Standard Chartered Spree Credit Card Review

Standard Chartered Spree Credit Card Review: Best for bulk buyers and heavy shoppers

Standard Chartered Spree Credit Card is suitable for heavy occasional shoppers. You may spend on shoes, bags, and other designer brands every time you visit the mall. Or maybe you are a heavy hitter during Black Friday sales, Christmas shopping, or simply enjoying life, get cashbacks from all your purchases with your standard chartered spree credit card.

Key Features

  • Cashback on all online spending in foreign currency:
    You are entitled to get 3% cashback when you shop online through various sites in foreign currency. May it be for collectible shoes, shirts, or designer brands, get cashbacks on your next international purchase.
  • Cashback on all vPost spending:
    After buying your favorites from international shops, you can have them shipped via vPost and still can 3% cashback for all vPost shipping fees.
  • Cashback on all online spending in local currency:
    Most shops nowadays already have an online payment option due to the pandemic. You can maximize this benefit while getting 2% cashback for each local spend.
  • Cashback on all contactless and mobile payments:
    Because of the pandemic, people have been wary of holding physical cash, who knows where that bill or coin went to? Pay contactless and utilize mobile payments to avoid this and in addition, get a 2% cashback.
  • Cashback on all other retail spending:
    For all other retail spending, you are entitled to get 1% cashback. 

 

Pros

  • Annual fee waived 

All customers who wish to avail of the Standard Chartered Spree Credit Card are entitled to have their annual fee waived for the first two years.

  • Sign-up bonus

With the current sign-up bonus, you can get $200 cashback for your first transaction

  • No minimum requirements

Using your Standard Chartered Spree Card, you can be assured that there will be no minimum spend or minimum purchase requirements.

  • Cashback on a variety of spending

You can earn up to 3% on foreign currency spend, 2% on local currency spend, and 1% on all other retail spend.

Cons

  • Cashback cap

Your cashbacks are capped at $60 per month.

  • High-interest charges

Other financial providers might have lower annual interest charges

 

Benefits

  • Cashback:
    Utilizing your Standard Chartered Spree Credit Card, you can receive a maximum cashback of $60 as you enjoy 3% cashback on foreign currency spend, 2% on local spend, and 1% on all other retail spend.
  • Credit Card Limit:
    The maximum card limit for your Standard Chartered Spree Credit Card is only up to $250,000
  • Fund Transfer:
    Transferring funds from your card will not incur any charges for three to twelve months. That being said, there will be a one-time processing fee of 0.7% or 4.50% that may apply.
  • Instalment Plans:
    Another benefit of your Standard Chartered Spree Credit Card is that transactions you made with qualifying merchants can be repaid over a span of 36 months without any interest.
  • Contactless Payments:
    Your Standard Chartered Spree Credit Card is compatible with Google Pay, Apple Pay, and Samsung Pay removing the need to use cash – just tap your phone at the card reader.

 

Standard Chartered Spree Credit Card vs Other Cards

Here’s how this card differs from its competitors:

 – Cashback Minimum spend per month Cashback cap
Standard Chartered Spree Credit Card Up to 3% on eligible spend $0 $60
Standard Chartered Unlimited Cashback Credit Card Up to 1% on eligible spend $0 Unlimited
Citi Rewards Card $1 = 10x points for online spend including food delivery and groceries $20 and up $40
DBS Women’s World Card $5 = 10x points for online spend $0 N/A

 

The Verdict

Together with Standard Chartered Unlimited Cashback Credit Card and DBS Women’s World Card, Standard Chartered Spree Card performs better than Citi Rewards Card when it comes to minimum spend per month, as the latter requires $20 and up in minimum spend.

Read more about the Credit Card Reviews:

1. Citi Rewads Card Review
2. Standard Chartered Unlimited Cashback Cashback Card Review
3. DBS Women’s World Card Review

It is also the next best option to Standard Chartered Unlimited Cashback Card for having a higher cashback cap at $60. 

Your Standard Chartered cashback card can also give you 2% shopping cashback on local spends and 1% cashback for retail brick and mortar shops and other retail transactions. The maximum cashback you can earn is $30 per month, translating to $360 in a year. To add to the mix, you don’t need any minimum spend to avail of the said cashbacks.

 

Standard Chartered Spree Credit Card Promotions

When you apply for your SCB Spree Credit Card, you can receive up to $280 cashback when you spend $200 on eligible transactions. Alternatively, you can get a new Nintendo Switch and $80 cashback when you spend $500 on eligible transactions.

