Standard Chartered Smart Credit Card Review: Attractive Perks for Streaming Services, Fast Food, and Public Transport

Alevin Chan

Alevin Chan

Last updated 07 June, 2024

The Standard Chartered Smart Credit Card is a great shopping credit card that offers an attractive 6% cashback on your everyday spending with no minimum spend.

At first glance, the Standard Chartered Smart Credit Card seems to be a bit of a head-scratcher. The headlining feature of this Standard Chartered credit card is a quite-attractive 6% cashback rate, with no minimum spending required. 

It gets better. There are no annual fees for this credit card whatsoever, and you can also split your payment into three interest-free instalments.

But, closer inspection reveals that the cashback is awarded as reward points, and is applicable only on some rather narrowly defined transactions, such as fast food and public transit.  

So, what exactly is this newly launched card all about? Who is this credit card designed for? And how can you make the best use of it?

Let’s find out!

Table of contents

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SingSaver's Best Deal Guarantee: Our Best Deal Guarantee promises you the best deal only with SingSaver. If you find a better offer elsewhere, submit a claim, and we'll reward you with double the difference. Valid till 30 September 2024. T&Cs apply.


Looking for the best credit cards to complement your spending patterns and expenditure in 2024? Check out our Ultimate Credit Card Guide that covers all things credit cards in Singapore – from choosing between a cashback, miles, or rewards credit card to planning your credit card strategy.


What can the Standard Chartered Smart Credit Card do for you?

Standard Chartered Smart Credit Card product summary:

  • 6% cashback on fast food, coffee and toast, digital subscriptions and bus & MRT rides
  • No minimum spend required to earn cashback
  • Cashback awarded as 360° Rewards Points
  • 3-month interest-free instalment plans with 100% rebate of service fee
  • No annual fees
  • No cash advance fees
  • Complimentary travel insurance with up to S$500,000 coverage
  • Annual income requirement:  S$30,000 (Singaporeans/PR), S$60,000 (Foreigners)
  • Minimum age: 21
 Pros ✅ Cons ❌
No minimum monthly spend to earn cashback
Cashback earned as 360° Rewards Points
  • 1.6 base points per S$1 spend
  • 17.6 bonus points per S$1 spend
No cap on base Rewards Points earned
Bonus 360° Reward Points capped at 14,400 per month 
Complimentary S$500,000 travel insurance 
Complimentary travel insurance only covers cardholder 
No annual fees, no cash advance fees
Poor credit assessment may increase interest rate
Three-month interest-free instalment plan, with rebate of service fees
 
Get S$250 cashback when you activate the physical card within 30 days of card approval
 
Redemption rate: S$10 cashback = 3,200 Rewards Points
 

SingSaver Exclusive Offer: Enjoy the following rewards when you sign up for a Standard Chartered Smart Card:

SCB_Smart_Rewards_BLOGARTICLE_800x250 (3)

Receive a Dyson AM07 (worth S$459) or a Sony WF-1000XM5 (worth S$429) or S$300 eCapita Voucher or S$280 Cash via PayNow when you apply and spend min. S$500 within 30 days of card activation & approval. Valid till 31 July 2024. T&Cs apply.

Rewards Upgrade Campaign_BLOGARTICLE_800x250 (1)

⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top up specific amounts. Valid till 31 July 2024. T&Cs apply.

  • S$190.00 for an Apple AirPods Pro (2nd Gen) (worth S$365.70)
  • S$300.00 for an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30)
  • S$380.00 for a Xiaomi Robot Vacuum X20 UK (worth S$699.00)
  • S$450.00 for a Flujo Ayla Ergonomic Office Chair (worth S$1,139.00)

Why should you get the Standard Chartered Smart Credit Card?

#1: Save more with cashback on everyday spending and annual fee waiver

Credit cards are designed to help you save money in one way or another, and the Standard Chartered Smart Credit Card is no different. 

However, this card takes it one step further by helping you save money in two ways – by giving you cashback with no minimum spend, and by doing away with the customary annual fee.

As a result, you’ll earn cashback equivalent to a true 6%, awarded as 360° Rewards Points, with every dollar you spend on fast food, coffee and toast, digital streaming services, and bus and MRT rides. And because there is no annual fee to pay, every cent of this extra value you earned is yours to use.

