Lifestyle

Standard Chartered Bank Now Has a New IG-Worthy Credit Card for Rich Young People

2019-07-28 , 4:00 am

If you ever thought you need a credit card that actually flaunts your wealth or just to look cool, this is it.

Because to apply for this card, you need at least S$80,000 income per year or S$6,667 per month, which is Standard Chartered’s benchmark for affluent millennials.

We down here at Goody Feed obviously don’t qualify, otherwise, MovieMondays would be us going around reviewing gold class theatres, ThirstyThursday would involve us reviewing wine, and FastFoodFridays would become FancyFoodFridays. I mean, we even advised people not to get a credit card.

But we have high hopes for our readers, so here’s what’s cool about the card, which you can sign up here. Terms and Conditions can be found here.

100,000 miles sign-up promotion

Yes, 100,000 miles.

To get an idea of how much this is, the current best sign-up promo is 39,000 miles from American Express KrisFlyer Ascend card.

100,000 miles allows you to swap 2 Economy Saver round-trip tickets to Tokyo.

Though if you’re signing up for this card, maybe you wouldn’t be looking at Economy…

You get the miles when you pay the annual fee and charge a minimum of S$6,000 to the card within 60 days of card approval.

Which, if you qualify for the card in the first place probably isn’t hard for you to spend at all.

You also need to apply and receive approval for the card between 23 July and 31 August 2019, activate your card within 30 days of approval, and keep your card for 6 months after account opening.

And if you want an additional 100,000 Air Miles, you get it when you place a minimum of S$300,000 Fresh Funds and start a Priority Banking relationship.

It’s made out of metal

With all things expensive, obviously, the card itself can’t be cheap. It’s completely made out of metal, presumably so that in the case some schmuck wants to steal your money you can use the card as an impromptu shuriken while telling him that you’re rich.

But in the case where you’re in the camp where you’re thinking, “I’m rich, why should I carry a card?”

Well, good news for you! You can tell Magneto to suck it by applying for a digital card when he comes to find you, thinking you’re part of the X-Man.

Because money is the best superpower.

$695.50 non-waivable annual fee

And S$107 for supplementary card. Both include GST.

“The X Cardholder will be charged with an annual fee of S$695.50 (including GST) and the supplementary X Cardholder will be charged with an annual fee of S$107 (including GST) in the first year and every subsequent year. This annual fee is strictly not waivable in the first year and every subsequent year, for as long as the principal X Card and supplementary X Card is active.”

Yeah, if you’re rich, you probably are good at negotiating. But too bad, no talking out of this for you.

Flexible reward system and complimentary travel insurance

Every dollar charged on the card can be used to redeem up to 2 Air Miles, 2 per cent Cash Rewards or Travel Credits. This is the equivalent of 1.2 miles or 1.2% cashback for every S$1 spent locally and 2 miles or 2% cashback for every S$1 on overseas spend.

If you charge your full fare to your card before you go abroad, you get travel insurance coverage of up to S$1,000,000.

But, is it really that good?

Of course, we’re not sponsored by Standard Chartered, and the whole reason for this article is just to show the cool X on the card.

I know, it’s petty like a child window shopping and showing his parents the cool toy that they can’t buy. We aren’t Money Feed but it’s special to us, dammit.

Either way, MoneySmart says that the 100,000 miles is exciting, but it’s just a normal miles card with a basic earn rate of $1 = 1.2 miles locally and $1 = 2 miles overseas.

There are better cards for that, especially since there’s no way to increase mile earnings. Not the best for everyday use.

MileLion, on the other hand, says it’s a no-brainer for those with upcoming big-ticket spending.

You should apply just to build your mile balance.

But they think a lot of people will apply for the signup bonus, and not pay S$695.50 in the second year because of the mediocre offerings.

There might be a potential for other benefits Standard Charter adds in so people will continue using the card, but that remains to be seen.

So, uh, now that I’ve research what rich people can do, I guess I can pretend to be rich by flaunting some knowledge about credit cards and miles.