If you’re considering applying for a credit card, it’s essential to understand all the fees involved. Credit card fees can be complex and confusing, but don’t worry – we’ve got you covered. This article will walk you through everything you need about Standard Chartered credit card fees.
From eligibility and application to rewards and benefits, managing your card online, and payment and charges. Travel and overseas spending, currency flexibility and transfers, special offers and promotions, and additional card features.
First, we’ll start with an introduction to Standard Chartered credit cards. And the reasons why they might be a good choice for you.
Then, we’ll dive into the nitty-gritty details of the fees associated with these cards. You’ll clearly understand what you can expect particularly when you sign up for a Standard Chartered credit card.
You’ll be able to make an informed decision about whether it’s the right choice by the end of this article.
Key Takeaways
- Standard Chartered credit cards come with various charges, including annual fees, late payment fees, and cash advance fees.
- Eligibility requirements and the application process can vary depending on the specific card you’re interested in.
- Standard Chartered credit cards offer a range of rewards and benefits, including cashback, miles, and discounts on dining, shopping, and travel.
Understanding Standard Chartered Credit Card Fees
If you’re looking to understand the fees associated with Standard Chartered credit cards, you’ve come to the right place. Here’s everything you need to know about the various fees and charges you might encounter.
Annual Fee and Waivers
When it comes to Standard Chartered credit cards, understanding the annual fee is crucial. Standard Chartered offers a range of credit cards with different annual fees, and some may be waived in the first year. It’s essential to review the specific terms and conditions for each card to understand the annual fee and any potential waivers.
Interest Rates and Charges
Standard Chartered credit cards come with varying interest rates and charges, depending on the type of card and the specific terms. It’s important to be aware of the interest rates for purchases, cash advances, and any other charges that may apply to your card. Understanding these rates can help you manage your finances effectively.
Foreign Currency Transaction Fees
If you frequently make purchases in foreign currencies, it’s essential to understand the foreign currency transaction fees associated with Standard Chartered credit cards. These fees can impact the cost of international transactions, so it’s important to be aware of the specific charges that may apply when using your card abroad.
Eligibility and Application
Are you interested in applying for a Standard Chartered credit card? Here’s what you need to know about eligibility and application process.
Criteria for Singaporeans and Foreigners
To be eligible for a Standard Chartered credit card, you must be a Singapore citizen, Permanent Resident or a foreigner with a valid Singapore Employment Pass. If you are a Singaporean or Permanent Resident, you must be aged between 21 to 65 and earn a minimum annual income of $30,000. For foreigners, the minimum annual income requirement is $60,000.
Required Documents
To apply for a Standard Chartered credit card, you will need to provide the following documents:
- For Singaporeans and Permanent Residents: A copy of your NRIC (front and back) and latest computerised payslip or Tax Notice of Assessment or latest 12 months’ CPF statement.
- For foreigners: A copy of your passport, work permit, and latest computerised payslip or Tax Notice of Assessment or latest 12 months’ CPF statement.
Once you have gathered all the necessary documents, you can apply for a Standard Chartered credit card online or in person at a Standard Chartered branch. The application process is simple and straightforward. You will need to fill out an application form and provide all the required documents.
In conclusion, if you meet the eligibility criteria and have all the necessary documents, applying for a Standard Chartered credit card is easy and hassle-free.
Rewards and Benefits
Earning Miles and Cashback
With the Standard Chartered credit card, you can earn exciting rewards such as air miles and cashback on your everyday spending. This means that every time you use your card, you’re getting closer to free flights or earning cashback on your purchases. It’s a fantastic way to make the most of your spending and get rewarded for it.
Redeeming Reward Points
When you accumulate reward points through your Standard Chartered credit card, you have the flexibility to redeem them for a variety of options. Whether it’s travel vouchers, shopping vouchers, or even converting them into air miles, the possibilities are endless. This gives you the freedom to choose rewards that best suit your lifestyle.
Exclusive Perks of Priority Banking
As a Standard Chartered Priority Banking customer, you can enjoy exclusive benefits tailored to meet your financial needs. From dedicated Relationship Managers to preferential rates on loans and deposits, the Priority Banking programme offers a range of privileges designed to enhance your banking experience. Additionally, with the Standard Chartered Visa Infinite and X Card, you gain access to a world of exclusive travel and lifestyle benefits, making every moment memorable.
Managing Your Card Online
Are you tired of waiting on hold to speak with a customer service representative? With Standard Chartered’s online banking features, you can manage your credit card account from the comfort of your own home.
Online Banking Features
Standard Chartered’s online banking platform allows you to view your account balance, monitor transactions, and pay your credit card bill. You can also set up automatic payments to ensure that your bill is paid on time every month.
