UPDATE: This credit card has been discontinued by Standard Chartered Bank Malaysia
When it comes to the most popular choice for credit card rewards, cashbacks or cash rebates usually stand out owing to their ease-of-use and transparent functionality. More importantly, Malaysians sure do love their cashback credit cards, as indicated in our recent online survey.
The Cashback Platinum Card is an affordable option with a minimum income requirement of RM24,000 per year. In this review, we’ll analyse how good are its cashback benefits, and also discuss some drawbacks. So, read on!
Let’s start with understanding the major features and benefits of this cashback credit card.
Earn cashback every time you use the Standard Chartered Cashback Platinum Mastercard
Each time you use the Standard Chartered Cashback Platinum Mastercard Credit Card for retail spends — local or overseas — you can get up to 5% as cashback.
That’s not all; you can earn cashback on all kinds of retail transactions except petrol and insurance spends. Here’s how the cashback programme for this card works:
- Get 2% cashback when you spend anywhere between RM500 and RM800 in a month
- Get 3% cashback when your monthly retail spends are worth at least RM800 and not more than RM1,500
- Get 5% cashback when you spend a minimum of RM1,500 locally or overseas in a month
That said, each of these cashback rates is subject to a maximum limit. Here’s an illustrative table to give you a clearer picture of how the rebates programme works:
Retail Spends Per Month W/O Insurance and Petrol Expenses
|Monthly Cashback Rate on Retail Spends||Maximum Cashback Amount Per Month|
RM500 – RM800
|RM800 – RM1,500||3%||
|RM1,500 or more||5%||
Other features of the card that you should know
Besides the rebates on retail spends, the Standard Chartered Cashback Platinum Mastercard Credit Card offers a whole lot more to enhance your overall experience. Check out the additional features of this credit card below:
- You stand a chance to win a 24” Condotti Luggage Bag when you spend a minimum of RM1000 within 60 days from card approval date (offer ends on 31 August 2018, and is open for new Standard Chartered credit card customers only)
- Take advantage of exclusive privileges and attractive offers at more than 4,000 partner outlets spread across Malaysia and other parts of Asia. Enjoy exciting offers in various categories, including dining, shopping, healthcare, wellness, and lifestyle
- With Standard Chartered’s FlexiPay Plus facility, you can convert any large retail transaction worth a minimum of RM500 into smaller, low-interest monthly instalments
- Use Standard Chartered’s Cheque-On-Call facility to get extra cash in times of need (repayment tenures up to 60 months at fixed interest rate of 9.88% pa.a), and transfer outstanding dues from other banks’ credit cards with the Balance Transfer Plus facility (repayment periods up to 36 months at a fixed interest rate of 5.99% p.a.)
Fees and Charges
|15% p.a. – 18% p.a.|
|Annual Fees – Principal Card||
RM175 (with 0% GST). Annual fees is waived for the first year. From 1 August 2018, annual fees for subsequent years can be waived with a minimum spend of RM20,000 p.a.
|Annual Fees – Supplementary Card||RM100 (with 0% GST).|
|Minimum Monthly Repayment||The higher amount between 5% of the total outstanding balance and RM50.|
|Late Payment Charges||The higher amount between 1% of the total outstanding balance and RM10. This charge is limited to an amount of RM100.|
Does this card have any drawbacks?
Although the Standard Chartered Cashback Platinum Mastercard Credit Card works well for rebates, it’s not completely immune to drawbacks. Here are a few worth pointing out:
- The “cashback” you get isn’t really in the form of cash that can be credited to your account. On the contrary, it’s virtual money that’s only redeemable on Standard Chartered bank’s official website
- The rebate amount you earn every month can expire. So, any unused cashback will have to be forfeited if the points’ cancellation date has passed
- The cashback limit for this card isn’t a lot—RM50—especially when you need to spend at least RM1,500 to even get to this point
How does this card match up against other cashback credit cards?
The true test of a card’s benefits is when you compare it with another similar card and see how it fares. To see how good the Standard Chartered Cashback Platinum Mastercard Credit Card really is, let’s compare it with another popular cashback card – the RHB Smart Value Credit Card.
