OCBC Macau to end credit card business, cards valid until Nov. 30

OCBC Bank (Macau) has informed customers that its existing Macau credit cards will remain valid until Nov. 30, the final transaction date, citing a strategic transformation.

According to the notice, the bank will progressively discontinue its credit card operations. Following the final transaction date of Nov. 30, the cards will cease to accept any new transactions, with the corresponding accounts to be officially terminated on Dec. 31.

The notice further noted that the bank will sharpen its strategic focus on wealth management and other core banking services, as part of a transformation aimed at meeting customers’ evolving financial needs and supporting the bank’s sustainable long-term development in Macau. It stressed, however, that deposit accounts, wealth management services, and other banking services with OCBC Macau would continue to operate as normal.

To give customers ample time to make necessary arrangements, cardholders may continue redeeming existing credit card reward points until the end of this year, with customers advised to complete redemptions before that date, after which unredeemed points will expire.

Cardholders are also advised to update any regular payments or automatic debit arrangements linked to their OCBC credit cards with the relevant merchants and service providers in a timely manner, including but not limited to utility bills, telecommunications services, insurance premiums, subscription services, memberships, and other merchant payment arrangements.

The bank also said credit cards would no longer be subject to annual fees starting this month, and that customers who had already paid annual fees for the year would receive a pro-rata refund for the unused period, with the refund credited to the relevant credit card account next month, provided the account remains valid at the time of processing.

Noting that ATM and other self-service banking services linked to credit cards or current and savings accounts are currently in use, the bank advised customers to apply for a debit card before credit card services cease to ensure that such services are unaffected. To facilitate a smooth transition, the bank will waive the first-year annual fee for eligible customers applying for a debit card.