Change in Minimum Payment Due wef 29 Nov 2014

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Change in Minimum Payment Due wef 29 Nov 2014

Change in Minimum Payment Due

With effect from 29 November 2014, the minimum monthly repayment amount (“Minimum Payment Due” or “MPD”) applicable to all your Standard Chartered Bank (Singapore) Limited Credit Card accounts¹ (including funds transfers) will be revised to:

$50; or
1% of your principal² plus interest, fees and charges³,

whichever is higher, plus any amount in the account balance exceeding your credit limit (“overlimit amount”), and any past due amount.

With this revision, if you pay the MPD on a monthly basis, part of each payment made will go towards paying down your principal, enabling you to better manage the repayment and settle your outstanding balance faster.

Please note that our prevailing Credit Card Terms are amended accordingly and effective from 29 November 2014.

¹ Applicable to all credit card accounts except CashOne, ezyCash, Credit Card Instalment Loan and Platinum Access with the Automatic Payment Scheme.

² Principal includes your monthly purchases and any annual membership fee when it is due.

³ Please refer to the Credit Card Tariff Sheet, a copy of which is found in the Credit Card Terms.

Scenarios to help you understand MPD better

The scenarios below are for illustration purposes only and may differ depending on the individual’s account.

New balance refers to the total amount due that month, including the principal, interest, fees and other charges.

Scenario 1: Full payment made every month If you have a new balance of $10,000, with no previous outstanding balance or fees ($10,000 principal) Your Minimum Payment Due:
Prior to 29 November 2014:	After to 29 November 2014:
3% x new balance: 3% x $10,000 = $300	1% x principal: 1% x $10,000 = $100
In this scenario, your revised MPD is lower.

Scenario 1: Full payment made every month

If you have a new balance of $10,000, with no previous outstanding balance or fees ($10,000 principal)

Your Minimum Payment Due:

Prior to 29 November 2014:

After to 29 November 2014:

3% x new balance:
3% x $10,000 = $300

1% x principal:
1% x $10,000 = $100

In this scenario, your revised MPD is lower.

Scenario 2: Partial payment made every month If your new balance of $10,200 comprises: $10,000 principal + $200 interest Your Minimum Payment Due:
Prior to 29 November 2014:	After to 29 November 2014:
(3% x new balance) (3% x $10,200) = $306	(1% x principal) + interest, fees and other charges: (1% x $10,000) + $200 = $300
In this scenario, your revised MPD is lower.

Scenario 2: Partial payment made every month

If your new balance of $10,200 comprises: $10,000 principal + $200 interest

Your Minimum Payment Due:

Prior to 29 November 2014:

After to 29 November 2014:

(3% x new balance)
(3% x $10,200) = $306

(1% x principal) + interest, fees and other charges:
(1% x $10,000) + $200 = $300

In this scenario, your revised MPD is lower.

Scenario 3: Partial payment made every month, with credit limit exceeded You have exceeded your credit limit of $10,100 by $100. If your new balance of $10,200 comprises: $10,000 principal + $200 interest Your Minimum Payment Due:
Prior to 29 November 2014:	After to 29 November 2014:
(3% x new balance) + overlimit amount: (3% x $10,200) + $100 = $406	(1% x principal) + interest, fees and other charges + overlimit amount: (1% x $10,000) + $200 + $100 = $400
In this scenario, your revised MPD is lower.

Scenario 3: Partial payment made every month, with credit limit exceeded

You have exceeded your credit limit of $10,100 by $100.

If your new balance of $10,200 comprises: $10,000 principal + $200 interest

Your Minimum Payment Due:

Prior to 29 November 2014:

After to 29 November 2014:

(3% x new balance) + overlimit amount:
(3% x $10,200) + $100 = $406

(1% x principal) + interest, fees and other charges + overlimit amount:
(1% x $10,000) + $200 + $100 = $400

In this scenario, your revised MPD is lower.

Scenario 4: Payment was late in the last month You did not make the minimum payment last month. The past due amount from last month is $250. If your current month new balance of $10,280 comprises: $10,000 principal + $200 interest + $80 late payment charge Your Minimum Payment Due:
Prior to 29 November 2014:	After to 29 November 2014:
(3% x new balance) + past due amount: (3% x $10,260) + $250 = $557.80	(1% x principal) + interest, fees and other charges + past due amount: (1% x $10,000) + $200 + 80 + $250= $630
In this scenario, your revised MPD is higher.

Scenario 4: Payment was late in the last month

You did not make the minimum payment last month. The past due amount from last month is $250.

If your current month new balance of $10,280 comprises: $10,000 principal + $200 interest + $80 late payment charge

Your Minimum Payment Due:

Prior to 29 November 2014:

After to 29 November 2014:

(3% x new balance) + past due amount:
(3% x $10,260) + $250 = $557.80

(1% x principal) + interest, fees and other charges + past due amount:
(1% x $10,000) + $200 + 80 + $250= $630

In this scenario, your revised MPD is higher.

Frequently Asked Questions
Why are you revising the Minimum Payment Due?	We constantly review our existing practices to ensure that they are in line with the best industry standards. The revision of the Minimum Payment Due is aimed at helping you better manage the repayment of your outstanding balance, so that you are able to settle your balance faster even if you choose to pay only the Minimum Payment Due on a monthly basis.
How does the revision in the Minimum Payment Due affect me?	If you make full payment of your outstanding balance every month by the payment due date, this revision will not affect you. If you choose to pay only the Minimum Payment Due every month, part of each payment made will go towards paying down your principal, enabling you to settle your outstanding balance faster provided you make regular and timely payments.
How would I know what my Minimum Payment Due for this month is?	Your Minimum Payment Due will be indicated in your monthly statement as usual. We encourage you to make full payment of any outstanding balance indicated in the statement, before the payment due date each month.
Will this revision of Minimum Payment Due increase the minimum payment I am required to make each month?	This revision will reduce the Minimum Payment Due for most customers. However, in certain cases, this revision may result in an increase in the Minimum Payment Due.
Is the Minimum Payment Due all that I have to pay each month?	We offer you the flexibility to manage your finances. You can choose to make full or partial payment of amounts outstanding, or pay the Minimum Payment Due. Please note that if you choose not to pay the amount in full, you will continue to incur interest and fees.
When will the revised Minimum Payment Due be reflected in my monthly statements?	The revised Minimum Payment Due will be reflected in credit card statements generated on and after 29 November 2014.
Will the revised Minimum Payment Due also apply to my account(s) that are on an instalment repayment arrangement?	This depends on the type of your account. Please note that this revision is not applicable to any accounts opened for the purpose of an instalment repayment arrangement and where the periodic repayment amount has been pre-determined at the time of creation of your account.

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Change in Minimum Payment Due wef 29 Nov 2014

Change in Minimum Payment Due

Scenarios to help you understand MPD better