OCBC Frank Credit Card: Best for Digital Payments? (2023 Review)

Shania Wong
PROMO: Receive up to S$100 in cashback each month as you spend accross different categories
Apply Now
on OCBC's website

OCBC Frank Credit Card

Apply Now
on OCBC's website
Consumers who frequently shop online or pay via mobile will benefit the most from the boosted cashback rates. It’s also easy to hit the minimum annual spending for the annual fee waiver, making this a low-cost card with decent cashback.


  • 6% cashback for online spending
  • Annual fee waiver with $10,000 spend
  • Lower annual fee compared to other decent cashback cards
  • Low minimum spend requirement


  • Cashback is split into 3 different subcategories, so monitoring could be a hassle
  • S$25 cashback cap per category
  • Physical card contactless transactions do not qualify for 6% cashback
  • Reports of poor OCBC customer service

Current Promotion

Receive up to S$100 in cashback each month when you spend at least S$800 a month online or in any store that accepts contactless mobile payment. Terms and Conditions apply. Click to apply.

Move over, OCBC Frank Debit — the OCBC Frank Credit Card is here. Targeted at young working adults, this freshly-revamped card offers an enticing 6% cashback on categories like online shopping and mobile contactless payments.

But is that all there is to it? How does it compare to other cashback cards?

We’ll be reviewing this card based on these aspects: 

OCBC Frank Debit vs Credit Card

Here’s a quick comparison of the two:

Frank Debit CardFrank Credit Card
Card Designs602
Annual FeesNoneS$194.40
Minimum Spend for CashbackS$400 monthlyS$600 monthly
Cashback Rates1% at specific retailers6% for all online and mobile contactless/overseas spending
Cashback CapUnlimitedS$75
Additional DifferencesComes with a Frank savings account that allows you to earn interestNone

If you’re stuck deciding between the two cards, we’d suggest looking through the retailer list for the debit card. Only retailers on this list will grant you the 1% cashback with the debit card.

Going the credit card route will grant you more freedom with cashback if you have a fixed monthly income of above S$2,500.

Eligibility Requirements

Age21 years old for principal card; 18 years old for supplementary card
IncomeS$30,000 and above for Singaporeans and PRs; S$45,000 and above for foreigners

This card needs the standard S$30,000 minimum annual income, so most young adults with a full-time job should be able to qualify. 

If you can’t meet the S$30,000 requirement though, here are other options to consider: 

  • Standard Chartered Manhattan $500 Card (S$18,000 minimum annual income)
  • Diners Club co-brand credit cards (S$16,000 minimum annual income)
  • CIMB AWSM Card (S$18,000 minimum annual income)

Fees and Charges

Annual FeesS$194.40 for Principal Card and S$97.20 for Supplementary Card, waived for the first 2 years.

Subsequent waiver with minimum annual spend of S$10,000.
Effective Interest Rate26.88%
Late Payment ChargesS$100
Minimum Monthly Payment3% or S$50, whichever is higher
Overlimit FeeS$40
Cash Advance Fee8% per transaction or S$15, whichever is higher
Cash Advance Interest Rate28.92%
Foreign Currency Transaction Fee3.25%

Automatic Annual Fee Waiver

After the first two years, you’ll only need to spend S$10,000 annually to qualify for the automatic annual fee waiver.

This may seem like a lot at first glance. If you break it down into months though, it’s an average spending of S$834 monthly to get an automatic fee waiver.

That’s pretty achievable if this is your main card and you aren’t spreading out your purchases over half a dozen cards.

But even if you don’t hit the minimum annual spend for the fee waiver, the annual fee is still lower than other cashback cards like the UOB EVOL or Standard Chartered Unlimited Cashback Credit Card.

Cashback, Discounts, and Other Perks

  • 6% cashback on all online and app spending
  • 6% cashback on all mobile contactless payments and foreign currency spending
  • 0.3% flat rate cashback for all other spend

(Excluded categories can be found here.)
Cashback Criteria
  • Minimum monthly spend of S$600 for 6% cashback; 0.3% otherwise
  • Only transactions posted (not made) in the same calendar month count towards the S$600 minimum
  • Cashback capped at S$75 per month (S$25 per category)
Other Benefits
Current PromotionReceive up to S$100 in cashback each month when you spend at least S$800 a month online or in any store that accepts contactless mobile payment. Terms and Conditions apply.

