When Standard Chartered issued a press release stating that its co-branded card with SingPost was going to be refreshed, we were curious to the changes and whether they would make any impact on one’s decision to apply for this card. The Standard Chartered Spree Credit Card, previously known as the Standard Chartered SingPost Platinum Visa Credit Card, is officially available from 9 October 2017 onwards.
There are now a couple more exclusive deals with SingPost, including discounts at the new SingPost Centre Mall, where the flagship SingPost General Post Office is located in Paya Lebar.
Besides that, however, the other perks with the Standard Chartered Spree Credit Card looks pretty much similar to that of the old card.
Before we set any judgement on this card, let’s take a closer look at the features of the old and refreshed card, with a side-by-side comparison table, and the welcome offers Standard Chartered is currently offering.
Features of the Standard Chartered Spree Credit Card VS SingPost Platinum Visa Card
Standard Chartered Spree Credit Card (NEW)
Standard Chartered SingPost Platinum Visa Credit Card (OLD)
|Cashback – local currency||
|Cashback – foreign currency||3% on eligible online purchases in foreign currency||N/A|
|vPost discounts||20% discount off shipment fee (limited time discount)||20% discount off shipment fee (limited time discount)|
|SingPost Centre mall discounts||N/A||
|Card Safe Guarantee||Protection against fraudulent and unauthorised transactions when shopping online||Protection against fraudulent and unauthorised transactions when shopping online|
The key difference between the old and refreshed card is the cashback earn rate for online transactions, and the minimum spend requirement. The old card had a more attractive earn rate of 7% for all eligible online transactions, which is quite significant among other cashback cards in the market, hence its popularity with big online shoppers. Why big online shoppers, you may ask? Because there was a minimum spend of S$600 every month before you could start earning cashback.
Now with the updated StanChart Spree Credit Card, despite the cashback rate being lowered to 2% for online transactions, no minimum spend is required for cardholders to start earning cashback. Cashback on all other retail spend has also been revised upwards, from 0.2% to 1%.
While the cashback cap is still set at S$60 every month, life is made much simpler for cardholders since they need not track their expenses and attempt to hit the minimum amount before they can enjoy the cashback perk. This probably resonates well with younger consumers who may not have the financial ability to spend S$600 every month. For Standard Chartered, it is also understandable why lowering the earn rate for online transactions will benefit them, since the rise in eCommerce spending by Singaporeans has been steady over the years.
Standard Chartered is offering the same welcome offer to applicants new to the Bank, not just for the Spree Credit Card. If you are applying for a Standard Chartered card for the first time, opt to submit your application online and you can receive up to S$138 cashback. If you submit your application via other channels, you’ll still be able to get S$100 cashback. You’ll have to activate your card within 30 days from the card approval date to qualify. The awarded cashback will then be valid for 6 months from the date of activation.
This promotion is available from 1 October to 31 December 2017, so don’t miss out! Terms and conditions apply.
There isn’t any change to the eligibility criteria and annual fee with the new Spree Credit Card. You must be between 21 and 65 years of age, with minimum annual income of S$30,000 for Singaporeans and PRs, or S$60,000 for foreigners, to apply. Annual fee of S$192.60 will be waived for the first two years.
With the reopening of the five-storey SingPost Centre shopping mall (just beside Paya Lebar MRT station) and the exclusive discounts the Standard Chartered Spree Credit Card has with it, it’s a harmonious, well-balanced marketing tactic to create hype from either angles. The flagship General Post Office got its swanky new look, and this co-branded credit card has a sleeker name that is nothing like its tongue-twister predecessor. It’s a good appeal to the younger audience, especially for those who shop online on local and foreign sites.
If you’re intending to visit the new SingPost Centre with your new Spree Card, do note that the promotion on complimentary parking (limited to 1,000 redemptions per day) differs for weekdays and weekends. Complimentary 2-hours parking is redeemable on Mondays-Fridays, 6am to 6pm, and Saturdays 6am to 1pm, and complimentary per-entry parking for all other times. Up to 3 same-day receipts may be combined for the minimum spend. The CapitaVoucher promotion is also limited to 1,000 redemptions per day.
SC Spree Credit Card
Earn cashback without any minimum spend required!
If we had to sum up our thoughts on this card, we’d say that if your monthly expenses aren’t in big amounts, and if you prefer your shopping online rather than offline, this is a good card for you.
The rebranding behind the Standard Chartered Spree Credit Card is geared towards a straightforward, uncomplicated cashback card with exclusive shipping discounts, and StanChart has somewhat succeeded with minor tweaks from the old card.
What are your thoughts on this new card? Leave us a comment in the comments section down below!