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    Standard Chartered Platinum MasterCard Credit Card Review

    Standard Chartered offers this Platinum Credit Card in two variants – Visa and MasterCard. On the Standard Chartered Platinum MasterCard Credit Card, customers will earn Rewards Points under the 360o Rewards programme as well as enjoy platinum privileges.

    Cardholders will earn 1 point per S$1 spent on the card on eligible transactions. If the customer also signs up for a Personal Banking Suite which consists of a current account, they will earn up to 2x rewards points.

    The platinum privileges and The Good Life privileges on the card offer customers a host of benefits on travel, shopping, dining and lifestyle in Singapore and overseas. Customers can also make use of the instalment payment plans on the card to convert large purchases into 0% instalments for up to 36 months.

    The card offers exclusive promotions from Caltex and Uber for additional savings. On applying for this credit card, customers will enjoy annual fee waiver for 3 years.

    Standard Chartered Platinum MasterCard Credit Card

    The Platinum MasterCard Credit Card offered by Standard Chartered comes with a spate of impressive features and benefits. Being a MasterCard credit card, the card comes with additional benefits including golfing privileges, discounts at top restaurants, hotels and retail merchants. Let’s take a look at some popular features, benefits and other aspects associated with the credit card.

    Features of the Standard Chartered Platinum MasterCard Credit Card

    • The card comes with the 360o Rewards programme that allows customers to earn 1 reward point for every S$1 they spend using their credit card.
    • By extending relationships with the bank by way of opening a current account, 2x Rewards Points can be earned under the 360o Rewards programme.
    • All retail purchases made using the card (above S$500) can be converted into monthly repayments under the EasyPay option available to customers. Under this provision, purchases can be converted into 6-month and 12-month repayments respectively.
    • All recurring monthly bills including internet and utility bills can be charged to the Platinum MasterCard Credit Card under the Recurring Payment Plan.
    • The annual fee for the credit card is waived for the first three years.

    Benefits of the Standard Chartered Platinum MasterCard Credit Card

    • The card can be used to make cash withdrawals from ATMs. This is applicable to both local as well as overseas ATMs. Cash withdrawals will attract cash advance fees and interest charges.
    • Under the “Live the Good Life” provision, customers can enjoy exclusive privileges including dining and shopping privileges at more than 3,000 participating merchants across the Asian continent.
    • The card’s 0% interest instalment plan enables customers to convert their purchases into easy monthly repayments at no additional interest charges.
    • The card allows customers to perform fund transfers from their credit card account at 0% interest.
    • Customers can just wave their credit card to make contactless payments at MasterCard PayPass enabled merchant terminals.
    • Credit Card monthly bill payments can be made in a seamless manner through the mobile application or internet banking.

    Standard Chartered Platinum MasterCard Credit Card Promotions

    • Caltex Promotion: Spending above S$600 in a given calendar month using the credit card will earn customers savings of 19.78% at Caltex stations across Singapore. Spends below S$600 will earn them 16% savings. The promotional offer is valid till 31 December 2017.
    • Uber Promotion: Customers will enjoy 20% cashback up to S$50 per month on spending a minimum amount of S$900 on a monthly basis on their Standard Chartered credit card. Cashback is applicable in Singapore and overseas. This promotion is valid up to 30 September 2018.
    • Hotels.com: Customers will enjoy 10% discount when they spend at least S$350 on Hotels.com when using the promo code, “SCBSG10”. The booking period is valid up to 28 February 2018 and the stay period is valid up to 31 May 2018.

    Joining benefits/perks on the Standard Chartered Platinum MasterCard Credit Card

    New customers of Standard Chartered who apply for this credit card will earn up to S$138 cashback in the following manner:

    • Applicants have to submit their credit card application online to earn S$138 cashback.
    • Applicants who submit their application through other channels will receive cashback of S$100.

    This joining benefit is applicable until 31 December 2017.

    Standard Chartered Platinum MasterCard Credit Card Rewards Programm

    • The Standard Chartered Platinum MasterCard Credit Card comes with the 360o Rewards programme, under which, for every S$1 spent using the credit card, 1 reward point can be earned.
    • Additional (2x) Rewards Points can be earned upon opening a current account with Standard Chartered.
    • Rewards points can be converted or redeemed for some exclusive benefits in the realm of retail shopping, travel and dining.
    • Signing up for the Personal Banking Suite will earn a customer up to 300 additional Rewards Points on their existing banking relationship in the form of investments, loans, mortgages, deposits and online transactions. This will hold applicable if a minimum of S$250 is charged to the card in a given calendar month.

