Retail Guide to Credit Cards
Before submitting your credit card application, you should request that your bank gives you an overview of the Terms and Conditions governing the card that you are applying for.
Below, we've listed some of the questions that you should ask yourself and your bank before submitting your Standard Chartered credit card application. Please download our credit card Terms and Conditions to review in full.
For more information download the Code of Retail Banking Practice.
Do I understand the Terms and Conditions for the use of the card? For example, do I know what are the interest, finance charges and penalties that accompany the use of the credit card?
Please download our credit card Terms and Conditions to review in full.
What action can the bank take if I fail to settle my overdue payments?
Non-payment of your monthly dues could result in your credit card account being blocked. This could also negatively impact your credit rating and may affect your access to future loans from any reputable lending institution.
Please note that Standard Chartered Bank will also take action to collect any unpaid dues, including legal action when necessary.
When will the promotional free membership period, if any, expire? What is the fee I will have to pay after the expiry period?
Our marketing materials will always state the duration of any promotion that is being offered. If you have a question about a promotion, please call us on 1800 789 7000 or enquire at a branch and we'll be happy to help you.
For more information on the fees you will need to pay, please contact us or download our Credit Card terms.
What are the annual membership fees?
|Manhattan $500 Card||$32.10 (Including GST)||-|
|Manhattan World MasterCard||$192.60 (Including GST)||Free|
|NUS $500 Gold||$32.10 (Including GST)||-|
|NUS Alumni Platinum Card||$192.60 (Including GST)||Free|
|Platinum Access Card||$192.60 (Including GST)||Free|
|Platinum Business Card||$160.50 (Including GST)||Free|
|Platinum Card||$192.60 (Including GST)||Free|
|Preferred World MasterCard||$214 (Including GST)||Free|
|Prudential Platinum Card||$192.60 (Including GST)||Free|
|PruPrestige Visa Signature Card||$192.60 (Including GST)||Free|
|SingPost Platinum Card||$192.60 (Including GST)||Free|
|Visa Infinite Card||$321 (Including GST)||$160.50 (Including GST)|
|Unlimited Cashback Card||$192.60 (Including GST)||Free|
What is the minimum amount I have to pay each month?
Before 29 November 2014:
Classic, Gold and Platinum Visa/MasterCard
Any overdue amount plus $50 or 3% of new balance, whichever is greater.
Platinum Access with no Automatic Flexible Payment Scheme
Any overdue amount plus $50 or 3% of new balance, whichever is greater. Accounts that are over the limit: any overdue amount plus 3% of new balance and the excess over the credit limit.
Platinum Access with Automatic Flexible Payment Scheme(s)
Any overdue amount plus the aggregate of all monthly instalment(s). Accounts that are over the limit: Any overdue amount plus the full monthly instalment for the total of all approved card transactions under the Automatic Flexible Payment Scheme.
Funds Transfer Account
Any overdue amount plus the full monthly instalment of the approved Funds Transfer. Accounts that are over the limit: Any overdue amount plus the excess over the credit limit and the full monthly instalment for the total of all approved purchases or full monthly instalment for the total of approved Funds Transfer.
From 29 November 2014:
(a) The minimum payment due applicable to all credit card accounts (including funds transfers) will be the greater of:
(i) $50; or
(ii) 1% of principal plus interest, fees and charges;
plus any overlimit amount and past due amount.
(b) The minimum payment due applicable to all accounts opened for the purpose of instalment repayments will be:
(i) the full monthly instalment amounts of the approved purchases (or approved funds transfers); or
(ii) if accounts are over the limit, the full monthly instalment amounts of all approved purchases (or approved funds transfers) and any overlimit amount;
plus any past due amount.
What are the various payment methods available?
Click here for the list of payment methods and other important information to note.
Is there a repayment grace period?
Yes, repayment grace period is at least 22 days from the billing/statement date. Please refer to your statement(s) for statement due date.
How much interest do I have to pay on the outstanding amount?
Our effective interest rate is 24.455% per annum (minimum). If your outstanding balance is not settled in full each month by the due date then finance charges will be calculated on a daily basis at 0.067% on the outstanding balance from the Statement date, and on all new transactions from the respective transaction date. With effect from 1 November 2016, if payment is not made in full by the due date, finance charges at the revised effective interest rate of 25.9% p.a. will be calculated on a daily basis at 0.071% on the outstanding balance from the statement date and from the respective transaction dates for all new transactions.
