Card Refund Automation Frequently Asked Questions (FAQs) – For Standard Chartered Bank (Singapore) Limited, Retail Banking Use Only

From 24 March 2019, Standard Chartered Bank (Singapore) Limited (“SC”) will automatically refund clients with net credit balance of  United States Dollar (“USD”) 50,000 and above aggregated across all SC credit cards as well as CashOne, Credit Card Funds transfer and Credit Card Instalment Loan (“Impacted Accounts”). SC will transfer the net credit balance amount to your SC Current/Cheque/Savings Account(s) (“CASA”). If you do not have a banking account with us, a cashier’s order will be issued.

Please refer to the FAQs below for more details:

1. What is the amount that will trigger an automatic refund of credit balance from my credit card(s)?

A net credit balance of USD 50,000 and above will trigger an automatic refund of credit balance to you.

Net credit balance includes all billed and unbilled payments¹, refunds from merchandise return, retail transactions, cash advance, fees, charges, and interest that have been posted. The FX rate used to determine if the USD 50,000 threshold is crossed will be determined at the bank’s discretion. Disputed charges that result in credit transactions will not be considered in the computation of net credit balance.

¹Payment includes payment to your Impacted Accounts through SC Online Banking or Mobile Banking from SC CASA, via FAST from other Bank’s CASA, via Credit Card payment at SC ATM, Cash Deposit Machine or AXS machine, and payment at any SC branches.

2. How does it affect me as a holder of a SC Credit Card?

You will not be able to maintain a net credit balance of USD50,000 and above aggregated across your Impacted Accounts.

Please note that you do not earn any interest on any net credit balance in your Impacted Accounts with us.

3. 1. 1. If my net credit balance for all credit cards held with SC is USD60,000, will you refund me USD10,000 or the entire amount of USD60,000? E.g. Card A has USD 100,000 credit balance and card B has USD 40,000 debit balance.What is the amount to be refunded to me in the following scenarios?We will refund you the full amount. For the purposes of the above scenario, we will therefore refund you USD60,000 (USD100,000 – USD 40,000).
      2. If I have an Impacted Account with net credit balance of USD60,000 and another Impacted Account with monthly repayment equivalent to USD 10,000 debit balance, will you trigger a refund?  Yes, for the purposes of the above scenario, we will refund you USD50,000 (USD 60,000 – USD 10,000). SC will refund the net credit balance from any of your Impacted Accounts that are in credit balance. Impacted Accounts in debit balance will not be affected. Please make the necessary payments to avoid late charges and finance charges where applicable.
      3. If I have two credit cards that have a combined net credit balance of USD50,000.For the purposes of the above scenario, we will refund you USD50,000.
      4. If I have an Impacted Account with net credit balance of USD50,000 and another Impacted Account with debit balance of USD5,000, will you trigger a refund?We will not trigger the refund for now.

4. In what currency will you refund me?

We will refund you in Singapore Dollar.

5. How will the refund be made?

If you have an existing SC CASA held solely in your name, we will refund the amount to one of these accounts. If not, we will issue you a cashier’s order which you can deposit into your preferred account maintained with other banks. This cashier’s order will be made payable to your name and mailed to your mailing address as per our records.

We will notify you of the refund via SMS to your mobile number and a physical letter to your mailing address as per our records.

6. Will I be charged for the cashier’s order?

No, you will not be charged for the cashier’s order.

For more information on Client Tax, please refer to our Bank’s website.