    Instalment Payment Plans on the Standard Chartered Platinum MasterCard Credit Card

    The card offers two instalment payment plans – the 0% Instalment Plan and EasyPay.

    0% Instalment Plan

    • Customers can enjoy 0% interest on purchases they make using their card.
    • Under this plan, tenures of up to 36 months are available.
    • The plan can be activated at the merchant source while purchasing the product or service.

    EasyPay

    • Retail transactions of S$500 and above can be converted to 6-month or 12-month repayment options.
    • A one-time service fee of 5% will be charged.

    Standard Chartered Platinum MasterCard Credit Card Fees and Charges

    Type of fee Amount payable
    Annual fee S$192.60 (fee is waived for the first three years)
    Interest rate 25.9% p.a.
    Late payment charges S$80
    Cash advance fee 6% of the withdrawn amount, subject to a minimum charge of S$15
    Interest on cash advance 0.077% per day
    Overlimit fee S$40

    Standard Chartered Platinum MasterCard Credit Card Foreign Currencies Transactions Charges

    • For all transactions that are carried out in currencies other than USD, the amount is first converted to USD before being converted to SGD.
    • A fee of 1% is levied by MasterCard along with a 2.5% fee charged by Standard Chartered.
    • Dynamic currency conversion charges are 0.8%, as charged by MasterCard.
    • Transactions made in SGD but processed overseas will attract a charge of 0.8% by MasterCard.

    Cash Withdrawals/Cash Advance Charges (domestic and overseas)

    The card can be used to make cash withdrawals from ATMs. Interest charges and cash advance charges will accordingly hold applicable.

    Standard Chartered charges 0.077% on the withdrawn amount, on a daily basis, until the amount is repaid in full. These are interest charges on the cash withdrawal. Cash advance handling charges amount to 6% of the withdrawn amount or S$15, whichever is higher.

    How to apply for the Standard Chartered Platinum MasterCard Credit Card

    Customers can apply for the credit card by visiting the official Standard Chartered Singapore website, navigating to the Platinum MasterCard Credit Card webpage, and clicking on the “Apply Now” option. Once done, customers can fill out their details in the online form, submit their supporting documents, and successfully apply for the credit card.

    Interested customers can also apply for this credit card by visiting their closest Standard Chartered Bank branch.

    Standard Chartered Platinum MasterCard Credit Card Eligibility

    • Minimum age: 21 years
    • Maximum age: 65 years.
    • Minimum income:
    • Singaporeans & Permanent Residents: S$30,000 p.a.
    • Foreigners: S$60,000 p.a.

    Documents required to apply Standard Chartered Platinum MasterCard Credit Card

    Salaried individuals:

    • Copy of NRIC and
    • Latest computerised payslip or
    • Last 6 months’ CPF Contribution History statement or
    • Most recent Income Tax Notice of Assessment and last 6 months’ CPF Contribution History statement/latest computerised payslip.

    Self-employed individuals:

    • Copy of NRIC and
    • Most recent Income Tax Notice of Assessment (the applicant must be in the business for at least 2 years).

    Commission-based earners:

    • Copy of NRIC and
    • Most recent Income Tax Notice of Assessment + last 3 months’ payslips or
    • Last 6 months’ CPF Contribution History statement or
    • Last 3 months’ payslips.
    • 100% commission-based earners can submit their most recent Income Tax Notice of Assessment.

    Foreigners must additionally submit:

    • Copy of Passport and
    • Employment Pass (P1, P2 and Q type passes). However, Q Pass Holders should have a validity period of at least 1 year.

    Standard Chartered Platinum MasterCard Credit Card Interest rates

    The Effective Interest Rate on retail transactions is 25.9% p.a. On an everyday basis, interest at the rate of 0.071% of total unpaid outstanding bills will be computed and calculated. This finance charge will be applicable for customers who do not pay their outstanding balances in full every month.

    Customers who make full outstanding payments on their credit card statements will enjoy an interest-free period on their transactions.

    How to Repay your Standard Chartered Platinum MasterCard Credit Card Bills?

