Why An Unlimited Cashback Credit Card Is Perfect For Any Financial Minimalist

This article is written in collaboration with Standard Chartered Bank (Singapore) Limited (“SCBSL”). All information provided is for informational purposes only and is not intended to be as advice or an offer for any product or service. SCBSL is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein. All views expressed in the article are the independent opinions of DollarsAndSense.sg based on our research. DollarsAndSense.sg is not liable for any financial losses that may arise from any transactions and readers are encouraged to do their own due diligence. You can view our full editorial policy here.

When we think of the word “minimalist”, the first person who comes to mind may be Marie Kondo, or friends whom we know to be consciously living life with as few things around them as possible. This term is also applicable to many aspects of our lives, such as having a minimalist home design or home office setup.

When it comes to personal finance, we can also choose to adopt a minimalist approach. Being a financial minimalist not only frees up our time for other important matters, but also helps us to save money by reducing unnecessary expenses.

For example, some financial minimalists may keep to one savings account, as opposed to have multiple savings accounts across different banks to optimise for interest earnings.

Others may prefer to trim their spending habits by doing away with multiple credit cards. Having one or two credit cards makes it easy to monitor our expenditure each month, and identify areas that we may be overspending on. It is also easier for us to keep track of monthly credit card bills, so we can avoid missing a payment and incurring late fee charges.

The Perks Of A Cashback Credit Card

For those of us who are striving to be a financial minimalist, using a credit card makes practical sense in terms of convenience for making payments. Most, if not all, credit cards these days allow us to tap and go when we commute on public transport in Singapore. This means that a credit card can double up as our EZ-link card, and save us the hassle of topping up value.

As Singapore continues to move towards a cashless society, credit cards are increasingly accepted as a payment method in many places. Owning a credit card gives us the added convenience of holding less cash in our wallet – something that financial minimalists would appreciate.

In terms of choosing the right credit card, a cashback card is likely to be the most utilitarian option for financial minimalists. With cashback cards, there are less variables that we need to be concerned with. We simply earn a cashback each time we use our cards to pay for any item or service. This could be an in-person purchase at a shop, online transaction or monthly bill that is charged to our cashback credit card.

Why The Standard Chartered Unlimited Cashback Card Is Useful For Financial Minimalists

Like any other category of credit cards, not all cashback cards are created the same. While some cards may offer a higher cashback rate, there could be clauses such as a minimum spend for rebate, and a maximum cashback rebate that can be earned per month. Others may provide a high cashback rate for specific categories like food, petrol or retail, but a much lower base rate for other categories that you spend on. There are even cashback cards that require you to hit a minimum spend each month, while calculating the cashback rebate cap on a quarterly basis.

For financial minimalists, such calculation can be overly complex and requires us to “play the cashback game” consciously. For example, we would need at least three or four different cashback cards in order to optimise the cash rebate that we can receive from our spending. This isn’t ideal for someone who prefers to simplify financial matters.

For a financial minimalist, a suitable cashback card would be one that can provide us with unlimited cashback rebate with no minimum spend required each month. This allows us to earn the stated cashback rewards, without being constrained by too many terms and conditions.

One such popular card in Singapore would be the Standard Chartered Unlimited Cashback Credit Card. The card provides a 1.5% cashback on all spending, with no minimum spend and no cashback cap. It doesn’t matter if we spend more or less each month, or whether we are using it for offline or online purchases. We will still enjoy 1.5% cashback as long as we use the Standard Chartered Unlimited Cashback Credit Card to pay for our purchases.

Having a Standard Chartered Credit card also means that we gain access to the Standard Chartered The Good Life Privileges. This allows us to enjoy exclusive deals on dining, retail and online promotions that come with added discounts or perks, on top of the 1.5% cashback.

Through the interim digital Credit Card, newly-approved card members can also enjoy the cashback benefits before their physical card arrives. This is useful for the occasions where you observe a great deal available at our favourite online shop, and want to enjoy the benefit immediately. Find out more about how the instant digital card works here.

Enjoy Additional Services Beyond Just Cashback

When we are applying for a credit card such as the Standard Chartered Unlimited Cashback Credit Card, it’s natural to think that the services we receive are primarily convenience of payment, 1.5% cashback, and access to The Good Life Privileges. However, that is not all.

As part of the credit card services that we enjoy, the card also allows us to convert our retail transactions above $200 into 6 or 12 months interest-free instalments with a one-time service fee via EasyPay. While this is not necessarily a service that all of us need, it’s an option that is available should there be a need to convert large one-off purchases into an instalment plan.

Credit Card Funds Transfer is another financial service that we can access with the Standard Chartered Unlimited Cashback Credit Card. This is a credit facility offered via our credit card that allows us to convert the credit line on our credit card to cash for financing purchases.

Read Also: Pros And Cons Of Taking A Credit Card Funds Transfer

Rather than worry about multiple credit card bills and missing our credit card payments, our main aim as a financial minimalist is to live as simple as it can be for ourselves. With the Standard Chartered Unlimited Cashback Card as our primary credit card, we can not only enjoy all the benefits of paying via credit card, but also enjoy unlimited cashback on all spends we make, without needing to worry about which category it falls under.

Find out more here on how you can apply for a Credit Card Funds Transfer facility.

Interested in getting an Unlimited Cashback Credit Card for your minimalist lifestyle now? For a limited time only, DollarsAndSense readers can apply and enjoy an exclusive cashback of up to S$230 cashback* when you make an eligible transaction with your new Unlimited Card.

Please click here and here for the full terms and conditions which apply.

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