Little Guy in Little Red Dot
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Actions Brings Results & Results Builds Confidence!
Recently I found out that Standard Chartered’s XtraSaver Account offers quite a good CashBack on the amount spent.
Standard Chartered’s XtraSaver is a MasterCard debit card which also doubles up as an ATM card that enables you to make NETS and MasterCard payments as well as withdrawing cash from its ATM machines.
It is linked to its own chequing account which bears interest, this is good as not much chequing accounts offers interest.
There is no minimum deposit amount required to open XtraSaver and also no need to maintain a monthly minimum balance in the account.
CashBack is calculated based on the average daily balance at calendar month end and is credited into your XtraSaver account on the first working day of the next calendar month.
| Deposit Amount |
CashBack on petrol with MasterCard
|
CashBack on all other MasterCard transactions/ CashBack on all overseas MasterCard transactions |
| $6,000 and above | 7% | 1% |
| $20,000 and above | 10% | 1% |
| $50,000 and above | 12% | 1.5% |
| $200,000 and above | 15% | 1.5% |
For people like me who don’t drive a car, the CashBack is doubled on all local and overseas MasterCard transactions when you didn’t spend on petrol any day of a calendar month.
| Deposit Amount | CashBack on all local and overseas MasterCardtransactions |
| $6,000 and above | 2% |
| $20,000 and above | 2% |
| $50,000 and above | 3% |
| $200,000 and above | 5% |
However, there is a monthly cap on the CashBack given.
| Deposit Amount |
Monthly cap on petrol CashBack
|
Monthly cap on NETS CashBack | Monthly cap on all CashBack( |
| $6,000 and above | $15 | $50 | $300 |
| $20,000 and above | $40 | $50 | $300 |
| $50,000 and above | $48 | $50 | $300 |
| $200,000 and above | $60 | $50 | $300 |
The interest rate of XtraSaver might not be the best, but i believe the CashBack given can negate the poor interest rates given.
| Deposit Amount |
Interest rates
|
| $6,000 and above |
0.15% p.a.
|
| $20,000 and above |
0.25% p.a.
|
| $50,000 and above |
0.35% p.a.
|
| $200,000 and above |
0.45% p.a.
|
Points to note is that the XtraSaver’s CashBack is given only if the average daily balance is $6,000 and above. And there is a membership fee of $15 per annum, but you can enjoy a 2-year free XtraSaver membership, afterwhich, just call in and request for a waiver of fees.
Cheers!
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