Effective 2 January 2013, many of the Standard Chartered Bank standard card features/benefits will be removed and discontinued.
In the above mentioned email to SCB customers, the following was stated:
We would like to inform you that the following features will be unavailable as of 2 January 2013.
We will be discontinuing the following:
- 0.5% CashBack on all retail transactions (Business Platinum & Business Gold)
- Free access to KLIA Plaza Premium Lounge (Business Platinum & Platinum)
- Complimentary Travel Accident Insurance (Business Platinum, Platinum, Titanium, Business Gold, Gold and Classic)
- Complimentary Home/Motoring Assistance (Gold & Classic)
- Complimentary Purchase Protection Plan (Business Platinum, Platinum, Titanium, Business Gold, Gold, Priority Banking Visa Infinite and Visa Infinite)
We will also be temporarily making unavailable 360° Reward Points on local and foreign currency spend for all Standard Chartered credit cards, meaning no points will be awarded for credit card spends until further notice.
Well, with SCB giving out cash for FREE to new credit card applicants recently, I am not surprised they discontinued many of their card features. Actually, I think SCB management was really unwise to give out FREE MONEY IN ADVANCE to new applicants. People who sign up for SCB credit card(s) to receive the advance FREE Money upon approval credited into the card account may not use the card(s) once the free credit is used up. As such, SCB is not going to benefit in anyway from those who signed up purely for the FREE Money.
Image below shows SCB giving away their shareholders’ money for FREE with no guarantee that a particular person will ever make SCB a single sen in return. I wonder which business school those people who approved this promo went to? But, the good thing is, SCB is donating RM50 government service tax for every credit card approved to the people of Malaysia :)
And SCB resorting to giving out FREE Money to attract new applicants kind of also indicates how “useless” their credit cards are; because, it proves that the benefits of SCB credit cards are not competitive enough to pull in new customers as compared to other better cards in the market.
And the joke is, SCB’s Terms and Conditions clearly states that new customers are only entitled to one cash back offer. But it has been reported that many could apply for several SCB credit cards at the same time to gain more advance FREE Money from SCB. Once again, either SCB management must be freaking desperate to increase their total number of credit cards in circulation OR the management does not know what’s going on and maybe even taken for a ride, where their agents approve more than one card to the same person in order to earn more commission (I am speculating here but it just seems so stupid that SCB management is willing to hand out EXTRA UNNECESSARY FREE CASH FOR EVERY CREDIT CARD APPROVED TO A SAME PERSON. And if I was the owner of SCB (i.e. major shareholder, which I am not, luckily for those jokers, hahaha), I would sack the entire management of Malaysia credit card division and even take them to court to recover the money they have given out for FREE).
I am sure many of the SCB loyal customers are greatly disappointed that SCB has decided to remove the FREE access to KLIA Plaza Premium Lounge for their Platinum cardholders. And those who signed up for the Standard Chartered Bank Business credit card would most probably feel they have been “cheated” with the removal of 0.5% cash back feature.
I guess those people who approved giving out the FREE Money to new applicants just realized that SCB will be losing out big time; because, whenever these people use their SCB credit card, they don’t need to fork out a sen AND at the same time get to earn points.
In my opinion, the management of SCB has done a great injustice to loyal SCB credit card holders with the suspension of the reward points.
And why the heck did SCB suspend the reward points temporary? I am sure they have received many complains from their angry cardholders ever since they inflated the required points this year for a particular redemption. But that should not be the reason not to reward their customers who use their cards. This one is a mind boggling mystery to me. The only logical reason I can think off is they are trying to recoup their loses from their unwise move to hand out FREE Money to new applicants AT THE EXPENSE OF THEIR LOYAL CUSTOMERS!!!
Well, SCB actions may just be a blessing in disguise. It’s time to get the Maybankard 2 Cards if you don’t have one and start earning 5X Treats Points everyday and earn EXTRA 5% cash back on Saturdays and Sundays :)
The good news is that Standard Chartered Bank Visa Infinite cardholders are still eligible for UNLIMITED FREE entries to KLIA & LCCT Plaza Premium Lounge and airport lounges worldwide with the Priority Pass Membership Card. Click on link below to read my short review of the StanChart Visa Infinite which is a pretty cool card because it changes color depending on the angle you view it.
Click here to learn more on the Maybankard 2 Cards where I personally think the Maybankard 2 AMEX is the best card for local transactions.
Need a credit card to enter KLIA Plaza Premium Lounge for free? Click on the link below to learn what credit cards offer you unlimited complimentary entries to airport lounges worldwide including KLIA, KLIA2 and LCCT Plaza Premium Lounge.
With the above, knowing that SCB can change the rules of the game midway ( and even penalizing loyal customers who uses their SCB cards by not rewarding them a single point) – why are you still keeping their credit cards? Then again, maybe Standard Chartered Bank is in the mist of upgrading their system to reward all their credit card customers with 5X reward points with every Ringgit spent…………… long shot but who knows, hahahaha.
I hope for the sake of all SCB credit card users, the management of SCB will announce soon better card features and reward points system for year 2013.