4 mpd in actual shops, which almost nothing else in Singapore still pays
| Min income | Base earn | Bonus earn | Monthly cap |
|---|---|---|---|
| S$30,000S$45,000 for foreigners | 0.4 mpdeverything outside the bonus | 4 mpdshopping, online and in store | S$1,110of bonus spend |
| Best month | Annual fee | Points expiry | Transfer floor |
| 4,440 milesfrom the bonus | S$196.20waived for the first 2 years | 2 yearsfrom when earned | 10,000 OCBC$25,000 for KrisFlyer |
Every 4 mpd card in Singapore has quietly converged on the same idea: pay well online, pay base rate in a shop. Revolution, Citi Rewards, Woman's World, all of them want you buying things through a screen. OCBC Rewards is one of the few that pays the same rate when you are standing at a till.
That is the thing worth knowing about it and almost nobody leads with it. 4 mpd on shopping, online and in person, with a monthly cap of S$1,110, which is a little more generous than the S$1,000 most of the competition stops at.
What it costs you is the back end. OCBC$ convert at 2.5 to 1 rather than 1:1, they expire after two years, and KrisFlyer wants 25,000 of them before it will accept a transfer. This is a card that earns well and makes you work to collect.
Annual Fee
S$196.20, waived for the first two years, then auto-waived on S$10,000 of annual spend.
| Card | First year | Second year on |
|---|---|---|
| Principal card | Waived, 2 years | Auto-waived on S$10,000 spend |
Two years waived is unusually generous and the automatic S$10,000 waiver afterwards means this is, in practice, a free card for anyone using it seriously. If you are filling even half the monthly cap you are past S$10,000 a year comfortably.
No renewal miles credit here, unlike 90N from the same bank, which hands back 10,000 for paying. So the answer on this one really is to take the waiver rather than pay.
Welcome Bonus
OCBC Rewards
Welcome bonus: pick one of 5
- S$400 Cash via PayNow
- S$529 Sony WF-1000XM6 earbuds with an eCapitaVoucher
- 25,000 miles Max Miles by HeyMaxTransferable to airlines
- S$799 Dyson Airstrait straightener
- S$559 Dyson V8 Cyclone vacuum
Offer ends 2026-08-31
Welcome bonus: all 2
- Value varies DELSEY Air Armour 68cm Expandable Trolley Case
- 26,000 miles Bonus milesawarded as 65,000 OCBC$Transferable to airlines
Offer ends 2026-08-31
Sign-up rewards change often, so confirm the current offer before you apply. New customers only, meaning no card from OCBC in about the last 12 months.
Sign-up offers move monthly and almost always carry a "new to bank" condition, meaning no OCBC credit card in the past 12 months.
How many miles do I earn?
4 miles per dollar on shopping, online or in store, up to S$1,110 a month. 0.4 on everything else.
| Spend | Rate | Cap |
|---|---|---|
| Shopping, online and in person | 4.0 mpd | S$1,110 / month |
| Everything else | 0.4 mpd | Uncapped |
| Insurance, education | Nothing | Excluded |
The bonus is decided by merchant category, not by how you pay, which is why the in-store rate exists at all. Cards that gate on "online transactions" are describing a payment channel; this one is describing a shop.
One caveat on that, and it is the kind of thing that catches people: the qualifying list is retail in the narrow sense, department stores, apparel, personal care. In-person spend outside that list earns base, so this is not a blanket 4 mpd on everything you buy in the physical world.
There is a higher tier than the 4 mpd this card is known for, and it is worth knowing before you decide. OCBC pays 15 OCBC$ per dollar, which is 6 mpd, at Watsons and on Lazada, Shopee, Taobao and TikTok Shop. The monthly bonus cap rises with it, from 10,000 OCBC$ to 15,000.
The catch is the date. It runs to 31 March 2027, so it is a promotion rather than a feature of the card, and anything you plan beyond that is subject to whatever OCBC renews it as, or does not. Treat 4 mpd as what you are buying and 6 mpd as what you get for now.
The 6 mpd Promo That Keeps Not Ending
OCBC runs a recurring promotion on this card paying 6 mpd at Watsons, Lazada, Shopee, Taobao and TikTok Shop, with its own separate cap of roughly 5,000 OCBC$ a month. It is genuinely good, and it is genuinely difficult to tell you when it stops.
