2017 Credit Card Review Part 4: SCB

2017 Credit Card Review Part 4: SCB

TLDR; Go for SCB cards for the cash back rewards. Singpost platinum for online spend and unlimited cash back if you are a one-card person.

Standard Chartered Bank does not offer credit cards with competitive reward points for air miles redemptions. Their strength (or strategy, depending on how you view it) are in cash back cards.

There are three main cash back cards, differentiated mainly by the type of spend and limits on cash back.

Cash back cards

Singpost Platinum Visa

Specifically for online spend, this card offers a 7% for online transactions, 2% for on eligible supermarket purchases and 0.2% cash back on other eligible retail purchases.

The catch is the limit on cash back amount of S$60. Working backwards, this means that any online above S$857 of online spend are not getting anything. Of course, if you mix and match between both online and offline transactions, that limit will be reached more slowly. On top of that, there is also a minimum spend of S$600 before the 7% cash back kicks.

How does this compare to other cash back cards from other banks specially for online transactions? Pretty good in terms of the cash back rate. There are only two other cards that comes close: i) BOC family card and ii) UOB One card.

The first (BOC family) requires you to spend at least S$500 on any transaction, and then online transactions are rewarded with a 5% cash back. The second (UOB One) technically does not reward specifically for online transactions, but it’s in this list because it’s maximum cash back rate is 5%, and for practically any kind of spend. However, the cash back rates are tiered, and can range between 3.33% and 5%.

Pros: i) Most generous cash back rate for online spend in market
Cons: ii) Rather small limit on cash back amount ii) Minimum spend of S$600 required

Get your card here if you can manage your online transactions well.

Manhattan World Mastercard

Much like the UOB One card, the cash back rates are tiered according to amount charged on the card. The rates range from 0.5% to 3%, and comes with a cap of S$200 per quarter, and S$800 per year.

With the rates lower than that offered by UOB One, what makes this card useful?

UOB One requires you to keep the spend consistent over consecutive three month. Manhattan World Mastercard doesn’t require that.

Pros: i) Doesn’t require consistent minimum spend for consecutive three months
Cons: ii) Rates are markedly lower than that offered by UOB and BOC Family Card

Unlimited Cash Back Card

This card attempts to address the shortfall of the Manhattan World Mastercard, by branding itself with no limits on cash back amounts. The catch certainly is that the cash back rates are fixed at 1.5%.

This card certainly works very well for those who intend to consolidate all spending on a single credit card. In all likelihood, there are better cash back rates for different categories of spend if you are willing to hold more credit cards spread across the different banks.

Pros: i) No limit on cash back amount
Cons: ii) Low cash back rates at 1.5%

Do you really want to consolidate all your spend on a single card?
If yes, get your card here.

 

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