Notifications and Updates
Change in KrisFlyer Miles Conversion Fee
From 1 May 2016, the conversion fee for KrisFlyer Miles redemption under the 360° Rewards Programme will be revised to $25 per redemption.
|Current charge||From 1 May 2016|
|Visa Infinite Credit Cards||$25 per redemption request||No change|
|All other Rewards Points-earning credit cards||$15 per redemption request||$25 per redemption request|
Click here for the latest Credit Card Terms.
Change In Minimum Payment Due
With effect from 29 November 2014, the minimum monthly repayment amount ("Minimum Payment Due" or "MPD") applicable for all Standard Chartered Bank (Singapore) Limited Credit Card accounts (including funds transfers) will be revised to:
- $50; or
- 1% of your principal plus interest, fees and charges,
whichever is higher, plus any amount in the account balance exceeding your credit limit ("overlimit amount"), and any past due amount.
Click here for full details.
Revision to Credit Card Terms and Tariff Sheet
With effect from 8 September 2014, the Overseas and Foreign Currency Transactions clause in our Credit Card Terms will be updated to provide more clarity on the fees applicable to foreign currency conversion, dynamic currency conversion and Singapore dollar transactions processed overseas.
Revised clauses are as follow.
Foreign Currency Transactions
- All foreign currency transactions (including overseas and online transactions) effected in US Dollars will be converted to Singapore Dollars on the date of conversion. All foreign currency transactions effected in a foreign currency other than US Dollars will be converted into US Dollars before being converted into Singapore Dollars (the "converted Singapore Dollars amount"). The exchange rate may differ from the rate in effect on the date of the transaction due to market fluctuations. Any rate imposed is final and conclusive and you bear all exchange risks, loss, commission, and other bank costs which may be incurred as a result. All conversions will be based on the prevailing wholesale interbank rates or the government-mandated rate, as shall be determined by the respective card associations, namely Visa Inc. ("Visa") or MasterCard International ("MasterCard").
- In addition, all foreign currency transactions (including overseas and online transactions) charged to Visa / MasterCard cards will be subject to: (i) a prevailing charge of 1% of the converted Singapore Dollar amount representing the charge imposed by Visa / MasterCard on the transaction; and (ii) a prevailing fee of 2.5% of the converted Singapore Dollars amount.
Dynamic Currency Conversion
- If your foreign currency transactions (including overseas and online transactions) are converted into Singapore Dollars via dynamic currency conversion, which is a service offered at selected overseas ATMs, websites or by certain merchants ("DCC"), you acknowledge and agree that the process of conversion and the exchange rate applied will be determined by the relevant DCC service provider and not by us.
- In addition, all foreign currency transactions (including overseas and online transactions) converted via DCC will be subject to a prevailing charge of 0.8% of the transaction amount representing the charge imposed by Visa / MasterCard on the transaction.
Singapore Dollar Transactions Processed Overseas
If you enter into Singapore Dollar transactions with: (i) a local merchant that routes its payment processing through an overseas intermediary; or (ii) a merchant that is registered by its acquiring bank (the "Acquirer") as having been acquired overseas, regardless of where the merchant is actually located, such transactions will be subject to a prevailing charge of 0.8% of the relevant transaction amount representing the charge imposed by Visa / MasterCard on the transaction.
In both these cases the transaction is treated as a foreign currency transaction and the process of conversion and the exchange rate applied will be determined by the relevant payment processing intermediary or the Acquirer and not by us.
Repayment grace period
Effective 29 July 2012, repayment grace period for credit card bills will be at least 22 days from billing / statement date.
Payments to billing organisations
Effective 18 March 2012, please note that payments made to IRAS via Online Banking using your credit card will cease to earn points and CashBack. Further, effective 21 April 2012, payments made to all billing organisations via Online Banking using your credit card will also cease to earn points and CashBack.
Effective 1 August 2010.
