Take Note: New changes to the Standard Chartered Smart Card

Standard Chartered Singapore is making changes to the benefits of the Smart card.

Key changes

Here’s a summary of the key changes to the Smart Credit Card benefits and terms. Good changes marked in green, bad changes in red.

1. Enhanced Cashback:
   • Bonus Categories: Up to 10% cashback on Smart Dining, Smart Streaming, and Smart Transport based on spending tiers:
     • Less than S$800: 4% cashback (valid only until 31 March 2025; drops to 0.5% from 1 April 2025)
     • S$800+: 8% cashback
     • S$1,500+: 10% cashback
   • Other Eligible Spend: Up to 1% cashback on all other spends, based on spending tiers.
2. Unlimited Cashback: The monthly cap of 14,400 Rewards Points will be removed from 6 December 2024.
3. Additional Merchants:
   • Dining: New additions like Starbucks, The Coffee Bean & Tea Leaf, Pizza Hut, and Domino’s.
   • Streaming: Expanded list includes Amazon Prime, Viu, iQiyi, and HBO GO.
   • Transport: New Electric Vehicle charging transactions (Merchant Category Code 5552) until 31 December 2025.
4. SmartDelay™: From 15 January 2025, complimentary lounge access in case of flight delays
5. Rewards Point Redemption: Earn 360° Rewards Points, redeemable at 3,200 points per S$10 cashback.
6. Fees and Charges:
   • Annual Fee: Waived for the first 12 months; S$99.19 fee will apply from 6 December 2025.
   • Instalment Conversion Fee: A new processing fee applies to 3-month instalment conversions from 8 December 2024.
   • Interest Rate: Standardized Effective Interest Rate of 27.9% per annum, effective from 6 December 2024.

These changes will apply starting from the cardholder’s December 2024 statement cycle.

📄 Official FAQs to these changes

Bottom line

These changes are mostly negative. The card is losing both of its most useful benefits: 6% cashback on public transportation and no annual fee.

Sure, the bank can now shout about how they offer “up to 10% cashback with no cap”. But come on, who spends over $1,500 per month at merchants like McDonald’s, Starbucks, Netflix and Ya Kun Kaya Toast?

Standard Chartered Singapore is known to produce credit cards that are one-hit wonders. They do consistently offer good sign-up bonuses though, IYKWIM.

Have a quick look at the best Standard Chartered miles/cashback cards in Singapore at the moment. Yes, there’s now plenty of room for another one-hit wonder! 💃🕺

Hopefully it’ll arrive in 12-months time, when I’m new-to-bank again.