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
There are four credit cards Standard Chartered Bank only offers. These are:
- Classic Card
- Gold Card
- Platinum Cash Rewards Card
- Priority Banking Visa Infinite Card
These cards are all acceptable worldwide, with the first annual fee waived at your convenience. You get up to five supplementary cards, but the holders must be at least 16 years old.
Also, you must meet the basic eligibility to get a Standard Chartered Bank Credit Card. You must be at least 21 years old with a regular income.
Standard Chartered Credit Card Rewards
One of the known perks of credit cards is reward points. Of course, Standard Chartered Bank won’t get behind. Its credit cards let you earn one point for every P10 charged. You 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 for expensive purchases such as furniture and gadgets. While it is true that it has a 0% interest rate, stay diligent when paying your monthly dues.
If you miss your payments, you will have an outstanding interest rate. Aside from this, the whole amount of the item you purchased will charge against your credit limit. You cannot make another purchase until you have settled the whole amount.
Before making your purchase, make sure you buy it from a participating EZ Pay shop accredited by the Standard Chartered Bank. Depending on the bank’s discretion, you pay in equal installments for three to 24 months.
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 consolidates your expenses into one credit card. However, you must be careful not to go into uncontrolled shopping sprees to avoid sinking into 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 an 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 comes with an outstanding interest rate. In addition, its Cash Advance Fee is Php 375 or 4% of each cash advance. Also, you must note that using your credit card at a gambling establishment is considerably a cash advance.
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Standard Chartered Credit Card Fees and Charges
You must assess the fees included as part of the Standard Chartered Credit Card Review. These are what you need to expect.
Standard Chartered Credit Card Interest Rate
Take note that there is no interest rate charged on your purchases if you pay your monthly bill on time. You can avoid the 1.99% monthly interest (using Priority Banking Visa Infinite Credit Cards) or 3.5%.
The Interest Rate calculation is 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, it charges you an International Transaction Fee. This is 2.5% of the converted amount of transactions.
The foreign currency converts to pesos before adding the Visa/MasterCard service assessment fees.
Having a credit card is a good tool for purchasing expensive items. However, it is too risky for your finances. You must be highly disciplined to handle your credit score and not fall into spiraling debt. Choosing a credit card that rewards you as you purchase items you usually buy is best.