Can Singaporeans buy property in Thailand - All you need to know
Buying property in Thailand as a Singaporean? Learn more about how to buy, where to buy, restrictions and requirements.
The Standard Chartered X Card takes your standard plastic credit card up a notch. This metal X card may not be for everyone, but it can provide some nice perks and benefits to cardholders.
Some may find the annual fees and salary requirements high, while others may like the air miles, rewards program, and credit flexibility. Although the Standard Chartered X Card is geared towards those that travel, it may not be the cheapest way to spend abroad. Read on as we breakdown the Standard Chartered X Card.
If you are looking for a simpler and cheap way to spend in 45+ currencies without all the additional fees, take a look at Wise borderless account |
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At its core, it operates like a standard credit card, where you can make purchases using it and then once a month you are given a bill to repay. If you are unable to repay the full amount, then you will be charged interest on the outstanding balance. But with the Standard Chartered X Card, there is a bit more to the story, with annual fees, cash advance fees, and foreign transaction fees. Let’s take a look.¹
For the principal cardholder, the annual fee is SGD 695.50, inclusive of (GST). Unlike other cards, there are no waivers or ways to get around this fee. Any supplementary cardholders will have to pay an annual fee of SGD 107, including GST.
The effective interest rate is a minimum of 26.9% per annum. If you aren’t able to repay the entire balance by the payment due date every month, there is also a financing charge calculated on a daily basis of .074% on all transactions until it is paid off.
If you don’t make your minimum payment by the due date every month, you will be hit with a late payment fee of SGD 80. The fee will be added to your next statement. Your interest rate will also increase to 28% per annum for that month.
To avoid late fees, make sure you pay your minimum payment by the monthly due date. The minimum payment is set as 1% of principal plus interest, fees, charges, past due amount or overlimit charges.
The foreign currency fee is made up of more than one fee. First, any transactions in a non-USD foreign currency made online or in-person will first be converted into USD, and then converted into SGD. Any transactions done in USD will be converted straight to SGD. The exchange rate on this will be at the rate set by Visa. The fees are then set as:
In total, you will have a minimum of a 3.5% fee on every transaction you do abroad. This isn’t taking into account the exchange rate that Visa is giving you, which tends to be weaker than the real mid-market exchange rate you see on Google.
Taking out cash against your credit card comes with a minimum fee of SGD 15, plus a transaction fee of 6% and a finance charge of .077% on the amount taken out against your credit line. This last finance charge continues until the cash withdrawal amount is paid in full.
If you have gone above your credit limit, you will be charged an automatic fee of SGD 40 to your account.
To be eligible for the Standard Chartered X card, you must be between the ages of 21 and 65. The minimum annual income for regular customers is SGD 80,000. However, if you are a Priority or Private Banking customer, for Singapore citizens and PRs it is SGD 30,000; for Foreigners with Employment Passes it is SGD 60,000.
For Employment Pass Holders, it is required that it be a P1, P2 or Q type Singapore Employment Pass. If you are a Q Pass holder, it must be valid for at least the next 12 months if not more.²
The Standard Chartered X Card give you discounts, rewards, and privileges as you spend. Geared as a travel and experience card, you can get exclusive rewards to St Regis, Shangri-La Hotels and Mandarin Oriental. Plus discounts on golf at participating clubs in the Asia Pacific, and Hertz car rentals. One of the major selling points for the credit card is air mile rewards, travel insurance and access to global airport lounges.
Standard Chartered has an SC EasyRewards Programme that lets cardholders gain reward points as they spend using the X Card. You get Standard Chartered’s 360° Rewards Points that you can then use against qualifying transactions or hotel and airline loyalty programs. You can accrue points by spending using the card-
Type of spend | 360° Rewards Points | Air Miles |
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Every local SGD 1 spent | 3 | 1.2 |
Every SGD 1 spent in foreign currency | 5 | 2 |
You can redeem your 360°Rewards Points for travel credits as well that go towards qualifying travel purchases on the account.³
The Standard Chartered X Card provides complimentary travel insurance up to SGD 1,000,000 as long as your full travel expense has been charged to the card. The insurance is provided through Allianz, and covers situations like personal accident, medical expenses, travel assistance and delayed and lost baggage.⁴
Principal Standard Chartered X Cardholders are given complimentary membership to Priority Pass. The X Card and Priority Pass membership allow principal cardholders to have 2 complimentary visits to any of the 1,200 participating airport lounges globally. You can bring guests to the lounges or use the lounge after the 2 free visits for a fee of USD 32 per person per visit.⁵
The Standard Chartered X Card is marketed as a card for those who are jet setting around the globe, but the reality is that it can be quite expensive to be a cardholder. With large annual fees, foreign transaction fees and an annual interest rate that is close to 30%, your trip abroad can start to cost more than you realize.
The fees and charges that you are paying for every transaction just go straight to the bank and credit card company. Plus, the card incentivizes you to spend more to enjoy more perks- rather than saving you money. Travel overseas does not need to mean that more money goes out of your pocket.
The Wise borderless account is here to save you money when you travel or shop abroad. With access to 40+ currencies, you never have to pay more fees for unnecessary currency conversions. You can just pay one low fee when you load your card from SGD to one of the foreign currencies, and that’s it. By using smart technology, Wise is able to make foreign transactions as cheap as possible. And with that currency conversion, you will always get the real mid-market exchange rate- the same one you see on Google.
That also goes for when you’re shopping online at Alibaba, Amazon, Qoo10, and Grab. You can buy online from any of these sites with your Wise Borderless cardwithout paying any foreign transaction fees. Wise also has an award-winning app, that will keep you notified immediately of transactions using your card. Leave expensive credit cards and complicated reward points in the past, and enjoy real money in your account now with Wise borderless account. It is the perfect account for your jet-setting lifestyle.
Sources used for this article:*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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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