While some of us have been grieving over the impending changes to the OCBC Frank Credit Card (wef 01 October 2015), many of us have started looking for substitutes. To be honest, while the requirement of S$400 on offline retail spend has put a lot of people off, the OCBC Frank Credit Card is still quite a decent card to have if you do spend a bit of money at cinemas, bars, clubs, KTVs and selected cafes on weekends. However, if you are looking for a credit card that gives you maximum online rebates (with its own set of terms and conditions of course), you might wish to consider the next one instead.
See how happy the girl above is with her new (presumably online) camera purchase? Well, assuming that the camera costed somewhere between $600 to S$857, the lady with her Standard Chartered SingPost Platinum Visa Credit Card, has actually gotten 7% cash back on her online purchase (no wonder she's grinning from ear to ear!). Here's why you should consider the Standard Chartered (SCB) SingPost Platinum Visa Credit Card:
1. 7% Cash Back on Eligible Online Purchases (up to S$60 a month)
If you meet the S$600 minimum spending (per month) on the SCB SingPost Platinum Visa Credit Card, you will enjoy 7% cash back on all eligible online purchases. While there is a list of exclusion (as with every other card in the market), you will essentially be able to earn up to S$60 rebates each month on each principal account. If you use this credit card solely for eligible online purchases, this means that you need to spend between S$600 and S$857.14 to earn between S$42 to S$60 of cash back each month.
2. All Online Spend goes towards Satisfying the Minimum Spend
It is not uncommon for a credit card to have a monthly minimum spend before the maximum rebates are issued. For the SCB SingPost Platinum Visa Credit Card, you will have to charge at least S$600 to your card (on a monthly basis) before 7% cash back on all eligible online purchases will be awarded. The best part about this is that you can use this card predominantly for online purchases - there is no offline spending requirement at all.
The Standard Chartered SingPost Platinum Visa Credit Card is a great substitute to the OCBC Frank Credit Card if and only if you are looking for a credit card that is great for online spend only. Sure you may get 2% back in rebates by spending on groceries but the ANZ Optimum World MasterCard gives you 5% instead. The only catch with the Standard Chartered SingPost Platinum Visa Credit Card is the S$600 minimum spending each month that is worth mentioning.