Monday, June 2, 2014

OCBC FRANK Credit Card earns 6% rebate with NETS FlashPay and Online Shopping

NETS FlashPay is the contactless stored value payment solution by NETS. Do you know that you can earn 6% rebate by using NETS and doing online shopping?


Online Shopping

All transactions marked by VISA as originating from an online merchant will qualify for 6% rebate if you pay by this credit card. This is a huge list and even bill payments from Telcos are eligible. To be entitled for this 6% rebate, there are some terms and conditions that we will be covering shortly.


NETS

OCBC FRANK credit card comes embedded with NETS FlashPay. The 6% rebate is given when you use the Auto Top Up (ATU) feature of NETS FlashPay.

When you flash the card on the reader of MRT, LRT, public buses, ERP or EPS Cepas2 carpark and there is insufficient value for payment, ATU will be triggered. $50 will be charged to your credit card and the same amount will be credited to your NETS FlashPay in the credit card. With this stored amount, you can then buy any goods and services from shops that will accept NETS FlashPay. Earning 6% rebate at top up will essentially means that you are also earning 6% when using NETS FlashPay for purchases. However, there are some conditions that you will need to take note to earn the 6% rebate.


Qualifying conditions for 6% rebate

You will need to fulfil some conditions before being eligible for the 6% rebate.
  1. To qualify for 6% rebate, you will need to spend at least $500 per month on the credit card.
  2. The cap of rebate is $60 per month for all ATU and online transactions that are charged to the card.
  3. Once a top up using the ATU is successfully, you can only do another ATU after 3 calendar days.

Conclusion

I figured that this card will be interesting for those who shop online often, or those who often buy stuff that cost less than $50 using NETS FlashPay. It is a bonus if you also often pay ERP or take public transport. Honestly, 6% rebate is quite a lot and it easily beats the rewards program of most credit cards. So depending on your spending pattern, this may yet be another good card to have in your wallet.

1 comment: