The OCBC FRANK Debit Card pays 0.3% cashback at a list of everyday merchants, with no minimum spend and no cap. If you also charge at least $100 a month to the card, OCBC adds a 1% bonus, paid either as extra cashback on that spending or as extra interest on the first $10,000 in your OCBC FRANK Account, whichever works out higher for you that month.
That makes it two products in one: a basic cashback debit card and a small-balance savings account. Whether it is worth it depends on the size of your balance compared with your monthly spend, which the table below works through.
OCBC FRANK Debit Card Review: How We Checked
Every figure is from OCBC’s FRANK page and the two sets of FRANK terms (the debit card terms and the bonus rewards programme terms), as at November 2026. We do not cover the welcome reward, referral reward or weekly merchant deals, which OCBC changes often and lists on its page. We are not paid by OCBC.
How the Card and Account Work Together
| Layer | Rate (as at November 2026) | Condition |
|---|---|---|
| Base interest | 0.60% a year on the first $10,000; 0.05% above | None |
| Base cashback | 0.3% at listed merchants | None |
| Bonus: interest or cashback | +1.00% a year on the first $10,000, or +1.00% cashback at listed merchants | At least $100 of eligible spend on the card in the month |
OCBC works out both bonuses each month and pays whichever is higher. If they are equal, it pays the interest.
The listed merchants are set out in the terms and must be paid in Singapore dollars (Spotify is the one exception):
- Fast food, coffee and bubble tea chains, including McDonald’s, KFC, Subway, Starbucks, Koi, Chagee and others, plus Kopitiam and Koufu food courts.
- Food delivery through foodpanda and Deliveroo.
- Online shopping at Shopee, Lazada, Taobao, TikTok Shop and Shein.
- Cheers and 7-Eleven, but not those at Esso or Shell stations.
- Public transport, plus taxis and rides with Comfort, CityCab, Grab, Gojek and TADA.
- Watsons.
- Netflix and Spotify, Anytime Fitness and ClassPass, and the Singapore telcos (Singtel, StarHub, M1, Circles, GOMO, MyRepublic and Giga).
Everything else earns no cashback, though it can still count towards the $100.
Which Bonus You Get: The Balance-to-Spend Test
Bonus interest is 1% a year, so on a month it is roughly your balance (up to $10,000) divided by 1,200. Bonus cashback is 1% of your spend at listed merchants. The bonus cashback wins when your monthly listed-merchant spend is more than about one-twelfth of your balance.
Some round-number months (bonus only, approximate, ignoring days in the month):
- $2,000 balance, $300 listed spend: interest $1.67, cashback $3.00. Cashback is paid.
- $5,000 balance, $300 listed spend: interest $4.17, cashback $3.00. Interest is paid.
- $10,000 balance, $600 listed spend: interest $8.33, cashback $6.00. Interest is paid.
- $10,000 balance, $1,000 listed spend: interest $8.33, cashback $10.00. Cashback is paid.
You get one bonus, not both. So the FRANK bonus is effectively worth about $8 a month at most for a typical saver, unless your spending at the listed merchants is high.
Worked Example: A Student’s Year
Take an illustrative 19-year-old with $3,000 in the FRANK Account, who charges $400 a month to the card, $300 of it at listed merchants. Illustration only; it assumes the balance stays level and every month qualifies.
- Base interest: $3,000 × 0.60% = $18.00 a year
- Base cashback: $300 × 0.3% × 12 = $10.80
- Bonus: interest would be $2.50 a month, cashback $3.00, so cashback is paid: $3.00 × 12 = $36.00
- Total: $64.80 a year
On the same $400 a month, a flat 0.5% card would pay $24 a year in cashback. The FRANK pairing does better here because most of the spending lands at listed merchants and the balance earns its 0.60% base. You can try your own balance in our savings interest calculator.
The short version: The OCBC FRANK Debit Card suits someone with a modest balance who spends at fast food, transport, delivery and online shopping merchants. Charge at least $100 a month to it, and the 1% bonus is paid on whichever of balance or spending is bigger.
Fees and Overseas Use
- Annual fee: $0. Card designs: $0.
- Card replacement: free for the first two cards, then $32.70 including GST.
- FRANK Account: $0 initial deposit, $0 fall-below fee.
- Foreign currency transactions: 3.25% (a 1% card association charge and a 2.25% bank fee).
- Singapore-dollar transactions processed overseas, including dynamic currency conversion: 2.8%.
On a $500 holiday spend that is $16.25 in fees, and foreign currency spend earns no cashback. For travel, a no-FX-fee card is cheaper; our multi-currency card comparison covers them.
The Catch, and Who It Does Not Suit
- Only listed merchants earn. Hawker stalls, supermarkets and most shops earn nothing.
- NETS and PayNow QR are excluded, and so are top-ups to GrabPay, YouTrip, ShopeePay and transit cards.
- The $100 is per card. Spend on two FRANK cards on a joint account is not combined.
- The interest side stops at $10,000. Above that the account earns 0.05%. Larger balances usually earn more elsewhere; our savings account hub and bonus-interest explainer compare options.
- OCBC can change rates without notice, and cashback is forfeited if the card account is closed.
It also does not suit people who spend $500 or more a month at transport, grocery and fast-food merchants: OCBC’s standard Debit Card pays 1% at those with no cap stated, once you reach $500 of posted Visa spend. Our best debit cards comparison puts the options side by side.
What To Do Next
- Add up last month’s spending at the listed merchants and compare it with one-twelfth of your balance.
- If you open one, check your first statement to confirm the bonus was paid and in which form.
- Keep at least $100 of eligible spend on the card each month, paid by card or mobile wallet, not NETS or PayNow QR.
- If your balance grows past $10,000, move the excess to an account that pays more on it.
- New to cards? Our guide to what a debit card is covers the basics, and OCBC’s credit cards are compared separately.
