Standard Chartered Unlimited Cashback Credit Card – MoneySmart Review 2022

SCB Unlimited Cashback Credit Card

The premise of the Standard Chartered Unlimited Cashback Credit Card is extremely simple — 1.5% cashback on everything with no minimum spending and no rebate cap.

Okay, so 1.5% doesn’t sound impressive. But most cashback cards require that you fulfil their minimum spending requirements before they’ll grudgingly hand over the rebates. And even so, there’s a limit to how much you can receive.

This cashback card promises you won’t have to suffer any of these two scenarios. Let’s find out if it’s worth signing up for.

Standard Chartered Unlimited Cashback Credit Card terms & conditions

Standard Chartered Unlimited Cashback Credit Card
Annual fee & waiver $192.60 including GST (waived for 2 years)
Supplementary annual fee
Interest free period
Annual interest rate 26.90%*
Late payment fee $100
Minimum monthly repayment 1% or $50, whichever is higher
Foreign currency transaction fee 3.5%
Cash advance transaction fee 6%
Overlimit fee $40
Minimum income $30,000 (Singaporean/PR) / $60,000 (non-Singaporean)
Card association Mastercard
Wireless payment MasterCard PayPass, Apple Pay, Samsung Pay, Google Pay

*The effective interest rate is 26.90% per annum (minimum). If full payment is not received by payment due date, finance charges will apply and are calculated on a daily basis at 0.074% from transaction date to payment due date. Get more details.

Standard Chartered Unlimited Cashback Credit Card: How it works 

As a fuss-free, anything-goes card, this is as simple as it gets. You get up to 1.5% cashback on all spending, with no cashback cap and no minimum spending requirements.

Standard Chartered logo
MoneySmart Exclusive
With 3-month Disney+ Subscription
Cash Back on eligible spend
Up to 1.5%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

Apply and spend S$250 to get an Nintendo Switch Lite (worth S$279) or Apple AirPods Gen 3 (worth S$269) or S$250 Cash via PayNow. T&Cs apply.

Valid until 31 May 2022

While the 1.5% cashback rate the card offers isn’t really super high, the card’s strength lies in how uncomplicated it is.

If you decide to spend only $10 on your card one month, you still get the 1.5% cash rebates. It doesn’t matter what you use the card on, and you don’t have to worry if you’re using it in the right spending categories, as the 1.5% applies to practically everything (there are a few small exceptions, like taxes and EZ Link top-ups).

On the other end of the spectrum, if you’re going through major (read: very expensive) life changes such as getting married, buying a new home, going on a round-the-world trip to find yourself, this fuss-free credit card will still deliver the same 1.5% rebate on your sky-high expenses.

With most other cashback credit cards, you would bust the rebate cap unless you really dedicate yourself to gaming the system and splitting your expenses. And frankly, who even has time for that!?

Read also: Best No Minimum Spend Cashback Credit Cards In Singapore 

Other unlimited cashback credit cards to consider

Standard Chartered’s offering isn’t the only unlimited cashback credit card on the market. American Express, Maybank and even ICBC have entered the fray. But we’ll look at the most mainstream options here:

UOB Absolute Cashback Card – This card has the highest cashback in the market at 1.7%, with lesser exclusions (you can use this card to pay your insurance premiums!) than the Standard Chartered card. The main downside is that it’s an Amex card, so you’ll be hard-pressed to find smaller merchants to accept it.

UOB logo
Cash Back on Eligible Spend
1.7%
Min. Spend per month
$0
Spend Exclusions
No

Citi Cashback+ Mastercard – This card plays second fiddle to the UOB Absolute Cashback card, offering 1.6% cashback. For 0.1% less cashback, you get the benefit of the Mastercard association – a very important thing to note with the existence of the Instarem Amaze Card. This lets you stack an additional 1% cashback.

Sponsored
Citibank logo
MoneySmart Exclusive
Faster Gift Redemption
Cash Back on Eligible Spend
1.6%
Min. Spend per month
S$0
Cash Back Cap
Unlimited
MoneySmart Exclusive:

Apply and spend S$500 to get S$350 Cash OR an Apple iPad 10.2" Wi-Fi (worth S$499) OR an Apple AirPods Pro + S$100 Cash (worth S$479) OR an Nintendo Switch OLED (worth S$549) as soon as 6 weeks from Credit Card approvalT&Cs apply.

Valid until 31 May 2022

American Express True Cashback Card – Extremely similar to the Standard Chartered Unlimited Cashback Credit Card as both offer 1.5% cashback. Amex True Cashback has the advantage of also offering 3% cashback during the first 6 months of card membership for your first $5,000 worth of spending.

American Express logo
Online Promo
Unlimited Cashback
Welcome Offer (min spend of S$5,000 in 6months)
3.0% Cashback
Cash Back Cap
Unlimited
Min. Spend per month
S$0
Online Promo:
Receive S$80 CapitaVouchers on S$250 spend within the first month of Card approval. T&Cs Apply.
Valid until 31 May 2022

UOB One Card – This card gives more generous rebates on everything, but the main problem is that the minimum spending requirements are high, onerous (you need to hit the target every month in a quarter to qualify for rebates for that quarter) and confusing. If you’re looking for simplicity, avoid this card, unless you are consistently spending exactly $2,000 every month on a specific credit card.

UOB logo
Rebate on Shopee, Dairy Farm Group, Grab, SP and more
Up to 10%
Rebate Cap per quarter
S$300
Min. Spend per month
S$2,000

Maybank Platinum Visa Card – Another credit card that offers a flat cash rebate for consistent spending, but with lower spending tiers than the UOB One Card. Get up to 3.33% cashback on all local spending if you spend $300 or $1,000 each month in a quarter. If you don’t mind a wee bit of responsibility and a reasonable minimum spending requirement, consider this card.

Conclusion? For uncomplicated unlimited cashback, the Standard Chartered Unlimited Cashback Credit Card and Amex True are extremely close, and the winner might just be whichever is offering a better sign-up promotion.

Maybank logo
Cash Rebates on All Local Spend
Up to 3.33%
Cash Rebate on Overseas Spend
0.3%
Cash Rebate Cap per quarter
S$100

What is your favourite cashback credit card? Tell us in the comments!