Tag Archives: scb

Free Crystal Jadeite Membership for SCB Cardholders

Standard Chartered has partnered with Crystal Jade  to offer a complimentary Crystal Jadeite membership for all SCB credit and debit card holders. DBS has done something similar to this in the past but that promotion is since over.

You can sign up here for this promotion. At the time of writing, their sign up link was not working- it redirects you to the DBS promotion sign up page which has since expired. I suppose that will get fixed shortly.

Members get

  • Up to 12% rebate for every S$1 spent year round
  • Up to 20% rebate for every S$1 spent during the month of your birthday and during Members’ Day
  • A complimentary appetizer voucher at Crystal Jade Kitchen
  • A complimentary appetizer voucher at Crystal Jade La Mian Xiao Long Bao/Jiangnan
  • 20% off dining voucher at Crystal Jade Kitchen or La Mian Xiao Long Bao/ Jiangnan
  • 15% off e-voucher for dining bill at any participating restaurant

To max out the discount (i.e. to get the advertised “up to” rebate %) you’ll need to pay with a DBS or SCB credit card. If you use any other bank’s credit card you will get a 10% rebate instead of a 12% rebate.

Note that this complimentary sign up promotion is different from what you get when you sign up for the standard Crystal Jadeite membership. If you pay the $38 fee to sign up you will get the aforementioned gifts + $40 of Crystal Jade points that can be used towards your next meal. So you do come out on top, assuming you intend to dine there more than once.

Membership is valid for 1 year and will be automatically renewed if you’ve spent more than $1,000 in your membership year. Failing which, an $18 fee is payable (but gives you $20 of Crystal Jade points)

You should read the FAQ here and note the exclusions- you won’t earn points during the highly lucrative CNY period sadly, nor for set menus or festive products.  The full T&C are here.

This offer is available for sign us till 30 Nov 2016.

Standard Chartered 20% off Uber and $150 signup credit- what’s the catch?

The headline is certainly catchy.  For the next one year (1 October 2016- 30 Sept 2017), Uber and Standard Chartered are partnering up to offer 20% cashback on all your Uber rides, at home or overseas. All you need to do is charge your Uber ride to a Standard Chartered credit card. What’s more, new Standard Chartered Manhattan cardholders can get S$150 of Uber credits.

Of course, we know promotions are never as simple as the headline would like us to believe. So let’s look closely at the fine print of these 2 promotions

20% Uber rebate for all Standard Chartered cardholders

Image result for uber singapore

A 20% rebate is amazing, unprecedented and ultimately too high to be sustainable in and of itself. There needs to be a catch, and there is-

  1. You need to spend a min of $600 on your SCB card each month to qualify
  2. The total cashback per month is capped at $50 (meaning a maximum Uber spend of $250 per month)

Now remember, every POV I take on this blog is with the view towards earning the greatest number of miles. There may be people who are not interested in miles at all, and to them the below doesn’t really apply.

SCB lacks a true, accessible, general miles earning workhorse. DBS has the Altitude ($30K income requirement), Citibank has the Premiermiles ($50K) and UOB the PRVI ($80K).

Image result for standard chartered visa infinite

Standard Chartered’s best miles offering comes in the form of the Standard Chartered Visa Infinite card, which at an income requirement of $150K per annum is not exactly main street material.

So assuming you don’t have an SCB Visa Infinite card, you’re looking at forgoing the miles you’d have earned from $600 of spending. This could be anywhere between 840-2,400 miles, depending on what type of spending that was.

It’s also important to note the following types of transactions are expressly excluded under the T&C

  • Insurance premiums, including premiums for investment-linked policies, charged to the Card;
  • Bill payments (Examples of bill payment merchants include but are not limited to Telecommunications and utilities providers such as Starhub, Singtel and M1, Singapore Power);
  • Any payment via AXS network;
  • Any payment via SAM network;
  • Payments to government agencies which include but not limited to Land Transport Authority, Housing Development Board, Inland Revenue Authority of Singapore, Public Utilities Board, Immigration & Checkpoints Authority and the Ministry of Manpower;
  • Income tax payments;
  • EZ Link cards transactions;
  • Transit Link transactions;
  • Any transactions pertaining to Merchant Category Codes 6211 (Security Brokers/Dealers) and 7995 (Gambling/Lotto)
  • Balance transfers, cash advances from the Card, purchases via NETS and ongoing installment payments;
  • Any fees and charges (including annual fees, interest charges, cheque processing fees, administrative fees, cash advance fees, finance charges and/or late payment charges and other miscellaneous fees and charges) charged to the Card;
  •  Any amount charged to the Card during the Promotion Period that is subsequently cancelled, voided or reversed;
  • Balance owing on the Card account from other months

The long and the short of it is that SCB wants to reward your discretionary spend, not the spend you’d have been making anyway on your bills and routine payments. The express exclusion of AXS and income tax payments is going to be a dealbreaker to some. That said, the $600 minimum spending requirement includes spending on Uber and Ubereats.

