Standard Chartered has revised the cashback policy of one of its most popular credit cards, the JustOne Platinum Mastercard. Starting 1 July 2019, the revision will see the card’s maximum cashback cap reduced as well as several other changes.
Previously, the Standard Chartered JustOne Platinum Mastercard offered one of the highest monthly cashback caps in Malaysia at a generous RM85. However, the revision will see that cap reduced to RM60 per month, as well as a new restriction: cashback for online-only purchases will be capped at RM30 per month.
Here’s a comparison of the current and new JustOne Platinum cashback features:
|Retail Spend per month (RM)||Cashback on Auto-bill/Petrol/Online*||Cashback on other retail spend||Cashback cap per month (before 1 July 2019)||Cashback cap per month (effective 1 July 2019)|
|RM1,000 to RM1,499||5%||0.2%||RM12||RM12|
|RM1,500 to RM2,499||10%||0.2%||RM28||RM28|
*Cashback for Online is capped at RM30/month
As the table shows, there are only two changes for the card’s cashback policy, but they are huge: the reduction in monthly cashback cap (from RM85 to RM60), and the introduction of a cap for online-only transactions.
This means that even if you spend more than RM2,500 on online transactions, you will only earn RM30 in cashback – the other RM30 cashback must be earned from auto-bill or petrol transactions.
On top of that, StanChart also stated that the card’s annual fee is no longer automatically waived when cardholders spend above RM20,000 per year. This means cardholders will need to contact the bank to waive the RM250 annual fee if they have spent more than RM20,000 with the card.
Note that the changes will only affect transactions made from 1 July onwards – all transactions made this month will still follow the current cashback cap of RM85.
(Source: Standard Chartered)