9 Sep - 3 min read
Standard Chartered Bank is revising the terms of its JustOne Platinum Mastercard, which includes some notable changes to its cashback benefits. The revision is set to take effect on 1 October 2021.
From 1 October onwards, the bank will remove Auto Bill cashback category, replacing it with Groceries instead. In other words, you will now earn cashback from Petrol, Online, and Groceries (capped at RM20 per category each month). Additionally, the bank is also removing the 0.2% cashback that is currently allowed for other retail purchases aside from the three allocated spend categories.
On top of that, the tiered cashback percentage that you can earn according to your total monthly expenditure, as well as the monthly cap, has been revised as detailed below:
|Monthly total expenditure||Rebate on Petrol, Online, and Groceries||Capping per month|
|Less than RM1,000||0.2%||RM2|
|RM1,000 to RM1,499.99||1%||RM10|
|RM1,500 to RM2,499.99||5%||RM20|
|RM2,500 and above||15%||RM60|
Currently, the JustOne Platinum Mastercard allows you to earn cashback on three spend categories, namely Petrol, Online, and Auto Bill – with each category limited to a maximum of RM20 per month. Depending on your minimum monthly expenditure, the percentage of rebates and the maximum monthly cap that you are entitled to are also tiered as per the following:
|Monthly total expenditure||Rebate on Petrol, Online, and Auto Bill||Other retail purchases||Capping per month|
|Less than RM1,000||0.2%||0.2%||RM2|
|RM1,000 to RM1,499.99||5%||0.2%||RM12|
|RM1,500 to RM2,499.99||10%||0.2%||RM28|
|RM2,500 and above||15%||0.2%||RM60|
Aside from these changes, Standard Chartered also streamlined the definition of its Online category. Where it was previously defined widely as “transactions made through internet”, the bank has now clarified that online purchases must be made in local currency in order to be eligible for the cashback benefit. More importantly, cashback will only be eligible for the following participating platforms or merchants:
This round of change will be the second revision that Standard Chartered is making to the card this year. In January 2021, the bank had already introduced some massive adjustments to the cashback terms of the JustOne Platinum card, although the effective cashback rate for each spending tier did not change back then.
With the 1 October updates, however, the effective cashback rates for some of the spending tiers will reduce due to the revision of the total cashback provided. While the maximum effective cashback rate (RM60 cap for expense of more than RM2,500) still stands at 2.3%, the rates for lower spending tiers have dipped. The RM1,000 – RM1,499 tier and RM1,500 – RM2,499 tier will have a lower effective cashback rate of 1% and 1.333%, respectively once the updates take effect.
(Source: Standard Chartered)
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