The premise of the Standard Chartered Simply Cash Credit Card is extremely simple – 1.5 per cent cashback on everything with no minimum spending and no rebate cap.

Okay, so 1.5 per cent doesn't sound impressive. But most cashback cards require that you fulfil their minimum spending requirements before they'll grudgingly hand over the rebates. And even so, there's a limit to how much you can receive.

This cashback card promises you won't have to suffer any of these two scenarios. Let's find out if it's worth signing up for.

1. Standard Chartered Simply Cash Credit Card: Summary 

As a fuss-free, anything-goes card, this is as simple as it gets. You get up to 1.5 per cent cashback on all spending, with no cashback cap and no minimum spending requirements.

While the 1.5 per cent cashback rate the card offers isn't really super high, the card's strength lies in how uncomplicated it is.

If you're not one to meticulously keep track of your spending in various categories, the Standard Chartered Simply Cash Credit Card definitely has its appeal.

However, if you also have the Unlimited$aver account, you can earn an additional bonus cashback of up to $100 per month. The catch – you must have at least $100,000 in your savings account.

2. Standard Chartered Simply Cash Credit Card fees

The Standard Chartered Simply Cash Credit Card is a beginner-friendly card with a minimum annual income requirement of $30,000.

Besides that, the card's annual fee is also waived for two years while most credit cards offer a one-year fee waiver.

*The effective interest rate is 26.90per cent per annum (minimum). If full payment is not received by payment due date, finance charges will apply and are calculated on a daily basis at 0.074 per cent from transaction date to payment due date.

3. Standard Chartered Simply Cash Credit Card minimum spend

One of the best things about this card is that there's no minimum spend that you need to meet to qualify for cashback.

If you decide to spend only $10 on your card one month, you still get the 1.5 per cent cash rebates.

It doesn't matter what you use the card on, and you don't have to worry if you're using it in the right spending categories, as the 1.5 per cent applies to practically everything (there are a few exceptions, like taxes and EZ Link top-ups).

On the other end of the spectrum, if you're going through major (read: very expensive) life changes such as getting married, buying a new home, going on a round-the-world trip to find yourself, this fuss-free credit card will still deliver the same 1.5per cent rebate on your sky-high expenses.

With most other cashback credit cards, you would bust the rebate cap unless you really dedicate yourself to gaming the system and splitting your expenses. And frankly, who even has time for that!?

4. Standard Chartered Simply Cash Credit Card Bonus cashback

The Standard Chartered Simply Cash Credit Card offers a standard 1. 5per cent cashback on all spend. The only way to boost this is if you also have an Unlimited$aver account with at least $100,000 parked in it.

If that's you, then you can earn up to an additional 1.5 per cent in cashback (up to $100) monthly. But if you do have $100,000 to put into a savings account, we'd suggest putting the lump sum into another savings account to earn higher interest.

5. Standard Chartered Simply Cash Credit Card exclusions

The Standard Chartered Simply Cash Credit Card is quite honestly as fuss-free as credit cards get. However, here are a few key exclusions that will not earn you any cashback:

• EZ-Link top ups
• Government services
• Parking payments
• Tax payments
• Payments to educational institutions
• Insurance payments
• Betting
• Payments to brokerages
• Cleaning, maintenance services
• Recurring bill payments

It hardly discriminates but if you're thinking you could earn a steady stream of cashback with recurring bill payments that you charge to your Standard Chartered Simply Cash Credit Card, we're sorry to burst your bubble but that's not going to happen.

Also take note that you won't earn cashback for EZ-Link top ups or any stored value card purchases.

6. Standard Chartered Simply Cash Credit Card sign-up promo

Thinking of adding the Standard Chartered Simply Cash Credit Card to your wallet? Take advantage of the ongoing sign-up promo to get $80 cashback. Here's how to qualify:

• You must be new to Standard Chartered credit cards (or have cancelled yours more than a year ago)
• Activate your physical card within 30 days of card approval
• Promotion ends Sept 30

On top of the promo above, there's also an ongoing additional cashback promo that will give you up to $140 if:

• You are new to Standard Chartered credit cards (or have cancelled yours more than a year ago)
• Activate your physical card within 30 days of card approval
• Spend $200 in eligible transactions within 30 days of card approval
• Promotion ends Sept 30

Do note though, there is a cashback cap of $100 that you can earn in total even when you qualify for both promotions.

7. Should I get the Standard Chartered Simply Cash Credit Card?

The Standard Chartered Simply Cash Credit Card is great for beginners who are new to the world of cashback credit cards. You don't have to think too much about the spending categories and their respective cashback caps or even about hitting a minimum spend requirement.

The no minimum spend requirement is especially great for students and first jobbers who might not be raking up enough monthly expenses to meet the usual requirement ($600 and above) by cashback credit cards to earn bonus rebates.

Plus, without the limitations of spending categories, you can earn uncapped cashback on everything from your McDelivery orders to Grab payments.

Speaking of which, if you have a big expense coming up (perhaps, a wedding banquet), you can earn unlimited cashback with the Standard Chartered Simply Cash Credit Card. There's no need to worry about being limited by cashback caps!

8. Alternatives to the Standard Chartered Simply Cash Credit Card

Standard Chartered's offering isn't the only unlimited cashback credit card on the market. American Express, Maybank and even ICBC have entered the fray. But we'll look at the most mainstream options here:

UOB Absolute Cashback Card: This card has the highest cashback in the market at 1.7 per cent, with lesser exclusions (you can use this card to pay your insurance premiums!) than the Standard Chartered card. The main downside is that it's an Amex card, so you'll be hard-pressed to find smaller merchants to accept it.

Citi Cashback+ Mastercard: This card plays second fiddle to the UOB Absolute Cashback card, offering 1.6 per cent cashback.

For 0.1 per cent less cashback, you get the benefit of the Mastercard association – a very important thing to note with the existence of the Instarem Amaze Card. This lets you stack an additional 1 per cent cashback.

American Express True Cashback Card: Extremely similar to the Standard Chartered Simply Cash Credit Card as both offer 1.5 per cent cashback.

Amex True Cashback has the advantage of also offering 3 per cent cashback during the first 6 months of card membership for your first $5,000 worth of spending.

UOB One Card: This card gives more generous rebates on everything, but the main problem is that the minimum spending requirements are high, onerous (you need to hit the target every month in a quarter to qualify for rebates for that quarter) and confusing.

If you're looking for simplicity, avoid this card, unless you are consistently spending exactly $2,000 every month on a specific credit card.

Maybank Platinum Visa Card: Another credit card that offers a flat cash rebate for consistent spending, but with lower spending tiers than the UOB One Card. 

Get up to 3.33 per cent cashback on all local spending if you spend $300 or $1,000 each month in a quarter. If you don't mind a wee bit of responsibility and a reasonable minimum spending requirement, consider this card.

Conclusion? For uncomplicated unlimited cashback, the Standard Chartered Simply Cash Credit Card and Amex True are extremely close, and the winner might just be whichever is offering a better sign-up promotion.

ALSO READ: Best credit card promotions: DBS, UOB, Citibank, OCBC (November 2022)

This article was first published in MoneySmart.