Name of the Card
|Cashback Benefits||Monthly Cashback Limit||Annual Fees||Minimum Income Requirement||
Annual Fee Waiver
RHB Smart Value Credit Card
|Up to 5% cashback when you spend on petrol, utility bills, groceries, and online shopping||RM10 per spending category (total 4 categories)||RM70 (with 0% GST)||RM24,000 p.a.||
Standard Chartered Cashback Platinum Mastercard Credit Card
|Up to 5% cashback for every RM1 spent overseas or locally except petrol and insurance expenses||RM50||RM175 (with 0% GST)||RM24,000 p.a.||
1st-year waiver. Subsequent years waived with a minimum spend of RM20,000 p.a.
A closer look above reveals that the Standard Chartered credit card does marginally outperform the RHB Smart Value Credit Card.
For starters, let’s compare the cashback programme of both cards. While the Standard Chartered credit card offers a maximum monthly cashback of RM50 with a minimum spend of RM1,500, the RHB credit card offers a maximum rebate of RM10 per selected spending category—4 in all—with a minimum transaction value of RM2,500.
When you put these numbers into perspective, the Standard Chartered credit card offers RM0.033 as a rebate for every RM1 that you spend. With the RHB credit card, you get RM0.016 for every RM1 that you spend on selected categories. So, you’re more than doubling the amount of rebate you get for every RM1 spent with the Standard Chartered credit card.
Secondly, the RHB credit card does have a lower annual fee when compared to the Standard Chartered credit card. However, the latter comes with a fee waiver for the first year. The fee for the subsequent years can also be waived if you spend at least RM20,000 p.a. In contrast, there’s no provision to waive the annual fee for the RHB credit card.
Having said that, the cashback you get with the Standard Chartered credit card is only redeemable on the bank’s website. Whereas, the cashback programme for the RHB credit card is valid only for retail transactions made at participating stores with selected merchant category codes.
The Standard Chartered Cashback Platinum Mastercard Credit Card is a good option as it gives a fairly high maximum cashback rate of 5% without putting any additional limitations on where you spend it (well, almost, as petrol and insurance expenses are excluded).
That said, you do make the most of this cashback card only when you exceed the minimum monthly spending requirement of RM1500 to qualify for a 5% cashback rate. In fact, it’s only when you spend (RM20,000/12) RM1,667 per month (RM167 more than RM1500) you will enjoy not just maximum rebates worth (RM50x12) RM600 in a year, but also ensure you save on the RM175 annual fee on the principal card after the first year.
A plus point with the Standard Chartered Cashback Platinum is the fact that even if you spend RM500 in a month, you still end up getting a cashback of 2% (RM120 in a year), but that won’t be enough to waive the principal card annual fee after the first year.
The only major downside to this card is that all the accumulated “cashback” is redeemable only on the bank’s website.
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Card Type : Cashback
Bbazaar promotion : PARKSON Gift Voucher worth RM150. T&Cs apply
Up to 5% cashback every month on all spends except petrol and insurance transactions
Offers and privileges at over 4,000 outlets in Malaysia and across Asia
Minimum income – RM24,000 p.a.
Minimum age – 21 years old
For Salaried Employees: Copy of NRIC (both sides), last 1 months’ salary slip and bank statement, last 6 months’ salary slip and bank statement for commission earners, latest EPF Statement, and latest Borang BE (Full submission to LHDN)
For Self-Employed Professionals: Copy of NRIC (both sides), last 6 months’ bank statement and Business Registration Form 9, 24, 49, latest EPF Statement, and latest Borang B/BE(Full submission to LHDN)
Annual fee: Principal card – RM175 (inclusive of 0% GST) 1st year Annual Fee waiver, Supplementary card : RM100 (inclusive of 0% GST) 1st year Annual Fee waiver. Effective 1 August 2018, subsequent years will be waived with minimum spend of RM20,000 per year
Interest rates: 15-18% p.a.
Late payment fee: 1% of outstanding balance subject to a minimum of RM10 and a maximum of RM100
You may also like some of our other credit card reviews:
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- Hong Leong WISE Visa Gold Credit Card Review: Earn Cashback the Way You Want To
- Reward Points Galore with the HSBC Visa Signature Credit Card
- Alliance Bank Visa Infinite Card: The Quicker Way to Earn Travel Rewards
- Standard Chartered WorldMiles World MasterCard Review: A Useful Credit Card for Overseas Travellers
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