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 has to offer 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 to 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.
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Standard Chartered Credit Card Features
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 EZPay
EZPay is a 0% interest rate instalment 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.
If you miss your payments, you will be subjected to an outstanding interest rate. Aside from this, the whole amount of the item your 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 you make your purchase, make sure that you are buying it from a participating EZ Pay shop accredited by the Standard Chartered Bank. You can pay in equal instalments 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 instalments. However, this feature lets you buy even not so expensive stuff in 3, 6, 12, 24, 36 or 48 equal monthly instalments.
You need to pay for the administrative fees and other charges. Take note to pay on time to avoid late payment penalties.
Balance transfer comes quite handy when you have outstanding credit card debt in other financial institutions. It lets the 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 in one credit card, however, you must be careful not to go into uncontrolled shopping sprees to avoid sinking to further debts.
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 as a cash advance.
Standard Chartered Credit Card Fees and Charges
Standard Chartered Interest Rate: Monthly Effective Interest Rate (Monthly EIR)
Take note that you will not be charged with 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 daily average balance and compounded on a monthly basis. This means that the penalty will increase every month 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 will 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 you 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 with 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 will be added to it.
Having a credit card may be a good tool to purchase 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 spiralling debt. It is best to choose a credit card which 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.