Standard Chartered Unlimited Cashback Card

[crystalnox]

Thanks!

So CIMB VI will lose out to this SCB UNlimited on foreign transactions?

Lose by just 0.5%. Btw Scb 3% promo until 30 June 2017 only.

 

[Trazora]

Thanks!

So CIMB VI will lose out to this SCB UNlimited on foreign transactions?

No. 2% rebate 2.4% fee net 0.4%, better than 3% rebate 3.5% net 0.5% fee.

 

[crystalnox]

No. 2% rebate 2.4% fee net 0.4%, better than 3% rebate 3.5% net 0.5% fee.

You forgot to mention, you also need to hit $2000 spending in a month to get that 2% rebate. There's no min spending on this scb card.

 

[BBCWatcher]

For overseas spending, CIMB's Visa Infinite will beat Standard Chartered's Unlimited Cashback Card after Standard Chartered's promotion expires.

The best Singapore issued credit card for overseas spending when there is no promotion applied is not either one of these cards. It's currently CIMB's Platinum MasterCard. There are a couple debit cards available that are even lower cost.

 

[sgdividends]

Just to confirm, the cashback will not be counted a a 'refund' and reduce the cashback for the subsequent ones right?

 

[KiraYamatoX]

I applied for the card 2 weeks ago.

I only received the card a couple of days.
Sent SingSaver a picture of my card and the SCB cover letter to " Prove" my card approval.

It takes a Long time , have to be patient.

do you need to reupload ur IC and payslip as an existing customer?

 

[rapcon]

The best Singapore issued credit card for overseas spending when there is no promotion applied is not either one of these cards. It's currently CIMB's Platinum MasterCard. There are a couple debit cards available that are even lower cost.

Other than the 0% Admin Fee, I cannot find the 1000 merchants details.
It only seem to be very good only in Booking Air Tickets and Hotels.
What about dining and shopping at overseas.

 

[BBCWatcher]

I'm not sure what you mean.

I have a very simple philosophy when it comes to choosing a card (or couple cards) for overseas spending (or for other spending). One card that should be in your wallet is the card that, without any promotions or game playing, offers the lowest base cost structure. That's your "fallback" card for overseas spending. Among Singapore issued credit cards, currently the CIMB Platinum MasterCard offers the lowest base cost structure for overseas spending that I've been able to find. That particular credit card has no annual fee (so you can keep it forever), and it should never do any worse than about 0.8% markup over the hypothetical best available exchange rate. That compares to the 2.5% or higher base markup on overseas spending that's typical among Singapore issued credit cards.

THEN engage in some game playing, promotion chasing, or whatever you wish -- with CIMB and with any other banks. For example, Standard Chartered's Unlimited Cashback Card (the subject of this thread) currently beats the CIMB card I mentioned, until June 30, 2017. It should deliver a 0.5% markup for overseas spending (3.5% total markup less 3.0% promotional rebate) during the promotion period. There are other card promotions available from time to time. If you can qualify for such a promotion, great, do it. But promotions aren't always available or easily obtainable, which is why it's useful to have a "fallback" card in your wallet.

 

[Trazora]

I'm not sure what you mean.

I have a very simple philosophy when it comes to choosing a card (or couple cards) for overseas spending (or for other spending). One card that should be in your wallet is the card that, without any promotions or game playing, offers the lowest base cost structure. That's your "fallback" card for overseas spending. Among Singapore issued credit cards, currently the CIMB Platinum MasterCard offers the lowest base cost structure for overseas spending that I've been able to find. That particular credit card has no annual fee (so you can keep it forever), and it should never do any worse than about 0.8% markup over the hypothetical best available exchange rate. That compares to the 2.5% or higher base markup on overseas spending that's typical among Singapore issued credit cards.

THEN engage in some game playing, promotion chasing, or whatever you wish -- with CIMB and with any other banks. For example, Standard Chartered's Unlimited Cashback Card (the subject of this thread) currently beats the CIMB card I mentioned, until June 30, 2017. It should deliver a 0.5% markup for overseas spending (3.5% total markup less 3.0% promotional rebate) during the promotion period. There are other card promotions available from time to time. If you can qualify for such a promotion, great, do it. But promotions aren't always available or easily obtainable, which is why it's useful to have a "fallback" card in your wallet.

Maybe can consider DBS visa debit card that is tagged to DBS multicurrency account. No fees for overseas transaction.

https://www.dbs.com.sg/personal/deposits/savings-accounts/dbs-multi-currency-autosave

 

[Knightoftheblackrose]

Yes.

After my application, I uploaded those docs via the online link as per SCB's request.

do you need to reupload ur IC and payslip as an existing customer?

 

[Knightoftheblackrose]

Thanks for the info on the CIMB Card.

I'll apply for this too.

The 10% ** on travel tickets and hotels is very impressive!

The lifetime no annual fees is also very attractive.

I'm not sure what you mean.

I have a very simple philosophy when it comes to choosing a card (or couple cards) for overseas spending (or for other spending). One card that should be in your wallet is the card that, without any promotions or game playing, offers the lowest base cost structure. That's your "fallback" card for overseas spending. Among Singapore issued credit cards, currently the CIMB Platinum MasterCard offers the lowest base cost structure for overseas spending that I've been able to find. That particular credit card has no annual fee (so you can keep it forever), and it should never do any worse than about 0.8% markup over the hypothetical best available exchange rate. That compares to the 2.5% or higher base markup on overseas spending that's typical among Singapore issued credit cards.

