$$$ KPO and CZM $$$: Felt Cheated by OCBC & SIA on the Same Day

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Thursday, March 2, 2017

Felt Cheated by OCBC & SIA on the Same Day

OCBC and Singapore Airlines both make announcements on what they have to offer going forward in the same day! If only they had sent these out on one month later (1st April), we will be happier thinking that it is a prank.

In the morning, OCBC sent us an email stating that they will be changing (decreasing) the interest rate for the 360 account with effect from 1st April 2017.


In summary, you will only be getting 1.8% after meeting the 3 conditions (salary, pay 3 bills and spend $500) vs 2.2% previously.

Some interesting examples:
Poor Now: $70,000 x 1.8% = $1,260
Previously: $60,000 x 2.2% = 1,320

Rich Now: $130,000 x 0.05% + $70,000 x 2.8% = $65 + $1,960 = $2,025
Rich Now Effective Interest: 1.0125%

That additional 1% is such a scam. Who would be in the right mind to leave $130,000 to get an effective interest rate that is much lesser? (the old rich aunties and uncles..)

Link: 360 Account Changes

In the evening, SIA sent us an email too! It states that the 15% discount for miles redemption will be discontinued and the cash surcharges will be removed (redemption) with effect from 23rd March 2017.


This is one of the example provided by them in the email. A cash saving of $241 does not justify the additional 12,000 miles. Even with specialized spending earning 4 miles per dollar, I would need to spend $3,000 to earn the additional 15% miles! I would rather pay cash because the difference is so huge!

CZM and I have been directing our spending to various different cards (specialized spendings) with the goal of redeeming Suites class tickets to US. We have accumulated about 180k miles till date and SQ just made it harder for us :'(

 Link: KrisFlyer Changes

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