11th November 2022 - 4 min read
Standard Chartered has announced that it is revamping its JustOne Platinum Mastercard credit card, which is to be renamed as the Simply Cash credit card with revised cashback benefits. The revisions are set to take effect starting from 1 December 2022.
For context, the existing JustOne Platinum Mastercard card allows you to earn up to 15% cashback on three spend categories – petrol, online, and grocery purchases (capped at a total of RM60) – tiered based on how much you spend per month. To unlock the maximum 15% cashback, you must achieve a monthly spend of RM2,500 and above. Meanwhile, monthly expenses of less than RM2,500 will only net you between 0.2% to 5% cashback:
|Spend per month||Cashback awarded on petrol, online, and grocery||Cashback cap per month|
|RM1,000 to RM1,499.99||1%||RM10|
|RM1,500 to RM2,499.99||5%||RM20|
|RM2,500 and above||15%||RM60|
Come 1 December, cardholders will still be able to earn up to 15% cashback under the new Simply Cash credit card, but the spend categories that you can earn cashback on have been updated to petrol, e-wallet, as well as grocery and dining. The cashback earning structure is now also simplified to the following:
|Spend per month||Cashback awarded on petrol, e-wallet, as well as grocery and dining||Cashback cap per month|
|RM2,500 and above||15%||RM60|
Note that aside from the total monthly cashback cap, there are also sub-limits on the amount of cashback you can earn for each spend category (these sub-limits also existed for JustOne Platinum Mastercard). Each category is capped as such:
On top of that, Standard Chartered also clarified that only expenses with selected e-wallet service providers and grocery merchants will earn cashback under the Simply Cash credit card. Here’s the full list for your convenience:
|Participating e-wallet service providers||Participating grocery merchants|
Touch ‘n Go (TNG) eWallet
Ben’s Independent Grocer
Furthermore, cardholders should be aware that the minimum cashback redemption amount is now set at RM30, and redemptions must be performed in multiples of RM30. As always, all cashback rewards must be redeemed before its expiry date, which will be indicated in your monthly credit card statement.
Aside from these revisions, other terms remain unchanged as the JustOne Platinum Mastercard card is revamped to the Simply Cash card. The minimum annual income requirement will still be set at RM36,000, and the annual fee is at RM250 (first year waived).
Overall, the new Simply Cash credit card is set to offer better convenience with its streamlined cashback earning tiers and updated spend categories. Existing users who have been tapping into the JustOne Platinum card’s 15% cashback benefit will only need to make slight changes to their spending style to continue enjoying the Simply Cash card’s perks, such as spending via e-wallet now instead of on online expenses previously.
For those who spend less than RM2,500, however, you will get better earnings with other cashback cards, such as the UOB One credit card, which offers up to 10% cashback on petrol, dining, groceries, and Grab (minimum monthly spend requirement RM500 or RM1,200). Alternatively, you can also consider the Hong Leong Wise card, which gives you up to 8% cashback on online & e-wallet spend, groceries & essentials, petrol, and dining (minimum monthly spend requirement RM500).
In its announcement, Standard Chartered did not share details regarding the transition process for existing JustOne Platinum Mastercard cardholders. You can, however, contact the bank’s Client Care Centre at 1300 888 888 or email them at [email protected] if you have enquiries.
Finally, it may be worth noting that this renaming exercise is not exclusive only to Standard Chartered Malaysia’s JustOne Platinum Mastercard card. Standard Chartered Singapore, too, is renaming an existing card – the Unlimited Cashback credit card – to Simply Cash credit card. The Simply Cash credit card (Visa) has also been available in Hong Kong since 2017.
(Source: Standard Chartered)
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