This is an Advance Tutorial for those who are familiar with the features of both the HLB WISE and SCB JOP.
And to benefit fully from this tutorial, you are expected to have read my reviews of both the cards to be compared below. If you have not done so, please click on the links below and read them or else you will not benefit from this post.
Today I am going to do a comparison of credit cards for the benefit of Cash Back Credit Card Fans.
Over the years I have done several reviews of the Hong Leong Bank WISE Visa credit card as HLB has been revising their cards’ terms and conditions. Initially, the HLB WISE was a fantastic card to own because the cardholder can really earn close to 10% cash back after deducting the annual fee. However, nowadays the HLB card holder will only earn cash back if they spend minimum RM2K with the card.
The SCB Just One Platinum MasterCard (JOP) was also a really good card to own when it was first launched too. However, just like the HLB WISE, SCB has revised the benefits of their cards over time. Today, one needs to spend RM2,500 with the JOP in order to earn the maximum monthly cash back cap of RM85.
So, basically, both the cards mentioned above requires the cardholder to spend RM2K or more in order to earn effective cash back of more than 3%
Effective Cash Back of HLB WISE Visa
As shown in my review of the HLB Wise Gold Visa, the maximum effective cash back for this said card works out to 3.89% after deducting the annual fee of RM265.
Or the maximum cash back one will earn is RM935 (RM100 cash back per month x 12 months deduct annual fee of RM265) with RM24K spending. For those of you who thinks the first year annual fee is waived, well it is not, because you still need to pay it at the end of your anniversary date. It is matter of you paying upfront or at the end of 12 months.
Effective Cash Back of SCB Just One Platinum MasterCard
If you spend RM2,500 per month with the card, you can earn RM85 in cash back. The annual fee is auto waived if you spend RM20K per year. So if you constantly spend RM2,500 per month with the card to earn maximum cash back, the annual fee is ZERO.
In respect to the above, the maximum effective cash back works out to be 3.4% or you will earn RM1,140.00
HLB WISE versus SCB JOP
From the above, I have shown you that the Standard Chartered Bank Just One Platinum MasterCard (RM1,140 cash back per year) earns you more compared to Hong Leong Bank WISE Visa (RM935 cash back per year)!
I am gong to show one example why you should switch to Standard Chartered Bank Just One Platinum MasterCard if you are using the HLB WISE Visa.
Assuming you are using HLB WISE for the following expenses: