Monday, October 18, 2010
Stretch you dollars series: Preferred Banking Standard Chartered Bank
Just receive the preferred banking package. The package sent was quite delightful, considering that I only applied for a credit card and current account.
The card comes with 25,000 points upon first transaction.
There is an overdraft facility that is interest free (without processing fees) for the first $3,000 drawn upon. The current account comes with a debit card that comes with 2% cashback on mastercard spending.
Spending gives 1.5x reward points for $1,500 of spending and below; 2.5x reward points for purchases above that.
Different account categories earn points monthly. For example, a current account, time deposit and investment account earn 250 points monthly or 750 points in total. Online payment of credit card also yield 250 points.
The package comes with some 1-1 vouchers.
I have enquired that there is no termination fees AFTER 6 months for preferred banking account. Before that there is a $30 early account closure fee.
Not a bad deal.
Qualifying criteria: Earn more than $6000 monthly or have $50,000 with SCB. If you have a mortgage with more than $600,000 in value, you also qualify.