The SCB X Card’s launch is proving to be something of a cautionary tale for banks everywhere. Unveiled on 24 July, the X Card offered 100,000 miles when customers spent S$6,000 within 60 days of approval– a unprecedented bonus, and wildly successful.
Perhaps even a little too successful. The 100,000 miles offer was initially set to run until 31 August, but just seven days after launching, SCB decided to pull it early. This led to a mad rush of applications as people tried to get their foot in the door before it slammed shut at midnight on 31 July.
Since then, SCB has faced cardstock shortages, production delays, and all manner of snafus in getting the X Card to customers. Case in point: the first batch of applicants received their X Card in a snazzy box that lit up when opened, displaying the card in dazzling LED lights. The second batch got their X Card in a regular box, sans lights. The third got theirs in a nondescript white envelope, together with an apology that noted the bank had run out of boxes.
At least they got their cards. There are still numerous reports floating around the X Card’s Telegram group of people who were approved on 31 July (or earlier) still not receiving theirs.
SCB has temporarily halted X Card applications
So perhaps it’s no surprise that SCB has decided to call a time out on new X Card applications. Can you spot what’s missing in the screenshot below?
No? How about here:
If you still haven’t picked it up, the X Card has gone MIA from SCB’s credit card listings. When I raised this with customer service, here’s the response I got:
In case you can’t read that, it says
“Due to overwhelming response, we will cease application of the X Card temporarily, effective 19 August 2019, 6pm. Customers will be directed to an online waitlist to register their interest for the X Card, we will send a notification eDM to all customers who registered their interest when X Card is available for application again”
The link to the online waitlist is not available yet, but the CSO mentioned it would be posted later today.
|Update: The X Card website has been updated with a link to the waitlist. Add your name and you’ll be informed via email when applications reopen.|
Given that the 60 day timer to hit S$6,000 starts when the card is approved, you can imagine the anxiety of those who haven’t received their card yet (SCB is extending the spending period by 10 days for selected customers, but that does little good if you wait more than 10 days for your card).
In that sense, it’s probably the right decision to halt new applications, since SCB is currently approving cards faster than it can ship them. Based on online chatter, some are convinced there’s a conspiracy to ship cards late in order to minimize the time people have to hit S$6,000. To that I’ll simply say: don’t attribute to malice that which can be explained by incompetence.
If you already have your X Card, I hope you’re well on your way to hitting your spending requirement! And if you need ideas on what to buy, here’s a potential investment for you…
(HT: Dawn C)