 

Standard Chartered Spree Credit Card Exclusive Privileges

  •  vPost- Using your Standard Chartered Spree Credit Card, you can get 25% off standard shipments with vPost by using the promo code ‘SPREESP’. This promo is available until October 8, 2022
  • SmartPac- This is an ongoing promotion with SmartPac that gives you 5% off on SmartPac box and Poly M. Both are subject to a minimum purchase of SmartPac box or Poly M of the same type.
  • Singapore Post- They also have an ongoing promotion with Singapore Post that gives you 5% off on SmartPac box and Poly M subject to a minimum purchase of 10 SmartPac box or Poly M of the same type. Through your Standard Chartered Spree Credit Card, you can also get 10% off from packaging materials for a minimum purchase of $30. You are also entitled to get 5% off when you shop online at shop.singpost on selected products with no minimum spend.

 

Fees and Charges for Standard Chartered Spree Credit Card

Annual fee $192.60 (Fee waived for first two years)
Late Payment Charge $100
Annual Interest Rate 26.9% per annum
Cash Advance Fee 6% per transaction, plus 0.082% charge per day until fully paid
Foreign Currency Transaction Fee 1.8%
Minimum Spend Monthly  $0
Overlimit Fee $40 if the total outstanding balance exceeds the total credit limit
Interest on Purchase  26.9% per annum subjected to compounding if full payment is not made by payment due date

 

Credit Card Online Shopping

How to apply?

Eligibility and criteria

  • Age requirement – Applicant should be 21 years and above
  • Minimum Annual Income – Singapore and permanent residents are required to have a minimum annual income of $30,000 while foreigners should have a minimum annual income of $60,000.

Requirements

  • National Registration Identity Card
  • For foreigners, you will need your passport, employment pass, and residential proof in Singapore
  • 6 Months’ CPF statements or 3 months’ payslip
  • Income Tax Notice of Assessment for self-employed applicants

Process 

  • Go to the website of Standard Chartered
  • Click ‘Apply Now’
  • Complete the form 
  • Ready your requirements

 

Why should you choose the Standard Chartered Spree Credit Card?

The Standard Chartered Spree card can give you cashback up to 3% when you shop, even when you use it for vpost spend. Your cashback card can give you 15% off on storage units at Lock + Store and discounts on SmartPac solutions. Even if you shop using your SCB spree card on foreign currencies, you are still eligible to earn 3% on your total charges including the foreign transaction fee. 

 

Save on Shipping, Renting Storing Units, and Other Perks

There are also features for those going on shopping sprees who wish to save on shipping, parceling, and storage solutions. Aside from the 15% discount, you can get when you rent storage units from Lock+Store, you can also get a discount at SingPost for 10% off selected services, including SpeedPost Priority International Service. 

Another discount you can get is from SmartPac at 5% off selected purchases and 30% discounts from vPost on a standard shipment using the promo code ‘SPREESP’, while still having 3% cashback.

Other perks with your Standard Chartered Spree Card include huge access to The Good Life offers and privileges across dining, shopping, lifestyle, and travel categories. Aside from these, you can get up to 20% savings when you gas up at Caltex.

 

More Information About the Standard Chartered Credit Card

1. Can I earn more than the $60 monthly cashback cap on my SBC Spree Credit Card?

Standard Chartered Bank has imposed a $60 cap every month as you earn cashback. That being said, always check their terms and conditions for any unexpected changes to this provision.

2. How can I have my annual fee waived?

Whether for Singapore citizens or foreigners, the first two years of annual fees are automatically waived upon application. Afterward, you will have to pay $192.60 as full payment for your annual fee. 

3. How much should I spend to avail of the cashback incentives? 

There is no minimum spend required for you to avail of the 3% cashback on foreign currency spend, or the 2% cashback on local spend, and even on the 1% cashback on other retail transactions.

 

Conclusion 

The Standard Chartered Spree Card is perfect for avid shoppers and for those who wish to utilize mobile and contactless payments, especially during the pandemic. There is no minimum spend amount, so everyday shopping lists can also be eligible for cashbacks. Although the monthly salary for foreigners could be slightly huge, the benefits, perks, and cashback rates it can provide in return make it worth it. 

  • You can get up to 3% for foreign currency spend, 2% on local currency spend, and 1% on all other retail transactions. 
  • Contactless and mobile payments are always an option.
  • Various discount rates are applicable for vPost, SmartPac, and Singpost.

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