This does not apply to purchases made using your Standard Chartered Platinum Access Card under the Automatic Flexible Payment Scheme. For details see below.
Finance charges will not apply if payment is received in full by the due date and there is no balance carried forward from the previous statement. For finance charges on cash advance transactions, please see below.
What are the finance charges for purchases made using the Platinum Access Card?
Our effective interest rate for purchases under the Automatic Flexible Payment Scheme is 9.32% per annum. If payment is not made in full by the statement due date and there is balance carried forward from the previous statement, then finance charges at 24.455% p.a. (effective interest rate) will apply on the balance carried forward. Finance charges will be calculated on a daily basis at 0.067% on the outstanding balance from the statement date. With effect from 1 November 2016, EIR: 25.9% per annum (minimum). If payment is not made in full by the due date, finance charges will be calculated on a daily basis at 0.071% on the outstanding balance from the statement date.
An administrative fee of 6% will be levied on all approved card transactions under the Automatic Flexible Payment Scheme.
If I do not make the minimum payment for one month, what are all the interest and other charges that I will have to pay?
Late Payment Charge $60. With effect from 1 November 2016, a late payment charge of S$80 will be charged if minimum payment due is not received by the due date.
The Effective Interest Rate applicable on your credit card and funds transfer account(s) will be adjusted to 28% p.a. if the minimum payment has not been received in full by the next statement date on any of your credit card and upon for more than 2 times consecutively, the Effective Interest Rate will revert to 24.455% % (with effect from 1 November 2016, this will be revised to 25.9%) once minimum payment due for the relevant consecutive months where your account was past due is made in full.
* when minimum payment has not been received in full before the next Statement date.
The adjustment/reinstatement of interest rate will be effective on the first working day after your next Statement date once minimum payment is made in full.
For charges related to interest rates, please refer to "How much interest do I have to pay on the outstanding amount?"
What are the charges I will incur if my payment by cheque or GIRO is rejected/returned?
The following service fees will be charged:
|Returned cheque / rejected GIRO deduction||$50|
|Sales draft retrieval||$5 per copy|
|- current to 3 months old||Free|
|- 3 months to under 1 year old||$10 per copy|
|- 1 year to 5 years old||$20 per copy|
|- beyond 5 years old||$50 per copy|
|Replacement credit card||$20 per card|
|Picture replacement for picture credit card||$20 per picture|
|Credit refund via cashier’s order||$10|
(fee imposed on account which exceeded the credit limit)
|Account maintenance fee
(applicable if there remains a credit balance in your credit card account after one year from the date of cancellation of your credit card)
|$10 per year|
Will other service charged be incurred?
|Credit refund via cashier's order||$10|
|Account maintenance fee (effective from August 2012)||$10 per year|
|(if there remains a credit balance in your credit card account after one year from the date of cancellation of your credit card)|
If I opt for a cash advance for my credit card, what additional charges will I have to bear?
There is a 6% charge on any cash advance you make, subject to a minimum fee of $15.
In addition to this there is a finance charge of 0.077% per day on the amount withdrawn from the date of the transaction until the date of full payment. Therefore the effective interest rate is 28% per annum (minimum).
In the case of a fund transfer computation, interest will immediately be accrued when the Bank makes payment through Funds Transfer to the other card member's account.
What do I do when I lose my credit card?
If your card is lost or stolen or if the PIN is disclosed to a third person, please notify us immediately either by calling us on 1800 747 7000 (Singapore) or (65) 6747 7000 (If you are calling from abroad) or provide a written confirmation to the following address:
Standard Chartered Bank
Tampines Central Post Office
P.O. Box 165
What is my credit limit?
Your credit limit will be determined when you apply for your card.
If there are any changes in the Terms and Conditions for the use of the card, will I be informed of these changes? If so, when will I be informed of these changes?
If and when we make changes to our Terms and Conditions we will notify you in writing (or any other appropriate method) before the changes come into effect. You should review the changes thoroughly as they will be become binding on the date given in the notification.
If you decide to reject the changes, you should make arrangements to terminate your credit card account with us. Please review section 10 of our Credit Card Terms for instructions on how to cancel your account.
Please also note that if you retain or use your card, card account or PIN after we have notified you of the changes to our terms and conditions, we will assume that you have accepted and agreed to the changes.