QUOTE(Human Nature @ Aug 6 2012, 11:50 AM)
exactly. just hope other banks are not following this.
Most banks over the years have been increasing the points required for redemption. But CIMB and Citibank on the other hand, to maintain it's competitiveness, offer On The Spot Redemption at selected outlets where 200 points = RM1 which equates to 10,000 points = RM50.
QUOTE(alexwsk @ Aug 6 2012, 11:48 AM)
well, u get cash when apply new cards
u get cash when want to cancel cards
still, the inflation is just too much, now i can't do anything with my points - and the points has expiry
so those loyal card holders, you all know what to do la
With SCB offering FREE cash to new applicants and those who wants to cancel their card, it comes as no surprise that they inflated the points required to redeem the same cash voucher prior to August 2012.
With the revised points required, the Standard Chartered Business Platinum and Gold credit cards earn the cardholders returns of not more than 0.85% when taking into consideration of both the 0.5% cash back together with redemption of cash voucher from points.
Click here to my article on Standard Chartered Business Platinum and Gold credit card where I have updated the calculations showing the effective returns with cash back + cash vouchers.
From the above link, you can observe from my calculations the following:
If your SCB credit card earns you 1X point only, the returns is really pathetic, almost same as
UOB One Card and
Citibank Cash Back Platinum 0.3% for general transactions. But then again, The UOB One Card and Citi Cash Back earns you 5% cash back for petrol whereas all SCB cards earn you nothing for pumping petrol (unless there is a promotion and that is also for limited time only).
If your SCB credit card earns you 2X points only, you can conclude it will earn you less than 0.7%. And if you want Tesco, Giant or AEON cash vouchers worst still, only 0.626%. In other words, the SCB World MasterCard returns with 2X is also not competitive.
What
psiloveu mentioned about double standard practiced by SCB is spot on. SCB do not reward loyal customers who gain nothing when they request for annul fee waiver but in fact will loose out every time they use their SCB credit cards with the inflated points required for redemption. And for those who are into corruption, i.e. by accepting bribe from SCB in return for not terminating their SCB card, they are the one who are benefiting with FREE money, hahaha.
Aug 6 2012, 11:50 AM
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