Standard Chartered Prudential Visa Signature Card Review

Benefits of using the Standard Chartered Prudential Visa Signature Card

Here are some of the benefits you can expect:

• Up to 10X rewards points on foreign spend. Earn up to 10X reward points for every $1 spent in foreign currency on eligible overseas transactions, with no minimum spend required. However, do note that the 10X reward points comprise of 1.5 points from the basic rate and 8.5 additional points from elevated earn. While there’s no maximum cap on base rate reward points, the additional points you can earn is capped at 20,000 per year.
• Up to 5X rewards points. Earn up to 5x reward for every $1 spent on eligible dining transactions, with no minimum spend.
• 1 reward points on all general spend. Gain 1X rewards points for every $1 spent on eligible purchases, including insurance-related transactions. There’s no minimum spend required and no earn cap for this base reward rate.
• The Good Life offers and privileges. Cardholders can take advantage of various perks and discounts offered by Standard Chartered Bank, including dining discounts, gift vouchers at retail stores, online shopping promo codes and cashback from qualifying hotel stays.
• Complimentary travel insurance. Receive complimentary travel insurance up to $500,000 when you charge your full travel fare to your card.
• Offset your premiums. Redeem your reward points for cash value to offset your insurance premiums for eligible Prudential policies.

Features of the Standard Chartered Prudential Visa Signature Card

Some of the Standard Chartered Prudential Visa Signature Card‘s competitive features include:

• Annual fee waiver. The annual fee of $194.40 p.a. is waived for the first two years.
• SC EasyBill. Earn cashback, reward points and bonus interest when you pay your IRAS, education, insurance and rental bills with SC EasyBill payment programme.
• Complimentary extras. Standard Chartered also offers a broad range of additional card features:

• • EasyPay. With this service, you may split your big-ticket retail transactions (at least $150) into an interest-free repayment plan across 3 to 12 months, with a one-time service fee of 0.1%.
  • Funds transfer. You are eligible to transfer funds over a certain minimum amount at 0% interest for 6 to 12 months for a one-time processing fee of 0.7% or above.

How to apply for the Standard Chartered Prudential Visa Signature Card

The Standard Chartered Prudential Visa Signature Card is a card exclusively availed by invitation only. If you are a Prudential customer, it shouldn’t be long until you receive an invitation. However, if you’re keen on this card, you may express your interest to your financial advisor or directly to Standard Chartered Bank.

Make sure you meet the criteria for this card and have the following information ready:

Eligibility criteria

• Minimum annual income of at least:
  • $30,000 p.a. for Singaporean or permanent resident
  • $60,000 p.a for foreigners with employment pass
• Foreigners need to be holders of these employment passes: P1, P2 or Q type (with at least 1-year validity)
• Between 21 to 65 years of age
• Have a good credit rating
• Maintain at least $10,000 in annual premiums or $100,000 in single premiums, or a combination of both.

Required documents

• For salaried employee

  • Photocopy of your NRIC/Employment Pass (front and back)
  • Latest computerised payslip; or
  • Latest 6 months’ CPF statement; or
  • Latest income tax notice of assessment and latest computerised payslip; or
  • Latest income tax notice of assessment and latest 6 months’ CPF statement

• For self-employed

  • Photocopy of your NRIC/Employment Pass (front and back)
  • Lastest income tax notice of assessment (business must have been in operation for at least 2 years)

• For commissioned or variable income earner

  • Photocopy of your NRIC/Employment Pass (front and back)
  • Lastest 3 months computerised payslip; or
  • Latest 6 months’ CPF statement; or
  • Lastest 3 months computerised payslip and income tax notice of assessment; or
  • Latest income tax notice of assessment (for 100% commission earner)

Frequently asked questions

• How does the rewards cap of 20,000 rewards points work?

  The rewards cap of 20,000 points per year is only applicable to the additional rewards points awarded from the elevated earn rate. For example, the 10X reward points per $1 spend on foreign currency transactions comprises of 1.5X points from the basic rate and 8.5X bonus points. In this case, only the additional 8.5X reward points are subjected to the rewards cap.

  As for the 5X reward points on qualifying dining transactions, you will earn 1.5X base reward points and 3.5X bonus reward points for every $1 spent. The additional 3.5X reward points will be subjected to the rewards cap.

• Is there a minimum spend amount to qualify for the additional rewards points?

  No, you’re not required to meet a minimum spend amount to qualify for the new additional rewards points under the Prudential Card Rewards Points Promotion.

• How can I offset my insurance premiums with the reward points I've accrued?

  The 360° Rewards Points you’ve earned on this card can be converted into cash value to offset your premium payments for eligible policies. You’ll need to accumulate at least 3,000 points to make a redemption, and thereafter the rewards points must be redeemed in blocks of 300.

  The first 3,000 360° Rewards Points, which is the minimum redemption amount, has an equivalent cash value of $12. The subsequent 300 360° Rewards Points can be redeemed for $1.20 cash value.