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    Standard Chartered Prudential Platinum Credit Card Reviews

    Ever heard of a credit card taking care of your insurance premiums? Well, with Standard Chartered Bank’s Prudential Platinum credit card customers can earn reward points, which can in turn be used to protect their insurance premiums. This ensures a secure future for you and your family, and lets you enjoy each day to the fullest.

    Standard Chartered is among the leading banks in Singapore and enjoys a strong global presence. The bank offers a range of credit cards that caters to its wide consumer base. The Standard Chartered Prudential Platinum Credit Card allows cardholders to earn reward points that can be used to offset insurance premiums.

    Standard Chartered Prudential Platinum Credit Card Promotions

    Hotels.com:

    Standard Chartered credit cardholders can get a discount of up to 10% on bookings made at Hotels.com provided the cardholder charges a minimum amount of S$350. Cardholders must enter the promocode SCBSG10 when making the bookings. The offer is valid until 31 May 2018.

    Caltex

    Standard Chartered cardholders can get a total savings of up to 19.78% on Caltex Platinum 98 fuel when the monthly spend is above S$600 and up to 16% when the monthly spend is below S$600. Cardholders can also get a savings of up to 17.87% on Caltex Premium 95, Regular 92 and Diesel when the minimum spend is S$600 per month and 14% when the monthly spend is below S$600. The promotion runs up to 31 December 2017.

    Features of SC Prudential Platinum Credit Card

    The important features of the card are given below:

    • The card is a rewards card and earns reward points on expenses charged to the card.
    • The annual fee of the card is waived for 2 years.
    • The card has a recurring payment plan which allows you to consolidate all your bills into one statement, allowing for greater convenience. The bills paid through this plan are eligible for earning reward points as well.
    • The card allows you to transfer funds at a 0% interest rate for tenures of either 6 months or 12 months. The processing fee charged is 1.99% for a 6-month tenure and a 4.5% for a 12-month tenure.
    • The card is equipped with an EasyPay option. This service allows you to convert any transaction charged to the card which is S$500 or more into easy affordable instalments. The service has a one-time fee of 5% and charges 0% interest. The available tenures under this option are 6 and 12 months.
    • The card offers a 0% Instalment Plan which allows you to convert transactions into 0% interest instalment plans with tenures of up to 36 months. You can earn reward points on purchases made using the 0% Instalment Plan.

    Rewards of SC Prudential Platinum Credit Card

    • Cardholders will earn 1 Rewards Point per S$1 spent on the Standard Chartered Prudential Platinum Credit Card.
    • If you open and maintain a current account or fixed deposit with Standard Chartered, you stand to earn 2 times the reward points if your monthly expenses exceeds S$1,000.
    • If you maintain a current account, a fixed deposit account, take out a mortgage loan, or carry out online transactions, in addition to meeting a minimum spend criteria of S$250 per month, you can get up to 50 reward points for each product.
    • The reward points can be used to offset on your Prudential Insurance premiums.
    • The reward points have a validity of 3 years.
    • The minimum block of points that can be used for redemption is 3,000 points, which will give you an equivalent of S$12 off your insurance premiums.
    • Subsequent blocks of 300 will fetch you a redemption cash value of S$1.20 off on your insurance premiums.

    Benefits of SCB Prudential Platinum Card

    • The card comes with a 24-hour Visa Platinum Concierge service which assists you in making hotel and travel bookings.
    • The card come with the 360° Rewards programme wherein you can earn reward points on every purchase charged to the card.
    • Cardholders can make use of The Good Life privileges at more than 3,000 merchants under various categories such as shopping, travel, dining, and lifestyle.

    Interest on SCB Prudential Platinum Credit Card

    The EIR or Effective Interest Rate charged on the Prudential Platinum Visa Card is 25.9% p.a. This interest rate will be applied on all transactions that you make if you do not pay your outstanding balances in full every month. The finance charges on your transactions will be computed every day at the rate of 0.071% per day until full payments are made on all your credit card bills.

    This credit card comes with an interest-free credit period or free grace days. You can benefit from this period if you make full outstanding payments rather than minimum or partial payments on your balances.

    Cash withdrawals (domestic and overseas)

    Cash withdrawals carry a charge of 6% of the amount withdrawn. The withdrawal fee is subject to a minimum charge of S$15. Cash withdrawals also have a daily interest charge of 0.077% levied on them. This interest rate is charged from date of withdrawal until the withdrawn amount has been fully paid. The EIR on cash withdrawals is 28% p.a.

    How to apply for the Standard Chartered Prudential Platinum Credit Card

    If you wish to apply for the Standard Chartered Credit Card, you can do so by visiting the Standard Chartered website. On this website, you can navigate to the desired credit card page which in this case would be the “Standard Chartered Platinum Visa Credit Card” page. Here you will find the “Apply Now” option. Click on it and follow the necessary steps to have your application successfully submitted online.

