Standard Chartered Unlimited Cashback Credit Card – MoneySmart Review 2021

·7-min read
SCB Unlimited Cashback Credit Card
SCB Unlimited Cashback Credit Card

The premise of the Standard Chartered Unlimited Cashback Credit Card is extremely simple — 1.5% cashback on everything with no minimum spending and no rebate cap.

Okay, so 1.5% doesn’t sound impressive. But most cashback cards require that you fulfil their minimum spending requirements before they’ll grudgingly hand over the rebates. And even so, there’s a limit to how much you can receive.

This cashback card promises you won’t have to suffer any of these two scenarios. Let’s find out if it’s worth signing up for.

Standard Chartered Unlimited Cashback Credit Card terms & conditions

Standard Chartered Unlimited Cashback Credit Card

Annual fee & waiver

$192.60 including GST (waived for 2 years)

Supplementary annual fee

Interest free period

Annual interest rate

26.90%*

Late payment fee

$80

Minimum monthly repayment

1% or $50, whichever is higher

Foreign currency transaction fee

3.5%

Cash advance transaction fee

6%

Overlimit fee

$40

Minimum income

$30,000 (Singaporean/PR) / $60,000 (non-Singaporean)

Card association

Mastercard

Wireless payment

MasterCard PayPass, Apple Pay, Samsung Pay, Google Pay

*The effective interest rate is 26.90% per annum (minimum). If full payment is not received by payment due date, finance charges will apply and are calculated on a daily basis at 0.074% from transaction date to payment due date. Get more details.

Standard Chartered Unlimited Cashback Credit Card: How it works

As a fuss-free, anything-goes card, this is as simple as it gets. You get up to 1.5% cashback on all spending, with no cashback cap and no minimum spending requirements.

Standard Chartered logo
Standard Chartered logo

MoneySmart Exclusive

With 3-month Disney+ Subscription

Standard Chartered Unlimited Cashback Credit Card

Cash Back on eligible spend

Up to 1.5%

Min. Spend per month

S$0

Cash Back Cap

Unlimited

MoneySmart Exclusive:

Bring home an Apple TV 4K 32GB or $270 Cash via PayNow, both with 3-month Disney+ subscription only with Standard Chartered Credit Cards.

Valid until 30 Sep 2021

Apply Now

More Details

Key Features

  • Flat 1.5% cashback rate for all eligible purchases

  • No cashback cap and no minimum spend

  • 2 year annual fee waiver

  • Up to 22.61% fuel savings at Caltex

See all card details

While the 1.5% cashback rate the card offers isn’t really super high, the card’s strength lies in how uncomplicated it is.

If you decide to spend only $10 on your card one month, you still get the 1.5% cash rebates. It doesn’t matter what you use the card on, and you don’t have to worry if you’re using it in the right spending categories, as the 1.5% applies to practically everything (there are a few small exceptions, like taxes and EZ Link top-ups).

On the other end of the spectrum, if you’re going through major (read: very expensive) life changes such as getting married, buying a new home, going on a round-the-world trip to find yourself, this fuss-free credit card will still deliver the same 1.5% rebate on your sky-high expenses.

With most other cashback credit cards, you would bust the rebate cap unless you really dedicate yourself to gaming the system and splitting your expenses. And frankly, who even has time for that!?

Read also: Best No Minimum Spend Cashback Credit Cards In Singapore

Other unlimited cashback credit cards to consider

Standard Chartered’s offering isn’t the only unlimited cashback credit card on the market. American Express, Maybank and even ICBC have entered the fray. But we’ll look at the most mainstream options here:

UOB Absolute Cashback Card – This card has the highest cashback in the market at 1.7%, with lesser exclusions (you can use this card to pay your insurance premiums!) than the Standard Chartered card. The main downside is that it’s an Amex card, so you’ll be hard-pressed to find smaller merchants to accept it.

UOB logo
UOB logo

MoneySmart Exclusive

UOB Absolute Cashback Card

Cash Back on Eligible Spend

1.7%

Min. Spend per month

$0

Spend Exclusions

No

MoneySmart Exclusive:

Get $30 Cash via PayNow and up to $300 Cash Credit from UOB when you apply and spend on your card!

Valid until 30 Sep 2021

Apply Now

More Details

See all card details

Citi Cashback+ MastercardThis card plays second fiddle to the UOB Absolute Cashback card, offering 1.6% cashback. For 0.1% less cashback, you get the benefit of the Mastercard association – a very important thing to note with the existence of the Instarem Amaze Card. This lets you stack an additional 1% cashback.

