As the name implies, the Bank of China Qoo10 World Mastercard is meant for heavy users of Qoo10. If you belong in that category, then this card promises arguably the best cashback rate for public transport and Qoo10 spending, among other benefits.
Unlike the student-focused BOC Qoo10 Platinum card, the Qoo10 World Mastercard is specially designed for working adults. But that also means higher – and sometimes more confusing – T&Cs, such as two different minimum spend requirements.
BOC also isn’t known for being…efficient, let’s just say. Question is, is the card worth the potentially long wait? Let’s dig into the details and find out.
- Eligibility requirements
- Features and benefits
- How to maximise rebates
- How do the rebates compare with other card offerings?
- Whom this card is best for
Eligibility Requirements
| Status | Singaporean / Permanent Resident |
| Age | 21 and above |
| Income | At least S$30,000 annually |
Singaporeans and PRs can easily apply through Singpass MyInfo. Foreign applicants can visit any BOC branch to apply with proof of income, a photocopy of your employment pass (with at least 9 months’ validity), and passport.
Fees and Charges
| Annual Fees | S$205.20 for Principal Card; S$102.60 for Supplementary Card (waived for first year) |
| Effective Interest Rate | 28.88% p.a. (S$3 minimum) |
| Late Payment Charges | 5% or $100, whichever higher |
| Minimum Monthly Payment | 3% or $50, whichever is higher |
| Overlimit Fee | S$40 |
| Cash Advance Fee | 6% or $20, whichever is higher |
| Interest On Cash Advance | 28.88% |
| Foreign Currency Transaction Fee | 3% |
Features and Benefits
You’ll need to spend at last S$400 to start getting rebates. Optimally though, you’ll have to spend at least S$800 a month to get the maximum tier of rebates:
| Monthly Spend | Rebate Rate |
|---|---|
| Less than S$400 | None |
| More than S$400, less than S$800 | 3% on Qoo10 purchases 0.3% on all other spend |
| S$800 or more |
|
The biggest perk of this card by far is the 15% rebate for public transport and 10% rebate on Qoo10 spend.
You’ll get all the rebates in Qmoney, which has a cap of S$70 per month. This cap is further broken down into $30 for Qoo10 and $40 for everything else. You can’t cash out or transfer this, which is why this card is most beneficial for heavy Qoo10 users.
And that’s assuming you know how to make use of Qoo10’s gamification features to get the best deals. Otherwise, you’re usually paying higher prices on average for purchases on Qoo10.
And for some bizarre reason, you’ll also only get the Qmoney credit 3 calendar months later. If you do get this card, plan to use it for a good long while.
How to Maximise Earned Rebates
Here’s a rough idea of how much cashback you could earn per month:
| Category | Spend | Rebate |
|---|---|---|
| Qoo10 (10%) | $300 | $30 |
| Public transport (15%) | $120 | $18 |
| Public taxi/Grab (3%) | $40 | $1.20 |
| Fast food (3%) | $50 | $1.50 |
| Entertainment (3%) | $40 | $1.20 |
| Online shopping besides Qoo10 (3%) | $250 | $6 |
| Monthly Total | $800 | $57.9 |
Since the highest cashback rates are for public transport and Qoo10, the BOC Qoo10 World Mastercard should be your go-to card for those categories. But only $300 spending on Qoo10 is optimal – you won’t get rebates for anything above that.
The rest of your spending should be distributed among the other categories for a minimum of $800 spending per month.
How Do the Rebates Compare?
We’ve taken a sampling of the rebates you can earn from different cards:
| Monthly Spend | BOC Qoo10 World Card | BOC Qoo10 Platinum Card | Standard Chartered Unlimited Cashback Card | OCBC 365 Card |
|---|---|---|---|---|
| S$400 | S$12 | S$26 | S$6 | S$1.2 |
| S$800 | S$70 | S$30 | S$12 | S$48 |
| S$1,200 | S$70 | S$30 | S$18 | S$72 |
Note the following:
- OCBC 365 cardholders must spend a minimum of S$800 for higher tier rebates; if not, a flat 0.3% cashback is awarded.
- Standard Chartered Unlimited Cashback cardholders earn 1.5% unlimited cashback with no minimum spend.
- BOC Qoo10 Platinum Mastercard cardholders must spend at least S$200 to qualify for rebates, with a cap of S$30 in Qmoney monthly.
Compared with the other three cards, BOC Qoo10 World Mastercard seems to offer a decent rebate to cardholders. The key downside is the rebates come only in the form of Qmoney, which can only be used on Qoo10…and you’ll only get the Qmoney 3 months later.
Who Should Consider the BOC Qoo10 World Mastercard
- Students and young adults who enjoy rebates and make frequent purchases on Qoo10
- Those who can spend S$800 per month on the card to take full advantage of all the rebates