To delve further, cardholders will earn a base 1.6 360° Rewards Points per S$1 (worth 0.5% cashback) on all other spend and a bonus 17.6 360° Rewards Points per S$1 (worth 5.5% cashback) on all eligible bonus categories. Bonus 360° Rewards Points are credited in the following statement month, capped at 14,400 bonus points per month.

Hence, if you are a regular consumer of McDonald’s, eat breakfast thrice a week at Ya Kun, have an ac tive Netflix, Spotify or Disney+ subscription, and take the bus and/or MRT every day, switching to the Standard Chartered Smart Credit Card could help you unlock more savings than ever before.

Note: In order to redeem cashback, you'll need a minimum of 3,200 360° Rewards Points to redeem in S$10 blocks.


#2: Greater financial flexibility with interest-free instalment plans

One notable feature of the Standard Chartered Smart Credit Card is the bundled 3-month interest-free instalment plan feature, which allows you to split up a large purchase into three payments. 

For example, suppose you intend to break up a S$300 transaction into instalments:

Transaction amount = S$300
Instalment tenure = 3 months
Monthly repayment = S$300 / 3 = S$100
One-time service fee = N/A

This is a handy little option that allows you to meet urgent financial needs (say, the washing machine broke down and you don’t quite have the savings to replace it), without having to go through the trouble of applying for a loan or a balance transfer. 

Perhaps best of all, instalment plans are 0% interest, so you won’t have to worry about paying extra. On top of that, there is no service fee whatsoever.

See also: 6 Things About 0% Interest Credit Card Instalment Plans


#3: Complimentary travel insurance for principal cardholder

The Standard Chartered Smart Credit Card comes with complimentary travel insurance, offering you up to S$500,000 in worldwide personal accident coverage. You’ll also be covered for up to S$25,000 for emergency medical assistance, evacuation and repatriation.

While not the most robust of travel insurance plans, this included policy nevertheless offers a rudimentary degree of coverage for any overseas trip you take, which is always better than going completely without any insurance at all.  

For more details, refer to the policy coverage here.


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- Up to S$400,000 accidental death and total and permanent disability

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- Up to S$1,000 flight delay (S$100/6h)

- Up to S$7,500 loss of baggage

Use the promo code SSTRIP to get a 30% discount on Single Trip and Annual Trip plans! T&Cs apply.

Buy now to receive:

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 Also receive:

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Complimentary lounge access during flight delays. Valid till 30 September 2024 5:30 pm. 

 

Read more:
Best Covid-19 Travel Insurance Plans
Best Family Travel Insurance Plans
Best Travel Insurance Plans and Promotions in Singapore


What fees & charges should you look out for?

Here are some fees and charges you could incur while using the Standard Chartered Smart Credit Card. Be sure to refer to the full list of bank fees as well. 

  • Annual fee: Waived perpetually
  • Late payment charge: S$100
  • Minimum monthly payment: 1% of the current balance or S$50, whichever is higher, plus any overdue amounts
  • Overlimit fee: S$40
  • Interest on purchases: 23.9% to 29.9% p.a. based on the Bank’s assessment of your credit profile
  • Interest on cash advance: Waived until 31 Dec 2023, otherwise 6% per transaction or minimum S$15 plus finance charges of 0.082% over day
  • Transfer fee: S$27 (KrisFlyer Miles)
  • 360° Rewards Points transfer fee: S$10 per 100,000 Rewards Points to each nominee's credit card account

Eligibility criteria

  • At least 21 years old
  • Singaporeans or PRs: Annual income of at least S$30,000
  • Foreigners: 
    • Annual income of at least S$60,000 
    • Holder of P1, P2 or Q type employment passes
    • Q pass holders must have at least 12 months’ validity on their passes

How to apply? 

