Yes, me too

anybody cancel the card already? any counter offer by them?

I have Std Chart cc due to their poor service decided to terminate the cc but i was given almost RM200 cash so that I wont terminate it.

So nice? How did u manage to persuade the CS?

They did some mistake on my payment n charge me interest so complain bout it n said very disappointed n would like to terminate immediately... later on somebody call back ask me not to terminate first as the bank would like to compensate haha. So I got it.

Not sure if we said wanna terminate ocbc immediately they will counter offer or not to retain customers.

This post has been edited by cristiano7mu: Nov 11 2013, 10:49 PM

One is famous for strict card approval process, one gives free money to get cards sign-up.

i thought you seduced the cs...

Which makes the world an all rounder!

I believe OCBC is prepared to lose a number of customers when they decide to revamp this. On their current OCBC Product Page it still says 5%

I guess they are banking on the fact that people would be too lazy to change and will continue to use the card since they have it. Especially those who can only have 1 credit card.

Oh well, I personally hope majority of the cardholder cold storage this card. (Yes I'm bitter, lol)

This post has been edited by hye: Nov 12 2013, 02:13 AM

Well, if majority of the cardholder cold storage this card, that means the majority is still keeping the card and there won't a decrease in their cardholder base especially for this card.

I think action speaks the best by cancelling the card to voice the dissatisfaction over discontinuance of the 5% cash rebate.

This post has been edited by hye: Nov 12 2013, 02:13 AM

I won't do that for 2 reasons.

1. The GST already paid for by OCBC, so I will keep it in case other card no CL or card got problem.
2. In case got F&B offer or discount, like the Curve rebate.

By cold storage the card, I believe OCBC will see a decline in transaction. No need to go as far as cutting it. I've never used my SCB card after getting it, only used once or twice for dining 25% off. When i call to cancel because of GST they waived it for me. LOL.

My card still haven't arrived... haha... im counting down how many days I have to enjoy the rebates. Plus me and my wife each need 3 swipes to get RM50 Gst offset.

Sien........

OCBC is smart..
Maybe they found that they cant earn much from old cash back benefit.
As we know, merchants are paying around 1.8% to bank for each swipe, so by giving unlimited 1%, they are earning 0.8% for every swipe.
For old benefit, they are losing 3.2% for some category, and earn back if customer swipe more than 1k (Cap 50/month).
I think they already expect will lost some customer, but they surely calculate and estimate before make this big changes.
Maybe next few months when they compare their Titanium Card earning report with previous 5% benefit, found out that they earn less than that, then their management only will do something. So what we can do now is, after 29-nov, find other replacement card, reduce OCBC card usage, reduce their profit.

This post has been edited by red_scorpion: Nov 12 2013, 02:20 AM

well, OCBC failed their business case study before introducing Ti with 5% cb

their financial ppl didnt expect worst case scenario? or their mgmt doesnt like where this Ti card is heading?

expect mass churn, or very low activity. we spend less, they earn less.

also, they should've issue a new card (with 1% cb unlimited retail spending) and maintain existing Ti card (5% cb, RM50/mo cap). this way, they can secure existing loyal Ti customer and acquire "new waterfish" customers with 1% cb card.

This post has been edited by cybpsych: Nov 12 2013, 07:33 AM

agree with u. i just got the info on 1% today as i was checking on increasing credit limit in this thread.

they should have maintain 5% for existing customer and issue out a new type of card of 1% rebate.

my credit limit was only RM3k and will never get RM50 rebate in 1% case. lol

Guys,
If keep continue using this card, can waive the GST (RM50)?
So far, we just need spend over RM10K per year and then will get auto waive for it, right?

Anyone know what is the new policy?

the term waive should only be used for annual fee but not for gst. annual fee is charged by the bank and the bank can waive it for you because it is within their boundary. however, there is no waiver for gst because it is charged by the government not bank. and so it is against the law for a bank to waive cc gst. the correct term should be the bank absorb the gst for you if you spend over rm10k in a year (meaning that the bank pays the gst on your behalf).

Yeah, you're right. Sorry...so if not spend over RM10k, bank will not absorb the gst for me

the best way to achieve rm10k using this card (which starting to offer only 1% cash back) is to pay for your insurance (those insurance that don't accept amex). my annual insurance is more than rm10k already (currently subscribed to autopay with different cc). so i plan to shift all to this card.

if you assume merchants are paying around 1.8% to bank for each swipe, yes, it is in the normal acceptable range of merchant fees.

however, if you assume ocbc is earning 0.8% after giving 1% rebate, no, because the 1.8% fees is shared between merchant's bank (acquiring bank), customer's bank (issuing bank) and the network (visa/mastercard/amex/etc).

which means, if the merchant machine is from mbb, your cc is from ocbc, and the network is mastercard, so the 1.8% is shared between mbb, ocbc, and mastercard. if ocbc gives you 1% out of their share, it is still equals that ocbc is not in profit or almost not in profit. they are still counting on charging the customers with interest on outstanding balance, late payment fees, and others.

I believe that the 1.80% is the net net after sharing with Acquiring Bank and Mastercard. The rate charged ranges around 2.50% gross. So, if its an OCBC Terminal that u swipe the Titanium, OCBC will get higher than 1.80%