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Changes in Interest Calculations, Interest Rate and Late Payment Charge – Effective 1 November 2016

Changes in Interest Calculations, Interest Rate and Late Payment Charge

With effect from 1 November 2016 (except as specifically set out below), the following will be applicable to all your Standard Chartered Credit Card, Personal Loan (CashOne, ezyCash, Credit Card Instalment Loan, Dash Advance) and Credit Card Funds Transfer accounts:

    1. The following finance charges will be revised from 24.455% p.a. to 25.9% p.a.:
      1. Finance charges for purchases1:
        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%. The current calculation methodology remains unchanged for the time being; it remains based on the outstanding balance from thestatement date for all transactions.Please be informed that the change in calculation methodology whereby the finance charge is calculated from the respective transaction datesfor all transactions instead will be implemented on 16 January 2017 (and not 1 November 2016 as communicated earlier).
      1. Finance charge for late payment in relation to Personal Loan accounts:
        If we do not receive the instalment amount payment 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 Effective Interest Rate of 25.9% p.a. (0.071% per day).
      1. Prevailing interest rate for Credit Card Funds Transfer accounts, unless you are enjoying a promotional interest rate.
    1. Late payment charge will be revised to S$80 from S$60 if minimum payment 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. (unchanged) if the minimum payment is not received in full by the due date on any of your credit card or Funds 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 only revert to the revised rate of 25.9% p.a. (previously, 24.455% p.a., as mentioned in paragraph 1) once the sum of the minimum payment for the relevant consecutive months where your account was past due is made in full.
      In particular, please also note that the following changes will be implemented from 16 January 2017, instead of 1 November 2016 as previously communicated:
    1. If the statement balance (reflected as New Balance in your statement) is not paid in full by the payment due date, finance charges of 25.9% p.a. will be applicable as set out in the afore-mentioned paragraph (1) 2.
    1. Interest will be calculated on a daily basis from the date of transaction to the date the payment is received

Please note that our prevailing Credit Card Terms, Credit Card Tariff Sheet (a copy of which is found in the Credit Card Terms) and CashOne / ezyCash / Dash Advance Product Terms will be amended accordingly and will take effect from 1 November 2016.

1Not applicable if:

  1. you are enjoying promotional interest rate on your account;
  2. the interest rate on your account was revised to 28% p.a. in the event that minimum payment was not received by due date; and/or
  3. you have cash withdrawal transactions that are charged interest at 28% p.a.

2Applicable to all credit card accounts except corporate credit cards.


Q. Why are you revising the finance charges?
We constantly review our existing practices to ensure that they are in line with industry standards.
Q. How does the change in interest calculation / interest rate and late payment charges affect me?
If you make full payment of your statement balance by the payment due date, this revision will not affect you.

However, please note that:

    1. If you choose to make partial payment, you will be charged interest at the revised rates with effect from 1 November 2016. Additionally, with effect from 16 January 2017, interest will be calculated on a daily basis from the date of the transaction until the date the full payment is received.
    1. If you do not make minimum payment by payment due date, in addition to the interest charges at the revised rate, you will also incur the revised late payment charges.
Q. Does this apply to CashOne, ezyCash, Credit Card Instalment Loan, Dash Advance and Credit Card Funds Transfer?
Yes. The changes apply to these products.
Q. I am currently enjoying a promotional interest rate on my credit card accounts. Will my effective interest rate be impacted?
You can continue to enjoy the promotional interest rate as long as you are making prompt payment of the amount due on your credit card accounts.