Standard Chartered XtraSaver Master Debit Card - maximizing cash rebates

Update: From 1 Apr 2013, Standard Chartered has revised the cashback. Cashback on NETS payment has been removed totally. Cashback on Master card payment has been reduced to 1% from 2%. The benefits mentioned in the post below is no longer valid. Please compare with your other credit cards as there may be better deals around.
http://www.standardchartered.com.sg/personal-banking/deposits/xtrasaver/en/

The Standard Chartered XtraSaver Mastercard debit card can be a great money-saver by offering cashbacks on all your basic expenditures. Combining it with other credit cards have maximized my monthly cash rebates from these cards.

I get 2% cash rebate on all expenses paid with this card. This card can also be used as a NETS card with the added advantage that all NETS transactions enjoy a cash rebate of 0.5%. You can enjoy rebates on NETS transactions up to SGD3000 per month (monthly cap of SGD15). Total monthly cap on rebates for all types of transactions is SGD300.

I use other credit cards like the SMRT card for paying my groceries when I shop at Sheng Siong, Carrefour because the cash rebate is around 5% (higher than using XtraSaver card). When I make payment for these credit card bills, I use the XtraSaver card as NETS to enjoy a further rebate of 0.5%. By using other credit cards which offer higher cash rebates and then using Xtrasaver as NETS to pay the bills, the cash rebates I enjoy with these cards will be maximized. I use the XtraSaver card for most transactions to enjoy the 2% cash rebate.

The Standard Chartered Xtrasaver card is a debit card. A debit card does not allow the card-holder to spend money which he does not possess. To use the card, you must have sufficient cash balance in the bank account linked to this card. It is similar to NETS. This is a good thing for those who fear they lack the discipline to check on their credit-card spendings. It is also suitable for those who have a bad habit of forgetting to pay their credit card bills on time.

To enjoy these cash rebates, you have to place at least SGD6000 in the XtraSaver account with Standard Chartered. The bank account also functions as a checking account. The first 2 years are free after which SGD15 will be charged annually. This is still cheaper than the local banks who charged SGD2 monthly (SGD24 annually) for their checking account. However, the minimum deposit in the checking account of the local banks is much lower than the SGD6000 required in the XtraSaver account.

For further details, please visit the link
http://www.standardchartered.com.sg/personal-banking/deposits/xtrasaver/en/