Click on the ‘Apply Now’ button on this page and complete the SingSaver application form. You might need to prepare the following documents for the application process:

  • Front and back of NRIC/Passport/Employment Pass
  • Salaried employees: Past 6 months CPF statement (Singaporean/PR) or latest computerised payslip and/or latest Income Tax Notice of Assessment
  • Self-employed: Copy of 2 years Income Tax Notice of Assessment (Min. 2 years of business required)
  • For commission earners:
    • Latest 3 months' payslip and latest Income Tax Notice of Assessment, or
    • Latest 6 months' CPF contribution statement, or
    • Latest 3 months' payslip
    • Copy of 2 years' Income Tax Notice of Assessment (For 100% commission earners)

Should you get the Standard Chartered Smart Credit Card?

Those whose spending habits include quite a bit of fast food, local coffee and toast shops, online streaming services and public transit will find some real value to be unlocked here, given how there’s no minimum monthly spend to earn cashback, and no annual fees to pay. 

This card is also a good option if you’re looking for a credit card that provides some extra leeway via short-tenure, interest-free instalment plans, handy for coping with the occasional surge in spending.

SingSaver's Exclusive Offer: Enjoy the following rewards when you sign up for a Standard Chartered credit card. Eligible for new Standard Chartered cardholders only.

SCB_Simply_Cash_KV1_BLOGARTICLE_800x250 (1)

Standard Chartered Simply Cash Credit Card: Receive a Dyson Supersonic™ hair dryer (worth S$699) or an Apple iPad 10th Gen 10.9 wifi 64GB (worth S$529) or an Apple Watch SE (GEN 2) GPS + Cellular 44mm (worth S$503.60) or S$350 Cash via PayNow when you apply and spend min. S$500 within 30 days of card activation & approval. Valid till 31 July 2024. T&Cs apply.

Rewards Upgrade Campaign_BLOGARTICLE_800x250 (1)

⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top up as low as S$250. Valid till 31 July 2024. T&Cs apply.

  • S$250.00 for an Apple Watch Series 9 (GPS), 41mm (worth S$604.50)
  • S$799.00 for an Apple Watch Ultra 2 GPS + Cellular, 49mm (Alpine Loop/Ocean Band/Trail Loop) (worth S$1,210.10)
  • S$1,050.00 for a Macbook Air 13" 256GB M3 (worth S$1,599.00)
  • S$1,150.00 for an iPhone 15 Pro 128GB (worth S$1,664.25)

SCB_Smart_Rewards_BLOGARTICLE_800x250 (3)

Standard Chartered Smart Card and Rewards+ Card: Receive a Dyson AM07 (worth S$459) or Sony WF-1000XM5 (worth S$429) or S$300 eCapita Voucher or S$280 Cash via PayNow when you apply and spend min. S$500 within 30 days of card activation & approval. Valid till 31 July 2024. T&Cs apply.

Rewards Upgrade Campaign_BLOGARTICLE_800x250 (1)

⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top up specific amounts. Valid till 31 July 2024. T&Cs apply.

  • S$190.00 for an Apple AirPods Pro (2nd Gen) (worth S$365.70)
  • S$300.00 for an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30)
  • S$380.00 for a Xiaomi Robot Vacuum X20 UK (worth S$699.00)
  • S$450.00 for a Flujo Ayla Ergonomic Office Chair (worth S$1,139.00)

SCB_Journey_Card_BLOGARTICLE_800x250

Standard Chartered Journey Credit Card Only: Receive an Apple AirPods Pro (worth S$365.70) or up to 60K Max Miles or S$280 eCapita Voucher or S$250 Cash via PayNow when you apply and spend min. S$500 within 30 days of card activation & approval. Valid till 31 July 2024.  T&Cs apply.

Get the additional 45k miles when you apply with annual fee payment (S$196.20 incl. GST) and make a min. spend of S$3,000 within 60 days of card approval. Valid till 31 July 2024. T&Cs apply

Rewards Upgrade Campaign_BLOGARTICLE_800x250 (1)

⬆️Reward Upgrade Campaign⬆️: Upgrade your rewards when you top up specific amounts. Valid till 31 July 2024. T&Cs apply.

  • S$300.00 for an Apple iPad 9th Gen 10.9 wifi 64GB (worth S$508.30)
  • S$380.00 for a Xiaomi Robot Vacuum X20 UK (worth S$699.00)
  • S$450.00 for a Flujo Ayla Ergonomic Office Chair (worth S$1,139.00)

 

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

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