Richard and I went to Public Bank to sign some documents a few months. We were persuaded to sign up a new credit card after signing the document.
The bank offered 15% rebate for purchase paid with the card. Furthermore, the bank gave RM60 rebate to compensate the RM50 government tax if we manage to use the card for at least one transaction within certain period of time.
We didn't believe that the bank is able to give 15% rebate. Further inquiries revealed that the the 15% rebate is only applicable if we purchase certain category of goods in certain day of the week. For example, purchasing Petrol on Monday, groceries on Sunday, medicine on Wednesday etc.
I spent an average of RM200 on groceries each week and if I can discipline myself to purchase them on Sunday, then I will be saving RM30 each purchase :-)
With this consideration, I signed up for the card.
A few weeks later, the bank changed rebate rate, reducing it to 10% but for all spending regardless of what you purchase on which day.
This again seems to be very attractive but further inquiries reveal that the rebate is in fact works in the following way:
Single transaction expenses
- RM100 to RM299 - RM10 rebate.
- RM300 to RM499 - RM 30 rebate
- RM500 to RM999 - RM 55 rebate
- > RM1000 - RM120
Maximum rebate per calender month is only RM 150.00
Looking at the way it works, most of the time the rebate is less than 10%. If you spend something below RM100, you won't get any rebate at all. So if your bill is RM90, it is better to top up with a item that cost RM10, so that you can get RM10 rebate.
The other day I shopped at TESCO and the bill was RM280. With this amount, the rebate is RM10 only. I asked the casher to hold on and quickly go and grabbed a bag of rice that cost more than RM20 and with this, I get extra RM20 rebate :-)
However, one thing that makes most customers unable to enjoy the rebate is that the bank never informs the card holder that there is a change of rebate plan. Worst still, the card holder needs to re-register through sms to enjoy the rebate. I believe no one will be so free to call the bank every day to check for the rebate. So the bank will be able to avoid paying rebate very soon after a customer signing up the card. That is the trick!
Anyway, if a card holder can make sure that he/she is in the rebate plan, then signing up for the card definitely has its advantage :-)
See you next post :-)
1 comment:
I am from this backgrounds and this is very difficult to get 15% rebate. As it is very difficult to resist.
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