Cashback Eligibility And Cap

The most notable thing here is that you have to spend at least S$600 in a month to qualify for the 6% cashback rate.

In addition, the OCBC Frank Credit Card’s cashback system is split into 3 different categories, each with a S$25 cashback cap. For months where you feel like saving more and spend less than S$600 a month, you’ll still be entitled to a 0.3% cashback. 

Like most other credit cards, payments made to educational institutions, EZ-Link top-ups, parking fees, and so on are not eligible for cashback.

How Does the Cashback Compare to That of Other Cards?

The closest competitors to the OCBC Frank Credit Card would be the: 

  • DBS Live Fresh Card
  • UOB EVOL Card
  • HSBC Revolution Card

Between these, is there an option that stands out? Let’s take a look:

OCBC Frank Credit CardDBS Live Fresh CardUOB EVOL CardHSBC Revolution Credit Card
Annual FeesS$194.40S$194.40S$194.40None
Annual Fee Waiver RequirementsWaived for first 2 years. 

Subsequent waiver with S$10,000 annual spending.
Waived for first year. 

No subsequent waiver.
Waived for the first year; thereafter, waived with at least 3 transactions per month for 12 consecutive months.N.A
Cashback Rates6%5% (+5% at selected eco-eateries, retailers & transport services)8%10X rewards points (equates to 2.5% cashback)
Minimum Spending for CashbackS$600S$600S$600None
Cashback CapS$75 (S$25 each category)S$75 (S$15-20 each category) S$60 (S$20 each category)None, but only the first 10,000 points will have a 10X bonus

OCBC Frank Credit Card vs DBS Live Fresh Card

The OCBC Frank Credit Card and the DBS Live Fresh Card have almost the same offerings. The main difference is the extra 1% cashback that the Frank card gives over the Live Fresh Card.

The DBS Live Fresh card also splits its cashback caps over four categories: sustainable spend (S$15), online spend (S$20), Visa contactless spend (S$20), and all other spend (S$20). That means you might have to micromanage the Live Fresh card more if you’re trying to maximise cashback.

That said, if you spend most of your time and money at eco-friendly retailers, then the additional 5% cashback from DBS Live Fresh will be your jam.

OCBC Frank Credit Card vs UOB EVOL Card

Despite the UOB EVOL card boasting a higher cashback rate, the OCBC Frank Card has a higher cashback cap per category.

With the same base cashback rate of 0.3% and S$600 minimum spend requirement, the OCBC Frank card is a smarter choice. (Unless maybe there’s a merchant you frequent that falls under UOB TMRW’s rewards portal but not under OCBC’s)

OCBC Frank Credit Card vs HSBC Revolution Card

OCBC Frank Card’s annual fees are already on the lower side, but the HSBC Revolution Card outshines it with zero annual fees. Now that’s a low-maintenance card.

That said, the OCBC Frank offers higher cashback and better rewards. If you spend at least S$834 a year for the automatic fee waiver, we think the OCBC Frank card is a better deal. 

How to Maximize Cashback & Benefits

Assuming you already hit the S$600 spending requirement for maximum cashback, here’s a breakdown of what you need to know about your cashback:

CategoryCashback RatesCashback CapRecommended SpendingCashback Earned
Online & App Spending6%S$25S$417S$25
In-store Mobile Contactless Payments & Foreign Currency Spending6%S$25S$417S$25
Other Spending0.3%S$25S$100S$0.30
Total SpendingS$934S$50.30

By maxing out the cashback in only the online and mobile contactless payment categories each month, you’ll easily be able to qualify for the fee waiver. 

With these, your actual cashback per month is likely to be slightly above S$50 rather than the S$75 cap. Unless, of course, you decide to make a big purchase that month. 

Even with the cashback caps, this is still a decent rate if you’re already spending that amount online or through contactless payments.

Who Should Use the OCBC Frank Credit Card?

While the OCBC Frank Credit Card was specifically designed for young adults, we think it’s a good deal for anyone who typically shops online and pays via their mobile.

It does need a little bit of micromanaging if you want to maximise your rebates, but this is also less work and higher cashback than options like the DBS Live Fresh or UOB EVOL card.