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Change to Credit Card Interest Calculations – 07 December 2020

With effect from 7th December 2020 (inclusive of this date), the following revisions will be made to Standard Chartered Credit Cards accounts (excluding Credit Card Funds Transfer accounts):

Types of charges Before 7 Dec 2020 After 7 Dec 2020 (Inclusive)
Finance charges for purchases Effective interest rate (“EIR”) of 26.9% p.a. is calculated on a daily basis on the total outstanding principal amount and any outstanding fees (e.g. late fee, annual fee) if full payment is not received by the due date. Effective interest rate (“EIR”) of 26.9% p.a. is calculated on a daily basis on the total outstanding balance, including any outstanding fees (e.g. late fee, annual fee) and charges (including finance charges) if full payment is not received by the due date.
Late payment charges The EIR applicable on your credit card(s) will be adjusted from 26.9% p.a. to 29.9% p.a. in the following month’s statement if minimum payment on any of your credit card or Credit Card Funds Transfer account(s) is not received by the due date. The EIR applicable on your credit card(s) will remain at 26.9% p.a. in the following month’s statement even if minimum payment on any of your credit card(s) or Credit Card Funds Transfer account(s) is not received by the due date.

 

For the avoidance of doubt, a late payment charge of S$80 will continue to be charged if minimum payment due is not received by the due date for your credit card(s) (including Credit Card Funds Transfer accounts).

Things to note:
1. A late payment charge of S$80 will still be charged if minimum payment due is not received by the due date.

2. Finance charges is charged until the date the balance owing is paid in full.

3. There is no change to the following: Standard Chartered Credit Card Funds Transfer, CashOne / Credit Card Instalment Loan / Dash Advance Personal Loan / ezyCash / Debt Consolidation Facility.

4. Interest or charges from any EasyPay programme will not subjected to finance charges.