    Alternatively, you can also visit your nearest Standard Chartered branch and request for application.

    Fees and Charges on SC Prudential Platinum Credit Card

    Fee Amount
    Annual fee S$192.60 for the principal card with a 2 year annual fee waiver
    Interest rate 25.9% p.a.
    Late payment charges S$80 for every instance of late payment
    Cash advance fee 6% of the amount withdrawn subject to a minimum charge of S$15
    Interest on cash advance 0.077% per day or 28% p.a. from date of withdrawal up to date of full payment
    Overlimit fee S$40

    Transactions in foreign currencies

    • Transactions made in foreign currencies are converted into Singaporean Dollars. If the transaction is carried out in United States Dollar (USD), the amount is converted into Singapore Dollar (SGD) at the prevailing rate of foreign exchange at the time of posting of the transaction. Transactions made in any other foreign currency is first converted to USD and then converted into SGD.
    • A foreign currency fee of 1% of the converted SGD amount is charged by Visa.
    • Standard Chartered levies a fee of 2.5% on the converted SGD amount on foreign currency transactions.
    • For transactions converted to SGD through Dynamic Currency Conversion, a fee of 0.8% of the transacted amount is charged by Visa.
    • Transactions that are processed overseas but carried out in SGD will be levied a fee of 0.8% by Visa.

    Eligibility Criteria for the Standard Chartered Prudential Platinum Credit Card

    • Applicants who are Singapore citizens (SCs), Singapore Permanent Residents (SPRs) or foreigners having a valid work permit or employment pass can apply for the card.
    • Applicants must have attained a minimum age of 21 years and cannot exceed the age of 65.
    • The minimum annual income required for Singaporean citizens and Permanent residents is S$30,000.
    • The minimum annual income required for foreigners is S$60,000.
    • Foreign applicants that are having Q Pass must have a validity of at least 1 year left on their Employment Pass.

    Documents required for the SC Prudential Platinum Card

    For salaried employees:

    • A copy of the applicant’s NRIC, both front and back.
    • A copy of the most recent computerised payslip.
    • A copy of the CPF contribution history showing the past 12 months of contribution.
    • A copy of the past 6 months of CPF contribution history along with a copy of their latest Income Tax Notice of Assessment.

    For self-employed applicants:

    • A copy of the applicant’s NRIC, both front and back.
    • A copy of the latest Income Tax Notice of Assessment.
    • Keep in mind that the minimum period of operation that the business has been is a period of 2 years to be eligible for application.

    For commission-based applicants:

    • A copy of the applicant’s NRIC, both front and back.
    • A copy of the past 3 months computerised payslip along with a copy of their latest Income tax Notice of Assessment.
    • A copy of the CPF contribution history showing the past 12 months of contribution.
    • For applicants who are 100% commission-based earners, a copy of their most recent Income Tax Notice of Assessment is required.

    For foreigners:

    • A copy of the applicant’s passport, both front and back.
    • A copy of their Employment Pass both front and back. This includes P1, P2 and Q Passes.

    Repayments on the Standard Chartered Prudential Platinum Card

    You are required to make minimum monthly payments on your credit card statements. Based on your outstanding balance, the minimum monthly payment can be either of the below mentioned amounts:

    • S$50 or
    • 1% of the outstanding amount plus interest amount plus any additional fees or charges that are applicable plus any previous missed minimum monthly payments and any amount that is over limit (if applicable)

    The monthly minimum amount can be paid using any of the following payment methods:

    • By way of cheque
    • Through online banking using your net banking login ID and PIN or phone banking using your Phone banking PIN. These services are available 24 hours a day.
    • If payments are being made at the Standard Chartered Bank Branch, you can use either the Cash Deposit Machine, the Express cheque deposit box, or proceed to a teller counter.
    • By way of interbank GIRO
    • By way of AXS Stations

    Lost/stolen card liability

    In the event that you happen to lose your Standard Chartered Prudential Platinum Credit Card or have had it stolen or have the PIN unwillingly disclosed to another party, you will have to notify the bank regarding the incident immediately or at the earliest. Failure to notify the bank will result in you being liable for any unauthorised transactions carried out on the card.

    Notifying the bank on time will limit your liability to S$100 if the you have informed the bank about the loss, theft or disclosure of the PIN at the earliest and in writing, made efforts in recovering unauthorised or fraudulent transactions made on your card, provided a police report and that the loss or theft or disclosure did not take place due to sheer negligence on your part.

    Reporting lost/stolen cards

    In the event that you have lost your Standard Chartered Prudential Platinum Credit Card, or have had it stolen or the PIN has been unwillingly disclosed to any person, you should call the bank immediately and notify them of the incident. By calling on SCB credit card hotline number. There is a separate international number as well for international calls.

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