In addition, you can track your rewards points and redeem them for exciting rewards such as cashback, air miles, and vouchers.
Estatements and Alerts
Do you want to reduce paper clutter and help the environment? You can opt to receive estatements instead of paper statements. Standard Chartered will send you an email notification when your estatement is ready to view online.
You can also set up alerts to stay on top of your credit card account activity. For example, you can receive an alert when a transaction over a certain amount is made on your card or when your credit limit is reached.
By taking advantage of Standard Chartered’s online banking features and estatements, you can easily manage your credit card account and stay on top of your finances.
Payment and Charges
If you own a Standard Chartered Credit Card, you must keep track of the billing cycle and due date to avoid late payment fees and overlimit charges. Here’s everything you need to know about payment and charges.
Understanding the Billing Cycle
The billing cycle is the period between two consecutive statements, and it usually lasts for one month. Your credit card statement will show your transactions and the minimum payment due. The minimum payment due is the amount you must pay to avoid late payment fees and maintain a good credit score. If you fail to pay the minimum payment due, you will incur late payment fees and interest charges on the unpaid balance.
Methods of Payment
Standard Chartered offers several methods of payment to make it easy for you to pay your credit card bill. You can pay your bill using GIRO payment, credit card funds transfer, or by transferring funds from your designated bank account. You can also pay your bill online through Standard Chartered Online Banking or Mobile Banking.
Late Payment and Overlimit Fees
To avoid late payment fees, you must pay the minimum payment due by the payment due date. If you miss the payment due date, you will incur a late payment fee of S$80 per month. Moreover, if you exceed your credit limit, you will incur overlimit charges of 5% p.a. in addition to the prevailing interest rate on the over limit balances.
It is important to note that the late payment fee and overlimit charges are in addition to the interest charges on the unpaid balance. Therefore, it is advisable to pay your credit card bill in full every month to avoid interest charges and maintain a good credit score.
In conclusion, to avoid paying unnecessary fees and charges, it is essential to keep track of your billing cycle, pay your bill on time, and maintain sufficient funds in your designated bank account. With Standard Chartered’s easy payment methods, paying your credit card bill has never been easier.
Travel and Overseas Spending
If you are a frequent traveller or planning a trip abroad, you will be pleased to know that Standard Chartered credit cards offer a range of benefits to help make your travels more comfortable and secure.
Complimentary Travel Insurance
Standard Chartered credit cards offer complimentary travel insurance to cardholders. The coverage includes benefits such as personal accident, medical expenses, and travel inconvenience. You can enjoy peace of mind knowing that you are protected in case of unexpected events during your travels.
Spending Abroad with Confidence
When travelling overseas, you may be concerned about foreign currency exchange rates and transaction fees. With Standard Chartered credit cards, you can enjoy competitive foreign exchange rates and low transaction fees for overseas spending.
Moreover, you can earn rewards points or cashback for every dollar spent overseas, making your travels even more rewarding. Standard Chartered credit cards also offer a range of benefits such as discounts on dining, shopping, and entertainment, allowing you to save money while enjoying your travels.
In conclusion, Standard Chartered credit cards are an excellent choice for frequent travellers or those planning a trip abroad. With complimentary travel insurance, competitive foreign exchange rates, and low transaction fees, you can travel with confidence and enjoy your trips to the fullest.
Currency Flexibility and Transfers
If you’re a frequent traveller or an online shopper, you know that foreign currency transactions can be a hassle. Fortunately, Standard Chartered offers a range of currency flexibility options to make your life easier.
Multi-Currency Accounts and Wise Partnership
Standard Chartered offers a Bonus$aver account with multi-currency options as a flexible account which lets you earn interest on your savings while also making convenient withdrawals for day to day life.¹ With the Wise partnership, you can easily transfer funds between your Standard Chartered account and your Wise Borderless Account, which supports over 50 currencies.²
Fund Transfers and Exchange Rates
Standard Chartered offers competitive exchange rates for foreign currency transactions. For fund transfers, you can choose from a range of options, including telegraphic transfers, demand drafts, and online transfers.³ You can also choose to set up recurring transfers or schedule transfers in advance.
When making a foreign currency transaction, you’ll be charged a conversion fee. However, Standard Chartered uses the mid-market exchange rate, which is the fairest and most transparent rate available. This means you’ll always know exactly how much you’re paying for your transaction.
Overall, Standard Chartered’s currency flexibility and transfer options make it easy for you to manage your finances, whether you’re at home or abroad.
