- Standard Chartered Bank
Do you consider yourself an affluent millennial?
You can now, if you earn an average of S$80,000 a year, because that means you’re elligible for Standard Chartered’s new Visa Infinite X Card, which the bank says is aimed at “affluent millennial” customers.
In a media release on Thursday (July 25), the bank said its first-ever metal credit card caters to the financial needs of a growing base of affluent millennials, who want the freedom to choose the rewards they can redeem.
It will be available to Singaporeans, permanent residents and foreigners above the age of 21 from July 26.
According to Standard Chartered, reward points earned for every dollar charged on the X card can be used to redeem up to two Air Miles, 2 per cent Cash Rewards or Travel Credits.
There is neither a minimum spend requirement nor a cap on the amount of reward points – which do not expire – or Cash Rewards that a cardholder can accumulate, it added.
Affluent millennials love to travel
Standard Chartered Bank Singapore’s head of credit cards and personal loans, Natalia Goh, said: “Affluent millennials are an important and growing segment for the Bank. Over the last five years, we have seen this population grow 12 per cent annually within our base. Given their life stage, there is significant opportunity for banks to meet their financial needs.”
The bank had observed trends among millennials seeking out banking products that complement their lifestyle, Goh added. During development of the card, Standard Chartered conducted a series of focus group research with more than 300 affluent millennials covering spending habits, travel and credit card usage.
Travel was found to be a priority for millennials who look out for novel and “Instagram-worthy” experiences overseas. Freedom in choosing rewards was also a major consideration for them when deciding on credit cards.
As such, Goh said that X cardholders will be able to enjoy the flexibility of choosing their preferred rewards including airline miles for travel, cashback on their spend or reward points to offset travel purchases.
- Standard Chartered Bank
New cardholders who signup for the X Card during the launch promotion period will receive 100,000 Air Miles as long as they pay an annual fee and spend a minimum of S$6,000 (US$4,394) within months from the card approval date, Standard Chartered said.
Cardholders who place a minimum of S$300,000 fresh funds (funds that do not originate from existing accounts within the same bank) and start a priority banking relationship with the bank will also receive an additional 100,000 Air Miles.
According to the bank, this is the highest sign-up offer in the market so far.
The reward points earned on X Card can be used for Travel Credits to offset certain travel purchases such as airline tickets, hotel accommodation and cruise packages under the SC EasyRewards Programme.
Travel Credits, according to the bank, are cash amounts credited into the principal cardholder’s X Card account which can be used to partially or fully offset Travel Purchase Qualifying Transactions based on the number of Reward Points the cardholder has.
Cardholders can also redeem points with over 10 airline and hotel loyalty programmes via Transfer Rewards.
In addition, cardholders will enjoy two complimentary visits to Priority Pass lounges per year, entitlement to privileges under Standard Chartered’s discount programme The Good Life, as well as access to the Visa Infinite suite of benefits, concierge service and other offers.
The card can also be instantly approved and issued when applicants sign up online using the MyInfo service via Online Banking and the SC Mobile app, the bank said.
It comes with an annual fee of S$695.50, which is inclusive of GST.
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