In line with Standard Chartered initiative to encourage prudent financial management, retail purchases will now be subjected to a revised tiered interest rate structure and late payment charges on any outstanding balance for new and existing credit card customers effective 20 April 2012.

We recommend you pay at least the minimum payment amount by the due date to avoid late payment charges and higher interest charges.

The interest rate applicable on retail transactions will be based on your latest 12-month repayment pattern, as per table below:

The table below is a sample of repayment scenarios and interest calculation based on 3 different outstanding balances. The computations are based on interest rate of 18% p.a. without new transactions and there are thirty (30) days in a month.

In light of this change, the following revised late payment charges will also be applicable at the same time:

• What if I do not have 12 months history? What would my rate be?
  The rate would be 18.0% p.a. to start with and will change to either 17.0% p.a. or 15.0% p.a. based on your last 12 consecutive months’ payment history as your relationship with the bank continues
• What is the applicable rate be if I apply for a new card or have multiple accounts (i.e. more than one card)?
  The interest rate is based on a customer level basis. The card with the highest number of delinquent payments would determine the interest rate that applies to all credit cards (or accounts), including supplementary cards. The rates for new cards follow your existing card’s tiered rate as a result
• If I have no outstanding/not made any transactions on my credit card for 1 or more months in the last 12 months, what would be my interest rate?
  As there is no past due/delinquent in the last 12 months, your tiered rate will be 15.0% (Tier I rate)
• If I have not made any transactions on my credit card for one or more months in the last 12 months but I paid promptly in the same month, will the repayment be taken into consideration for me to enjoy the lower tiered rate?
  Yes, as long as you pay promptly & more than the minimum payment required at any given month although there are no transactions for that month, it will be considered in the determination of your tiered finance charges
• I have 2 cards with Standard Chartered and enjoy the Tier I rate (i.e. 15% p.a. with good repayment history in the past 12 consecutive months). However, I missed one of my card’s payment due dates this month. What will be the new rate for these 2 cards?
  As the tiered rate is evaluated on customer level basis, both of your cards will now fall into Tier II rate (17% p.a.)
• If I make partial payment, is that considered prompt payment in order to be entitled to the tiered interest rate?
  Your payment will be considered prompt as long as you make the minimum payment required, which is 5% of total outstanding balance or RM50 whichever is higher by the payment due date
• What are the revisions to the credit card charges?
  Effective 20 April 2012, there will be a revision of the interest rates on retail transactions and late payment fees:

Late payment fee

• When did these new measures take effect?
  These measures took effect from 20 April 2012
• What do Tier I, Tier II and Tier III mean?
  Under the new pricing structure, cardholders are categorised into different Tiers as follows:
  TierI: Cardholders who promptly settle their minimum payment due for 12 consecutive months
  TierII: Cardholders who promptly settle their minimum payment amount due for 10 months or more in a 12-month cycle
  TierIII: Cardholders who do not fall within the above categoriesThe bank will monitor your credit card payment record for 12 consecutive months to determine your repayment track record. Based on your track record, the tiers will be offered in the above manner to encourage you to continuously make at least the minimum payment within the due date to stay at Tier 1 at all times.
• What are the benefits of lower interest rates?
  The interest rate differentials are quite substantial, up to 3% when moving up the tiers (18.0% for Tier-III compared with 15.0% for Tier-I). This means more savings for you as a credit cardholder, helping you to make at least the minimum payment on or before the payment due date
• Why is the 20-day interest free period (applicable only if there is no carried-forward balance in my account) not removed?
  The 20-day interest free period (which is applicable for retail transactions only) is consistent with the practice of other countries. This is aimed at encouraging better personal finance management by credit cardholders towards full repayment of his/her credit card due amount
• When will the new interest rates be reflected in my credit card statement?
  Depending on your billing date, the new rates will be reflected in your following month’s statement

Also, any outstanding balance from the previous months will be charged according to the new interest rates with effect from 20 April 2012.

Take advantage of this interest savings by paying your credit card bills on time, all the time. This interest rate reduction rewards prompt payment. We would also like to thank you for your continued support in choosing Standard Chartered credit card as your card of choice.

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