As Singaporeans living in a Smart Nation with heads lowered to our smartphones, our every move followed by security cameras getting smarter by the day, the new Standard Chartered Chip Credit Card appears to be relevant to our lives.
So what makes this card so smart? Does it have bluetooth? Can it measure your body temperature?
No, but it does give you a generous 6% cash back on some of the more mundane transactions like your daily MRT ride or breakfast at Toast Box.
Let’s see if it’s as good as it sounds.
Standard Approved Chip Credit Card Terms and Conditions
|Standard approved chip credit card|
|Annual fees and exemption||–|
|Additional annual fee||–|
|Annual interest rate||23.9%, 26.9% or 29.9% depending on the assessment of your credit profile by the bank|
|Late payment fees||$ 100|
|Minimum monthly repayment||One percent or $ 50, whichever is greater|
|Foreign currency transaction fees||3.5 percent|
|Cash Advance Transaction Fee||–|
|Over limit fees||40 $|
|Minimum income||$ 30,000|
|Wireless payment||Contactless Visa, Apple Pay, Samsung Pay, Good Pay|
How does the Standard Chartered Chip Credit Card work?
The card primarily serves as a vehicle for Standard Chartered’s EasyPay installment plans. EasyPay allows you to split a single transaction into a three, six or 12 month installment plan.
With the Smart Credit Card, you benefit from three months of interest-free monthly payments. All service charges are refunded to you via cash back, making the plan completely free as long as you pay it back in full and on time.
So if you make a purchase of $ 1,500 and decide to pay it off in three interest-free installments, you’ll pay $ 500 per month over three months.
Another thing to note about the card is that the interest rate is variable. Twice a year, the bank will assess your credit rating and assign you an interest rate (23.9%, 26.9%, or 29.9%) based on that.
As someone who uses credit cards only for the purpose of perks like cashback, none of the above seems relevant or exciting at all. So let’s take a look at the real reasons why this card might be worth your time.
If you are a seasoned credit card hunter, you may have already noticed in the table above that the Standard Chartered Smart Credit Card does not charge an annual fee or cash advance transaction fee.
At the very least, it saves you having to call the bank every year to request an annual fee waiver.
But of course the real reason you’re still reading this is that you want to know more about the six percent cashback, right? More on that below.
Six percent cashback on Netflix and Spotify, but only for a month …
The card promises 6% cash back when you spend certain types of daily expenses, with no minimum requirement each month.
This makes it one of the only credit cards to offer such a generous cash back rate with no minimum spend required!
However, the six percent discount is only valid within the first 30 days of card approval.
The six percent reimbursement rate is distributed when you spend on the following in Singapore:
- Burger King
- Toast Ya Kun Kaya
- Toast box
- Fun toast
- Bus and MRT journeys via SimplyGo
- Disney +
Granted, most of us don’t eat at McDonald’s and Burger King every day (at least I hope not), but those who commute daily by public transport finally have a way to collect some of those. rates… but only for a month.
How does Standard Chartered smart card cashback work?
In fact, getting your hands on that month of cashback adds administrative problems to your life, as the cashback isn’t just credited to your next statement.
No, Standard Chartered makes life difficult for you by offering them to you in the form of 360 ° Rewards Points, which you can also use to redeem gifts in their rewards catalog.
If you don’t fancy dining vouchers or hotel stays and just want to redeem your points for the cashback you were promised, the $ 10 cashback will cost you 3,200 reward points.
Your first batch of Standard Chartered reward points are only valid for three years from the day your Smart Credit Card account is opened. You should therefore be very careful to redeem all of your reward points for cashback before they expire.
Also note that there is a cap on the number of bonus points you can earn each month, which equates to approximately $ 818 in spending. Although, to be fair, you would have to eat an obscene amount of McDonald’s meals to exceed that limit.
Who is the Standard Chartered smart card for?
As the Smart Chartered Standard credit card gives you a good cash back rate on certain expenses for a month, you may want to sign up for this promotion only. Plus, you can get six months of Disney + membership for free.
However, you will have to live with the administrative hassle of redeeming your reward points for cashback.
Since there is no annual fee, there is no harm in requesting the card and keeping it deep in your wallet as a backup.
If you regularly use installment plans, this can also serve as an alternative to Buy Now and Pay Later, although you should know that only three months of installments are free.
Alternatives to the Standard Chartered smart card
The chip card isn’t the only zero percent installment credit card. Here are more to discover.
OCBC Cashflo Card – zero rate automatic payments over three or six months. Also gives you 1% cash back on your spending if you spend more than $ 1,000 in a month.
Everyday POSB Card – As part of POSB’s Preferred Payment Plan, you can get zero percent interest-free payments for three or six months.
The card also offers cash backs on a number of things, including 10 percent on foodpanda, Deliveroo and WhyQ, eight percent at Redmart, up to eight percent at Amazon, Lazada and more, five percent at ShengSiong. and three percent. cent on meals, electricity and telecommunications bills, Watsons and Pet Lovers Center.
Standard Chartered Spree Card – Like the chip card, this card also gives you access to Easy Pay, with transactions over $ 200 split into interest-free installments of six or 12 months. You will, however, have to pay a service charge.
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READ ALSO: American Express Platinum 2022 Card Review: Should You Pay The $ 321 Annual Fee For This Card?
This article first appeared in MoneySmart.