THEN engage in some game playing, promotion chasing, or whatever you wish -- with CIMB and with any other banks. For example, Standard Chartered's Unlimited Cashback Card (the subject of this thread) currently beats the CIMB card I mentioned, until June 30, 2017. It should deliver a 0.5% markup for overseas spending (3.5% total markup less 3.0% promotional rebate) during the promotion period. There are other card promotions available from time to time. If you can qualify for such a promotion, great, do it. But promotions aren't always available or easily obtainable, which is why it's useful to have a "fallback" card in your wallet.

 

[vegavega25]

I have a very simple philosophy when it comes to choosing a card (or couple cards) for overseas spending (or for other spending). One card that should be in your wallet is the card that, without any promotions or game playing, offers the lowest base cost structure.

I completely agree. This business of meeting minimum spending requirements to get cashback - especially the total spends in a month BUT subject to maximum cashback amounts is frustrating and a waste of time. I am pretty sure the value of the time wasted in tracking these things is greater than the eventual reward we receive.

I want to add a second thing: the "effective" reward/cashback rate is often lower than what is advertised. So when we are chasing the 8% cashback or the 5x rewards, and stacking up non-bonus category charges in order to reach the minimum spend requirements, our effective reward is considerably less. Not insignificant, as I recently argued in the case of Citibank Cashback (in another thread in this forum), but less than the full amount.

THEN engage in some game playing, promotion chasing, or whatever you wish -- with CIMB and with any other banks. For example, Standard Chartered's Unlimited Cashback Card (the subject of this thread) currently beats the CIMB card I mentioned, until June 30, 2017. It should deliver a 0.5% markup for overseas spending (3.5% total markup less 3.0% promotional rebate) during the promotion period. There are other card promotions available from time to time. If you can qualify for such a promotion, great, do it. But promotions aren't always available or easily obtainable, which is why it's useful to have a "fallback" card in your wallet.

The 3.5% markup cards are automatically disqualified from overseas spending in my opinion. They are pricing themselves out of a very competitive market and I detest it when firms do that. Their hope is that we get used to spending with this card overseas and then persist with it even when the promotional rebate runs out. Or there is a lag between the end of the promo period and switching the card out, during which there are enough charges to earn them their outrageous 3.5% (2.5% net of what they give Visa/MC). The SCB Unlimited Cashback is good for local spending, but not overseas. I should add that this is an emotion-driven response and not based on a careful consideration of the benefits and promotional pricing/rewards.

 

[hyperbole]

Thanks for the info on the CIMB Card.

I'll apply for this too.

The 10% ** on travel tickets and hotels is very impressive!

The lifetime no annual fees is also very attractive.

Cashback is capped at 60 per cycle. There are minimum spends to note.

However, I agree with bbcwatcher on the concept of fall back cards. The CIMB platinum MasterCard is always in my travel wallet, for when I don't feel like jumping through hoops to get some rebate or when the rebates are maxed out.

Right now the SCB unlimited cashback card has replaced it. But only until June

 

[juxtaposition]

Got my card within 1.5wks and $20 signup for existing member has been credited.

 

[final1]

To be clear, cimb plat Mastercard charges net 0.8% for overseas transactions.

CIMB visa infinite charges 2.4% for overseas transactions but 2% rebate if $2k spend. So, technically 0.4%. That is the lowest forex charge for a singapore issued cc.

 

[Trazora]

To be clear, cimb plat Mastercard charges net 0.8% for overseas transactions.

CIMB visa infinite charges 2.4% for overseas transactions but 2% rebate if $2k spend. So, technically 0.4%. That is the lowest forex charge for a singapore issued cc.

If say use cimb visa signature for overseas dining, can get 10% rebate, 2.4% forex fees, 1.4% fee reimbursed, so nett 9% rebate. 9%>-0.4%. But of course need to meet the spending requirements.

 

[wealth_farmer]

Agree on your numbers below.

But I think it's possible to get nett gain on spending when you're abroad, depending on your spending category. For example, if F&B is what you spend most on overseas, then ANZ Optimum with the F&B category selected will get you 5% cashback, and after the 2.5% forex admin fee, will be a nett gain of 2.5%. Similarly for BOC Family card's 7% for dining (in non-hotel restaurants), you will get nett gain of 4.5%.

To be clear, cimb plat Mastercard charges net 0.8% for overseas transactions.

CIMB visa infinite charges 2.4% for overseas transactions but 2% rebate if $2k spend. So, technically 0.4%. That is the lowest forex charge for a singapore issued cc.

 

[radioshack]

Got my card within 1.5wks and $20 signup for existing member has been credited.

did u get the previous 138 cashback b4?

 

[wealth_farmer]

Ah this F&B example even more power

If say use cimb visa signature for overseas dining, can get 10% rebate, 2.4% forex fees, 1.4% fee reimbursed, so nett 9% rebate. 9%>-0.4%. But of course need to meet the spending requirements.

 

[final1]

Agree on your numbers below.

But I think it's possible to get nett gain on spending when you're abroad, depending on your spending category. For example, if F&B is what you spend most on overseas, then ANZ Optimum with the F&B category selected will get you 5% cashback, and after the 2.5% forex admin fee, will be a nett gain of 2.5%. Similarly for BOC Family card's 7% for dining (in non-hotel restaurants), you will get nett gain of 4.5%.

Ah, sorry i didn't qualify my example.
I excluded cards which require spend in specific categories.

I was coming from the perspective of all spend cards with the lowest forex fee without needing to bother with too much fine print.
For the 10% rebate on the CIMB visa signature, it requires $500 spend and 8 transactions with a minimum value of $30 each. Rebate capped at $60 also. Statement month too. Not calendar month.