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Standard Chartered Credit Cards Review

Want a credit card?
Over the years, Filipinos are becoming open-minded when it comes to the use of credit cards. What’s not to love? It is convenient, quick, and full of rewards. Right?
When choosing a credit card, you must not set your eyes only on what you can gain, you need to see what it offers and the fees and charges it comes with. Let’s take a look at Standard Chartered Credit Cards.

Standard Chartered Bank Credit Card

Standard Chartered Bank only has four credit cards to offer:

  • Standard Chartered Classic Card
  • Standard Chartered Gold Card
  • Standard Chartered Platinum Cash Rewards Card
  • Standard Chartered Priority Banking Visa Infinite Card

These cards are all acceptable worldwide, with the first annual fee waived at your convenience. You can get up to five supplementary cards, but the holders must be at least 16 years old.
To get a Standard Chartered Bank Credit Card, you must meet the basic eligibility. You must be at least 21 years old with a regular income. 

Standard Chartered Credit Cards Review

 

Standard Chartered Credit Card Rewards

One of the known perks of credit cards is earning reward points, of course, Standard Chartered Bank won’t get behind. Its credit cards let you earn one point for every P10 charged. You can use your points to get free miles, gift certificates, cash rebates, or even pay off the annual fees.

Standard Chartered Credit Card Features

Before you apply for a Standard Chartered Bank credit card online application Philippines, know the perks that come with it.  

Standard Chartered Credit Card EZPay

EZPay is a 0% interest rate installment plan offered to cardholders. It is best used for expensive purchases such as furniture and gadgets. While it is true that it has 0% interest rate, you must be diligent when paying your monthly dues.
You will be subjected to an outstanding interest rate if you miss your payments. Aside from this, the whole amount of the item you purchased will be charged against your credit limit. This means that you might not be able to make another purchase until you have settled the whole amount.
Before making your purchase, make sure you are buying it from a participating EZ Pay shop accredited by the Standard Chartered Bank. You can pay in equal installments for three to 24 months, depending on the bank’s discretion.

Standard Chartered Credit Card EZPay Anything

Just like the EZPay, you have the option to pay your purchases in monthly installments. However, this feature lets you buy even not-so-expensive stuff in 3, 6, 12, 24, 36, or 48 equal monthly installments.
You need to pay for the administrative fees and other charges. Take note to pay on time to avoid late payment penalties.

Standard Chartered Credit Card Balance Transfer

Balance transfer comes in quite handy when you have outstanding credit card debt in other financial institutions. It lets Standard Chartered Bank pay the outstanding balance of your credit cards. Then you have to pay Standard Chartered at a lower interest rate.
This feature can consolidate your expenses into one credit card. However, you must be careful not to go into uncontrolled shopping sprees to avoid sinking to further debt.

Standard Chartered Credit Card Cash Advance

Cash Advance is a Standard Chartered Bank Credit Card feature that lets you get instant cash in ATM. You can withdraw cash from all Standard Chartered Bank branches as much as 30% of your credit limit. Sounds great?
Actually, it is only for emergency use. Why? Because it is subject to an outstanding interest rate and a Cash Advance Fee is Php 375 or 4% of each cash advance. Also, you have to take note that using your credit card at a gambling establishment may be considered a cash advance.

Standard Chartered Credit Card Fees and Charges

Standard Chartered Credit Card Interest Rate

Take note that you will not be charged an interest rate on your purchases if you pay your monthly bill on time. You can avoid the 1.99% monthly interest (if you are using Priority Banking Visa Infinite Credit Cards) or 3.5%.
The Interest Rate is calculated on the average daily balance and compounded on a monthly basis. This means the penalty will increase monthly until you settle the whole amount.
Standard Chartered Credit Card Minimum Payment Due
You can avoid the late payment charge worth Php 600 or 7.5% of the minimum amount due if you pay at least the minimum payment due, which is 1% of the principal amount due and all the other fees and interests on cash advance or EZpay.
Also, if you fail to pay your monthly credit card bill, you can’t use your credit card any further.

Standard Chartered Credit Card International Transaction Fee

Whenever you use the Standard Chartered Credit Card, you will be charged an International Transaction Fee. This is 2.5% of the converted amount of transactions.
The foreign currency will be converted to pesos before the Visa/MasterCard service assessment fees are added.
Having a credit card may be a good tool for purchasing expensive items. However, it is too risky for your finances. You need to be highly disciplined to take care of your credit score and not fall into spiraling debt. It is best to choose a credit card that gives you rewards as you purchase items you would usually buy.
If you feel that you are better off with a personal loan to purchase something you need, you can get a quick cash loan from Cash Mart. Visit CashMart.ph for more details.