Disappointing revision to BOC Family Card
Readers would know I'm quite an advocate of BOC, given it's relatively attractive rebates and interests it has been providing me. Just a few hours ago, I received an sms from BOC informing of the "enhanced" benefits for my Family Card.
From 23 Apr, enjoy 10% cash rebate on Dining everyday (local & overseas) & Movies. Plus, get 5% on Telco bills! Continue to earn 5% for Online, Supermarket, Hospital bills, selected merchants & 2% on supplementary card.At first glance, I smiled. Dining rebates is now enhanced from 7% to 10%; movies are now included for cashbacks; and enhanced 5% on telco bills! That was until I opened the T&Cs link.
And then I frowned.
The BOC Family Card was my main card for dining spends. With 7% rebates on all dining, with a max rebate of $100, it was the best dining card I could find. Clocking above $500/$1500 on this card also gives me a 0.8%/1.6% interest on my BOC Smartsaver. The best return I could get was $100 rebate and $80 interest with a $1500 dining spend. Best of both worlds.
In summary, the negative points are as follows:
- Minimum spending to clock rebates is now $700, compared to $500
- There are now 3 individual caps set in place:
- $30 for dining at 10%; max spend for max rebate = $300
- $30 for online at 5%; max spend for max rebate = $600
- $40 for Supermarkets, Hospital bills, NETS FlashPay Auto Top-up, Selected Merchants and Telecommunication bills at 5%; max spend for max rebate = $600
- Meaning to say, after clocking $300 on dining, I would need to spend another $400 on supermarket and online purchase to get $30 and $20 rebates respectively 👎
- With the less attractive dining rebates, I might switch to other credit cards, which affects the amount I clock on BOC card for my Smartsaver account....which also makes me consider switching out of Smartsaver account 🤔