This article is written in collaboration with Standard Chartered Bank (Singapore) Limited (“Standard Chartered”). All views expressed in the article are the independent opinions of Heartland Boy. All information provided is for informational purposes only and is not intended to be construed as advice or an offer for any product or service. Standard Chartered is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein
There is a new credit card in town, and one that throws up 6% cashback and 0% interest 3-month instalment plans! Standard Chartered Bank (‘SCB’) has launched the Smart Credit Card that differentiates itself from the pack with its unique value proposition. 0% interest instalment plans basically allows cardholders to get their hands on something sooner rather than later, making big ticket items more affordable without incurring any additional costs. Here is my review of the new SCB Smart Credit Card, and how it helps to serve current unmet needs of its target customers.
6% Cashback On Your Favourite Daily Merchants
The SCB Smart Credit Card awards accelerated 6% cashback on merchants which comprise of some of your favourite daily merchants such as:
- Fast Food (McDonald’s, KFC, Subway, Burger King)
- Coffeeshops (Ya Kun Kaya Toast, Toast Box, Fun Toast)
- Digital Subscription (Netflix, Spotify, Disney+, Youtube)
- Public Transport: SimplyGo for Bus/MRT rides
Do note that all cashback earned are credited in the form of 360◦ Rewards Points, which can be redeemed for cashback via SCB’s Online Rewards Platform. For instance, 6% cashback on a dollar spent at the aforementioned merchants will result in 19.2 360◦ Rewards Points credited to the cardholder’s account. Once you have accumulated at least 3,200 360◦ Rewards Points, you will be eligible to redeem for S$10 cashback credit under the Standard Chartered 360◦ Rewards Programme.
However, there is a cap of 14,400 Rewards Points per month on spend on those aformentioned merchants. Working backwards, this amounts to $818 per month which should be more than sufficient to go around even for a family of this profile:
- Parents who are coffee aficionados
- Children who are Happy Meal lovers
- Takes public transport everywhere
- Spends their weekends Netflix chilling
Besides an upsized 6% cashback on these merchants, it also offers a base cashback reward of 0.5% on all other eligible spends. Similarly, 0.5% cashback on a dollar spent at other eligible spend will result in 1.6 360◦ Rewards Points being credited. There is no cap on the base cashback though.
0% interest 3-Month Instalment with 100% cashback on service fee
If cashflow is tighter on certain months, you may want to opt in to Standard Chartered Bank’s EasyPay and pay in instalments instead. EasyPay is available for all transactions as long as the minimum amount exceeds $200 and the cardholder opts in within 30 days after the transaction. Choose from 3 months, 6 months, 9 months or 12 months instalment period to pay off your EasyPay bill. Smart Credit Cardholders enjoy 0% interest on the 3-month instalment period, with the applicable service fee fully rebated in cashback! A service fee will still apply for instalment periods of other tenures.
Be assured that all eligible transactions converted in EasyPay will still be to retain the 360◦ Rewards Points earned and there is no penalty fee for any early repayment made. Therefore, if a cardholder chooses to convert a transaction into a 3-month instalment period under EasyPay, he or she continues to earn 360◦ Rewards Points on the transaction and incur no service fee and interest expense. This is basically a free option to assist those experiencing short-term liquidity issues without compromising their current lifestyles.
No Minimum Spend and No Annual Fee
Smart Credit Cardholders will be pleased to learn that cashback will start accruing on their cards right from the very first dollar spent. That’s right, it is truly a fuss-free credit card that requires no minimum spend to earn cashback.
It gets even better as the annual fees are perpetually waived! That means no hassle of having to appeal to the banks annually to get your annual card fee waived. It essentially means that one can own a SCB Smart Card for life without paying any annual fee!
Another perk of the SCB Smart Credit Card is that there will be no cash advance fees either.
Limited Time Promotion
To celebrate the launch of the SCB Smart Credit Card, SCB is offering 6% cashback* (capped at $200) on all eligible spend (exclude the usual suspects) within the first month subject to the terms and conditions of the promotion. Do not get confused as the 6% cashback awarded under this promotion is not restricted to the aforementioned merchants. In addition, cardholders get to enjoy 6 months of Disney+ subscription* simply by activating their new Smart Credit Card.
Since there is no cost involved (annual fee is perpetually waived), why not sign up for the SCB Smart Credit Card to earn 6% cashback and enjoy 6 months of Disney+ subscription as well?
* For full terms and conditions, please click here.