The first “Buy Now, Pay Later”— OCBC NXT card allows you to split any transaction into interest-free installments. Plus, you can earn cash rebates on your spending!
OCBC NXT Sign Up:
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
- transactions below S$1K will be split into 3 months
- transactions of S$1K and above will be split into 6 months
- 0% interest on monthly installments
- Earn up to S$100 cash monthly eligible billed spend is below $1K, you get 0.5% cash rebates
- If monthly eligible billed spend is $1K and above, you get 1% cash rebates
- 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)
Where Can I Use it:
This is best used for big ticket purchases as it allows you to manage your cash flows with the installment feature of this card.
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’s a good strategy:
– 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)
– To get free 0% installment on items in standard exclusions like insurance payments
– Also, you can use it when you are willing to give up substantial cashback for cashflow (Potential opportunity cost: 8% cashback)
Read Terms and Conditions Here
Key Points to note:
- 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)
- First two years annual fee is waived, and subsequently, you can get a fee waiver if you hit $10K spending a year. (Please make sure that you have no outstanding balances crossing after the first two years fee waiver if you are not confident of getting an annual fee waiver on the 3rd year. In the event that you cancel the card while having outstanding balances, you need to pay an admin fee.)
- May be able to use to top up Grab wallet for an immediate spending – it will help to delay and spread out payments thereby earning more interest on savings.
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.
OCBC NXT Sign Up:
? 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.
