From the past 2 years, banks have started offering their credit card to consumer with some cash credit thrown in. Consumers need to fulfill certain condition to enjoy that cash credit, normally that involves consumer to complete a successful transaction within the first month of the card got approved.
What is cash credit? In simplest term, they are free money that banks deposit into your credit card account after you met certain condition they set. The amount of cash credited into your account depends on which bank offer you took on, it could be $40, $50, $80 or even $160.
Some of you might ask, why are the banks giving out free money? It doesn’t make business sense and is there any gimmick or marketing plot behind this offer? I don’t have the numbers to back me up, but I believed the banks has run their number before this promotion and they knew what kind of revenue/profit each credit card holder would generate for them.
What I am more concerned is how can I benefit from all these offers? It turns out pretty simple, I took up the offers from MayBank, Standard Chartered Bank, ANZ Bank and HSBC Bank, they have offered $50,$40,$160 and $80 worth of cash credit to me after I fulfill the conditions:
- Completed at least one transaction of certain amount ($1 to $40 depends on the offer) within the first month of the card got approved.
- Hold the card for a certain period of time (9 months to 1 years, depends on the offer) before you phone in your card cancellation request.
Different bank has different offer, I recommend you go check out their offer on their website and see if you see something you like. It is by far the easiest way I found to earn some extra money.
Note: However, if you knew that you cannot control your spending once you get on hold of a new credit card and mostly likely end up accumulate credit card debt, then the recommendation above does not apply to you yet. The first thing you should learn is how to reduce your spending while increase your happiness.