The sources disagree. One set of secondary sources puts the end date at 30 June 2026, and a snippet from OCBC's own page says 31 March 2027. It has been extended repeatedly over several years, which is why the standing 4 mpd rate is what the numbers on this page are built on rather than the 6.
| Rate | Miles | Confidence |
|---|---|---|
| 4 mpd, the standing bonus | 2,000 | In the card terms |
| 6 mpd, the promo | 3,000 | Recurring, end date disputed |
The way I would treat it: plan on 4 mpd and take the 6 as a bonus when it is running. A promo that has been extended four or five times will probably be extended again, and "probably" is not something to build a wallet on.
Confirm the current promo end date and its separate cap on OCBC’s own page, not from a review, including this one.
Transfer Partners
This is where the card gets harder. OCBC$ convert at 2.5 to 1, so 25,000 OCBC$ becomes 10,000 miles, and the balance expires after two years.
| Programme | OCBC$ for 10,000 miles |
|---|---|
 Singapore Airlines KrisFlyer | 25,000 |
 Air France KLM Flying Blue | 25,000 |
 British Airways Avios | 25,000 |
 IHG One Rewards | 25,000 |
The transfer minimum differs by destination, which is unusual: 25,000 OCBC$ for KrisFlyer but 10,000 for the other partners. So a balance too small for Singapore Airlines may still be big enough for Flying Blue or British Airways, and that is worth checking before writing a balance off.
Two years is a real constraint at this cap. Filling the bonus every month gets you to a KrisFlyer transfer in about six months, which is comfortable. Filling a third of it takes eighteen, which is not.
How to use it. Point it at in-store retail specifically, because that is the gap no other 4 mpd card here covers, and keep online shopping on a card that converts 1:1. Splitting that way means the OCBC$ balance builds fast enough to beat the two-year clock.
Before any redemption, always check the route you want is actually available. The worst thing you can do is diversify into another mileage programme with no redemption in mind.
What should I pair it with?
| Portion | Rate | Miles |
|---|---|---|
| First S$1,110 | 4.0 mpd | 4,440 |
| The remaining S$490 | 0.4 mpd | 196 |
The drop past the cap is to 0.4 mpd, a tenth of the bonus rate, so the overflow is worth almost nothing and belongs on another card. That extra S$110 of headroom over a S$1,000 cap is worth about 440 miles a month, which is not nothing over a year.
Something that pays on dining, transport and travel, none of which this card rewards at all.
The bonus here is narrow and deep. Outside retail the card drops to 0.4 mpd, which is among the worst floors in the lineup, so the pairing needs to cover a lot of ordinary life.
| The gap | What it costs you | What closes it |
|---|---|---|
| Dining and transport | 0.4 mpd | HSBC Revolution, Citi Rewards |
| Overseas spend | 0.4 mpd, no foreign currency bonus | UOB PRVI Miles, Citi PremierMiles |
| Points expire in 2 years | A balance that misses the transfer floor | DBS Altitude, OCBC 90N, neither expires |
| Spend past S$1,110 | 0.4 mpd on the overflow | Citi Rewards, HSBC Revolution |
Build your miles card stack
One card never covers everything. Put in what you actually spend and see which cards to hold together, and what to put on each.
Build my stack→The verdict, restated
Worth holding for one specific reason: it pays 4 mpd in a shop, and almost nothing else here does. If a real share of your spending happens at a till rather than in a browser, that gap is worth more than the slightly awkward 2.5:1 conversion and the two-year clock cost you. Fill the cap, transfer at six-month intervals, and treat the recurring 6 mpd promo as a bonus rather than a plan.
Sources
OCBC Rewards Card product page and T&Cs, checked 8 July 2026. Earn rates, the S$1,110 monthly cap, the two-year OCBC$ expiry, the 2.5:1 conversion and the per-partner transfer minimums correct as of that date. Several points are less certain and are flagged rather than buried: the 6 mpd promotion at Watsons, Lazada, Shopee, Taobao and TikTok Shop has a disputed end date between sources and has been extended repeatedly, so the standing 4 mpd rate is what this review is built on; exclusion lists differ between sources and the combined list is used here; the bonus is gated on merchant category rather than payment channel, and whether in-person qualifying spend must be contactless is not stated; and the qualifying in-store list is narrower than general retail, so non-retail in-person spend earns base. This guide shares my own experience for education, it is not financial advice, and card terms change: always verify with the bank before applying.