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Understanding Fees and Charges on your Credit Cards

Help Topic

Find answers to common questions on credit card fees and charges

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Late Payment Charge

Annual Fee

Finance/Interest Charge

What is a Late Payment Charge?

A Late Payment Charge is an extra amount charged for payment on a credit card that was made after the due date.

Why is there a Late Payment Charge in my credit card statement?

You have been charged a Late Payment Charge of S$100 as the minimum payment due (as indicated on your statement) was not received by the due date. This S$100 charge is a fixed fee levied on the credit card account, irrespective of the amount outstanding in the account. This Late Payment Charge also applies to Credit Card Funds Transfer and CashOne instalment loan accounts.

Important Information:

TOPIC
ACTION(S)
How do I remind myself to pay my Credit Card(s) on time? •Set up payment due alerts to remind you of your payment due date

•Subscribe to eStatements
What are ways to make simpler and faster payments for my Credit Card(s)? •Learn how to manage your payments for your Credit Card(s)
How do I set up recurring payments? •Apply for GIRO payment for your Credit Card(s)

How do I submit a request for a Late Payment Charge waiver?

You may submit your waiver request via our digital services:

SC Mobile or Online Banking

  • Refer here for the step-by-step guide

Automated phone banking system

  • Step 1: Call SCB’s Phone Banking hotline
  • Step 2: Hold on to the line until you are prompted with the menu options
  • Step 3: Press 2 for Fee Waivers
  • Step 4: Press 2 again for Credit Card Late Fee Waiver
  • Step 5: Enter 16-digit Credit Card number

*Please note that the outcome of the request is subject to the Bank’s approval.

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What is an Annual Fee?

An Annual Fee is charged every year as a subscription for your Credit Card(s) so that cardholders can enjoy “membership” privileges and promotions for maintaining the Credit Card account.

Why is there an Annual Fee charge in my credit card statement?

An annual Fee is charged up-front yearly when your Credit Card(s) fee date is due. Please refer to our Pricing Guide for the respective amount charged to your credit card(s)

Important Information:

TOPIC
ACTION(S)
How do I remind myself to pay my Credit Card(s) on time? •Set up payment due alerts to remind you of your payment due date

•Subscribe to eStatements
What are ways to make simpler and faster payments for my Credit Card(s)? •Learn how to manage your payments for your Credit Card(s)
How do I set up recurring payments? •Apply for GIRO payment for your Credit Card(s)

How do I submit a request for an Annual Fee waiver?

You may submit your waiver request via our digital service(s):

SC Mobile or Online Banking

  • Refer here for the step-by-step guide

Automated phone banking system

  • Step 1: Call SCB’s Phone Banking hotline
  • Step 2: Hold on to the line until you are prompted with the menu options
  • Step 3: Press 2 for Fee Waivers
  • Step 4: Press 1 for Credit Card Annual Fee Waiver
  • Step 5: Enter 16-digit Credit Card number

*Please note that the outcome of the request is subject to the Bank’s approval.

What is a Finance/Interest Charge?

Any unpaid amount on your credit card will be rolled over to the next statement and charged an interest on top of that..

Why is there a Finance/Interest Charge in my credit card statement?

Finance/Interest Charges are computed at the Effective Interest Rate (EIR) of 26.90% per annum, calculated daily from the date of the transaction until balance owing is paid in full. No Finance/Interest Charges will be imposed on any fees billed to the card account (such as annual fee, late payment charge and any other fees charged by the Bank).

Please refer to our Pricing Guide for the respective interest rates applied to your Credit Cards, Personal Loans, and/or Credit Card Funds Transfer account(s).

Important Information:

TOPIC
ACTION(S)
How do I remind myself to pay my Credit Card(s) on time? •Set up payment due alerts to remind you of your payment due date

•Subscribe to eStatements
What are ways to make simpler and faster payments for my Credit Card(s)? •Learn how to manage your payments for your Credit Card(s)
How do I set up recurring payments? •Apply for GIRO payment for your Credit Card(s)

Understanding Finance/Interest Charge:

You will have at least 22 interest-free days from your statement date to make full payment on your Credit Card before your next Credit Card Statement is generated.

If you have not made the full payment by the payment due date, you will be billed for Finance/Interest Charges on your next Credit Card Statement computed at the EIR of 26.90% per annum.

For example: Minimum payment made by the payment due date of the next subsequent Credit Card Statement.

STATEMENT DATE: 11 APR
PAYMENT DUE DATE: 3 MAY
STATEMENT DATE: 11 MAY
Client now has a repayment period of at least 22 days from the above date → (If Minimum Payment Amount was made before the above date)

•No late payment charge will be incurred

 

(If payment was not paid by above date or lesser than Minimum Payment Amount)

•Late payment charge will be incurred

→

 (If full payment on all outstanding owed was only made before the above date)

•Finance charges of 26.9% p.a. will be incurred on all the transactions from April’s Statement and all transactions made thereafter till the date full payment is received. Finance charges will be reflected in the upcoming Statement.

How do I appeal for a Finance/Interest Charge waiver?

You may submit your request via:

  • SCB’s Phone Banking hotline
  • Live Chat
  • Any SCB branches in Singapore

*Please note that the outcome of the request is subject to the Bank’s approval.

FAQs

  • If your minimum payment due is not received by the payment due date, you might experience the following:

    • Your credit card may be suspended
    • Being consistently late for credit card payments may also affect your credit rating and your ability to obtain new unsecured credit facilities

  • Late Payment Charge

    As a gesture of goodwill, the bank offers clients one (1) late payment charge waiver across all eligible account(s) with the Bank within a period of 12 rolling months. If you have been granted a waiver in the past 12 rolling months, we regret that we will not be able to grant you any further waivers nor consider any appeals.

    For example: If the client has two credit card accounts (Credit Card A & Credit Card B) with the Bank. Credit Card B incurred a late payment charge of S$100 in August 2022 due to late payment. However, client has already received waiver on Credit Card A in the past 12 months, back in September 2021. Client will not be eligible for further fee waiver, and will be expected to pay the S$100 charge levied for Credit Card B.

    Annual Fee or Finance/Interest Charge

    Your waiver request was reviewed against your repayment history together with any past waivers provided. Unfortunately, we will not be able to grant you any further waivers nor consider any appeals. To avoid further charges, please settle your outstanding bill promptly.

  • The one late payment charge waiver given within the period of 12 months will only be based on the latest charge found on your current or unbilled statement.

  • Merchant refunds are not considered as payments to your card account. Please ensure payments are made to your account by the payment due date which is indicated in your statement, to avoid any late payment charges.

  • We understand that challenging situations may arise, such as major medical emergencies or other unfortunate situations. You may submit your appeal via the secured mailbox option in your Standard Chartered Online Banking. Please select “Cards” and “Inquiry” under Message Category and provide the following mandatory information in your request along with the subject title: “Appeal for Credit Card Late Payment Charge Waiver”: so we may proceed to review your appeal request:

    • Date of late payment charge
    • Appeal reason
    • Details or description of your appeal
    • Date of occurrence of appeal reason

    An outcome of your appeal will be sent to you within 5 working days.

    Note: Please provide all mandatory information in your appeal. Appeals with incomplete information will not be reviewed.

    • Payment via SC Mobile (Pay SC Credit Card) – Immediate crediting
    • Payment via SC Online Banking (Pay SC Credit Card) – Immediate crediting
    • Payment via Interbank – Within 3 working days
    • Payment via AXS – Within 2 working days
    • Payment by Giro – Deduction from designated SG bank account two working days before the payment due date
    • Payment by cheque – Within 5 working days