The best credit card for Millennials is one that blends well into this generation's lifestyle, understands their spending habits (aka: digitally-savvy), and offers rewards that are beneficial just for them.
Though Millennials tend to shy away from credit cards more than other generations, this piece of plastic is actually a great tool to get the best bang for your buck - when used correctly and responsibly like paying balances on time, keeping utilisation rate below 30% and most importantly, adhering to the credit limit.
But ultimately, what would help set millennials on course for success when it comes to using credit cards is having a product that is catered to their needs and wants, especially as this generation is known for having very distinctive spending tastes.
Words like “cafe hopping” and “insta shops” are typically synonymous with this group, who are more likely to dine out and would prefer to shop online rather than head to the mall.
Their digital-first centred behavior and lifestyle is well evident by the fact that 67% of them find comfort and familiarity with the idea of managing money via mobile technology, according to a research by IPSOS, who surveyed 3,042 Millennials in Southeast Asia, including 1,019 from Malaysia.
This generation also tends to care more about social and environmental causes.
So what does all of this mean? Well, given all of this, it makes sense for them to prefer a credit card that offers rewards that both fit and aligns with their lifestyle.
And guess what? We did a little research and found exactly that! The hottest and newest credit card in town, the Standard Chartered Smart credit card offers smart solutions for sophisticated Millennials.
But before we flash out the entire deets, we want to emphasise that cash is king, and the Standard Chartered Smart credit card has attractive cashback offers!
Let’s be honest, the best part of a cashback credit card is seeing a credit on your monthly credit card statement or having the actual cash deposited into your bank account!
We just got to admit that cashback credit cards are way popular because they provide tangible, understandable benefits, two reasons that make them stand out against reward, travel and gas credit cards.
By the way, the Standard Chartered Smart credit card has a few irresistible cashback offers bundled together.
Here are six reasons and a detailed look into why the Standard Chartered Smart credit card can help millennials make the most out of their spending and #WinAtLife though its numerous benefits and rewards:
1. Get 30% cashback for spending on online e-commerce platforms
We are a firm believer that if you are going to spend anyway, might as well make the most out of it. With the Standard Chartered Smart credit card, now you can shop online and earn cashback while doing so!
Though online shopping is more popular among Millennials - who may find it easier and more convenient to shop online - it also makes so much more sense in today’s world as the COVID-19 pandemic is still rampant across the country, especially with the rising number of cases reported in malls across the Klang Valley.
Earn up to RM80 in cashback each month for your first six months when you spend at certain online merchants. Check our list below. This campaign is valid until 30 April 2021, and terms and conditions apply!
Merchants: Agoda, Boost, GrabPay, Klook, Lazada, Roaming Man, Shopee, Touch’ N Go eWallet and Zalora
Psst… by the way, you can also enjoy up to 20% off on online shopping when you treat yourself to weekday online shopping deals from your favourite online stores at Lazada, Shopee, Taobao, Watsons and Zalora.
2. Get 6% cashback on selected digital lifestyle spend
Besides online shopping, Millennials are also more likely to spend their time doing activities online, as there’s a growing reliance on smartphones and the Internet.
Today, our Millennials connect in ways not previously possible and they, according to IPSOS, increasingly regard online communication not as a proxy for ‘real’ relationships but as an integral part of modern relationships and self-expression. In fact, in South East Asia, around three quarters of millennials regard ‘social networking as an essential method of communication’.
The growing number of digital entertainment options, on top of social networks, is another move to cater to increasing digital lifestyles.
Acknowledging these needs, the Standard Chartered Smart credit card is helping you make the most out of your time online by offering 6% cashback at selected merchants when you spend a minimum of RM1,000 in retail purchases a month. Note that it’s capped at RM20 each month. Terms and conditions apply.
Merchants: Astro, iQIYI, Joox, Netflix, PlayStation, Spotify, Steam
3. Dining out? Might as well get rewarded with 30% in cashback
This card really has something for everyone - if you’re not a shopaholic but a true foodie, then there’s reason to be excited too, as you can indulge around 30% in dining or food delivery cashback and up to 20% off at participating restaurants.
Make the most out of every penny when you dine out next time!
4. Get rewarded from your favourite e-wallets
E-wallets have been mushrooming in Malaysia over the last few years with new platforms surfacing every now and then.
To date, there are a total of 53 e-wallets in the country, with the industry occupying 19% of Malaysia’s fintech space! Bottom line - e-wallets are becoming an increasingly popular method of payment and spending.
So it’s not an uncommon sight that even the Mak Cik stall near your house could be using e-wallets!
Next time you top-up and spend with either Boost, Fave, Grab, do so with a Standard Chartered Smart credit card to stand a chance to get exclusive offers and rewards.
5. Easier access to cash!
If you are in need of financing or extra cash that comes with a low interest rate, and equipped with a range of repayment periods, then this card might come in handy.
By applying to the Standard Chartered Smart Credit Card, you can get up to RM15,000 in quick cash at 0% interest rate & RM100 cashback with Cheque-On-Call Plus.
On top of that, it comes with zero cash advance fees!
6. It’s Malaysia’s first CarbonNeutral® credit card
Being the first generation to have grown up in a world where climate change is part of the daily conversations and norm, has somewhat driven Millennials to be the population that is arguably the most concerned about environmental sustainability and social issues.
This reality has empowered them to desire sustainability in mainstream culture. Millennials may feel that in order to drive change, they must be actively engaged with the sustainability cause, and it's these beliefs that shape their unique consumption trends, tastes and preferences.
Well, by supporting the Standard Chartered Smart credit card, you are supporting a sustainable future as it is a CarbonNeutral card. Before the creation of the card, Standard Chartered had calculated and offset all the emissions associated with the physical card production process.
Using a card that comes with sustainable features is a small, yet crucial, step in a bid to support the overarching idea behind the sustainability movement.
Sign up now to get great rewards, including bonus sign-up offers!
All in all, the Standard Chartered Smart credit card is a card that packs a great punch - its cashback rewards are impressive, perhaps second to none, and by leveraging on it, you have a great way to make the most out of your Ringgit.
If you sign up for a card from 1 November to 31 December 2020, you are entitled to either RM200 in cashback or a Mi True Wireless Earbuds when you activate and spend your card.
On top of that, for a limited time only, there will be a hidden surprise on the Standard Chartered Smart credit card website, where you can get an extra RM100 cashback when you sign up online (so that brings your total cashback to RM300!). However, the RM100 cashback bonus is only valid if you sign up by 15 November 2020. To discover clues for the surprise, follow Standard Chartered’s Facebook page. Terms and conditions apply.