Saturday, April 1, 2017

Thanks SCB for all the Cashback!

UPDATE 11/4/17: I received an additional $71.29 cashback a special promotion, so my updated total spending is $3775 for $4153 of products, resulting in a delicious cashback of 9.1%!


In June last year I found that SCB was having a ridiculous promotion of giving $138 cash credit if you signed up for their credit cards.

I sat on it for a while and I finally applied in September and I received my card, which I used to pay for my online travel expenses when I went to Korea, helping me qualify to both keep the $138 cash credit and max out my 7% rebate for online spending. The SCB Singpost card is a fantastic card for online expenses, and I explained why in a post here.

Over the last 6 months, I charged $4153 to my SCB card, but I only paid $3846. That's a difference of $307, which works out to be about a 7.3% rebate on all my spending so far!

However, I have been lucky to be able to spend mostly in the 7% category because I have been doing a fair bit of travelling and quite a lot of online shopping. Looking forward, I don't think that I will be able to charge the minimum amount to the charge to qualify for the 7% cash back ($600 for that month) unless I am travelling or doing some heavy online shopping.

Because of that reason, I have decided to retire my SCB card and free up a wallet space! I will only pull out my SCB card if I have big online expenses to charge, or when my 2 year annual fee waiver will start to expire, and then I will cancel it!

Anyway, this is just a post to let people see a real-life case study about just how much money can be saved by using a credit card correctly. In Jul 2016 I also did a little post showing how people can save quite a bit of money just taking up card promotions, so that's a good read if you feel that you can't hit monthly spending requirements. If you don't use credit cards, you should really consider the benefits of starting to use one correctly.

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