This article is written in collaboration with Standard Chartered Bank (Singapore) Limited (“Standard Chartered”). All views expressed in the article are the independent opinions of Sethisfy.com. All information provided is for informational purposes only and is not intended to be construed as advice or an offer for any product or service. Standard Chartered is not liable for any informational errors, incompleteness, delays, or for any actions taken in reliance on information contained herein
We all use credit cards to pay for various purchases, such as our online shopping or a night out having dinner, but there are more uses for your Standard Chartered Credit Card and credit limit than many may realise.
Getting a credit card funds transfer
One such use is to utilise your credit limit with Standard Chartered to get a Credit Card Funds Transfer.
When you apply for a Credit Card Funds Transfer with Standard Chartered, you are able to get cash disbursed to a bank account of your choice within 15 minutes at 0% p.a. interest for a tenure of your choice between 3 to 12 months.
You do have to pay a processing fee based on the tenure, which starts from 0.7%. Do scroll to the bottom to enjoy an exclusive Standard Chartered offer!
|Tenure||Processing Fee Rate||Processing Fee Amount||Interest Rate|
(EIR 2.83% p.a.)
(EIR 3.10% p.a.)
(EIR 3.51% p.a.)
(EIR 4.86% p.a.)
Each month, like a credit card, all you have to do is to pay off the minimum fee of the Credit Card Funds Transfer which is 1% of the remaining balance (or $50, whichever is greater). Unlike a credit card, there is no interest to pay on the balance.
In short, Standard Chartered’s Credit Card Funds Transfer is a relatively low-cost loan that can quickly help improve your cashflow, and it is quite fuss-free without the need for a lengthy application since you are borrowing against your credit limit with the bank.
Clear high-interest loans
It may seem counterintuitive to get into more debt if you are already in debt, but it makes perfect sense if your existing debts are costing you high interest. For instance, a $10,000 credit-card debt may incur thousands of dollars over a tenure of six months. By applying for a 6-month $10,000 Credit Card Funds Transfer, on the other hand, you incur only a 1.5% processing fee which is $150. The balance transfer allows you to immediately pay down on the high-interest credit card debt and saves you money on interest.
Purchase big-ticket items
Credit cards and buy-now-pay-later services (BNPL) may be great for deferring your payments for a couple of months, but a credit card funds transfer allows you to stretch your payment up till 12 months if you desire. Also, since you receive the credit card funds transfer in cash, you are also not limited to purchases that can be bought with credit cards or BNPL services.
This includes things like doing up your home for a more conducive work-from-home experience, or other big-ticket items you wish to pay for but just need a few more months’ of salary to afford, or replacing some household appliances that may be on their last legs, like a washing machine or a new refrigerator. Since credit card fund transfers are of shorter tenures, they tend to be cheaper than personal/renovation loans.
Pay your bills with SC EasyBill
On top of credit card fund transfers, you can also make use of your Standard Chartered Credit Card to pay for your tax, education bills, insurance and rental payments.
Standard Chartered positions this service as a way to get cashback, 360° Reward Points, or Bonus Interest on your Bonus$aver account. Given that a fee is payable, most people probably use this as a way to essentially buy 360° Reward Points, which makes sense if you want to convert the Points into miles for premium class travel.
The best cards to use for this is the Standard Chartered Visa Infinite and Standard Chartered X Card, and assuming a 1.9% fee, this is what you can expect to pay per mile you earn:
|Card||Earn Rate||Cost Per Mile|
|Standard Chartered Visa Infinite||1 mpd (<$2,000 monthly spend) /|
1.4 mpd (≥ $2,000 monthly spend)
|1.9 cents /|
|Standard Chartered X Card||1.2 mpd||1.58 cents|
For new to Standard Chartered Credit Cards
If you’re not a Standard Chartered Credit Cardholder yet, apply for one before 31 August 2021 and you can get up to S$230 cashback* when you make an eligible transaction.
Or apply for Unlimited Credit Card and a Credit Cards Funds Transfer and get up to S$20,000 cash at 0% interest p.a. with 100% cashback on your processing fee plus S$80 bonus cashback. For a S$20,000 amount with a 12-month tenure, that is a S$900 savings!
*$30 sign-up bonus + $120 for first 100 Sethisfy readers who sign up + $80 when signed up with Credit Cards Fund Transfer. See terms and conditions
For existing Standard Chartered Credit Cardholders
If you’re an existing Standard Chartered Credit Cardholder, you may apply for the Credit Card Funds Transfer and EasyBill here:
|Apply for Standard Chartered Credit Card Funds Transfer||Terms and Conditions|
|Apply for SC EasyBill||Terms and Conditions|
When used right, credit cards are nifty tools that allow us to gain rewards as well as defer our payments, or even visit lounges for free. Used irresponsibly, however, they may leave us with compounding debt. Always remember to pay off your credit card bill and credit card funds transfer in full to avoid late fees and high interest charges.
If you haven’t, well, better apply for a credit card funds transfer to reduce your interest costs.
For full Sethisfy x Standard Chartered Credit Cards Sign-Up Bonus Cashback Promotion Terms and Conditions, please click here.
Keep up to date on the best cashback/mile cards, savings accounts, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.
Subscribe to the channel, then join the group chat. You would often benefit from the tips exclusively shared in the group chat! See the Things You’ve Missed here