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Friday, September 10, 2010

The Revamp OCBC Titanium Master Card - Cash Back Credit Card



UPDATE 18 February 2012 - please click here to my new blog where I have republished my review of the OCBC Titanium MasterCard with updates and revisions. 


The article below was written when OCBC first launched their revamped Titanium MasterCard and many of the introductory promotions are no longer applicable.




OCBC Malaysia just recently revamp its Titanium Master Card as a pure cash back credit card without any reward points. The highlights of this card is that it offers 5% cash rebate for Petrol, Dinning, Groceries, Utilities and Telephone Bills and 1% for all other types of transactions.


The card design is simple and clean. From the above picture it looks like blueish but in actual fact the card looks metallic and looking closer the OCBC BANK and TITANIUM words stand out like 3D with the shadow effects.


So what is good about the card? Well as mentioned in the above paragraph it offers 5% cash rebate for Petrol, Groceries, Telephone Bills, Utilities (Electric and Water Bills and ASTRO too) and for the first time Dinning anywhere. However comes 1st January 2011, the maximum cash back for an entire month is limited to only RM50 and this card has NO REWARD POINTS.

OCBC Titanium has one very good benefit is that if you spend RM10,000 a year with it, they will absorb the RM50 government tax. By swiping minimum 12x the annual fee of RM68 for principal card is waived.

From now until end of this year, new cardmembers can enjoy the following benefits:

1. Monthly rebate capped at RM120 per month instead of RM50. The total cash rebate of RM120 consist of RM100 for the 5% cash rebate transactions and RM20 for all other types of transaction. This means that if you spend RM2,000 or more on Petrol, Groceries, Dinning and Telephone, you will get RM100 cash back per month and another RM20 if you spend RM2,000 for other stuffs. So one can get up to RM480 cash rebate if he spends minimum RM4,000 per month from now until end of December 2010.

2. New card holders will also enjoy 0% interest for all transaction until end of the year. This means that you only need to pay the minimum 5% of your statement balance and the remaining 95% is interest free. This offer is similar to what Amex Gold Credit Card offered when it was launched last year. For this offer, one should be careful on what he spends else comes end December 2010 if got no money to settle the outstanding balance, then interest charges will be imposed.
Another offer for new Titanium card holders is 0% Balance Transfer for 6 months. This offer ends 31st March 2011.

To qualify for the card, you need to have minimum income of RM36,000 p.a. or at least have another credit card for no less than a year. To apply you can either go to their branch or download the application form and faxed back to them.

I did apply for the OCBC Titanium Master Card and process is as follow:

1. Downloaded the application form. Click here to download.

2. After filling the application form, print it and together with your photostat IC and photostat copy of a credit card which is more than a year old fax to 03-20727411.

3. It will take about 5 working days to process your application. Call OCBC at 1300885000 after a week to follow up on your application.

4, Once approved, the card will be sent to you. Here is where I want to advise you that if you have a branch nearby your area, asked for the card to be sent to branch (remember to write it down in your application form which branch to sent to if you choose this option). You see, OCBC damn "kedekut" that it sent out the Titanium card via normal post. Here is where I got story to tell you, haha. I faxed my application on 18th August 2010 and was approved and sent out on 25th August 2010 (Wednesday). By the 6th of September 2010 (Monday) it has yet to arrive at my home. So got pissed off and call 1300885000 after 6pm on 6th September for it to be cancelled and a new card to be issued and this time I will collect it at the branch. However the card which was sent out on 25th August 2010 did arrive on the 8th September 2010 (Wednesday - 2 weeks to be exact) and it can't be used since I already instructed this said card to be cancelled. So had to go to OCBC HQ on 9th September 2010 to collect the new card as they could not sent the card before the Raya holidays to the branch I wanted, what a bummer. 

