standard chartered simply cash credit card review 2023

An In-Depth Review of the Standard Chartered Simply Cash Credit Card

The Standard Chartered Simply Cash Credit Card is one of the most popular cashback credit cards in Singapore. In this comprehensive review, we’ll take an in-depth look at its features, benefits, annual fees, cashback structure, and more to help you determine if it’s the right card for your needs.

Overview of Key Features

Some key highlights of the Standard Chartered Simply Cash Credit Card include:

• Flat 1.5% cashback on all eligible spending. You earn 1.5% cashback with no capped spending categories or minimum spend requirements.

• No annual fee for the first 2 years. The annual fee is waived for new cardholders, making it ideal to try out with no upfront costs.

• S$194.40 annual fee after 2 years. While not the lowest long-term, it’s reasonable compared to fees of S$300-500 charged by some competitors.

• Up to 10x income credit limit. High limits allow flexibility but you’ll need good credit history to qualify for maximum amounts.

• Travel & lifestyle perks. Includes complimentary travel insurance, airport lounge access, dining/entertainment discounts.

Let’s dive deeper into each feature and evaluate how the Simply Cash experience stacks up.

Competitive Cashback Structure

At 1.5% cashback on all spending without caps, Standard Chartered’s program echoes simplicity. You earn the same rate whether buying groceries, paying utilities, or enjoying a night out. No need to track categories or minimum spends each month.

For some perspective, the Citi Rewards Card offers 8% for the first S$500 on dining, transport, and telecom each month, then 1% thereafter. So for high spenders across categories, the Simply Cash earns more overall.

Those spending under S$500/month mainly on dining may prefer the Citi. But for simplicity with no limits, the Simply Cash can’t be beat. Its universal cashback suits a variety of budgets and lifestyles.

No Annual Fee the First Two Years

Waiving fees for new cardholders is common but two years gives ample time to experience benefits hassle-free. It removes pressure to “maximize value” right away, allowing natural spending habits.

Many cards charge annual fees of S$100-$300, so two years essentially saving S$194.40-$388.80 is hardly trivial. It demonstrates Standard Chartered’s confidence their offerings merit the long-term fee once tried.

The no-fee policy lowers the barrier to entry, lowering perceived risk for those unsure if premium cards fit their finances long-term. Two years is generous for making that determination.

S$194.40 Annual Fee is Reasonable

While an annual fee is never free, context is important. At S$194.40 charged after two years, Standard Chartered’s rate sits right in the middle compared to competitors:

• DBS Altitude – S$192.60
• American Express Platinum – S$600
• UOB One Card – S$160
• HSBC Revolution – S$240

Considering travel perks like lounge access easily cost S$50-100 each use, the fee pays for itself with just a handful of airport visits. Factor in others like complimentary travel insurance, and value easily outpaces cost.

Standard Chartered priced their fee fair, not going maximalist but also not the lowest. At around S$16/month, the fee seems reasonable for benefits received by frequent flyers.

Up to 10x Income Credit Limit

A high credit limit allows flexibility whether planning a major purchase, family vacation, or managing cash flow between paychecks comfortably. Getting approved for maximum 10x income demonstrates strong creditworthiness.

Though approval depends on individual credit profile and income level, being assessed up to 10x represents one of the highest ceilings available. It reassures cardholders ongoing spending is supported, without hard limit stress.

Of course, limits that high carry responsibility to remain debt-free via on-time payments. But for establishing credit history or emergencies, the headroom provides tangible value and peace of mind.

Travel Perks Supplement Cashback Savings

Standard Chartered bolsters the cash-focused Simply Cash with a suite of travel perks ideal for jet-setters:

• Complimentary travel insurance protects multi-thousand dollar trips from unforeseen events. Worth far more than annual fee alone.

• Airport lounge access lets cardholders relax in comfort between connections. Each visitor pays S$25-50+ so this perk adds up.

• Dining & entertainment discounts potentially save 10% or more at select establishments worldwide, adding up over many reduced-priced meals.

Together these lifestyle perks serve as lucrative bonuses atop the basic 1.5% cashback. For frequent travelers they sweeten an already competitive offering into an unbeatable package. Infrequent travelers still get travel protection value too.

Simply Cash Suits Broad Range of Profiles

Standard Chartered has crafted a feature set tailored to suit diverse budgets and lifestyles:

• Casual users enjoy benefits without pressure to optimize spending or tracking categories each month.

• Family cardholders leverage sky-high limits for major costs like tuition, appliances, or home renovations comfortably.

• Budget travelers maximize cashback everywhere while protecting multi-thousand dollar trips with complimentary insurance.

• Frequent flyers easily gain tens of dollars airport lounge access value on top of robust 1.5% returns.

By designing intuituve 1.5% cashback on all spending plus extra perks, the Simply Cash appeals broadly without compromise. That inclusiveness grows its appeal versus niche competitors.

Comparing Potential Drawbacks

No product is perfect, so let’s evaluate areas the Simply Cash could potentially improve:

Annual fee after 2 years – While very reasonable at S$194.40, could be lower still. But value received counters this.

Interest rate – At 27.9% p.a., paying balances in full is essential monthly to avoid costly interest charges accumulating. Like all cards, this balanced must be maintained.

Limited bonus categories – Other cards like Citi offer amplified returns for select spending. But simply 1.5% everywhere suits more lifestyles overall without gaming the system needed.

These are minor critiques easily managed with discipline. Overall the advantages strongly outweigh the drawbacks, in researcher’s assessment.

Summary and Recommendations

The Standard Chartered Simply Cash Credit Card cuts through complexity with robust 1.5% cashback on all spending, complimented by rich perks which elevate the returns further – especially for jetsetters. Its cherry-on-top approach suits diverse cardholders without pressure for category rotation or minimum spends.

Considering the generous two-year annual fee waiver, worldwide travel insurance, ultra-high credit limits paired with strong rewards, Simply Cash stands out versus niche competitors and complexity of many other programs. Its accessibility nurtures financial literacy while delivering powerful potential rewards.

For balanced spending families, budget travelers far and wide, or novice cashback credit card users, Standard Chartered has crafted an undeniably attractive all-round partner with this package. We wholeheartedly recommend applicants to give it a try during the no-fee trial period to experience the benefits firsthand.