Standard Chartered Rewards+ Credit Card: All you need to know

The Standard Chartered Rewards+ Credit Card operates like a typical credit card and offers cardholders reward points for eligible spending, including international transactions. The overall value of these rewards depends on individual spending patterns, as well as the applicable fees and exchange rates when the card is used overseas. This section provides an overview of how the Standard Chartered Rewards+ Credit Card works and the key features to consider.

How does the Standard Chartered Rewards+ Credit Card work?

The Standard Chartered Rewards+ Credit Card functions like a traditional credit card. Upon approval, cardholders are assigned a credit limit that can be used for purchases. The card may be used for both online and in-store transactions wherever Visa is accepted.

In addition to its core features, the card is subject to various fees and charges. These include an annual fee, interest charges on outstanding balances, and additional fees that may apply to international transactions or cash advances. A summary of these fees and charges is provided below to help illustrate the overall cost structure of the card.

Who is eligible for Standard Chartered Rewards+ Credit Card?

The Standard Chartered Rewards+ Credit Card has specific age and income requirements for all applicants. You must be between age 21-65 years old to apply. But the income and documents required differ depending on your citizenship.

For Singapore citizens and PR, you have to meet the annual income minimum of S$ 30,000. You will need to provide a copy of your NRIC and proofs of income like your payslip or income tax notice of assessment. If you are already holding a Standard Chartered credit card you won’t need to submit additional documents. You can apply through the Standard Chartered website or at a bank branch near you. If you have SingPass you can apply seamlessly with MyInfo.

Foreigners – anyone without Singapore citizenship or PR – must have a P1, P2 or Q Singapore Employment Passes. The Q employment pass must have a minimum of 1 year left of its validity. In addition to submitting copies of your employment pass, you will need to submit a copy of your passport, income proof, and address verification.

Unlike other cards, Standard Chartered Rewards+ Credit Card is strict with the income requirement and does not allow for fixed deposit collateral in lieu of the income minimum.²

What can I do with Standard Chartered Rewards+ Credit Card?

You can use the Standard Chartered Rewards+ Credit Card to make your day to day purchases as well as larger expenses. As mentioned, it can be used anywhere Visa is accepted around the world, but always keep an eye out for how much it may cost you while abroad.

You can accrue reward points by using your card when you shop. You get additional reward points on specific categories of purchases, including international travel, that we break down below. You also get complimentary travel insurance. The card offers additional perks like mobile payments, fund transfers, easy-pay to break down large payments and tap and pay.

Standard Chartered Rewards+ Credit Card cashback/ rewards

As a cardholder, you become part of the Standard Chartered 360° Rewards Programme. In the programme you can get 1 reward point for every S$ 1 you spend. But if you make qualifying transactions in foreign currencies in retail, food and dining or travel, you get 9 additional reward points per S$ 1 equivalent spent. So in total 10 reward points. You get 5x the reward points on dining purchases made using the card in Singapore.

While there is no minimum spend necessary to get these points, there is a yearly cap of 20,000 reward points. You can use your reward points in the 360° programme to redeem for cashback offers or put towards dining, travel or electronics.³ ⁴

Standard Chartered Rewards+ Credit Card travel insurance

With the Standard Chartered Rewards+ Credit Card you are automatically enrolled in free travel insurance if you charge your full travel to the card. Provided through Allianz, you can get coverage up to S$ 500,000 for you and your family.⁵

Overseas spend with Standard Chartered Rewards+ Credit Card

Reward point multipliers on foreign currency spending may appear attractive, but it is important to review how overseas transactions are processed and charged. The Standard Chartered Rewards+ Credit Card follows standard credit card transaction mechanics for international spending.

For overseas purchases, a 3.5% foreign currency transaction fee is applied to each transaction. In addition, transactions made in currencies other than Singapore dollars are processed through a currency conversion process, typically involving conversion to USD and then to SGD. The exchange rate applied is determined by the card network at the time of processing and may differ from publicly available reference rates. These factors can influence the final amount charged for foreign currency transactions.