Wondering which card is better for overseas use - Trust card vs YouTrip? We compared the fees and exchange rates and also included an alternative option Wise
The Standard Chartered Rewards+ Credit Card works like a normal credit card but offers cardholders bonus reward points for spending internationally. And while that can be quite attractive to some, it doesn’t necessarily mean it will offset the card’s high fees and exchange rates when spending abroad. Let’s take a closer look at the Standard Chartered Rewards+ Credit Card and how it works.
|Table of contents
The Standard Chartered Rewards+ Credit Card works like a traditional bank credit card. Depending on your application, you will be given a credit line which you can use the card to make purchases against. You can use the card for online and offline purchases wherever Visa is accepted.
Although it sounds simple, the fees and charges can tell a different story. There is an annual fee, a steep interest rate, and additional charges just for using your card when you are making charges internationally or getting out cash. Take a look at how the fees and charges compare to Wise’s multi-currency card.
|Standard Chartered Rewards+ Credit Card
|Wise borderless card
|S$192.60 (waived for the first 2 years)
|Annual interest rate
|Overseas exchange rate
|Set by Visa
|Mid-market exchange rate
|Late payment fee
|Minimum monthly repayment
|The higher of S$ 50 or 1% of principal plus charges and fees
|Foreign currency transaction fee
|3.5% of the converted amount in S$
|Cash advance transaction fee
|6% or a minimum of S$15, whichever is higher
The Standard Chartered Rewards+ Credit Card has specific age and income requirements for all applicants. You must be between age 21-65 years old to apply. But the income and documents required differ depending on your citizenship.
For Singapore citizens and PR, you have to meet the annual income minimum of S$ 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
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.
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
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
It is easy to assume that a credit card that is giving you 10x the reward points for foreign currency purchases must be making it cheaper to do global transactions. But actually, no. If you look closely, you’ll see that the Standard Chartered Rewards+ Credit Card operates just like any other credit card.
For every purchase you make overseas, you will have to pay 3.5% in a transaction fee straightaway. Then on top of that, every transaction made in a non-SGD currency is first converted to USD and then from USD to SGD by Visa. Visa also sets the exchange rate, which means that they make the rate weaker than the actual mid-market exchange rate. The mid-market exchange rate being the rate you see on Google and the rate banks and companies use themselves. That way Visa can take a cut of every conversion that is made for each transaction, and you lose money every time. Isn’t it time to get a global account that actually works for you? Take a look at our Wise borderless account.
Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks
Wise is 7x cheaper than banks like Standard Chartered and lets you hold and convert over 40+ global currencies. You can use the card anywhere Mastercard is accepted and there are no signup fees, annual fee, foreign transaction or hidden exchange rate fees either. Anytime you convert money from SGD to another currency, you will always get the transparent mid-market exchange rate. And all you’ll have to pay is a small conversion fee of .35-1% depending on the currency. That’s the only fee with this account, which means more money in your wallet.
But that’s not all. The Wise borderless card gives you the same low fees and transparent rate on purchases you make online. Whether it is on Alibaba, Amazon, Qoo10, and Grab, you can make global transactions at one low fee. And if you need to keep track of how much you’re spending, Wise has that covered too with magic notifications every time you use the card. So say goodbye to unnecessary fees and start saving money when you spend globally with Wise.Sources used for this article:
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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