Buffed/Nerfed: OCBC 365 Doubles Cashback For Groceries and Transport, Cuts Utilities and Telcos From 1st November 2026
In a media briefing, OCBC has announced changes to its flagship cashback card, OCBC 365, with a higher cashback of 6% on groceries, transport and dining, as well as a simplified minimum spend structure.
However, remember when I mentioned something is changing for cards supporting utilities? The card’s cashback on telco, utilities, EV charging and streaming will be reduced to the card’s base rate of just 0.25%.
The changes will kick in from 1st November 2026.
Groceries and transport cashback doubled to 6%
The biggest improvement is to groceries, SimplyGo, and cabs/ride-hailing, which currently earn 3% cashback.
From 1st November 2026, these categories will earn 6% cashback for cardholders that hit the S$800 minimum monthly spend, effectively doubling the existing rate.
Dining cashback increases to 6%, now includes 5814
Cashback on dining will also be increased from 5% to 6% cashback, making it more competitive with other cards in this category.
Importantly, OCBC will also broaden the dining category to include fast-food establishments, allowing more dining transactions to qualify for the higher cashback rate.
Cashback on utilities, telco bills, streaming, and EV charging reduced to 0.25%
Unfortunately, spending on utilities, telco bills, streaming, electric vehicle charging and streaming services will earn just 0.25% cashback when the changes kick in from 1 November 2026.
While it is relatively easy to get high cashback for things like telco bills, streaming services, or EV charging, the list of cards that cope well with utilities spend is shrinking. On the bright side, utilities are not completely excluded, and will continue to count towards the minimum spend.
Cardholders who use the OCBC 365 primarily for recurring bills may therefore want to reconsider where they charge these transactions from November.
Summary of Cashback Rates
The refreshed rates will therefore look like this:
| Category | Current | From 1st November 2026 |
|---|---|---|
| Dining | 5% | 6% |
| Groceries | 3% | 6% |
| Transport | 3% | 6% |
| Petrol | 6% | 6% |
| Watsons | 3% | 3% (until 31st March 2027) |
| Telco | 3% | 0.25% |
| Utilities | 3% | 0.25% |
| EV charging | 3% | 0.25% |
| Streaming | 3% | 0.25% |
| Advertising Platforms | 0.5% or 1% | 0.5% or 1% |
The cashback rates for petrol and advertising platforms remain unchanged. Watsons will continue earning 3% cashback until 31st March 2027, after which it will fall to the card’s 0.25% base cashback.
S$800 spend now unlocks the full S$160 cashback cap
OCBC is removing the card’s existing two-tier minimum spend structure.
Currently, cardholders who spend at least S$800 per month can earn up to S$80 cashback, while those who spend at least S$1,600 can earn up to S$160.
From 1st November 2026, there will only be a single S$800 minimum spend requirement, which unlocks the full S$160 monthly cashback cap.
| Monthly spend requirement | Current Cap | From 1st November 2026 |
|---|---|---|
| S$800 | S$80 | S$160 |
| S$1,600 | S$160 | N/A |
This makes the card easier and simpler to use.
At the new 6% cashback rate, you would need around S$2,667 of eligible 6% spending to fully utilise the S$160 monthly cashback cap, assuming all spending qualifies for the bonus categories.
Buffed or nerfed?
Overall, the changes are a meaningful improvement for a card that is meant for everyday expenses like dining, transport, and groceries. The increase in earn rate makes OCBC 365 more competitive with its peers which have long offered around 6% cashback.
The trade-off is the steep reduction in cashback for utilities, telco, streaming and EV charging, which drops from 3% to just 0.25%. Utilities, in particular, was a relatively unique proposition for OCBC 365 given how few cards give decent cashback on utilities, and that will be gone when the changes kick in.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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