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Showing posts with the label Bank Fees

OCBC Titanium Cash Back Changes

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I received a notice with my last OCBC credit card statement that they are revising the cash back rate from five percent in selected categories (and one percent for everything else) to a flat one percent for everything. As part of the change, they removed the cap of RM 50 per month cash back. What is not mentioned in the announcement was whether they are changing any other benefits for the card. The bank also removed another benefit of reimbursing the GST with an annual spending of RM10k and above. Based on what I read on the Facebook page for OCBC, many customers are not happy with the change. Several customers threatened to cancel the card and encouraged others to do the same. Based on my spending, the cash back will be substantially lower since my monthly cash back is well below the RM 50 limit with very few exceptions. However, based on what I know about other cards, the cash back is still one of the best in the market. Many of the other cards provide higher return but has terms and …

Optimizing on my Credit Cards

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I previously reviewed the different credit cards that are available in Malaysia and ways to get money back from these cards. A lot has changed since my last review. I have not really gone back to do an in depth analysis. The baseline at the moment for value based on either cash back or prize redemption is 0.5%. The service tax by the Malaysian government adds an additional RM50 per principal card and RM25 per supplementary card.each year.


image © Adrian van Leen for openphoto.net CC:PublicDomain 
Due to the competition in the market, most annual fees are waived. The only exception I found is the Citibank Cashback card. When you first sign up for the card, the annual fee for the first two years are waived. However, when I asked for a waiver, they refused. Instead of approving a waiver, they offered a different card. The other option from them was to sign up for an additional service from them for another year waiver. I refused either option and was billed RM625. I cancelled the card sinc…