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.

Contents

  1. Standard Chartered Unlimited Cashback Card: Summary
  2. Standard Chartered Unlimited Cashback Card Fees
  3. Standard Chartered Unlimited Cashback Card Minimum Spend
  4. Standard Chartered Unlimited Cashback Card Bonus Cashback
  5. Standard Chartered Unlimited Cashback Card Exclusions
  6. Standard Chartered Unlimited Cashback Card Sign-up Promo
  7. Should I get the Standard Chartered Unlimited Cashback Card?
  8. Alternatives to the Standard Chartered Unlimited Cashback Card

1. Standard Chartered Unlimited Cashback Card: Summary 

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

Valid until 30 Sep 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’re not one to meticulously keep track of your spending in various categories, the Standard Chartered Unlimited Cashback Card definitely has its appeal.

However, if you also have the Unlimited$aver account, you can earn an additional bonus cashback of up to $100 per month. The catch – you must have at least $100,000 in your savings account.

2. Standard Chartered Unlimited Cashback Card Fees

The Standard Chartered Unlimited Cashback Card is a beginner-friendly card with a minimum annual income requirement of $30,000. Besides that, the card’s annual fee is also waived for 2 years while most credit cards offer a one-year fee waiver.

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.

3. Standard Chartered Unlimited Cashback Card Minimum Spend

One of the best things about this card is that there’s no minimum spend that you need to meet to qualify for cashback.

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 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!?

4. Standard Chartered Unlimited Cashback Bonus Cashback

The Standard Chartered Unlimited Cashback Card offers a standard 1.5% cashback on all spend. The only way to boost this is if you also have an Unlimited$aver account with at least $100,000 parked in it.

If that’s you, then you can earn up to an additional 1.5% in cashback (up to $100) monthly. But if you do have $100,000 to put into a savings account, we’d suggest putting the lump sum into another savings account to earn higher interest.

5. Standard Chartered Unlimited Cashback Card Exclusions

The Standard Chartered Unlimited Cashback Card is quite honestly as fuss-free as credit cards get. However, here are a few key exclusions that will not earn you any cashback:

  • EZ-Link top ups
  • Government services
  • Parking payments
  • Tax payments
  • Payments to educational institutions
  • Insurance payments
  • Betting
  • Payments to brokerages
  • Cleaning, maintenance services
  • Recurring bill payments

It hardly discriminates but if you’re thinking you could earn a steady stream of cashback with recurring bill payments that you charge to your Standard Chartered Unlimited Cashback Card, we’re sorry to burst your bubble but that’s not going to happen.

Also take note that you won’t earn cashback for EZ-Link top ups or any stored value card purchases.

6. Standard Chartered Unlimited Cashback Card Sign-up Promo

Thinking of adding the Standard Chartered Unlimited Cashback Card to your wallet? Take advantage of the ongoing sign-up promo to get $80 cashback. Here’s how to qualify:

  • You must be new to Standard Chartered credit cards (or have cancelled yours more than a year ago)
  • Activate your physical card within 30 days of card approval
  • Promotion ends 3o September 2022

On top of the promo above, there’s also an ongoing additional cashback promo that will give you up to $140 if:

  •  You are new to Standard Chartered credit cards (or have cancelled yours more than a year ago)
  • Activate your physical card within 30 days of card approval
  • Spend $200 in eligible transactions within 30 days of card approval
  • Promotion ends 3o September 2022

Do note though, there is a cashback cap of $100 that you can earn in total even when you qualify for both promotions.

7. Should I get the Standard Chartered Unlimited Cashback Card?

The Standard Chartered Unlimited Cashback Card is great for beginners who are new to the world of cashback credit cards. You don’t have to think too much about the spending categories and their respective cashback caps or even about hitting a minimum spend requirement.

The no minimum spend requirement is especially great for students and first jobbers who might not be raking up enough monthly expenses to meet the usual requirement ($600 and above) by cashback credit cards to earn bonus rebates. Plus, without the limitations of spending categories, you can earn uncapped cashback on everything from your McDelivery orders to Grab payments.

Speaking of which, if you have a big expense coming up (perhaps, a wedding banquet), you can earn unlimited cashback with the Standard Chartered Cashback Card. There’s no need to worry about being limited by cashback caps!

8. Alternatives to the Standard Chartered Unlimited Cashback Card

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.

Citibank logo
Cash Back on Eligible Spend
1.6%
Min. Spend per month
S$0
Cash Back Cap
Unlimited

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 CapitaVoucher with minimum spending of S$250 in the first month. For new to American Express Members only. Valid until 30 September 2022. T&Cs apply.
Valid until 30 Sep 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
MoneySmart Exclusive
Cash Rebates on All Local Spend
Up to 3.33%
Cash Rebate on Overseas Spend
0.3%
Cash Rebate Cap per quarter
S$100
MoneySmart Exclusive:

Apply and spend S$350 monthly for 2 consecutive months to get a Jabra Elite 3 True Wireless Earphone (worth $128) PLUS receive a Samsonite Harts Spinner 68/25 worth S$550 (First 4,500 applicants) or S$100 Cash Credit (4,501 applicant onwards). T&Cs Apply.

Valid until 30 Sep 2022

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