Sponsored

Citibank logo
Citibank logo

MoneySmart Exclusive

No Expiry on Cash Back Earned

Citi Cash Back+ Mastercard®

Cash Back on Eligible Spend

1.6%

Min. Spend per month

S$0

Cash Back Cap

Unlimited

MoneySmart Exclusive:

Apply and spend $200 to get: $300 Cash OR an Ergotune Ergonomic Classic Chair (worth $399)

OR

Apply and spend $500 to get MORE: $350 Cash OR the NEW 10.2-inch Apple iPad Wi-Fi 64GB (worth $499) OR an Ergotune Ergonomic Classic Chair (worth $399)!

Valid until 30 Sep 2021

Apply Now

Apply Now

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More Details

Key Features

  • 1.6% cashback on your spend

  • No minimum spend required and no cap on cash back earned

  • Cash back earned does not expire

  • Redeem your cash back instantly on-the-go with Pay with Points or for cash rebate via SMS

See all card details

American Express True Cashback Card – Extremely similar to the Standard Chartered Unlimited Cashback Credit Card as both offer 1.5% cashback. Amex True Cashback has the advantage of also offering 3% cashback during the first 6 months of card membership for your first $5,000 worth of spending.

American Express logo
American Express logo

Online Promo

Unlimited Cashback

American Express True Cashback Card

Welcome Offer (min spend of S$5,000 in 6months)

3.0% Cashback

Cash Back Cap

Unlimited

Min. Spend per month

S$0

Online Promo:

Receive S$100 CapitaVoucher when you spend S$500 within first month of Card approval.

Valid until 30 Sep 2021

Apply Now

More Details

Key Features

  • Unlimited Cashback - No min spend & no cap

  • 3% Cashback for the first 6 months up to S$5,000 spend, 1.5% Cashback on any purchase you make thereafter

  • Additional 1% Cashback on foreign currency spend. Valid from 4 August 2020 to 30 June 2021

  • Eligible for use with Apple Pay, Google Pay, Samsung Pay

See all card details

UOB One Card – This card gives more generous rebates on everything, but the main problem is that the minimum spending requirements are high, onerous (you need to hit the target every month in a quarter to qualify for rebates for that quarter) and confusing. If you’re looking for simplicity, avoid this card, unless you are consistently spending exactly $2,000 every month on a specific credit card.

UOB logo
UOB logo

Online Promo

UOB One Card

Rebate on Shopee, Dairy Farm Group, Grab, SP and more

Up to 10%

Rebate Cap per quarter

S$300

Min. Spend per month

S$2,000

Online Promo:

Receive S$300 Cash Credit for NTB Customers and S$150 Cash Credit for NTC Customers for 1st 100 Customers to make a min spend of $1.5K for each NTB and NTC within 30 days of card approval. T&Cs Apply

Valid until 30 Sep 2021

Apply Now

More Details

Key Features

  • Up to 10% rebate at Dairy Farm Group merchants (Cold Storage, Giant, 7-Eleven, Guardian and more)

  • Up to 10% rebate on Grab, SP utilities bills and UOB Travel spend

  • Up to 5% cash rebate on all retail spend for spend such as home furnishings, electronics & bill payment

  • Up to 24% savings on fuel purchases at SPC and 20.8% at Shell Stations

  • 1 year annual fee waiver of S$192.60 (First year annual fee waiver)

See all card details

Maybank Platinum Visa Card – Another credit card that offers a flat cash rebate for consistent spending, but with lower spending tiers than the UOB One Card. Get up to 3.33% cashback on all local spending if you spend $300 or $1,000 each month in a quarter. If you don’t mind a wee bit of responsibility and a reasonable minimum spending requirement, consider this card.

Conclusion? For uncomplicated unlimited cashback, the Standard Chartered Unlimited Cashback Credit Card and Amex True are extremely close, and the winner might just be whichever is offering a better sign-up promotion.

Maybank logo
Maybank logo

Maybank Platinum Visa Card

Cash Rebates on All Local Spend

Up to 3.33%

Cash Rebate on Overseas Spend

0.3%

Cash Rebate Cap per quarter

S$100

Apply Now

More Details

Key Features

  • Up to 3.33% cash rebates on all local spend

  • 0.3% cash rebates on overseas spend

  • S$3 off movie tickets at Shaw Theatres

  • 3 years annual fee waived

See all card details

What is your favourite cashback credit card? Tell us in the comments!

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