For all the money you save in a bank account and earn interest, wouldn’t it be good if you got something extra from the bank for remaining loyal? While you may prefer better financing terms as a reward for your loyalty, how about a special credit card loaded with exclusive privileges which the bank offers just to do that?
The Standard Chartered Priority Banking Visa Infinite is one such credit card. Meant exclusively for Standard Chartered Bank Malaysia’s customers, this premium credit card is marketed as a tool to reward loyalty with its host of special benefits.
This is an invitation-only credit card for Standard Chartered’s Priority Banking members who keep a minimum of RM250,000 as total Assets Under Management (AUM) with the bank per month.
Read our review to find out what’s good about the Standard Chartered Priority Banking Visa Infinite, and what we don’t like as much.
Let’s begin with the credit card’s major benefits:
What you’ll love: Earning 360° Rewards Points on most retail spends
The Standard Chartered Priority Banking Visa Infinite Credit Card sure doesn’t disappoint when it comes to rewards. Whether you’re a travel buff who jets off every other month or someone who frequently dines out, or engages in retail therapy quite often — you can earn 360° Rewards Points for most of the money you spend locally and overseas using this card.
You can then redeem these reward points for air miles of selected frequent flyer programmes or for lifestyle products and gift vouchers from the bank’s rewards catalogue.
Here’s how you can earn the reward points
- Earn 5x 360° Rewards Points for every RM1 spent on overseas retail purchases
- Earn 1x 360° Rewards Points for every RM1 spent on local retail purchases
- Convert 360° Rewards Points that you’ve earned to air miles of partnering frequent flyer programmes, including Asia Miles, KrisFlyer, Enrich, and AirAsia BIG
- Redeem your points for rewards across a wide range of categories on the bank catalogue, such as electronics, dining, fashion, and home improvement
If this doesn’t cut it, we must tell you that you’ll still be earning reward points for your total banking relationship with Standard Chartered Malaysia. Here’s a table showing the number of 360° Rewards Points you can earn as your relationship with the bank grows:
|Banking product||Number of 360° Rewards Points|
|Home Loan/Financing-i||40 points for every RM10,000 outstanding balance|
|Current/Savings Account||40 points for every RM10,000 average balance|
|Investments||40 points for every RM10,000 average balance|
|Secured Overdraft||40 points for every RM10,000 average balance|
|FDs/General Investment-i||5 points for every RM10,000 average balance|
Also, the annual fee (principal card) of RM800 comes with a 2-year waiver, and subsequent years can be waived with a minimum spend of RM10,000 p.a.
Other benefits that you will like
- Redeem reward points for air miles of partnering frequent flyer programmes at the rate of 7000 points = 1000 Enrich Miles
- Get unlimited complimentary access to over 1,000 participating airport lounges across the world with LoungeKey
- Get 20% off the best available rates for accommodation, dining, golf, or spa services at partnering Banyan Tree, Angsana, and Cassia Hotels and Resorts
- Benefit from Visa Concierge Services that are available round-the-clock
- Take advantage of a wide range of offers on dining, shopping, travel and entertainment at more than 4,000 participating outlets in Malaysia and across Asia
- Earn 10x 360° Rewards Points for every RM1 spent on retail purchases made at selected merchant outlets like Robinsons, Jaya Grocers, Armani Exchange, Calvin Klein, and a lot more. Click here for the full list of participating outlets. This offer is valid until 31 December 2018
- Get a rebate of 50% on your entire bill when you transact at participating dining outlets (full list here) like Horizon Grill, Banyan Tree; Shanghai Restaurant, JW Marriott, and many more. This offer is valid until 31 December 2018
- Make the most of exclusive privileges, such as reduced room rates, automatic room upgrades, late checkouts, and VIP Guest status at more than 900 partnering Visa luxury hotels
- Enjoy complimentary green fees at participating premier golf courses across Malaysia
- Get a complimentary movie ticket when you buy a Premiere Class or Gold Class ticket for any 2D movie on GSC’s website or mobile app for shows on Fridays, Saturdays, or Sundays. This offer is valid until 24 February 2019
Complimentary travel insurance: a major plus!
