OCBC-GE Credit Card Changes 2016 September

2017-05-29T14:34:36+08:00By |Insurance, Spending|0 Comments

OCBC-GE Credit Card which is one of the top unlimited cashback cards has changed from Sep 1, 2016. The last prior change was in Jul 1, 2015.
Last updated: Oct 10, 2016

cards_great_eastern

The current OCBC GE Credit Card rebate features will be replaced with complimentary Insurance Coverage of RM100,000 sum assured for a one (1) year period on Death or Total and Permanent Disability (TPD) for Principal Cardmember.

The Insurance Coverage is renewed automatically on a yearly basis when the Cardmember fulfills the Total Retail Spending of RM10,000 or more within the one (1) year period immediately preceding the relevant Insurance Coverage Anniversary Date.

Note: No proposal form is required

 

Previous Benefits

  • 1% cashback (for first RM1k spending)
  • 0.5% cashback (unlimited after RM1k spending)
  • 0% Installment Purchase Plan (IPP) for Great Eastern (GE) insurance products above RM2,200 per annum
  • 0.1% cashback for GE insurance products on IPP
  • No annual fees
  • Live Great privileges (participating merchant program)

 

New Benefits

  • RM100,000 Death or Total and Permanent Disability (TPD) benefit
  • 0% Installment Purchase Plan (IPP) for Great Eastern (GE) insurance products above RM2,200 per annum
  • No annual fees
  • Live Great privileges (participating merchant program)

 

Terms & Conditions

  • Primary cardholder only
  • Age 21-65
  • Insurance coverage is a group policy between Great Eastern & OCBC bank held by OCBC bank
  • First-year (new or existing) benefit given from Sep 1, 2016
  • Insurance benefit from 2nd year onwards with Total Retail Spending of RM10,000 above within 1 year period immediately preceding the relevant Anniversary Date
  • RM10,000 spending inclusive supplementary cardholder

ocbc-ge-retail-spending

 

Insurance Benefits Exclusions

  • Suicide
  • Self-inflicted injuries
  • Pre-existing illnesses
  • Parachuting / sky-diving
  • War
  • Committing, attempting or provoking an assault or a felony or from any violation of the law
  • Full-time military, navy, air or police service personnel

 

Should I get the OCBC-GE Card? 

The benefits are being described by OCBC as an enhancement. The unlimited cashback will be sorely missed as a good supplementary cashback card for many.

You must be an existing GE policyholder to apply for the card.

However, the RM100k life & TPD benefit is pretty decent for RM10k spending. Do note that it is a full death & TPD benefit and NOT a personal accident (PA) coverage policy. The exclusions are not too limiting as well. On average, one can value the coverage to be equivalent of about RM1,200 (+/- depending on your age).

If you can charge just nice to hit the RM10k annual retail spending then it is decent & arguably the best insurance protection offered from a widely accessible credit card. As an existing GE customer you are already paying for your insurance policies. You can also pay for your immediately family member’s insurance policies & get them to give you cash if it helps you to meet your 10k spending requirement.

 

30 minute Approval

30-mins-approval

Notes *:

  1. Final approval status is subject to customer’s Income Documents and GE policyholder verification being vetted by OCBC
  2. Submit customer’ Income Documents within 14 days from In-Principle Approval
  3. Subject to OCBC email of acknowledgement of receipt & application form completeness email by 2:30pm

 

Sign-Up Promotion

Promotion 1

ocbc-ge-signup-promo-1

 

Promotion 2

ocbc-ge-signup-promo-2

Min balance transfer: RM5,000

 

Promotion 3

ocbc-ge-signup-promo-3

Open OCBC 360 Account via Online Application & min deposit RM 5,000

Note: Promotions until Dec 31 ,2016 or while stocks last. Promotion 3 now by invitation only due to overwhelming response.

 

Apply Today!

 

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E&OE. Source info adapted from OCBC & Great Eastern Life Assurance Malaysia. Opinions voiced are writer’s expressed own personal opinion.

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