Having recently experienced an interest rate reduction on his deposits, there is finally some good news coming from the banking industry. A competitor, Standard Chartered Bank (‘SCB’), just released a very attractive cash back credit card in 2017- the Unlimited Cashback Credit Card. We all know that cashback is all the rage these days. By targeting right at the primitive desires of consumers, it will not be surprising to see them soon make a beeline towards SCB. Here is why Heartland Boy thinks you should get the Unlimited Cashback Credit Card.
1. Unlimited 1.5% Cashback On All Spend
Here is how the Standard Chartered’s Unlimited Cashback Credit Card works. It offers unlimited 1.5% cashback on all spend. This means that your expenditure need not have to fall into any restricted category. Furthermore, no minimum spending is required and there will be no cashback cap. For instance, if you were to pay for a wedding banquet in a hotel that cost approximately $40,000, you would be entitled to a cashback of $600. Cardholders also need not meet any minimum spending in a particular month to qualify for these cashback.
This is where its attractiveness lies. It is so simple with absolutely no criteria needed to obtain this 1.5% cashback. Furthermore, the Unlimited Cashback earned will be automatically used to offset against the following month’s statement. The ease of qualifying for and redeeming this 1.5% cashback should make for a very strong case to apply for the Unlimited Cashback Credit Card. Heartland Boy can only lament that this excellent product came 2 weeks late. If not, Heartland Girl would have earned $60 cashback when she paid her school fees last month!
2. Unlimited Cashback Credit Card Doubles Up As An EZ-Link Card
Another added convenience of the Unlimited Cashback Card is that it also serves as an EZ-Link Card in Singapore. With the EZ-Reload feature, your Unlimited Cashback Credit Card will automatically reload by $50 if your EZ-Link balances dips below $0. The $50 will be reflected in your credit card bill, together with a convenience fee of $0.25. However, you should also earn $0.75 in the same transaction. (remember the 1.5% cashback) Therefore, the end result would be a net gain of $0.50 from a $50 automatic EZ-Link reload.
Heartland Boy remembers how his productivity increased ever since he started using the Citibank Credit Card. Now, he happily walks past the long queues at the EZ Link top-up machines as he never have to worry about running out of EZ-Link credit. You can be sure that once his SCB Unlimited Cashback Credit Card arrives at his mailbox, he will immediately activate and enable the EZ-Reload feature. He would also remind Heartland Girl to use this feature because she is one of those who have not jumped onto this bandwagon yet. This would also free up space in her HUGE purse since there is no further need for the typical EZ-Link Card anymore.
3. A HUMONGOUS 15% Cashback on Worldwide Grab Fares And GrabFood
To enhance its cashback programme, cardholders will also enjoy 20% off their global Grab and GrabFood transactions by paying with the Unlimited Cashback Credit Card. This promotion suits Heartland Boy just fine as he takes at least 6 Grab rides per month for his commute to and from the airport. Even when he is not back in Singapore, he will rely on Grab to commute around Jakarta during the weekends. The Unlimited Cashback Card will seriously reduce Heartland Boy’s transport expenses.
Unfortunately, there are some limitations though. One would only enjoy this 15% Cashback if there is at least $900 eligible spend on the Unlimited Cashback Card in that month. Furthermore, the cashback from Grab rides is capped at $30 per month.
Why You Should Get SCB’s Unlimited Cashback Credit Card
Heartland Boy reviewed this card in comparison with competing products. His assessment is that this is clearly a very compelling product offering from SCB. With only a $30,000 annual income requirement, this card would be very suitable for a fresh graduate just stepping into the workforce. Other fascinating details include a 2-year annual fee waiver and that means no cash upfront is required from the applicant. This truly makes it one of the best cash back credit cards in Singapore. To give you more reasons to make a beeline to SCB, the bank is dangling an irresistible deal; new customers a welcome gift pack of either (a) $138 cashback, (b) $150 Caltex StarCash card or (c) $150 in Uber credits. Heartland Boy has advised Heartland Girl to select the $138 cashback. For Heartland Boy himself, since he had previously cancelled a SCB credit card, he is only entitled to $20 cashback in this bank promotion. Well to console himself, he realised that there is a bonus offer from a third party merchant, SingSaver.
Receive $300 Cash By Applying Through SingSaver Before 5 Feb 2021
SingSaver is running a next-day reward promotion campaign for Standard Chartered Bank’s (‘SCB’) credit cards till 5 Feb 2021. If your application is submitted and approved (instant approval is possible on SCB website), new SCB card holders receive $300 cash or AirPods Pro (worth $349) while existing SCB card holders receive $30 cash.
Apply through these links* to grab your cash gifts of up to $349!
P.S. Do note that Heartland Boy earns a small referral fee for this.
the AMEX true cashback is just as good. and the CB is offset on the current billing cycle. not following.
Thanks for highlighting this to me. I agree with you that AMEX true cashback card is very similar. Therefore, I think existing AMEX True Cashback card holders need not get the SCB Unlimited Cashback Card.It will be an unnecessary duplicate.
Not really, AMEX users will still apply for SCB card. Some merchants dont accept AMEX cards
Good point. In this instance, this makes SCB’s Unlimited Cashback Credit Card slightly superior.
Swee Beng says
Thanks for sharing this lobang. I just applied for the unlimited cashback credit card.
Hopefully my application will be approved.
Hi Swee Beng,
You are welcome. I shared this because I believe this is a great product from SCB.
Wonderful information Thank you.. Not sure why SCB bank sales staff didn’t share this.
Thanks Sebastian! I am glad my article explained the benefits of the Unlimited Cashback Credit Card.