Here are my comments on the OCBC Titanium Master Card (not considering the offers for new card holders such as the RM120 cash back per month until end December 2010):

Pros

  • Free annual fee waiver by swiping it 12x, Save the hassle to call for waiver.

  • Government tax of RM50 is absorbed by the bank if spend more than RM10K with the card.

  • 5% rebate for Petrol, Dinning, Groceries, Telcos bills, Astro and Electric & Water Bills.
Cons

  • Maximum cash back per month is only RM50 starting 1st January 2011.

  • No reward points and therefore no incentive, or actually no point of using the card once the RM50 cash rebate is achieved.
Here is a summary comparing OCBC Titanium Master Card with Citibank Platinum Cash Back (read my older post for more info), American Express Gold Credit Card (not a real cash back card but with the redemption of 200 Membership Rewards Points for RM1, can consider it as cash back card) and HLB Essential which was also revamp few months back to a pure cash back card.



Notes for Table Above based on Low Yat Net forum members' comments:
1. OCBC Titanium offers 5% for utilities. AMEX Gold CC 2.5%.
2. HLB Essential do not enjoy cash back for petrol. 




For your information, OCBC Platinum card also offer Cash Back but the rate is only 0.5% for all transactions but it is not capped like the Titanium Card. Same goes for CIMB/Direct Access Visa Infinite where it gives 0.5% cash rebate and 1% for overseas transactions. Banks are now offering cash rebate instead of gifts. I guess it is cheaper for them cost wise as compared to engaging a third party for the gift program, printing the gift booklet and sending it out, updating the gift website yearly etc etc. 

Conclusion - the OCBC Titanium offer for new card holders are pretty good but comes 1st January 2011 the cash rebate is capped at RM50 per month; therefore, this card is only good for spending up to RM1,000 with it for Petrol, Groceries and Dinning. After spending RM1K with the card, charge all your transactions to other cards as you'll be losing out if you continue to use OCBC Titanium since it has no reward points or any other benefits.

I would also like to thank all lowyat.net forum members for their valuable comments and pointing ont the numerous errors/typos :)


Other Related Posts

Click here to read my review on the Maybankard 2 Cards where I did a brief comparison to the OCBC Titanium MasterCard 

Click here to read about Oversesas Transactions What Credit Card Is The Best.

Click here to see comparison brief between OCBC Titanium MascterCard versus Hong Leong Bank Fortune Visa Cash Back Credit Card.

Click here to read my article The Best Credit Card in Malaysia - Is There Really One?

Click here to read my article Malaysia Top 10 Credit Cards - Ultimate Showdown 2011. Check it out and see OCBC Titanium MasterCard ranking. Is OCBC Titanium Mastercard the best credit card in Malaysia?

Click here to read my article Revamp UOB One Card - It's A Pure Cash Back Card July 2011. In this article I have prepared another table comparing the cash back between OCBC Titanium MasterCard vs. Citibank Platinum Cash Back vs. Maybankard 2 Amex vs. UOB One Card. 

17 comments:

  1. It looks good. But OCBC somehow is very stingy in offering its card. customer service is unreasonable slow and unhelpful. Also it used to turn down many customers, including myself and several friends. Although i am salary maker with annual income of 80k, good record, no hutang to my card (only 1 card i hold, and platinum).

    when come to inquiry/complaint/suggestion, OCBC is the poorest, that they do not give the tel, email or any online channels. Only pos mail...unimaginable. Lucky i did not get it.

    ReplyDelete
  2. Yes, many people have their application rejected. For those who don't qualify in terms of annual income, one can pledge FD to get the card where the credit limit is the same as the FD pledged.

    As for you, serene, you should have no problem qualifying for the card with yout income. My suggestion is to email to them and appeal to them to reconsider.

    When I applied for the card, the customer service was very helpful, they even call me back as promised and update me on my card application.

    ReplyDelete
  3. Hi, I have 2 question here...
    1) My higher CL with MBB is 6k currently, full payment for a year, is that able to apply OCBC TITANIUM?

