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Important Changes to Credit Card Terms and Bonus$aver Product Terms

What’s New?

We are making changes to:

  • the Credit Card Terms to clarify that cashback and 360° Rewards Points (as the case may be) will not be awarded and earned respectively for transactions charged to all credit cards issued by us i.e. Standard Chartered Bank (Singapore) Limited, that are made pursuant to our 0% interest instalment plan (“IPP”), payments made to all billing organisations using the mobile app (as defined in our Customer Terms), transactions classified under specific merchant category codes as listed below, top-ups or payments of funds to certain prepaid cards and prepaid accounts as listed below, and to clarify the meaning of “recurring payments”; and
  • the Bonus$aver Product Terms to clarify that IPP charged to Bonus$aver credit card will be excluded in the computation of card spend for the purposes of determining the bonus interest on your Bonus$aver account.

These changes will take effect on 2 May 2020 (inclusive).

Further details are set out below.

  1. Bonus$aver Product Terms

For the purposes of computing your card spend in order to determine the amount of bonus interest you are entitled to receive on the average daily balance in your Bonus$aver account for a calendar month, we will not take the following type of transaction into consideration:

recurring payments (being automatic payments where a principal cardholder or supplementary cardholder of the Bonus$aver World Mastercard credit card has given a one-time authorisation or instruction for the merchant to charge the payment directly to a Bonus$aver World Mastercard credit card at a fixed interval) made pursuant to Standard Chartered Bank (Singapore) Limited’s 0% Interest Instalment Plan

For more information, please refer to the new Clause 2.1.4.1(xiv) which has been added to the Bonus$aver Product Terms.

  1. Credit Card Terms

A summary of the changes to the Credit Card Terms is set out below:

  • we will be removing the following clauses from the Credit Card Terms: Part D – 14.3.3.(j), Part H -61.10, Part I – 76.10, Part J5 – 6.7, Part L – 122.10, Part M – 139.10, Part N – 159.10, Part O – 193.j and Part P1 – 242.k.
  • We will be removing the following accounts from the list of accounts found at clauses Part D – 14.3.3.(n), Part H – 61.12, Part I – 76.12, Part J1 – 6.12, Part J5 – 6.15, Part K1 – 6.12, Part L – 122.12, Part M – 139.12, Part N – 159.12, Part O – 193.k and Part P1 – 242.n of the Credit Card Terms:
    • MB * MONEYBOOKERS.COM
    • OANDAASIAPA
    • OANDA ASIA PAC
    • PAYPAL * OANDAASIAPA
    • Saxo Cap Mkts Pte Ltd
    • SKR*SKRILL.COM
    • IGMARKETS.COM.SG

Consequently, Clauses Part D – 14.3.3.(n).2, Part H – 61.12.2, Part I – 76.12.2, Part J1 – 6.13.2, Part J5 – 6.15.2, Part K1 – 6.13.2, Part L – 122.12.2, Part M – 139.12.2, Part N – 159.12.2, Part O – 193.k.2 and Part P1 – 242.n.2 of the Credit Card Terms will be amended to the following:

any top-ups or payment of funds to the following accounts or any other accounts as we may specify from time to time:

• EZ LINK PTE LTD
• EZ LINK PTE LTD (FEVO)
• EZ-LINK PTE LTD SINGAPORE
• EZ-LINK TOP-UP KIOSK
• EZ-LINK (IMAGINE CARD)
• EZLINK*
• EZ LINK
• EZLINKS.COM”
• TRANSITLINK*
• TRANSIT LINK PL
• PAYPAL * BIZCONSULTA
• PAYPAL * CAPITALROYA
• FLASHPAY ATU
• TRANSIT LINK*
• TRANSIT

  • The following will be added to the Credit Card Terms as a new Clause Part D – 14.3.3.(n).1, Part H – 61.12.1, Part I – 76.12.1, Part J1 – 6.13.1, Part J5 – 6.15.1, Part K1 – 6.13.1, Part L -122.12.1, Part M – 139.12.1, Part N – 159.12.1, Part O – 193.k.1 and Part P1 – 242.n.1:

any transaction classified under either of the following Merchant Category Codes:

  • Financial Institutions – Merchandise, Services, and Debt Repayment (6012); or
  • Non-Financial Institutions – Stored Value Card Purchase/Load (6540); and

