Standard Chartered Unlimited Cashback Credit Card Reviews: Unlimited Rewards

Standard Chartered Unlimited Cashback Credit Card Reviews: Unlimited Rewards

ByAcademyFlex Finance Consultants

Did you know 93% of credit card users in Singapore love cashback rewards? The Standard Chartered Unlimited Cashback Credit Card offers 2% cashback on eligible transactions over S$500 in the first 30 days. This is just the start of the unlimited rewards this card provides.

Cashback fans will be excited about this card. It gives a flat 1.5% cashback on all eligible purchases. There’s no cap on earnings and no minimum spend needed. It’s a big change in the world of cashback rewards, offering both simplicity and value.

The annual fee of S$196.20 (inclusive of GST) is waived for the first year. This lets new cardholders enjoy the card’s benefits without extra cost. With shopping discounts at over 3,000 outlets and access to The Good Life Program, this card offers more than just cashback. It provides a complete rewards experience.

Key Takeaways

  • Upsized 2% cashback offer for new cardholders on eligible transactions
  • Flat 1.5% cashback on all eligible purchases with no cap
  • No minimum spend requirement for cashback earnings
  • Annual fee waived for the first year
  • Access to exclusive shopping discounts and The Good Life Program
  • Competitive sign-up promotions available
  • Suitable for Singapore citizens, PRs, and foreigners with eligible income

Introduction to the Standard Chartered Unlimited Cashback Credit Card

The Standard Chartered Unlimited card is a top pick for credit card rewards. It gives you cashback on every purchase you make. It’s perfect for those who want rewards without the need to track their spending.

Key Features

The Standard Chartered Unlimited card has some great features:

  • Unlimited 1.5% cashback on all purchases
  • No minimum spend requirement
  • No cashback cap
  • Annual fee waiver for the first two years

Target Audience and Eligibility

This card is great for those new to cashback credit cards. Here’s what you need to qualify:

  • Minimum annual income: S$30,000 for Singaporeans/PRs, S$60,000 for foreigners
  • Age: 21 years and above

Comparison with Other Cashback Cards

Let’s compare the Standard Chartered Unlimited card with other top cashback cards:

Card Cashback Rate Min. Annual Income
Standard Chartered Unlimited 1.5% S$30,000 (locals/PRs)
AMEX True Cashback 1.5% S$30,000
UOB Absolute Cashback 1.7% S$30,000
Citi Cashback+ 1.6% S$30,000

While UOB Absolute Cashback has a higher rate, the Standard Chartered Unlimited card is a good choice. It offers a great balance of rewards and ease of use.

Unlimited Cashback Rewards Program

The Standard Chartered Unlimited Cashback Credit Card is a top choice for easy cashback. It’s perfect for those who want to earn rewards without complicated rules.

Breakdown of the 1.5% Cashback Rate

You get 1.5% cashback on all eligible buys. This rate works for most purchases, helping you earn rewards quickly. For the first 30 days after spending $500, you earn 2% on everything, boosting your rewards even more.

No Minimum Spend Requirement

This card doesn’t require you to spend a certain amount to start earning cashback. You earn cashback from your first purchase, no matter the amount. It’s great for both big spenders and those with smaller budgets.

Cashback Calculation and Crediting Process

Cashback is based on your monthly eligible spend. It’s credited to your account automatically, making it easy to use your rewards. Remember, some purchases like EZ-Link top-ups and government services don’t earn cashback.

Feature Details
Standard Cashback Rate 1.5% on all eligible purchases
Promotional Cashback Rate 2% for first 30 days after $500 spend
Minimum Spend None
Cashback Cap Unlimited
Crediting Frequency Monthly

This unlimited cashback program is easy to use. It’s great for those who want to earn on every purchase, making it a simple choice for credit card rewards.

Fees, Rates, and Charges

The Standard Chartered Unlimited Cashback Credit Card has fees and charges to know about. Let’s look at the costs of this card.

The annual fee is $196.20, including GST. New cardholders get a break – the fee is waived for the first year. The card’s interest rate is 27.90%, which is good compared to others.

For minimum monthly payments, you’ll pay 1% of your balance or $50, whichever is more. If you travel or shop abroad, there’s a 3.5% foreign currency transaction fee.

Cash advances come with an 8% fee, with a $15 minimum. Late and overlimit fees are $100 and $40, respectively. Overseas spending is first converted to USD, then to Singapore dollars using Mastercard’s rate.

Fee Type Standard Chartered Unlimited Cashback American Express True Cashback
Annual Fee $196.20 (waived for 2 years) $171.20 (waived for 1 year)
Foreign Transaction Fee 3.50% 2.95%
Late Payment Fee $100 $90
Cashback Crediting Following statement month Same statement month

These fees might seem high, but they’re common in the industry. It’s important to consider the unlimited cashback benefits when deciding if this card is for you.

Standard Chartered Unlimited Cashback Credit Card Reviews: Unlimited Rewards

Reviews of the Standard Chartered Unlimited Cashback Card show mixed opinions. Many like its simple rewards system. It’s easy to use, making it popular among those who want hassle-free cashback.

User Experiences and Testimonials

Many praise the card’s 1.5% cashback rate. They like that there are no minimum spend rules or cashback limits. This is great for people with different spending habits. One user said, “I love not having to worry about hitting spending thresholds or maxing out my rewards.”

Pros and Cons of the Card

Pros:
– Flat 1.5% cashback on all eligible purchases
– No minimum spend requirement
– Unlimited cashback potential
– First-year fee waiver

Cons:
– High interest rate of 26.9% per annum
– 3.5% foreign transaction fee
– Annual fee of S$192.60 from the third year

Expert Opinions and Ratings

Financial experts say it’s good for beginners and those who want simplicity. They like its easy rewards but warn about the high interest rate. They suggest other cards for those who travel a lot because of the foreign transaction fees. Overall, the card gets good marks for its straightforward cashback rewards.

Feature Rating
Cashback Rate 4/5
Ease of Use 5/5
Annual Fee 3/5
Foreign Transaction Fee 2/5

Conclusion

The Standard Chartered Unlimited Cashback Credit Card is a standout in the credit card world. It offers a simple 1.5% cashback on all purchases. This means no complicated tracking or minimum spend requirements.

The card’s annual fee of $193 is waived for the first two years. This makes it a great choice for newcomers. Plus, it gives 3% cashback on foreign currency spend for the first three months, perfect for travelers.

When compared to other cards, it holds its own. It has the same cashback rate as the American Express True Cashback Card and UOB One Card. However, it’s important to think about your spending habits and what you value most.

In summary, the Standard Chartered Unlimited Cashback Credit Card is a good pick for those wanting a simple rewards program. It’s easy to use and doesn’t have many rules. Before choosing, it’s wise to look at your needs and compare different options.

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Author

  • The AcademyFlex Finance Consultants team brings decades of experience from the trenches of Fortune 500 finance. Having honed their skills at institutions like Citibank, Bank of America, and BNY Mellon, they've transitioned their expertise into a powerful consulting, training, and coaching practice. Now, through AcademyFlex, they share their insights and practical knowledge to empower financial professionals to achieve peak performance.

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