Standard Chartered targets Singaporean millennials in new ‘smart card’
Cardholders can earn up to 6% cashback first when used in digital subscriptions.
Standard Chartered has the Standard Chartered Smart Credit Card, the Bank’s first carbon neutral card in Singapore, to ease the financial needs of millennials.
As part of the Smart card development, the Bank carried out a series of focus groups and surveys with more than 450 millennials ages between 25 to 39, covering lifestyle and work commitments, financial needs and spend habits.
The study showed that millennials prefer short-term instalment plans which are interest-free and penalty-free should they opt for early repayment. Due to their busy schedule, they also seek credit cards that are fuss-free, offer accelerated rewards on everyday spends and have its annual fees automatically waived,
With the smart card, cardholders have the option of splitting bills into three, six, nine or 12-month interest-free payments via Easypay, with a small one-time servicing fee. Smart Cardholders will enjoy 100% cashback on the service fee if they opt for a three-month instalment.
Additionally, users can earn 6% cashback in equivalent Reward Points when used in digital subscriptions to Disney+, Netflix, Youtube, and Spotify as well as eating in select fast food outlets and coffee shops.
The smart card is designed to help first jobbers, young families and millennials manage their cashflow better, Smart card focuses on offering the flexibility of interest-free instalments, while providing cashback with no minimum spend requirement.
Standard Chartered said the Smart card is the bank’s first carbon neutral card in Singapore.
According to Natalie Goh, head of credit cards and personal loans division of Standard Chartered Singapore, they understand the eagerness of millennials to do their part in reducing their carbon footprint.
“We recognize that with life transitions, especially during such times, consumer priorities and needs are evolving. Our research has shown a greater focus on cashflow sensitivity, practical needs and everyday rewards amongst consumers. With the Smart card, we are excited to offer cardholders new and improved choices that not only give them the flexibility to manage their money in a smarter way, but also play a part in reducing our global carbon footprint for a more sustainable future,” Goh said.