 

  • We will be removing the exception of EZ-Reload charged to your Standard Chartered Visa Infinite Credit Card, Standard Chartered Priority Banking Visa Infinite Credit Card, MANHATTAN S$500 Credit Card, MANHATTAN Credit Card and Standard Chartered Visa Infinite X Card as found at Clauses Part J1 – 6.13, Part K1 – 6.13, Part L – 122.12,  Part M – 139.12 and Part P1 – 242.n of the Credit Card Terms respectively.
  • The following will be added to the Credit Card Terms as a new Clause Part D – 14.3.3.(o), Part H – 61.13, Part I – 76.13, Part J1 – 6.14, Part J5 – 6.16, Part K1 – 6.14, Part L -122.13, Part M – 139.13, Part N – 159.13, Part O – 193.l and Part P1 – 242.o:

any transaction classified under one or more of the following Merchant Category Codes:

  • 6211 (Security Brokers/Dealers)
  • 4829 (Money Transfer) and 6513 (Real Estate Agents and Managers)
  • 8211 (Elementary and Secondary Schools)
  • 8220 (Colleges, Universities, Professional Schools, and Junior Colleges)
  • 8241 (Correspondence Schools), 8244 (Business and Secretarial Schools)
  • 8249 (Vocational and Trade Schools) and 8299 (Schools and Educational Services (Not Elsewhere Classified))
  • 9211 (Court Costs, Including Alimony and Child Support)
  • 9222 (Fines), 9223 (Bail and Bond Payments)
  • 9311 (Tax Payments)
  • 9399 (Government Services (Not Elsewhere Classified))
  • 9402 (Postal Services – Government Only) and 9405 (U.S. Federal Government Agencies or Departments); and
  • We will be clarifying the meaning of the term “recurring payments”, as mentioned at Clauses Part D – 3.3 (f), Part H – 61.6, Part J1 – 6.7, Part J5 – 6.7, Part K1 – 6.7, Part L – 122.6, Part M – 139.6, Part N – 159.6, Part O – 193.f, Part P1 – 242.g. This term will refer to automatic payments where you, the principal or supplementary cardholder of a credit card issued by us, have given a one-time authorisation or instruction for the merchant to charge the payment directly to your credit card issued by us at a fixed interval, such as transactions made pursuant to our 0% Interest Instalment Plan.

In addition, no Cashback will be awarded or 360° Rewards Points earned (as the case may be), for payments made to all billing organisations using the mobile app (as defined in our Customer Terms). Clauses Part D – 14.3.3 (f), Part H – 61.6, Part J1 – 6.7, Part J5 – 6.7, Part K1 – 6.7, Part L – 122.6, Part M – 139.6, Part N – 159.6, Part O – 193.f and Part P1 – 242.g will be amended to reflect these changes.

For more information, please refer to the:

(i)  new clauses which have been added to the Credit Card Terms, namely: Part D – 14.3.3 (o), Part H – 61.13, Part J1 – 6.14, Part J5 – 6.16, Part K1 – 6.14, Part L – 122.13, Part M – 139.13, Part N – 159.13, Part O -193.l, and Part P1 – 242.o; and

(ii)  amended clauses in the Credit Card Terms, namely: Part D – 14.3.3 (f), Part D – 14.3.3 (n), Part H – 61.6, Part H – 61.12, Part J1 – 6.7, Part J1 – 6.13, Part J5 – 6.7, Part J5 – 6.15, Part K1 – 6.7, Part K1 – 6.13, Part L – 122.6, Part L – 122.12, Part M – 139.6, Part M – 139.12, Part N – 159.6, Part N – 159.12, Part O – 193.f, Part O – 193.k, Part P1 – 242.g and Part P1 – 242.n.

The updated Credit Card Terms and Bonus$aver Product Terms will take effect on 2nd May 2020 (inclusive).

As we think it is important that you understand your rights and obligations under the banking agreement. From 2ⁿᵈ May 2020, we urge you to read the updated Credit Card Terms and Bonus$aver Product terms in full here.

Alternatively, you can visit any of our branches, or you may call our 24-hour Client Contact Centre at +65 747 7000 to request a hard copy.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.