Gambling while giving

This is obviously not a good way to actually earn miles/cashback, but for me it’s a pretty fun way of maximising gains from my usual habits.

So I usually make an annual donation to Methodist Welfare Services – other than supposedly being a good thing to do, I guess this primarily offsets my guilt from not actively contributing anything else, and probably also the fact that I don’t actually tithe anywhere near 10% directly to my church.

Whatever the reason for giving (and whichever organisation is chosen), now is a particularly fun time to donate, if you hold a Standard Chartered card. As part of their GSS 2016 promotion, they are offering chances to win cashback prizes for transactions of at least $150 during the month of June (capped at two chances per day, registration required) – so I’m able to make two donations of $150 per day and qualify for this.

I was particularly intrigued after taking a look at the T&C and noting that you actually have a higher than 50% chance of winning something every transaction, since there are 40k winning ‘tickets’ and only a total of 70k ‘tickets’ being issued.

Screenshot 2016-06-18 10.56.47

My maths is a little rusty, but I believe that with an expected gain of $1.89 for each $150 transaction made, that’s effectively like an additional 1.26% cashback on top of the 3% I’ll be getting from the Manhattan card – 4.25% cashback isn’t too shabby! On top of that, there’s the 250% tax deduction as well (which can be a very significant sum, depending on your tax bracket).

Screenshot 2016-06-18 10.28.35

All in all, I’m probably especially pleased to have beat the odds (for now) by scoring a $20 cashback this morning!

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Posted on June 18, 2016, in Money. Bookmark the permalink. Leave a comment.

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