- Every SGD1 charged to your Standard Chartered Card earns you 1 point
- Every SGD1 charged to your Standard Chartered PruPrestige Visa Signature Card earns you 1.5 points
- Every SGD1 charged to your Standard Chartered Priority Banking Visa Infinite Card earns you 2.5 points
- To check your Rewards Points balance, simply refer to your monthly statement or call our 24-hour Phone Banking team on 1800 747 7000
Late Fee Charges
Tiered late charges if minimum payment is not received by the due date.
|Late payment charge||SGD60With effect from 1 November 2016, a late payment charge of S$80.|
Cash Advance Charges
Your cash advance fee per transaction is 6% on the Cash Advance, subject to a minimum fee of SGD15 plus Finance Charges at 0.077% per day on the amount withdrawn from the date the transaction until date of full payment. Effective Interest Rate: 28% (minimum).
If the current balance on your card account exceeds your credit limit, an over-the-limit fee of SGD40 will be charged to your card account.
Complimentary Buyer's Protection Insurance
The complimentary Buyer's Protection insurance on your credit cards will be discontinued.
This document is for your convenience and reference, and it does not replace the Standard Chartered Bank Cardmember's Agreement.
Summary of Charges
Lost/Stolen Card Liability
If you lose your card, please notify us immediately by calling our hotline 1800 788 3133. Please keep this number handy. Your liability may be limited to SGD100 if you comply with clause 7.2 of our Credit Card Terms.
Finance Charges for Purchases
Effective Interest Rate: 24.45% per annum (minimum)
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 of 0.067% on the outstanding balance from the statement date.
Interest is calculated from the date of the transaction to the date of payment.
Cash Advance Charges
Your cash advance fee per transaction is 6% on the cash, subject to a minimum fee of SGD15 plus finance charges of 0.077% per day on the amount withdrawn from the date of the transaction until the date of full payment.
Minimum Monthly Repayment
Standard Chartered Credit Card with no automatic flexible payments: Any overdue amounts plus SGD50 or 3% of the new balance, whichever is greater. Accounts that are over limit: 3% of the new balance plus the excess over the credit limit, plus any overdue amounts.
Interest-Free Credit Period
Free grace days (interest free credit period) are applicable to customers who choose to make full payment and are not applicable for partial payment of the minimum amount due.
Late Payment Charges
Tiered late charges if minimum payment is not received by the due date.
|Late payment charge||SGD60
With effect from 1 November 2016, a late payment charge of S$80.
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 is not received in full by the next Statement Date on any of your credit card and fund transfer account(s). If you have only missed one payment, it will be reinstated to the prevailing Effective Interest Rate once minimum payment is made in full. If however your account has been twice or more past due* on a consecutive basis, the Effective Interest Rate will revert to 24.455% once minimum payment is made in full. With effect from 1 November 2016, Effective Interest Rate will be 25.9% per annum (minimum).
*An account is considered past due if the minimum payment due is not 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.
Non-payment of monthly dues will translate into blocking of your account with Standard Chartered Bank and will 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.
Lost/stolen Card Liability
If you lose your card, please notify us immediately by calling our hotline 1800 788 3133. Please keep this number handy since you will be responsible for all transactions before the card is reported lost or stolen.
Credit Bureau Data
As required by law, we will share your credit data with Credit Bureau (Singapore) Pte Ltd or other regulators.
Important Information for Platinum Access
- Finance Charges
Effective interest rate for purchases under automatic flexible payment scheme: 9.32% p.a.. With effect from 1 November 2016, if we do not receive the instalment amount payment for your Credit Card Instalment Loan in full on or before the due date and a balance is carried forward from the relevant statement, finance charges will be calculated on a daily basis at the minimum EIR of 25.9% per annum.
- Administration Fees
A 6% administration fee will be levied on all approved Card Transaction under the Automatic Flexible Payment Scheme.
Terms and Conditions for Funds Transfer
A one-time non-refundable processing fee of 2.5% (for 6 months tenor) or 5% (for 12 months tenor) of the approved transfer amount will be levied upon the approval of the Fund Transfer application. The total Funds Transfer request amount is subject to a minimum of SGD1000, up to 95% of the total credit limit of the Principal Cardmember’s Standard Chartered Credit Card account. The bank reserves the right to decline any Funds Transfer application without providing any reason whatsoever.