This has been talked about since 1-2 months ago about the Malaysian OCBC Titanium MasterCard implementing a new cash-back rebate terms and conditions effective 29 November 2013.
Well, good things would not last long, and it is now confirmed that cardholders of Malaysian OCBC Titanium MasterCard will get a less attractive cash-back rebate now.
Before the change, these are the benefits of Malaysian OCBC Titanium MasterCard which had been offered for years:
- 5% cash rebates on petrol, utility bills, groceries and restaurants.
- 1% cash rebates on other retail transactions.
- The above is capped at maximum RM50 cash rebate per billing cycle.
- Waiver of RM50 annual government service tax if spending is more than RM10,000 in the year.
- Zero annual fee if the card is swiped more than 12 times in the year.
- Free access to KLIA Plaza Premium Lounge if you swiped more than RM3,000 for air ticket and travelling packages.
Now, the benefits of Malaysian OCBC Titanium MasterCard has become:
- 1% cash rebates on all retail transactions.
- There is no cap on the cash rebates.
- No more waiver of RM50 annual government service tax.
- Zero annual fee with no condition.
- No more free access to Plaza Premium Lounge.
Previously, you can easily get RM50 cash rebate per month (or RM600 cash rebate per year) by spending as low as RM1,000 per month on the card. Now, you need to swipe RM5,000 per month to get the same amount of cash rebate. On top of that, you also need to swipe another RM5,000 to offset the RM50 annual government service tax.
As a result, we can anticipate that OCBC will lost a lot of its Titanium cardholders. The OCBC Titanium MasterCard was once among the best cash-rebate credit card in the market, and now that has become a gone history.