    Customers are required to make a minimum monthly payment of S$50, or 1% of total principal outstanding amount + applicable interest charges + additional charges that may hold applicable + any past due + overlimit amount (if any).

    Customers can repay their credit card bills through the following channels:

    • Phone banking (available 24/7)
    • Cheque payments
    • Online banking (available 24/7)
    • At Standard Chartered Bank branches in the following ways:
      • Cash Deposit Machines
      • Express cheque deposit box
      • Teller counters

    Lost/stolen card liability

    In case of loss or theft of the Standard Chartered Platinum MasterCard Credit Card or PIN disclosure to an unknown person, the cardholder must immediately notify the bank regarding the incident. This is because, the cardholder will be liable for all unauthorised transactions on the card until he/she informs the bank. However, the maximum liability on unauthorised transactions will be limited to S$100 if the following conditions are met:

    • The cardmember informs the bank immediately regarding the loss, theft or disclosure.
    • The cardmember provides the bank with a statutory declaration or a police report as per the bank’s specifications/format.
    • The cardholder is helpful in assisting the bank with the recovery of any fraudulent transactions made using the card.
    • The bank is convinced that the loss/theft/disclosure was not due to the cardholder’s negligence.

    Card Protection Schemes

    Standard Chartered credit cards are protected under the “CardSafe Guarantee” offered by the bank comprising the following features:

    • SMS Alerts – Cardholders who apply for SMS Alerts will receive a message on their registered mobile number every time they use their card to make a transaction. Cardholders also have the option to pre-set a threshold amount under after which they will be notified when a transaction exceeds this limit.
    • OTP or One Time Password – This feature will protect transactions made online using a Standard Chartered credit card. When cardmembers make 3D secure transactions online, they will receive an OTP on their phone number registered with the bank to complete the transaction.
    • Round-the-clock-protection – This fraud detection system is functional 24/7 and detects any suspicious pattern or activity on SC credit cards. If a suspicious transaction is detected on the cardholder’s account, the bank will contact them to verify the transaction.

    What should you do if your Standard chartered Platinum MasterCard Credit Card is lost/stolen?

    In case of loss or theft of the Standard Chartered Platinum MasterCard Credit Card, the cardholder must inform the bank regarding the same immediately. They should contact the bank regardless of whether the loss/theft occurred in Singapore or overseas. If the card has been lost or stolen in Singapore, card members can contact the bank on their toll free hotline number available on 1800 747 7000 to report. If the card has been lost/stolen overseas, the cardholder can contact the overseas hotline number available on +65 6747 7000.

    Standard Chartered Platinum MasterCard Credit Card FAQs

    What is the eligibility criteria to apply for a Standard Chartered Platinum MasterCard?

    You need to be 21 years of age or above to apply for this card. On the income front, Singaporeans and permanent residents need to show an annual income of S$30,000, while foreigners must earn an income of S$60,000.

    What is the annual fee charged for holding on Standard Chartered Platinum MasterCard?

    The annual fee associated with holding on to a Standard Chartered Platinum MasterCard Credit Card stands at $192.60, inclusive of GST. However, the fee is waived off for the first 3 years.

    What are the key features of the Standard Chartered Platinum MasterCard?

    Through the Standard Chartered Platinum MasterCard Credit Card you can transfer funds and pay through mobile. Besides, on the payment front, the card furnishes you with options such as Tap-and-pay payment, EasyPay, and other recurring payment options. Furthermore, CardSafe Guarantee

    Helps you secure your card.

    What is the Rewards Programme associated with the Standard Chartered Platinum MasterCard?

    The Standard Chartered Platinum MasterCard Credit Card promises a 360° Rewards programme where you can earn 1 point, every time you spend S$1 on your credit card. Besides, your other banking relationships can earn you more Rewards points in a month. In fact, cardholders can make up to 2X Rewards Points on their credit card spends when they open a Current account with the bank.

    What is the late payment fee charged on the Standard Chartered Platinum MasterCard?

    Upon failure to clear the minimum payment due by the due date, a late payment fee of S$80 is charged by the bank. Also, the EIR associated with your credit card and funds transfer account(s) will be adjusted to 28% p.a. It can however be reinstated to the original EIR after minimum payment due is made in full, if you have only missed one payment.

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