Special Offers and Promotions
Are you looking for exciting deals and promotions on your Standard Chartered Credit Card? Look no further! Standard Chartered is always coming up with new offers and promotions to help you save money and earn rewards. Here are some of the latest offers that you can take advantage of:
Exciting Deals for New Cardholders
If you are a new cardholder, you can enjoy exclusive promotions when you sign up for a Standard Chartered Credit Card. For instance, if you apply for a Standard Chartered Credit Card and spend a minimum of S$300 within 30 days of card approval, you can get up to S$220 cash or 2,500 SmartPoints. Spend an extra S$1,000 in the next 30 days and get even bigger rewards – up to S$350 cash or 4,000 SmartPoints.
Ongoing Cardmember Exclusives
As a Standard Chartered Credit Cardmember, you can also enjoy exclusive promotions and discounts on a wide range of products and services. For example, you can get up to 10% off when you subscribe to selected products and services using your Standard Chartered Credit Card. You can also get up to 20% off on Grab rides, up to 12% off on online shopping at Alibaba, Amazon, and Qoo10, and many more.
Moreover, Standard Chartered Credit Cardmembers can enjoy exclusive deals and discounts on dining, travel, and entertainment. You can earn up to 10X rewards points on overseas retail, dining, and travel spend with the SCB Rewards+ Card. If you are a frequent traveller, you can enjoy 1.2 miles per dollar on local spend and 2 miles per dollar on overseas spend with the SCB Journey Card.
So what are you waiting for? Apply for a Standard Chartered Credit Card today and start enjoying these exciting deals and promotions!
Additional Card Features
Having a Standard Chartered credit card comes with a range of additional features, including supplementary cards and security measures to protect against fraud.
Supplementary Cards and Shared Benefits
You can share the benefits of your Standard Chartered credit card with your loved ones by applying for supplementary cards. These cards are linked to your main account and allow your family members to enjoy the same rewards and privileges as you. You can apply for up to five supplementary cards for free, and there are no annual fees or charges.
Each supplementary cardholder will have their own credit limit, and you can set the limit for each card based on your requirements. You can also track the spending of each cardholder separately, making it easier to manage your finances.
Security and Fraud Protection
Standard Chartered takes security seriously and has implemented several measures to protect your credit card against fraud. These include:
- Chip and PIN technology: All Standard Chartered credit cards come with chip and PIN technology, which adds an extra layer of security to your transactions.
- SMS alerts: You will receive SMS alerts for all transactions made on your credit card. This allows you to keep track of your spending and identify any fraudulent activity.
- Google Pay: You can link your Standard Chartered credit card to Google Pay, which provides an additional layer of security when making payments through your mobile phone.
- Allianz Insurance: Standard Chartered credit cards come with complimentary Allianz insurance, which covers you against unauthorised transactions and fraudulent activities.
By taking advantage of these additional features, you can enjoy peace of mind knowing that your Standard Chartered credit card is secure and protected against fraud.
Frequently Asked Questions
How can I get my Standard Chartered credit card annual fee waived?
You may be eligible for a waiver of your Standard Chartered credit card annual fee. To find out if you qualify, you should contact Standard Chartered customer service. They will be able to provide you with more information on the eligibility criteria and the process to follow to apply for a waiver.
What are the charges for utilising a Standard Chartered credit card?
Standard Chartered credit card charges vary depending on the type of card you have and how you use it. Some of the common charges include annual fees, late payment fees, cash advance fees, and foreign transaction fees. You can find more information on the charges applicable to your card in the Important Information Document for Standard Chartered Credit Cards.
Could you tell me the interest rates for Standard Chartered credit cards in Singapore?
The interest rates for Standard Chartered credit cards in Singapore vary depending on the type of card you have and your creditworthiness. You can find more information on the interest rates applicable to your card in the Important Information Document for Standard Chartered Credit Cards.
What steps should I take to contact Standard Chartered regarding credit card fee waivers?
If you want to contact Standard Chartered regarding credit card fee waivers, you can call their customer service hotline or visit one of their branches. You can find the contact details on their website or in your credit card statement.
Are there any fees for telegraphic transfers with Standard Chartered?
Yes, there are fees for telegraphic transfers with Standard Chartered. The fees vary depending on the amount you are transferring and the destination country. You can find more information on the fees applicable to telegraphic transfers in the Schedule of Fees and Charges for Standard Chartered Bank.
What is the procedure to avoid paying the annual fee on my Standard Chartered credit card?
To avoid paying the annual fee on your Standard Chartered credit card, consider a card offering a waiver. Alternatively, you can contact Standard Chartered customer service to find out if you are eligible for a waiver of the annual fee.
