SCB SingPost/Spree Card

[zoneguard]

Received a new SCB card for an unrelated issue and on the T&C, the new SingPost Spree Card T&C was also listed. Yes, it is a reduction of the cashback rate to 3%. Details below:

 

[pcmdan]

Who in the right mind will want to spend above the max rebate amount?

They are targeting people who use this card as a lifestyle card. Not a card for people who uses to maximize benefits.

All credit cards out there wan u to use 1 card as a primary card.

Not for savvy people like us to just spend on the max dollar cap.

To people here..yes who in the right mind (these are not the bank target audience)

The people are those that only have 1 card.. if u go around asking..there are alot people out there who have only 1 to 2 credit cards.

 

[pcmdan]

I believe they earn from interests and annual fees than from transactions.
Just look at the threads that pop up occasionally asking how to settle cc bills.

1 strike from a poor soul is good enough to cover many many.
Apparently ppl are getting more savvy and they are starting to lose money on cc business

Agree. How banks earn are as follows

1. Defaulters
2. Annual fees
3. Late payment fee
4. Transactions that doesn't generate rebates or little. Anything less than 1% the banks earn

Many people nowadays don't default or ask for waiver if they forget about it. Harder to get.

People who real default usually can't pay at all

 

[elnewbie]

3% after Oct 9th !

So long, time to bury this card in my drawer, along with the Woman.

 

[louist]

You've seen the new tnc already? Any links available?

3% after Oct 9th !

So long, time to bury this card in my drawer, along with the Woman.

 

[Lucky_Farmer]

3% after Oct 9th !

So long, time to bury this card in my drawer, along with the Woman.

I am gonna cancel it. Quite risky to keep a card in the drawer and then the bank charges you some fee before you realise it...

 

[hyperbole]

https://www.sc.com/sg/terms-and-conditions/spree-credit-card-terms-and-conditions/

 

[Sausage]

so i thnk i'll be switching to BOC family card for online spending
any better one?

 

[oceanicmanta]

this is a sad day

 

[VacheronLim]

certain death, similar to what ocbc did

 

[elnewbie]

Boc already blocked Fevo.

so i thnk i'll be switching to BOC family card for online spending
any better one?

 

[hwmook]

Time to cancel this card.

 

[Garlic & Butter]

no minimum spent?
I see they are excluding insurance premiums as well

 

[naro]

I am gonna cancel it. Quite risky to keep a card in the drawer and then the bank charges you some fee before you realise it...

Yup, i think i'm going to cancel it too.

 

[chopra]

$60 rebate x 12mth = $720 gone

 

[Sausage]

Boc already blocked Fevo.

but i dont use fevo
i only buy from ebay

can right

 

[Lucky_Farmer]

https://www.sc.com/sg/terms-and-conditions/spree-credit-card-terms-and-conditions/

Today is a sad day...

But I find this new T&C laughable =)). Seriously what are SCB team thinking? A credit card which is only limited to online spends and paywave payments and they give rebates at 2% (3% for foreign currency spends but how much do people care about foreign currency spends). I wonder if this will come with some sort of "promotions" - if this is the actual T&C, they have turned the most attractive CC to one of the most ridiculous ones I have ever seen!

 

[crystalnox]

Today is a sad day...

But I find this new T&C laughable =)). Seriously what are SCB team thinking? A credit card which is only limited to online spends and paywave payments and they give rebates at 2% (3% for foreign currency spends but how much do people care about foreign currency spends). I wonder if this will come with some sort of "promotions" - if this is the actual T&C, they have turned the most attractive CC to one of the most ridiculous ones I have ever seen!

Well..it is marginally better than their Unlimited card for online spend.

 

[linuskltan]

Today is a sad day...

But I find this new T&C laughable =)). Seriously what are SCB team thinking? A credit card which is only limited to online spends and paywave payments and they give rebates at 2% (3% for foreign currency spends but how much do people care about foreign currency spends). I wonder if this will come with some sort of "promotions" - if this is the actual T&C, they have turned the most attractive CC to one of the most ridiculous ones I have ever seen!

And recall that SCB charges the highest foreign currency admin fees of 3.5%.

 

[devion]

Good things do not last forever. They have been doing us good for quite awhile already, so if this is true, time to jump ship.