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 well-known British bank, Standard Chartered, offers an enticing cashback credit card if you are looking for a new credit line. While not having all the perks and access as some other credit cards out there, the Standard Chartered Unlimited Cashback Card does offer cashback rewards on all purchases. But it’s important to look below the hood, as the cashback rewards may not offset the high-interest rate and fees on the card.
Want a card that can work in local currencies around the world and is 7x cheaper than the banks? Take a look at the Wise multi-currency card. You can hold and spend money in 40+ currencies as you travel and shop online globally for only one low fee.
|Table of contents
The Standard Chartered Unlimited Cashback credit card at its core works like a traditional credit card. Once you are approved you are given a credit line that you can spend against. If you aren’t able to pay back the entire amount you spent every statement, then interest is added to your balance. And as you can see below, if you don’t make your monthly minimum payment at all or spend over your limit, you can start to get hit with some pricey fees.
Having a global account should not be expensive. That’s why the Wise multi-currency account is here to make things cheaper. With no annual fees or interest rate, and with free cash withdrawals of up to S$ 350 at ATMs around the world per month, Wise helps you avoid unnecessary fees and save money for what really matters.
|Standard Chartered Unlimited Cashback Card¹
|Wise borderless card
|S$192.60 starting in year 3
|Annual interest rate
|Overseas exchange rate
|Set by Mastercard
|Mid-market exchange rate
|Late payment fee
|Minimum monthly repayment
|S$ 50 or 1% of the balance, whichever is higher
|Foreign currency transaction fee
|3.5% of the converted S$ amount
|Cash advance transaction fee
|Minimum of S$ 15, or 6% of the transaction whichever is higher
There are different criteria for Singapore citizens/ PR and foreigners to apply for the Standard Chartered Unlimited Cashback Card.
If you are a Singapore citizen or PR, you can apply for the card if you are between the ages of 21-65 with a minimum income of S$ 30,000. You will be required to show your NRIC and income documents, but SingPass holders can apply through MyInfo.
If you are a Foreigner applying for the card, the age eligibility is the same but the income requirement is S$ 60,000. And you are also required to have a Singapore Employment Pass. Similar to Singapore citizens you will need to show proof of identity and income in Singapore.
If you currently hold an existing Standard Chartered credit card, you won’t need to show any additional documents when applying for this card. You can apply online through their website or a local bank branch.²
The Standard Chartered Unlimited Cashback Card can be used for your regular purchases in Singapore or outside. It works anywhere Mastercard is accepted. If you do make large purchases using the card, there is a feature that can help you make payment installments over 6-12 months to help make payments easier. Overall, the card is a very standard credit card that can be used without many bells or whistles.
But a way to lure customers to the card is by offering rewards on spending. The Standard Chartered Unlimited Cashback Card offers attractive cashback on purchases. Let’s take a look
Rather than points, air miles or lounge access, this credit card is primarily focused on cashback rewards. For all retail purchases, you will get 1.5% cashback. Unlike other cards, there is no spending minimum, extra bonuses or even a cap on the amount of cashback you can get. The cashback does not apply for certain transactions like tax payments, recurring payments, insurance premiums or others, so be sure to check the fine print.³
With Singaporeans being one of the most jet-set populations in Asia-Pacific⁴, it is no wonder you will be curious about how this card works abroad. To be frank, this card could take quite a bit out of your wallet when spending offline or online internationally. First there is the automatic 3.25% transaction fee on every purchase.
Then, any spend in another currency is first going to be converted into USD, and then from USD to Singapore dollars. This is where the exchange rate you get plays a big role. Since Mastercard** sets their own exchange rate** with this card, the rate you are getting is actually weaker than the one you see on Google. By doing this, the bank and credit card companies are able to take a cut of every conversion. That means a hidden fee for you and more profit for them.
This goes for when you’re shopping online globally too. Isn’t it about time that purchases abroad get cheaper? Stop paying extra fees to credit card companies and join Wise.
Get your Wise borderless card - a multi-currency account that is on average 7 times cheaper than banks
The Wise borderless account lets you spend, shop, eat and enjoy all around the world. You can hold 40+ currencies in your account and get no-fee cash withdrawals up to S$ 350 even while you travel. The only fee is a small currency conversion fee that is usually between .35%-1% of the transaction. That’s it.
Your exchange rate for every transaction will be the mid-market exchange rate, which is the same exact one you see on Google. So that means no hidden fees. And at this rate, you can shop online on stores like Alibaba, Amazon, Qoo10 and Grab without paying extra. With the award-winning app, our magic notifications keep you updated in real-time on your spending and transactions. Forget getting cashback on your spending, and instead spend and shop smarter with Wise’s borderless account.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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