Is Standard Chartered’s Unlimited$aver worth signing up for?

As the product teaser goes,

“Been scoring 1.5% cashback with your Standard Chartered Unlimited Cashback Credit Card? Now you can unlock our highest cashback* of 5% with Unlimited$aver.”

I’ve been seeing so many ads for this product lately that it piqued my interest, and so I took a closer look at it. My conclusion? Nay.

How does it work?

At first glance, it definitely seems promising enough – 5% cashback is among the highest in the cashback market right now. Unfortunately, once you start to compare among the other options you could go for with the same amount of funds, the attractiveness of SC’s promotion starts to fade away.

Let’s first look at how SC’s Unlimited$aver seems compelling:

With $100k of funds in your Unlimited$aver bank account, you’re immediately eligible to earn 5% cashback on all your credit card spend. And even if you don’t