There’s a reason credit cards have gained so much popularity in Malaysia. It’s because you can maximise the value of your regular spends with the right credit card in your wallet.
And if you happen to be a fan of no-frills credit card where you need not bother much about complicated riders and steep spending requirements in order to take advantage of its benefits, you may like the Standard Chartered Platinum Mastercard Basic Credit Card.
Read our review to understand the Standard Chartered Platinum Mastercard Basic better.
First up, here’s a summary of what we liked the most about the Standard Chartered Platinum Mastercard Basic, and what failed to impress:
What we liked the most 🙂
What failed to impress 🙁
|Reward Points on most of your retail spends
Annual fee waiver for life with no terms attached
|Only 1x Reward Points on purchases
No Reward Points on petrol purchases
Now let’s examine the credit card in detail:
360° Reward Points on most of your purchases
Let’s say you have to go to the supermarket to buy your weekly groceries. With this card, you will receive 1x 360° Reward Points for every RM1 you spend. And that’s not the only transaction you can earn points on. You will be rewarded points for your dining, shopping, travel, utility, and other retail transactions as well!
What you should keep in mind
- The 360° Reward Points you earn are only valid for up to 3 years
- You will not get points on cash advances, cash withdrawals, balance transfers, flexi payments, and any transactions made at petrol stations
- Points are not granted for casino transactions as well because they are considered as cash advances by the bank
Earn bags full of 360° Reward Points, redeem them for goodies!
You can use your pool of 360° Reward Points for free merchandise on the bank’s rewards catalogue. And remember, these points remain valid for 3 years, giving you more time to accumulate a good amount of reward points.
Say goodbye to maintenance costs!
Paying a hefty annual fee to use and maintain a credit card can be quite a pitfall. With the Standard Chartered Platinum Mastercard Basic, you don’t have to worry about that at all!
One of the biggest highlights of this card is that there’s absolutely no annual fee for both your principal and supplementary cards. And, there are no conditions attached to this either!
So, you don’t have to worry about fulfilling certain spending criteria to waive the annual fee. It’s just that affordable. That means if you pay your monthly bills in full on time, this card is virtually free for life! And you make loads of redeemable Reward Points based on your spending as a plus.
Experience a host of other shopping benefits
Besides the reward points and the annual fee waiver, there’s one more thing you can look forward to in this credit card—an array of deals and discounts! The Standard Chartered Platinum Mastercard Basic gives you access to tons of privileges at over 4,000 outlets in Malaysia and across Asia under its Good Life Privileges Programme.
Some of the ongoing promotions include:
- Complimentary RM10 cash voucher with minimum spend of RM50 at Harvess (offer valid till 18 Sep 2019)
- 30% off normally priced Caterpillar watches at the Time Galerie (offer valid till 31 July 2019)
- 50% off facial treatment worth RM290 and above SOTHY’S, Quuensbay Penang (offer valid till 31 July 2019)
- Complimentary 1 coffee of 1 slice of cake every Saturday and Sunday with a minimum spend of RM50 at Whale Time Coffee (offer valid till 31 July 2019)
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Card Type : Rewards
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Earn 1x 360° Reward Points on most of your spends
Annual fee waived for life
Deals and discounts at over 4,000 outlets in Malaysia and across Asia under the Good Life Programme
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, 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: Waived for life
Interest rates: 15-18% p.a.
Late payment fee: 1% of outstanding balance subject to a minimum of RM10 and a maximum of RM100
So how does this credit card fare against the competition?
To realise the full potential of the Standard Chartered Platinum Mastercard Basic, we’ve pitched it against the Citi Clear Card (full review here), another rewards credit card with similar minimum income requirement of RM24,000 p.a.
It’s fact that you can earn 3x reward points with the Citi Clear compared to 1x reward points with the Standard Chartered Platinum Mastercard Basic. But the former gives 3x reward points only on purchases made at certain outlets (like Borders, Sakae Sushi, GAP, Topman, G2000, Topshop, La Senza, Vincci, Zouk Club KL, Roxy and Quicksilver). The Standard Chartered card, on the other hand, gives 1x points on most of the retail spends excluding petrol transactions.
That said, you earn 1x Citi Rewards on all other transactions except cash advances and government service tax payments with the Citi Clear. Plus, the Citi Reward Points never expire while Standard Chartered 360° Reward Points are valid only for 3 years.
The last point of consideration is the annual fees. Yes, both the cards come with zero annual fees, but in order to avail that you need to activate your Citi Clear card within 60 days of approval. That would be enough to waive off the annual fee for the first 3 years. Post that, you may have to pay RM90 (exclusive of taxes) as an annual fee for the principal card.
But the Standard Chartered Platinum Mastercard Basic comes with annual fee waived for life, without any strings attached!
The Standard Chartered Basic Credit Card brings two great features to the table—reward points on most of your retail purchases and zero annual fees. While the benefits may not be as expansive as other credit cards, it’s ideal if you’re looking for a no-frills credit card that requires no maintenance.
This card is also accessible to people with various income brackets. Whether you earn RM2,000 a month or RM6,000, you can apply for this card. And if you’re a fresh graduate or a young professional who has recently started earning, this is a good option as your first credit card too!
Want more options? Check out our reviews of other top credit cards in Malaysia!
- Standard Chartered Visa Platinum Credit Card Review: The Simple Way to Earn More Rewards Points
- Citi Rewards Credit Card Review: A Good Option for Shoppers and Travellers
- Alliance Bank Platinum Review: Earn Rewards Points Quickly, Redeem Them for Goodies and Air Miles
- Citi Simplicity+ Review: A Simple, yet Unique Credit Card
- Alliance Bank You:nique Review: A Truly One-of-a-Kind Credit Card?