Save Your Loose Change Part Two - Free Money from OCBC

No, you didn't see wrongly. You can get free money from OCBC by saving your loose change!

Introducing to you...

OCBC SmartChange (open in new window)

This is a feature which allows you to save money whenever your charge your purchases to your OCBC credit/debit cards (excluding co-brand cards such as Ikea, Best Denki cards). More specifically, for each purchase charged to your OCBC card, the amount will be rounded up to the next dollar. The difference in amount, known as Spare Change in OCBC terms, will be transferred to your OCBC bank account.

To help us understand better, let's use an example - say you pay for your $10.40 meal at McDonald's using your OCBC card (yes, some MCD outlets accept cards)...

Actual spending - $10.40
Amount which OCBC will bill you - $11.00 (round up to next dollar)
Spare Change - $0.60

As we can see, the Spare Change will be $0.60, and this amount will be transferred to your OCBC bank account. That's the basic concept of this OCBC SmartChange.

At this point, you must be thinking - hey, where's the free money?? Here comes the real deal.. matching DOLLAR FOR DOLLAR for the Spare Change amount. Yes, OCBC will give you money (SmartChange Reward) for using this feature. Let's go back to the example of eating at McDonald's...


Actual spending - $10.40
Amount which OCBC will bill you - $11.00 (round up to next dollar)
Spare Change - $0.60
SmartChange Reward - $0.60

End of the day, $1.20 (60c + 60c) will be transferred to your OCBC bank account. Sounds too good to be true? You are right, there's a catch... the dollar for dollar matching is only valid for the first 3 months of enrollment into this SmartChange program, and the maximum amount free money that will be given is $188. Still, $188 is a good money!

What will happen after 3 months or when you have received $188 already? OCBC will continue to match your Spare Change at 4.88%. Although the amount is going to be peanuts (say, 4.88% of $0.60 = $0.03 LOL), it's still better than nothing.

Over and above the Spare Change or SmartChange Reward, there is also a Spending Rebate of 0.4%. So, for your spending of $10.40 at McDonald's, you will also get $0.41 (0.4% of $10.40).

With all these Spare Changes, SmartChange Rewards and Spending Rebates, you are taking a step in wealth accumulation, albeit a small one :) Better than nothing lah!

All you need to have is an OCBC Credit or Debit card! An bank account (no monthly service fee, fall-below fee and what-not) will be opened for you when you enroll in this program, if you do not have any OCBC bank account at the moment.

Please visit the official website http://www.ocbc.com.sg/personal-banking/smartchange/ (open in new window) for more details.

Let's start saving our loose change, and earn money at the same time!