Hello guys...I have several questions here that I hope you could help me clarify.
I got my SC card from the Groupon offer, the RM300 cash back.
1) From my understanding, cash back means they practically just give that RM300 to you to spend. Is it that straightforward?
2) Do we get RM50 government tax deducted immediately? If yes, that means the actual value we're getting is RM250, yes?
3) After getting the RM300 cash back (I heard it'll be fully given after 30 days), can we then cancel it the following month/whenever later without any charge?
4) Since I read that the benefits and privileges under SC cards have decreased, I might not want to keep it for that long. Out of curiosity, if I were to cancel it and when there's another cash back promotion later, will I be eligible to reapply?
But all in all, the burning question for me is...why is the bank being so generous to give this much of cash back? Not just SC, I see other banks are doing it too.
What's the catch? They just want people to sign up and hope that half of them have problems managing their spending and end up being tied to them forever or?
Thanks ahead for your help!