1% Processing fee changes
(Applicable to both Great Eastern Cashflo & OCBC Cashflo Cardmembers)
1 a. How is the 1% processing fee calculated and charged?
The 1% processing fee will be charged together with the first instalment of your 12-month interest-free Great Eastern premium. The 1% processing fee will be calculated as a percentage of the total Great Eastern premium transaction amount, rounded up to the nearest 2 decimal places as illustrated in below:
(i) If your total 12-month interest-free Great Eastern premium is S$6,000, the processing fee will be S$60. The amount payable including the fee and first instalment would be S$560 (S$500 – first instalment, $60 fee) , and the amount payable in the subsequent months would just be S$500 (premium instalment only).
(ii) If your total 12-month interest-free Great Eastern premium is S$12,999, the processing fee will be S$129.99 The amount payable including the fee and first instalment would be S$1,215.99 (S$1,086 – first instalment, S$129.99 fee), and the amount payable in the subsequent months would just be S$1,083 (premium instalment only).
1 b. I am currently midway into paying my 12-month interest-free Great Eastern premium, will I be charged for the 1% processing fee?
Great Eastern premiums charged to the Card before 1 October 2020 but with subsequent instalments after 1 October 2020 will not be charged the 1% processing fee.
If you had charged a Great Eastern premium to your Card that is split into 12-month interest-free instalments prior to 1 October 2020, upon renewal of the policy in the next year, the 1% processing fee will be charged.
For example, if you had charged a Great Eastern premium in March 2020, you will not be charged the 1% processing fee until your policy renewal in March 2021.
When your policy renews in March 2021 and premium payment is made via the card, the 1% processing fee will be charged to your card.
1 c. What type of Great Eastern transactions will not be charged the 1% processing fee?
Great Eastern transactions that are below the instalment payment threshold (determined by you at the point of credit card application) will not be charged the 1% processing fee as these transactions will not be split into 12-month instalment repayments.
The current default threshold limit is at S$100.
To make changes to your instalment payment threshold you may visit the OCBC Self- Service Kiosk (see list of locations) or contact us.
Do note that the instalment payment threshold applies across all transactions charged to your card.
For example, if your Great Eastern premium is S$,3800 and you have modified your instalment payment threshold to S$4,000 to avoid having your premium split into monthly instalments and having to pay the 1% processing fee, other transactions falling within the threshold, such as a spend of $3,900 at a furniture shop, will also no longer split into instalments as the transaction amount is below the instalment payment threshold.
1 d. What are the other options for paying my Great Eastern premium?
Available payment channels include GIRO, NETS, AXS, Internet Banking, Cheque or Credit Card. You can review the payment guideline details.
- Monthly GIRO instalments - you can download a copy of the GIRO Application Form to arrange to deduct from your bank account monthly
- Credit Card Authorisation form – you can download a copy Credit Card Authorisation Form to arrange for deduction using other VISA/MasterCard credit card.
- Application for Change form – Should you wish to change your payment method to cash/cheque, you can download a copy of the Application For Change Form to cancel subsequent premiums being charged to your OCBC Great Eastern Cashflo or Cashflo Card by filling in section 8.
- Great Eastern Business Reply Envelope (BRE) – download a copy of the complimentary Great Eastern BRE to mail back your payment switch forms.
Looking to pay your premiums with ease on a monthly basis instead of forking out a lump sum?