    2) Is that I can get the same cash rebate for my sub card?

    ReplyDelete
  4. JC: To qualify for OCBC Titanium, it is stated in the application form you need minimum RM36K annual income. Even if you have annual income of RM36K it does not automatically means OCBC will issue you the card, see Serene where she mentioned she earns RM80K buy yet they reject her application. OCBC is kind of strict when processing application and I don't know the criterias.

    Having said above, you can always pledge FD to get credit limit if they reject your application.

    Yes, supp card also enjoy the cash rebate of 5%.

    ReplyDelete
  5. Typo detected.
    It is dining not dinning ;)

    ReplyDelete
  6. aLan: haha, not only one but many typos, above in reply to JC, wanted to say "but" instead typed buy. Once I hit the post comment button I cannot edit :(

    ReplyDelete
  7. Haha, is ok for the typo...

    Means that if I kept request bank increase my CL also hard to apply OCBC TITANIUM?

    Currently I having 4 cards in hand,
    MBB Petronas Visa CL 6k, just ask for increase
    Citi Air Asia Master CL 4K, going to cancel Feb'11 and request for increase
    EON Master CL 3K, going to cancel Feb'11, no benefit for me
    AEON Visa CL 3K, going to cancel Feb'11, no much benefit too.

    And plan to get some cash back card and some benefit to Shell card.

    ReplyDelete
  8. Sure the bank give us 5% straight from the spending unlike RHB tesco, which based on (40% x total monthly retail spend)/(total spend in tesco) x total cash back spending at tesco. And limited to RM50?

    eg: spend petrol RM200 that month, and i get RM10 cash back just like that? Too good to be true.

    ReplyDelete
  9. Yah spend RM200, you get back RM10. But it is capped at RM50 a month like I mentioned. So if you spend RM1500 on petrol a month, you only get RM50.

    Same thing for TESCO, spend RM200 at TESCO, you get RM10. Once again do note the cash rebate is capped at RM50/month for all transactions with the OCBC Titanium.

    ReplyDelete
  10. Thanks GX. but as I mentioned, they do not entertain email, which is one I feel uncomfortable. Actually Citibank also same, both only communicate with through email when they invite your application, very helpful, fast respond. Once the bank has given a result, no more. Your good experience probably was during the application stage? While I make my application purely online, I did not communicate with any agent.

    My friend, went to the bank and finally got to speak to the cs, but the only answer is try apply again after 3 months.

    ReplyDelete
  11. Still looking for cc, want something with cash back. Seems public bank 15% cash back, and Maybank 2, where Amex give 15% cash back are good....

    But still fixed cash back (not in promotional period) like this titanium is better, once and forever. Perhaps, GX, your agent/staff can help me ?

    ReplyDelete
  12. I don't apply CC through agent, just fill in form and fax over or go to branch. Before I forget, if anyone is going to apply Maybank CC and have existing MBB Card, just download the application form and fax over, faster than applying thru phone or registering thru internet.

    ReplyDelete
  13. Hi GX,

    Is this card offer rebate for Insurance premium if I auto debit every month?

    Is auto debit transaction consider 1 "swipe"?

    ReplyDelete
  14. For transactions other than Petrol, Groceries, Utilities and Dining, this card reward you 1% cash back but total cash back for the month, irrelevant of where you did the transaction, is still capped at RM50. Yes, it should be considered 1 swipe.

    ReplyDelete
  15. Hi GX,

    Thanks for your information. 1 questions about "By swiping minimum 12x the annual fee of RM68 for principal card is waived.", pump petrol using card is consider 1 time of swipe?

    Thanks.

    ReplyDelete
  16. Y.K. yes pumping petrol is also considered as a swipe.

    ReplyDelete
  17. OCBC is very efficient in processing credit card applications. The customer service is very helpful and courteous. Never fail me.

    ReplyDelete

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