Sharing a credit card account can be scary sometimes. There’s always the risk of one person spending too much without informing the other and before you know it, your account is dangerously close to busting your credit limit. Aside from the obvious financial strains it can be detrimental for relationships between partners or families.

Thankfully there are some banks out there which realize the need for better financial management and are providing services that reward customers who spend wisely. Take for instance Standard Chartered’s latest RM885 cashback offer.

Now with all credit cards it’s always important to zoom in on the fine details before signing up for a new plastic. Lucky for you we at RinggitPlus have done all the homework and went through their Terms & Conditions with a fine tooth comb.

How to qualify for a Standard Chartered RM885 Cashback

1)      Apply for any of these Standard Chartered credit cards

–          Preferred World MasterCard credit card

–          Business Visa Platinum credit card

–          Business Visa Gold credit card

–          Gold credit card (Visa or MasterCard)

–          Platinum credit card (Visa or MasterCard)

2)      Decide whether you would like to get a supplementary card along with your principal card.

3)      Provide Standard Chartered with the required documents via email within 24 hours of submitting your credit card application.

4)      Spend a minimum of RM1500 on each card to be entitled to a RM400 cash rebate per card plus an additional RM55 cashback on your principal card and RM30 on your supplementary card.

How to REALLY qualify for a Standard Chartered RM885 cashback

1)      There is a cap of RM100 cashback per month and this only applies to the first 4 months upon successful application of your chosen credit card. Any cash rebates (if available) received from the 5^th month onwards will depend solely on the type of credit card you have chosen.

2)      You are only eligible for a RM100 cashback if you successfully uploaded all of the required documents within 24 hours after you submitted your credit card application. You will not benefit from this however if your submission was incomplete and the bank has to chase up with you for missing or unreadable documents.

3)      In the event that you did not manage to provide all full documents within 24 hours you are still entitled to a sign-up cashback of RM200 (Principal Platinum / Preferred World MasterCard / Business Platinum), RM150 (Principal Gold / Business Gold) or RM30 (Supplementary Gold / Platinum / Preferred World MasterCard).

4)      Applicants who successfully provided all their documents within 24 hours are also entitled to an additional sign-up cashback of RM55 for Principal Gold, Business Gold, Principal Platinum, Preferred World MasterCard, Business Platinum and RM30 for Supplementary Gold, Platinum and Preferred World MasterCard.

5)      You will see your cashback deposited into your principal account 60 days after the end of a transaction month.

So by now you must be thinking where on earth did the RM885 come from? It took awhile for us to wrap our heads around it as well but we finally figured it out:

Let’s say Mr X applies for a Business Platinum Visa along with a supplementary card. He manages to upload all the required documentation within 24 hours of his credit card application submission with no requests for a resubmission from the bank.

He gets his cards and for the next four months charges at least RM1500 on them each month. This entitles him to a maximum of RM100 cashback for each card for the next four months hence RM200 per month. By the fourth month Mr. X would have been entitled to RM800 in cashback plus an additional RM55 sign-up cash rebate for his principal card and RM30 for his supplementary card. And that’s how we got to the magic number of RM885!

Whether or not this card suits you is entirely up to you and your lifestyle choices. The most important thing to aim for with any credit card is to get the most amounts of savings for your spending. We at RinggitPlus believe like most savings and investment plans every little bit helps.

Please note that this promotion does not extend to existing Standard Chartered Credit Cardholders.