.

Is There a Reward Cap?

The higher earning rates for dining, groceries, and shopping are capped at20,000 OCBC$ per statement cycle. Once you reach this limit, spending in these categories continues to earnRM1 = 1x OCBC$until your next statement cycle begins, when the higher earning rates reset automatically.

Utilities, petrol, and eligible insurance premiums continue earningRM1 = 1x OCBC$with no earning cap.

Which Transactions Don't Earn OCBC$?

Not all transactions qualify for rewards. OCBC$ are not awarded for Easy Payment Plan (EPP) purchases, balance transfers, cash advances, finance charges, annual fees, late payment charges, government-related payments, Great Eastern life and general insurance premiums, JomPAY, FPX, DuitNow QR transactions, or transactions made in the United Kingdom and countries within the European Economic Area (EEA).

Eligible local, overseas, online, recurring, mail order, telephone order, and Instalment Payment Plan (IPP) purchases continue to earn OCBC$ when they fall under the qualifying spending categories.

Do Supplementary Cards Earn OCBC$?

Yes. Supplementary cardholders earn OCBC$ at the same rates as the principal cardholder. However, all OCBC$ earned are credited to the principal cardholder's account rather than being maintained as a separate rewards balance.

How Long You Have Before Your OCBC$ Expire

OCBC$ stay valid for five years from the date you earn them, so there's no pressure to redeem after every statement. The only conditions are that you need to redeem a minimum of RM10 worth of OCBC$ at a time, and you need at least one transaction on the card within the past 12 months for a redemption to go through. Points that aren't redeemed by their five-year expiry date are forfeited, so it's worth checking your balance occasionally rather than letting it build up untouched for years.

How Long Your OCBC$ Stay Valid

OCBC$ remain valid for five years from the date they are earned, giving you plenty of time to accumulate rewards before redeeming them. However, your rewards won't last indefinitely. Any unused OCBC$ that reach their five-year expiry date will be forfeited.

To redeem your OCBC$, each redemption must be worth at leastRM10, and your credit card must have recorded at least one transaction within the previous 12 months. If your card has been inactive during that period, you'll need to use it before you're able to redeem your rewards.

How to Redeem Your OCBC$ for Cash Credit

You can redeem your OCBC$ through the OCBC Malaysia Mobile Banking app. The process only takes a few steps:

1. Log in to the OCBC Malaysia Mobile Banking app.
2. Tap Rewards.
3. Select the amount of OCBC$ you want to redeem.
4. Review the redemption details and confirm your request.
5. You'll receive a push notification once your redemption has been processed.

OCBC$ are redeemed based on OCBC's published redemption rate rather than a fixed one-to-one conversion. As a guide,12,000 OCBC$ can be redeemed for approximately RM20 in cash credit, while 87,355 OCBC$ is worth approximately RM148.

Once your redemption is approved, the cash credit is applied to your credit card account within seven days. It appears as a credit against your outstanding card balance rather than being paid into your bank account.

Documents You Need to Apply for the OCBC 365 Mastercard

The documents you'll need depend on how you earn your income. If OCBC is unable to verify the documents you've submitted, it may request additional supporting documents before processing your application.

Salaried employees at multinational companies, publicly listed companies, government-linked companies, or government agencies

• MyKad (front and back), or a passport with a work permit valid for at least 12 months (foreigners)
• Latest one month's salary slip (fixed income), or latest three months' salary slips (variable income)

Alternatively:

• Latest EPF statement with at least three months of contributions
• Latest Borang B/BE or e-Filing with proof of tax payment

Salaried employees at other companies

• MyKad (front and back), or a passport with a work permit valid for at least 12 months (foreigners)
• Latest three months' salary slips
• Latest three months' supporting bank statements

Alternatively:

• Latest EPF statement with at least three months of contributions
• Latest Borang B/BE or e-Filing with proof of tax payment

Self-employed (more than two years in business)

• MyKad (front and back), or a passport with a work permit valid for at least 12 months (foreigners)
• Form 24/29/49
• Business Registration certificate or printout from SSM, CTOS, or CBM
• Latest Borang B/BE or e-Filing with proof of tax payment

Depending on your income:

• Six months' salary slips and supporting bank statements (except sole proprietors)
• Six months' principal business bank statements (shareholding above 50%)
• Latest EPF statement with at least three months of contributions (except sole proprietors)

Commission earners

• MyKad (front and back), or a passport with a work permit valid for at least 12 months (foreigners)
• Six months' commission statements
• Six months' supporting bank statements

Great Eastern agents should instead submit an HR confirmation letter together with their latest Borang B/BE or e-Filing.

Foreigners and Malaysians working overseas

• Salaried applicants: latest three months' salary slips and supporting bank statements, or CPF statement (Singaporeans or Malaysian PRs in Singapore), plus a valid work permit or Permanent Resident ID.
• Self-employed applicants: latest tax assessment from the country of employment, plus a valid work permit or Permanent Resident ID.

OCBC 365 Mastercard Fees and Charges

The OCBC 365 Mastercard waives both the principal and supplementary annual fees in the first year. From the second year onwards, the annual fee is waived if you spend at least RM20,000 on retail transactions during your membership year. This annual fee waiver is available until 31 December 2026.

• Annual fee (principal): RM100 per year. Waived in the first year, and waived from the second year onwards if you spend at least RM20,000 on retail transactions during your membership year.
• Annual fee (supplementary): RM50 per year. Waived in the first year, with the same annual fee waiver terms as the principal card.
• Cash advance: Interest is charged at 18% p.a. from the date of withdrawal, together with a cash advance fee of 5% of the amount withdrawn or RM20, whichever is higher.
• Minimum monthly payment: The higher of RM50 or 5% of your new balance plus 100% of any contracted instalment amounts, including instalment plans, balance transfers, and auto balance conversion.
• Late payment fee:1% of your retail and cash advance balance, or RM10, whichever is higher, capped at RM100.
• Overseas transaction fee:1.00% on top of the Visa or Mastercard currency conversion rate. This is lower than the 1.25% overseas transaction fee charged on most other OCBC credit cards.

Cash advances are one of the most expensive ways to borrow using a credit card because interest starts accruing from the date of withdrawal, with no interest-free period. Paying only the minimum monthly payment also allows finance charges to continue accruing on the remaining balance.

Retail purchases are subject to Bank Negara Malaysia's tiered finance charges. You'll be charged15% p.a.if you've made at least 12 consecutive months of prompt payments,17% p.a.if you've made 10 or 11 prompt payments in the previous 12 months, and18% p.a.if you don't meet either repayment criterion.