Regarding the cap, unless you’re riding Uber daily it’s quite unlikely you’ll max out the $250 limit (although given Uber’s nasty new practice of hiding surge pricing, you still might…). So this wouldn’t be my main objection, it would be the having to forgo miles on $600 of spending.

Other relevant pointers to note- this 20% cashback promotion is only valid for SCB Credit Card holders, so linking a debit card won’t work. AIA co-branded SCB credit cards and corporate cards are also not eligible.

Also, the caps and terms apply on a card basis. So if you had 2 Standard Chartered cards and spent $600 on each, you could get your a total of a $100 of Uber rebates in a month.

Uber credits for new SCB credit card applicants

It seems there are two types of promotion ongoing- one for new SCB credit card holders and another for new holders of the Manhattan World Mastercard specifically.

Promotion A: $30 Uber Credits for New SCB Credit Card holders (and new Uber users)

New SCB credit card holders are eligible for a $30 Uber credit provided they are new Uber users. At this point in time I’d struggle to think of any of my friends who haven’t already tried Uber so this already eliminates a large swath of people.

The $30 Uber credit comes in the form of 3 X $10 credits that can be used on any form of Uber except Uber Taxi. Only a maximum of one $10 credit can be used per ride, and if the value of the ride is <$10 no excess is rolled over. You can read the full T&C for this promotion here. The promotion runs the same duration as the 20% Uber rebate one, that is, 1 October 2016- 30 Sept 2017.

Promotion B: $150 Uber Credits for New Manhattan World Mastercard holders

This promotion is applicable to those who sign up for the Manhattan World Mastercard only.

To qualify for the $150 in Uber credits, you must be a first time SCB principal cardholder (I knew that $500 limit Manhattan card I applied for in uni was going to come back to haunt me. If you’ve held an SCB credit card before as a principal cardholder, you get a $20 cashback on the Manhattan card) and apply for the Manhattan World Mastercard via www.sc.com/sg/uber

These $150 in Uber credits come in the form of 15X $10 Uber credits which must be used for consecutive Uber rides in Singapore. These must be consumed within 6 months. Unlike promotion A, these credits can be used for any type of Uber including Uber Taxi. Unlike Promotion A, you do not need to be a new Uber user.

The annoying part is that if you’ve got this promo on your Uber App, you’re going to want to be very careful that all your 15 rides exceed $10. If you’re going below that you’d be better off taking Grab/regular taxi. You cannot pick and choose which Uber rides to apply your credit to.

The full T&C can be found here.  This promotion runs for a shorter period, from 1 Oct 2016 to 31 Dec 2016.

My take

I do love my miles, so the absence of a good miles earning card from Standard Chartered stops me from taking advantage of this. But if you’re more of a cashback person, I see no reason why you shouldn’t jump on. 20% is a generous rebate, and assuming you don’t spend enough to hit the $50 cap then this could be a good deal for you.

Everyone should still be aware that Uber’s new upfront pricing model effectively hides surge pricing from you. Uber tries to spin upfront pricing as providing greater transparency, but really how hard is it for them to tell you both the price beforehand and the surge in place? They’re not mutually exclusive pieces of information, you know.

Standard Chartered’s new time deposit promotion lets your money earn you miles

The following post is sponsored by Standard Chartered Bank. All opinions expressed (and editorial snark) are those of The Milelion.


Most people know how to earn miles through spending. But can you earn miles through saving? Well, that’s what Standard Chartered Bank (SCB) is offering right now with its SGD Miles Time Deposit campaign.

From now till the 30th September 2016, you can earn 10,000 miles for every S$27,000 of fresh funds deposited in an SCB 6-months time deposit, up to a maximum of 60,000 miles with a S$162,000 deposit of fresh funds.

Placement Tenor SGD Miles Time Deposit
S$27,000 – S$162,000 6 months 10,000 KrisFlyer miles for every S$27,000 fresh funds deposited

Some of you will remember that I wrote about a similar promotion by SCB back in June. Back then, the promotion was 10,000 for every S$25,000 deposited for 6 months, with a maximum of 60,000 miles.

So what’s changed since then? Interest rates for one.

On 21 June, a quick check on MoneySmart showed that the best rate you could get for a 6-month SGD time deposit was 1.6% p.a. As of 9 Sept, the best interest rate in the market is 1.5% p.a. Here’s how the current SCB offer compares to its previous.

Deposit amount KrisFlyer miles from SGD Miles Time Deposit Best available alternative Cost/Mile
June promotion $25,000 10,000miles S$200 at 1.6% p.a. interest 2 cents
Current promotion $27,000 10,000miles S$203 at 1.5% p.a. interest 2.03 cents

The upshot is that this is, for all intents and purposes, the same deal as last time round- a chance to acquire miles at an opportunity cost of 2 cents each (as opposed to an actual cash outlay).

