OCBC NXT Card
Earn 1% cash rebates if your monthly bill is above S$1,000; Purchases automatically split across 3 or 6 months payment to ease your cashflow
OCBC NXT Card Overview:
The Buy Now Pay Later Credit Card— OCBC NXT Card allows you to split any payment for 3 or 6 months. Unlike other cards that charges interest fee on your purchases, this could be a better card for when you want to spend on big ticket spending since you can enjoy 0% interest instalments. Also, you can declare your own trigger amount with a minimum of S$100— meaning you can split to instalments those above your set trigger amount.
Eligibility & Fees:
- Minimum Age: 21 years old
- Minimum Annual Income: S$30,000 (locals/PRs); S$45,000 (foreigners)
- Annual Fee: S$163.50 (including GST), waived for the first two years. From the 3rd year onwards, you should be able to ask for an annual fee waiver just by calling the bank. Watch my Tiktok video here.
- This has a much lower annual fee compared to OCBC 90N, OCBC 365, and OCBC Rewards card which also has the same minimum income requirement of S$30,000
Key Benefits:
- Purchases are automatically split across 3 or 6 months payment to ease your cashflow
- 0% interest on monthly installments
- Earn 1% cash rebates if your monthly bill is above S$1,000. Capped at S$100 a month.
- Earn 0.5% cash rebates if your monthly bill is less than S$1,000
- Not applicable to any cash advance, balance transfer, instalment payment plan, interest fees and other promotions and transactions
- Great Eastern Life insurance policies will be automatically split in 12 months, regardless of your transaction amount (subjected to 1% fee on the transaction amount and no cash rebates as insurance is in exclusion list) – It may be worth it if you value cashflow and your deposits can earn you more than 1% in your bank account)
How to Best Optimise it:
Best for Large Expenses
- This card is best used on large expenses since this is one of the only cards in Singapore that offers installment, allowing you to break up your spending into smaller monthly chunks of payments at 0% interest.
Amount | Instalment Period |
< S$1,000 | 3 months |
> S$1,000 | 6 months |
>S$0 (Only eligible for premium payment on Selected Great Eastern Life and Great Eastern General plans) | 12 months |
- Also, you can use it on large GrabPay Payments, where they do not accept credit card, you can top up Grab Pay with this (eg. children enrichment classes, spa treatments)
Can be Used on Great Eastern Premium
- This card can be used best by Great Eastern policy holders. This comes with a one-time non-refundable 1% processing fee when you use the 12-month interest-free installment plan for your insurance premium. With the OCBC NXT card, you can pay your premiums annually but have the payment automatically split into 12 monthly installments. This way, you save money on premiums and avoid paying everything upfront.
What to Avoid:
Exclusion List:
- Annual card fees, interest, late payment charges;
- Tax payments;
- Bill payments made via Internet Banking and any AXS Network;
- Transactions under Transportation and Tolls MCC 4111/4121/4131 except for transactions with Grab Transport, Gojek and licensed taxi operators (including, without limitation, Comfort/Citycab/ Transcab/ SMRT Taxi/ Premier Taxi/ Prime Taxi/ HDT Taxi).
- Transactions classified under the following MCCs:
MCC | Description |
4784 | Tolls and Bridge Fees |
4829 | Wire Transfer Money Orders (WTMOs) |
4900 | Utilities–Electric, Gas, Heating Oil, Sanitary, Water |
5047 | Medical, Dental, Ophthalmic and Hospital Equipment and Supplies |
5199 | Nondurable Goods (Not Elsewhere Classified) |
5262 | Marketplaces (Only for Shopee Pay) |
5960 | Direct Marketing Insurance Services |
5993 | Cigars, Stores and Stands |
6010 | Member Financial Institution–Manual Cash Disbursements |
6012 | Member Financial Institution–Merchandise and Services |
6051 | Quasi Cash–Merchant (Non-Financial Institutions – Foreign Currency, NonFiat Currency, Cryptocurrency) |
6211 | Securities–Brokers and Dealers |
6300 | Insurance Sales, Underwriting and Premiums |
6513 | Real Estate Agents and Managers–Rentals |
6540 | Non-Financial Institutions – Stored Value Card Purchase/Load |
7349 | Cleaning, Maintenance and Janitorial Services |
7523 | Automobile Parking Lots and Garages |
7995 | Gambling – Betting, including Lottery Tickets, Casino Gaming Chips, OffTrack Betting, and Wagers at Race Tracks |
8062 | Hospitals |
8211 | Schools, Elementary and Secondary |
8220 | Colleges, Universities, Professional Schools and Junior Colleges |
8241 | Schools, Correspondence |
8244 | Schools, Business and Secretarial |
8249 | Schools, Trade and Vocational |
8299 | Schools and Educational Services–Not Elsewhere Classified |
8398 | Organizations, Charitable and Social Service |
8651 | Organizations, Political |
8661 | Organizations, Religious |
8675 | Automobile Associations |
8699 | Organizations, Membership–Not Elsewhere Classified (Labor Union) |
9211 | Court Costs Including Alimony and Child Support |
9222 | Fines |
9223 | Bail and Bond Payments |
9311 | Tax Payments |
9311 | Government Services–Not Elsewhere Classified |
9402 | Postal Services–Government Only |
9405 | Intra-Government Purchases–Government Only |
- Cash-On-Instalment Facility, Instalment Payment Plan, PayLite, Cash Advances, Balance Transfers; and
- any such other fees, charges, payments, services, products and/or facilities as may be decided by us in our absolute discretion at any time and from time to time.
Cash Rebates Exclusion:
- Any top-ups or payment of funds to prepaid accounts and merchants who are categorized as “payment service providers” (including but not limited to GrabPay, Youtrip, Shopee Pay and Singtel Dash);
- Payments of membership fees to clubs and associations (including country clubs); and
- NETS Flashpay Top-ups, Ez-Link Top-ups and TransitLink related transactions.
Is it Worth it:
Advantages:
- 0% interest on monthly installments
- Earn cashback of 1% for different categories when you spend above S$1,000
Disadvantages:
- Not applicable to any cash advance, balance transfer, instalment payment plan, interest fees and other promotions and transactions.
Frequently Asked Questions:
What is the minimum amount to split into instalments: The default trigger amount is $100 – means that only transaction amounts above $100 will be automatically split into installments. You can also set the trigger amount to be any amount above $100 as long as it is in multiples of $100 (ie. $200, $300 etc)
Final Thoughts:
This is best used for auto installment as this has no interest fees; although you won’t be earning as much cashback or benefits, OCBC NXT card may be great in managing your cashflow.
💳 Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
💡 We believe in always paying our credit card bills on time and in full. It is only by doing that, can we fully maximise our credit card benefits.
