Another Personal Finance tutorial by GenX @ http://www.GenXGenYGenZ.com
Malaysia Best Cash Back Credit Cards 2018 – Lesson No.10 & No.11
Before you read the contents of this review, it is imperative you start from the very beginning, i.e. take My FREE Credit Card Tutorial 2018 followed by Lesson No.1 to No.9 listed in my CASH BACK Page.
If you fail/refuse to follow the above recommendation, you may be blur as to what I am about to present below.
Once again I will combine 2 cards into one post. The Standard Chartered Bank Cash Back credit cards below were highlighted to me by my Friends/Followers and they are actually pretty good depending on your needs.
Standard Chartered Bank Just One Platinum MasterCard Review – Lesson No.10
The StanChart Just One Platinum is an entry level credit card where one only needs RM24K p.a. income, which is good. BUT the annual fee is RM265! Annual Fee of RM265 for an Entry Level credit card?!! The good news is, effective 18 August 2018, the annual fee will be waived if you spend RM20K per year with it.
Wait! Read the above paragraph again…. minimum income requirement RM24K to be eligible for the SCB Just One MasterCard but in order to get the annual fee auto waived we need to spend RM20K!!! WTF. How does one earning RM24K p.a. able to spend RM20K per year with a credit card? If SCB really wants to be sincere, they should set the spending criteria for the annual fee to be waived at a more reasonable amount, for example RM5K or swipe 12X per year. So, this card is only for those who can spend RM20K, to be more exact RM30K per year and you will find out why very soon.
StanChart advertised that you will get up to 15% cash back with the Just One Platinum – this is pure bull shit. The maximum cash back you can earn from the Just One Platinum is 3.4%.
CASH BACK MECHANISM
The Cash Back you can earn from the Just One Plat is based on tiers. Below contents are copied (screenshot) from SCB website and my comments are in red:
If you refer to the above, you can observe that the Just one Platinum is only good if you spend exactly RM2.5K and earn 3.4% in cash back. Any less and you would end up earning close to 1% cash back.
All you need to know is that you are entitled to the so called “15%” cash back for Auto Bill Payments, Online and Petrol. Oh, I should also highlight a very important fact – Government and Charity related transactions are not counted towards the minimum spend of RM2,500 to be eligible for the max cash back of RM85.
So What is Auto Bill? The following clause was copied from SCB Just One Plat Terms and Conditions:
Your database which is kept by the bank and MasterCard would be use to defined auto bill spend**. Auto bill comprises of recurring bill payment from Insurance, Telco and Utilities as defined in Further Information section below.
From the above clause, your auto debit monthly insurance premiums should be eligible for the bull shit 15% cash back (max effective cash back you can earn is 3.4%). And best if you transact exactly RM2.5K per month, not a sen more or not a sen less to maximize your cash back % returns.