Standard Chartered Unlimited Cashback Credit Card
SG Budget Babe
Asked on 15 Sep 2019
I have gotten SC unlimited credit card for its 1.5% cashback that is not subjected to min spending and has no cashback cap. However, it’s savings account requires a min average daily balance of $3000 and I/r is only 0.1%, which is far from 2.2% I am getting from DBS multiplier.
You can close the account and still be able to use the credit card. Put your money in DBS and keep using standard chartered card as its unlimited cap is really useful.
Why would you need the SC savings account to hold the SC Unlimited? For me, I didn't open any SC account and was able to maintain the card. I think you can just close the account and still hold your SC Unlimited Card.
Not worth it. I try not to go for instruments that push spending.
Which is why I like no frills i/r accounts like Citi MaxiGain (used to be great) and CIMB.
I'm also holding it, but I think I'll drop my AMEX true cashback card first ;)
I would suggest you to then take the AMEX true cashback card as no savings account is required, and furthermore you get 3% capped at first $5k spend within the first 6 months.
The SCB card and the saving accounts are not tied.
You can continue spending on the unlimited credit card and close the saving account.
If you are worried about paying your credit card bill, you can easily use DBS internet banking to pay other visa or mastercard's bills.
You don't need the account to keep the card. Just note that if I'm not wrong there is a penalty if you close the account within 6 months of opening it.
Also, do not that cancelling your cards may affect your credit score which may impact your loans in the future. So evaluate whether this card still fits in with your spending habits before cancelling it!
You don't need a bank account in order to use its credit card facility. I'm holding onto it as it serves as an excellenet utility card for most purposes - no minimum spend and no cap.
Instead, change your bank account, e.g. DBS Multiplier which you are using right now.
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You might want to drop it. Stand chart has spree card which allows for 2% contactless spending.
Otherwise opt for uob one card which has a higher cash back but you must plan to spend $500 per month (achievable now because grab pay top up is included as part of expenditure)
Might want to consider dropping the savings account but it's not necessary to drop the card. 1.5% cashback is pretty much the best %cashback any credit card with no. minimum spending can give. You may want to consider having any DBS/POSB credit card and charge to it, just to qualify the spending category (if you haven't have that) but at the expense of the 1.5% cashback.
I would drop the card, as my cashback is dependent on my spending, whereas the DBS multiplier interest is dependent on my bank balance. Focusing on growing my bank balance is easier and will have a bigger impact on my return than trying to spend more to 'earn' the cashback.
It depends. If your spending is very little, you can just use a DBS credit card. There is also no minimum spend for the credit card category of the Multiplier account.
Or you can consider the Standard Chartered e$aver account. It has a lower minimum deposit of $1000.
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