For the past two months or so, a few of you have shared with me about the Maybank Visa Signature FC Barcelona Cash Back credit card and recently another person WhatsApped me about the Standard Chartered Bank Just One Platinum Cash Back credit card.
And since I am damn free, I thought I do a review of them for your benefit, especially those who are fans of Cash Back Credit Cards.
MAYBANK VISA SIGNATURE FC BARCELONA REVIEW
First and foremost – this card is FREE FOR LIFE without any conditions. This is the most important criteria.
The minimum income to be eligible for this card is RM48K.
This card is a pure cash back credit card that have no other benefits (i.e. no Free Airport Lounge entry). Below contents in point form were copied from Maybank website:
- 2% Cash back for all purchases all year long (except May and August) and capped at maximum of RM 50 per month.
- 10% Cash back for all purchases made in the month of May (football season ends) and August (football season begins) and capped at maximum of RM 100 during the specified month.
- Only transaction amounting RM 1 and above will be awarded cash rebate to customer
- E- statement – Auto enrolment
- TreatsPoints is not eligible for this card
Note: No cash back earned for EzyPay transactions.
1. The 2% cash back is pretty good. If you refer to the above, it is stated for ALL PURCHASE. So I read the Terms & Conditions and no where could I find any clause that stipulated that Insurance and Government related transactions are excluded – which is good.
But you know lah, I kiasu. So, I called Maybank Customer Service to ask if government transactions are entitled to the 10% Cash Back in May and August and the girl told me to wait while she checks. After a few minutes, the CS representative told me YES – for any PURCHASE! Please note she said PURCHASE. Paying tax (e.g. Quit Rent) is a purchase? Anyway, I think we should be entitled to the 10% cash back for Government related transactions as I could not find any exclusion clause in the T&C for the Maybank FCB Visa Signature.
That’s it for my review on the Maybank VS FC Barcelona – it is a straight forward Cash Back Credit Card.
STANDARD CHARTERED JUST ONE PLATINUM MASTERCARD REVIEW
The StanChart Just One Platinum is an entry level credit card where one only needs RM24K p.a. income. Which is good. BUT the annual fee is RM265! Annual Fee of RM265 for an Entry Level credit card?!! The good news is, effective 18 August 2018, the annual fee will be waived if you spent RM20K per year with it; therefore, saves you the trouble to call them and beg for the annual fee waiver.
StanChart advertised that you will get up to 15% cash back with the Just One Platinum – this is pure bull shit. The maximum cash back you can earn from the Just One Platinum is 3.4%.
CASH BACK MECHANISM
The Cash Back you can earn from the Just One Plat is based on tiers. Below contents are copied (screenshot) from SCB website and my comments in red:
If you refer to the above, you can observe that the Just one Platinum is only good if you spend exactly RM2.5K. Any less and you would end up earning close to 1% cash back.
All you need to know is that you are entitled to the so called “15%” cash back for Auto Bill Payments, Online and Petrol. Oh, I should also highlight a very important fact – Government and Charity related transactions are not counted towards the minimum spend of RM2,500 to be eligible for the max cash back of RM85.
So What is Auto Bill? Below clause was copied from SCB Just One Plat Terms and Conditions:
Your database which is kept by the bank and MasterCard would be use to defined auto bill spend**. Auto bill comprises of recurring bill payment from Insurance, Telco and Utilities as defined in Further Information section below.
From the above clause, your auto debit monthly insurance premiums should be eligible for 15% cash back, if and only if the transacted amount(s) totaled RM2.5K or more. But with a monthly cap of RM85, you will never get 15% cash back.
Below is the actual cash back you will earn from your auto debit insurance premiums based on max cash back of RM85:
RM4000 per month ==> RM85/RM4000 ==> 2.125% Cash Back
From the above, it can be observed that you will be earning less in cash back once the amount exceed RM2.500. Actually, with the monthly cap of RM85, it is stupid of anyone to use their Just One Platinum and pay (via auto bill/debit) their insurance premiums for amount more than RM2501!!!
So if you are paying several insurance premiums, once the combined amount of your insurance premiums touch RM2500, you should use another credit card for the balance amount and earn more.
Since we are talking about Insurance, for those of you who are into Enrich Miles, Hong Leong Bank Visa Infinite is good for Insurance Premiums where you can earn 1 Enrich Mile for every RM2.80 spent locally.
So, in a nut shell, the Stan Chart Just One Platinum may be good for the following options:
Option 1 – Monthly expenses (payments/transactions via Auto Debit) where combination of Utility Bills + Telco Bills and Insurance Premiums totaled up just above RM2.5K
Option 2 – Your Utility Bill(s) (payments/transactions via Auto Debit) is just above RM2.5K
Option 3 – Your Insurance Premium(s) (payments/transactions via Auto Debit) is just above RM2.5K
Option 4 – Online Purchases for amount just above RM2.5K. Please note there are other cards that earns you much more than 3.4% for Online Transactions.
For petrol, there are FREE FOR LIFE credit cards that earns you guaranteed 5% cash back, e.g. Maybank 2 Gold/Plat Cards AMEX and Maybank Ikwan MasterCard.
And to entice you to sign up for the Just One Plat, SCB will pay you RM100 FREE Money by you simply activating your new card within 45 days from date of approval.
For more reviews on credit cards and recommended credit cards based on your spending pattern/needs, please visit My Credit Card Page by clicking here.