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Change in Minimum Payment Due

With effect from 25 June 2018, 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 include the full approved monthly instalments under EasyPay Programme and 0% Interest Instalment Plan. With this change, the Minimum Payment Due will be:

i) the greater of either S$50 or 1% of your principalplus interest, fees and charges3;

plus:

ii) any overlimit amount and any past due amount; and

iii) the full approved monthly instalments under EasyPay Programme and 0% Interest Instalment Plan.

With this revision, if you pay the MPD on a monthly basis, part of each payment made will go towards paying for your principal and full approved monthly instalment amount, 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 are effective from 25 June 2018.

1 Applicable to all credit card accounts (including funds transfers) except accounts opened for the purpose of instalments repayments under Credit Card Instalment Loan, Personal Loan, Debt Consolidation Plan and Automatic Payment Scheme on Platinum Access credit cards.

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

3 Please refer to the section titled “Credit Cards” in the pricing guide.

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, full approved monthly instalments and other charges.

Scenario 1: Client with no monthly instalment and makes full payment every month
If your new balance is $10,000 with no previous outstanding balance or fees. Principal = $10,000
Your Minimum Payment Due:
Prior to 25 June 2018: From 25 June 2018:
1% x principal:

1% x $10,000 = $100

1% x (principal – monthly instalment)

1% x ($10,000 – $0) + $0 = $100

In this scenario, your MPD remains the same.

 

Scenario 2: Client with monthly instalment and makes full payment every month
If your new balance is $10,000 includes a $200 monthly instalment and no interest and/or fees. Principal = $10,000
Your Minimum Payment Due:
Prior to 25 June 2018: From 25 June 2018:
1% x principal:

1% x $10,000 = $100

1% x (principal – monthly instalment) + monthly instalment:

1% x ($10,000 – $200) + $200 = $298

In this scenario, your revised MPD is higher.
Scenario 3: Client with monthly instalment and makes partial payment every month
If your new balance is $10,300 includes a $200 monthly instalment and $300 interest. Principal = $10,000
Your Minimum Payment Due:
Prior to 25 June 2018: From 25 June 2018:
1% x principal + interest, fees and other charges:

1% x $10,000 + $300 = $400

1% x (principal – monthly instalment) + interest, fees, and other charges + monthly instalment:

1% x ($10,000 – $200) + $300 + $200 = $598

In this scenario, your revised MPD is higher.
Scenario 4: Client with monthly instalment and makes partial payment every month, with credit limit exceeded.
If you have exceeded your credit limit of $10,000 by $100, and your new balance of $10,400 includes a $200 monthly instalment and $300 interest. Principal = $10,000
Your Minimum Payment Due:
Prior to 25 June 2018: From 25 June 2018:
1% x principal + interest, fees and other charges + overlimit amount:

1% x $10,000 + $300 + $100 = $500

 

1% x (principal – monthly instalment) + interest, fees, and other charges + overlimit amount + monthly instalment:

1% x ($10,000 – $200) + $300 + $100 + $200 = $698

In this scenario, your revised MPD is higher.
Scenario 5: Client with monthly instalment and payment was late in the last month.
If you did not make the minimum payment last month and the past due amount from last month is $250, and
your current month new balance of $10,380 includes a $200 monthly instalment, $300 interest and a $80 late payment charge. Principal = $10,000
Your Minimum Payment Due:
Prior to 25 June 2018: From 25 June 2018:
1% x principal + interest, fees and other charges + past due amount:

1% x $10,000 + $300 + $80 + $250= $730

1% x (principal – monthly instalment) + interest, fees, and other charges + past due amount + monthly instalment:

1% x ($10,000 – $200) + $300 + $80 + $250 + $200 = $928

In this scenario, your revised MPD is higher.

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