Who would this best work for? The profile I have in mind is someone who is cash rich but miles poor, who wants to acquire miles without spending money outright. If you put down the maximum deposit of S$162,000 in fresh funds, you will have 60,000 miles by 31 October 2016, i.e within 2 months of depositing your money.

Presumably, there are those who would rather have  S$1,215 of cold hard cash (based on an alternative of 1.5% p.a interest), and I can totally understand that. But as we’ve said time and time again, the value of miles comes in their variable value.

Let’s look at some of the things you could do with those 60,000 miles and decide whether they’re better (or worse) than S$1,215 of cash.

Good Ideas

Fly in First or Business Class with SQ (S$3,600-4,800)

There are quite a few permutations of potential trips you could do here. I’m highlighting China in particular because it’s a chance for you to experience SQ’s latest cabin products (on the 77W) or even Suites (if you get the A380 flights). However, you could also do the same trip to India if you’re so inclined for the same number of miles described below

Round trip Business

Flights to China and India are around the 5 hour mark, which is a good amount of time to enjoy the Business Class product. You can get a round trip ticket for 59,500 miles and S$376.80 of taxes.

This ticket retails at S$4,151.80, so you get about 6.3 cents per mile. Remember that depending on your aircraft type, you may either get the old J seat (A380s, some 777s), which unfortunately is showing its age on some of the older aircraft

Or the 2013 new J seat, which is awesome.

maxresdefault

If you’re confused as to which aircraft has what seats, check out this post on SQTalk. Those weird sequences of numbers (eg 9V-SRM) are aircraft tail numbers (think of them as license plate numbers), you can check out FlightAware of FlightRadar24 to see which aircraft are flying which routes.  

One way Suites

SQ’s Suites are available on flights from SIN to BOM, DEL, PVG and PEK.

In the above example of SIN-PVG, you can redeem a Suites ticket for 42,500 miles and S$216.40.  This flight retails at S$3,756.40 one-way, so you’re looking at 8.3 cents per mile. Not to mention you’ll have 17,500 miles leftover.

IMG_4657

En route you can look forward to The Private Room, Krug Champagne and all the other niceties of SQ’s First Class.

You could redeem the 60,000 miles for a round trip ticket to SFO/LAX in the USA, but you know how I feel about redeeming miles for economy class tickets. Plus, there are so many promotional fares out there on other airlines, so this represents very poor value.

Underwhelming ideas

If you want to do any of the following, you should reconsider.

Redeem Scoot/Tigerair Vouchers (S$560)

redemption rates for Tigerair vouchers. Rates for Scoot are the same

With 60,000 Krisflyer miles, you can get 5X $100 vouchers (52,500 miles) and 2X $30 vouchers (6,400 miles) to have S$560 of vouchers and 1,100 miles leftover.

I’ve written what I think about this, but TL;DR, the value is so low it’s not worth bothering with.

Purchase items on Krisshopair.com (S$480)

You can use your Krisflyer miles on Kirsshop at a value of 0.8 cents per mile. So your 60,000 miles will get you roughly S$480 of value.

Get 66,000 TapForMore points (S$440)

I’ve written about the possibility of converting Krisflyer miles to TFM points but to recap: 150 TFM points= S$1 off a purchase, so 66,000 TFM points= S$440 off your purchases.

Conclusion

I can see how some people who are interested in portfolio diversification or who intend to open a time deposit anyway would be interested in this. If you’ve got an upcoming redemption in mind but are just short of miles, this would be a good way of getting some quick miles into your account (as per the T&Cs, the miles will be credited to your account by 31 Oct 2016, instead of when the time deposit matures 6 months later but fees and charges may be imposed for early withdrawals)

As with all promotions, please familarize yourself with the T&Cs, which you can find here. Note that if you need to withdraw your funds early, the miles won’t be clawed back but fees and charges may be imposed including a replacement fee of S$270 for every S$27,000 placed in the time deposit.

All in all, I think this can be an option for you if you want to earn miles without shelling out for annual fees. And it’s always good to save some money in the process.

Convinced? Sign up here before 30 Sept.


This article was produced in conjunction with Standard Chartered Bank (Singapore) Limited. All information provided is on an “as is” basis and for informational purposes only, not intended for trading purposes or advice.  It is not an offer, recommendation, or solicitation to anyone to enter into any investment transaction. It has not been prepared for any particular person or class of persons and does not constitute and should not be construed as investment advice nor an investment recommendation. It has been prepared without regard to the specific investment objectives, financial situation or particular needs of any particular person. You should seek advice from a financial adviser on the suitability of an investment or financial product for you, taking into account these factors before making a commitment to invest in an investment or financial product. Standard Chartered and The Milelion are not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. For the most updated information on SGD Miles Time Deposit promotion, please click here.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.