You won’t need to worry about staying financially protected whenever you travel with the Standard Chartered Priority Banking Visa Infinite Credit Card. What’s more? You don’t need to charge the entire cost of your flight tickets to this card to enjoy the coverage.
Principal card-holders get complimentary travel and medical insurance cover, which kicks in when they simply make an overseas transaction with the card. Here’s a list of the coverage benefits that you should know about:
- Medical expenses – Up to RM500
- Medical treatment cover – Up to RM25,000 if you’re aged 70 years or more
- Dental coverage – Up to RM50,000 if you’re aged less than 70 years
- Travel assistance services – Up to RM100,000
- Purchase protection – Up to RM10,000
- Baggage delay – Up to RM1,000
What you may not like
The fact that you need to maintain a minimum Assets Under Management (AUM) of RM250,000 per month to even be eligible for an invite may appear to be a steep ask. Yes, you do get extra reward points based on your total relationship with the bank, but it still may put off some customers.
Secondly, the points to air miles earning rate for local retail spends isn’t that great. This is considering the conversion rate of 7000 points = 1000 Enrich Miles. While an overseas spend of RM1.4 gives you 1 Enrich Mile, you’ll have to shell out RM7 locally to get the same amount of Enrich Miles.
When compared to other premium travel cards, it does offer a low conversion rate. For instance, the Alliance Bank Visa Infinite Credit Card offers 1 Enrich Mile for every RM1.2 spent overseas and RM3 spent locally, while the HSBC Premier Travel Credit Card offers 1 Enrich Mile for every RM1.05 spent overseas and RM1.31 spent locally.
The Standard Chartered Priority Banking Visa Infinite has great potential to gather reward points, especially if your overseas spends are considerable. And the no-frills travel cover will surely act as a plus!
And the ones who do not travel outside Malaysia that often would mainly like its many exclusive privileges on dining, shopping and entertainment outlets; apart from the fact that reward points can also be earned based on the total banking relationship. All in all, a good reward for loyalty! Isn’t it?
Are you a Standard Chartered Priority Banking member? You can apply for this credit card on BBazaar and get an exciting free gift!
Card Type : Rewards
Earn 360° Rewards Points for local and overseas retail spends.Redeem these points for air miles, gifts, and vouchers
Enjoy unlimited complimentary access to more than 1,000 airport lounges around the world
Exciting offers and privileges at more than 4,000 partner outlets in Malaysia and across Asia
Need to maintain RM250,000 as minimum Assets Under Management with Standard Chartered Bank Malaysia every month
Minimum age: 21 years old
For salaried: Copy of NRIC (both sides), last 1 months’ salary slip and bank statement, last 6 months’ salary slip and bank statement for commission earners, latest EPF Statement, latest Borang BE (Full submission to LHDN)
For self-employed: Copy of NRIC (both sides), last 6 months’ bank statement and Business Registration Form 9, 24, 49, latest EPF Statement, latest Borang B/BE(Full submission to LHDN).
Annual fee: (Principal card) RM800 (Waived for 2 years. Subsequent years waived if annual spend over RM10,000) (Supplementary card): RM400
Interest rates: 15-18% p.a.
Minimum monthly payment: The higher of 5% of the outstanding balance or RM50
Don’t forget to check out our other credit card reviews and blogs:
- Citi PremierMiles Visa Credit Card Review: An Ideal Partner for Travel Buffs?
- Standard Chartered JustOne Platinum Explained: An Affordable Card with a High Cashback Rate
- Hong Leong WISE Visa Gold Credit Card Review: Earn Cashback the Way You Want To
- Infographic: 7 Credit Cards That Help You Save More on Grocery Spends
- Citi Cash Back Card Review: How Good Is This Rebates Credit Card?
All information provided in this article/blog, published on this website is strictly for general information purpose only. BBazaar does not provide any warranty about the authenticity and accuracy of such information. BBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Please visit the websites of respective banks/financial institutions for more details about products.