OCBC and UOB Shake Up Card Policies: Higher Fees, Fewer Rewards from 2026

Singapore's credit card landscape is set for a significant shift as OCBC and UOB announce sweeping changes to their credit card policies, effective January 1, 2026. These changes will affect both new and existing cardholders, with implications for annual fees, rewards programs, fee waiver criteria, and customer service channels.

Annual Fee Increases

Both banks are implementing substantial increases to their annual fees:

• OCBC: Annual fees for most cards will increase by 20-30%, with premium cards seeing hikes of up to 50%.
• UOB: A flat 25% increase across all card types, with the exception of their ultra-premium offerings, which will see a 40% jump.

For example, the popular OCBC 365 Credit Card will see its annual fee rise from S$192.60 to S$240.75, while the UOB PRVI Miles Card jumps from S$256.80 to S$321.

Rewards Devaluations

Alongside fee increases, cardholders will experience a reduction in rewards value:

• OCBC: Points expiration reduced from 2 years to 18 months. Redemption rates for miles increased by 15%.
• UOB: UNI$ conversion rate to KrisFlyer miles changed from 1 UNI$ = 2 miles to 1 UNI$ = 1.8 miles.

Changes to Fee Waiver Criteria

Both banks are tightening their fee waiver policies:

• OCBC: Minimum spend for fee waiver increased by 30%. New restriction: maximum of 2 consecutive years of fee waivers.
• UOB: Introducing a tiered waiver system based on total annual spend. Full waivers now require 25% higher spend than previous thresholds.

Customer Service Channel Changes

In a move towards digitalization:

• OCBC: Phasing out phone-based annual fee waiver requests. All waiver requests must be made through the mobile app or online banking platform.
• UOB: Introducing an AI chatbot as the first point of contact for fee waiver requests, with human intervention only for complex cases.

Impact on Existing Cardholders

Existing cardholders will not be grandfathered into old policies. All changes apply universally from the effective date, regardless of when the card was issued.

The Regulatory Angle

These changes come in the wake of new Monetary Authority of Singapore (MAS) guidelines on credit card fee transparency and fairness in rewards programs. According to MAS data, credit card fees accounted for 18.7% of banks' non-interest income in 2025, up from 15.3% in 2020.

Little-Known Facts About Credit Card Policies in Singapore

Here are some insights that many consumers may not be aware of:

1. According to Credit Bureau Singapore (CBS), 32% of credit cardholders in Singapore have had at least one fee waiver request rejected in the past year.

2. MAS regulations allow banks to change credit card terms with just 30 days' notice, even for existing cardholders.

3. Banks are required to report all fee waiver requests (approved or rejected) to CBS, which can impact a consumer's credit score over time.

4. The average Singaporean credit cardholder pays S$263 in annual fees across all their cards, based on 2025 CBS data.

5. MAS guidelines stipulate that banks must offer at least one fee waiver option for cards with annual fees above S$200, but the specific criteria are at the bank's discretion.

What This Means for Consumers

These policy changes signal a shift in the credit card market towards higher costs for consumers and potentially reduced benefits. Cardholders will need to reassess their card portfolios and spending habits to ensure they're still getting value from their cards.

Some strategies to consider:

1. Review and potentially consolidate cards to minimize fee exposure
2. Increase spending on primary cards to meet higher fee waiver thresholds
3. Explore new card options from other issuers that may offer better value
4. Be proactive about requesting fee waivers through the new digital channels

The Future of Credit Card Policies

Industry experts predict that other banks may follow suit with similar policy changes. The trend appears to be moving towards a model where card benefits are more closely tied to spending levels and overall customer profitability.

As the credit card landscape evolves, staying informed and proactive about managing your cards will be more important than ever.

Navigating these changes can be complex and time-consuming. If you're concerned about managing your credit card annual fees in this new environment, consider using clawbacks.ai. Our AI-powered service automatically handles fee waiver requests for you, adapting to new bank policies and maximizing your chances of approval. Sign up at https://clawbacks.ai/register to ensure you're always getting the best deal on your credit cards.