With effect from 1st Dec 2016, the feature for BOC Smartsaver will be revised to be much worse in my view.
Right off the bat, the usual $500 credit card spending will be nerfed to 0.8%(of the 60k). You can however spend $1,500 on it to get 1.6%. Those who do a lot of groceries shopping can consider buying $1,000 - $1,500 of ntuc shopping vouchers every month, spend and keep the rest to still be able to qualify for the 1.6%. Those who usually only spend $500 per month will be very upset due to the drastic reduction to 0.8% interest. One work around I can think of now is to buy $1.5k ntuc voucher using Family card and sell all via carousell at 4% disc to meet the spending requirement(that way you earn a 1% spread as you get 5% direct disc from buying).
One important thing to note, the AXS payment transactions are no more eligible for Card Spend Bonus, means they have more or less closed this loophole. Previously, one can just use AXS app to pay other credit cards using BOC Great Wall debit card and it will be counted as credit card spend.
I have been using this since the first day it was released, I have even gotten a $100 cash card from them. Really milked alot of risk free cash from this(considering this is just my cash portion). This new changes maintains the total effective interest to 3.55%(3.15% + 0.4%) if you manage to meet all three max requirements. I will most likely still continue to use this until I can think of a better alternative(Have till end of Nov to think). The only problem I have is the credit card spending hike to 1.5k. If I only spend $500 to buy ntuc vouchers I will only get 2.75%(2.35% + 0.4%). The 0.4% is the prevailing interest rate.
I guess all good things will inevitably come to an end. Will give another update by end of the year on my work around. You can read the full details of the change here.