Change in Finance Charges (Retail Interest) for Credit Card, Dash Advance, CashOne, ezyCash, Credit Card Instalment Loan and Credit Card Funds Transfer – Effective 28 January 2019

With effect from 28 January 2019 (inclusive of this date) (except as specifically set out below), the following will be applicable to all your Standard Chartered Credit Card, CashOne, Credit Card Instalment Loan and Credit Card Funds Transfer accounts: The following finance charges will be revised from 25.90% p.a. to 26.90% p.a.

Finance charges for Credit Card purchases:

If payment is not made in full by the due date, finance charges at the revised effective interest rate of 26.90% p.a. will be calculated on a daily basis at 0.074%. The current calculation methodology remains unchanged for the time being; it remains based on the outstanding balance from the statement date for all retail transactions and their fees and charges.

Finance charge for late payment in relation to Dash Advance / CashOne / ezyCash / Credit Card Instalment Loan / Credit Card Funds Transfer accounts:
If we do not receive the instalment amount payment in full on or before the due date and a balance is carried forward from the relevant statement for these products, finance charges will be calculated on a daily basis at the minimum Effective Interest Rate of 26.90% p.a. (0.074% per day).

If the minimum payment is not received in full by the due date of any of your Standard Chartered Credit Card or Credit Card Fund Transfer account(s) for two consecutive statement cycles, the effective interest rate applicable to your Standard Chartered Credit Card or Credit Card Fund Transfer account(s)will be adjusted to 28%p.a. Once you have made minimum payment in full by the respective due dates for the relevant consecutive statement cycles, the effective interest rate will revert to 26.9% p.a. (instead of 25.9% p.a.).

If you have only missed one payment on your Credit Card Fund Transfer account(s), Effective Interest rate will be reinstated to the prevailing interest rate of 26.90% p.a. instead of the promotional interest rate.

If the statement balance (reflected as “New Balance” in your statement) is not paid in full by the payment due date, finance charges of 26.90% p.a. will be charged.

Finance charges will be calculated on a daily basis from the date of transaction to the date the payment is received. Please note that our prevailing Credit Card Terms, Credit Card Tariff Sheet (a copy of which is found in the Credit Card Terms), Dash Advance Personal Loan Product Terms, CashOne Terms, ezyCash Product Terms, Credit Card Instalment Loan Terms, Credit Card Funds Transfer Terms will be amended accordingly and will take effect from 28 January 2019.

Not applicable if:

1. you are enjoying promotional interest rate on your account;
2. the interest rate on your account was revised to 28% p.a. in the event that minimum payment was not received by due date; and/or
3. you have cash withdrawal transactions that are charged interest at 28% p.a.