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Best Card To Use

>> Monday, November 14, 2011

I am a strong supporter of the Standchart XtraSaver account. I have been using it for years.
- It gives cashback for NETs purchases
- It gives the cashback in the form of cash every single month with no minimum spend requirement
- It gives a high cashback on MasterCard rebate of 2% (if no petrol purchases and $6k average account balance)
- First cheque book free
- No yearly fee
- No income requirement

1. I do not know of any other card that has rewards/cash for NETs purchases.
2. No complicated reward points system and pages upon pages of t&c-s.
3. Some other cards may give 3% or higher but too many complicated requirements to fulfill.
4. I do not use a lot of cheques so I am fine, some banks charge $2 every month just to open cheques.
5. An annual fee seems to be newly introduced, hope it can be waived continuously.
6. It is a debit card, so no credit facility, but I do not wish to live on credit anyway.

I was saddened to find out that the cap for the NETs cashback is being reduced from $50 to $15 from 1 Oct 2011!
Why the sudden cut and why there is no proper notification sent to customers...

Anyone else on XtraSaver too?
I am now tempted to search for better card promotions. Any suggestions?

4 comments:

Anonymous November 14, 2011 at 4:00 PM  

This card has been going down hill. The rebates of 2% on all Mastercard purchases was also restricted to retail purchases only from middle of this year. I used to pay for medical and other purposes using this and now can't get rebate. Same goes for NETS purchase - I wasn't aware of this rule change mentioned by you. I think they are just trying to milk their customer base. Pretty sad. - Kaps

Thomas November 14, 2011 at 10:47 PM  

I believe the cashback for mastercard purchase has also gone down to 1%.

On another note with standard chartered -

The consultants I approached at the bank branch always try to sell you insurance/investment products although not needed.

Lau November 15, 2011 at 11:33 AM  

Anonymous. I did not know it is restricted to retail purchases. I thought it is all MasterCard transactions. Regardless of where it is used.

Thomas. Last I checked is 2% cos I do not use the petrol rebate. And ALL banks are sadly selling insurance now. Not only SCB.

Anonymous February 19, 2015 at 2:22 PM  

wow great post thanx

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