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Change in Minimum Payment Due wef 25 Jun 2018

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.

FAQs

  • The revision of the Minimum Payment Due is aimed at helping you better manage the repayment of your outstanding balance which will now include your full approved monthly instalment amount. This is 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.

  • If you have any existing or new instalment plan(s) on your Credit Card accounts, the full approved monthly instalment amount will be included in the Minimum Payment Due every month. If you choose to pay only the Minimum Payment Due every month, part of each payment made will go towards paying down your principal and full approved monthly instalment amount, enabling you to settle your outstanding balance faster when you make regular and timely payments.

    If you do not make full payment of your Minimum Payment Due by the payment due date, a late payment charge will be applied.

    There is no change in the Minimum Payment Due for 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.

  • Your Minimum Payment Due will be indicated in your monthly statement.

    We encourage you to make full payment of any outstanding balance indicated in the statement, before the payment due date each month.

  • This revision will only increase the Minimum Payment Due for customers with instalment plan(s) on their Credit Card accounts (including funds transfers).

    There is no change in the Minimum Payment Due for 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.

  • 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.

  • The revised Minimum Payment Due will be reflected in credit card statements generated on and after 25 June 2018.

    There is no change in Minimum Payment Due for 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.

  • The Minimum Payment Due will remain the same to all accounts opened for the purpose of instalment repayments which will be the full monthly approved instalments under Credit Card Instalment Loan, Personal Loan, Debt Consolidation Plan and Automatic Flexible Payment Scheme on Platinum Access credit cards plus any overlimit amount and any past due amount.