It had been rumoured for a while, but it now seems like Standard Chartered is preparing to cease its longstanding Visa Infinite credit card (SCVI) product in Singapore, with the bank closing new applications for the card from today.
Application links have now been removed from the Standard Chartered website, and while many of the other product details are still shown, references to its year-round 35,000 miles sign-up bonus has also been mostly removed (well you can’t get a sign-up bonus, if you can’t even sign up!).
What happens now?
Assuming the SCVI product is being discontinued, to new applicants at least, the bank is likely to want to wind up existing accounts and invite you to instead have its new high-end X Card. If like us you have one already, the process is even easier.
There have been no formal communications from Standard Chartered about any such process, and indeed they may be happy for existing customers to continue to enjoy the benefits until their cards expire, but we would assume at least some persuasion if not a forced move across to the X Card is the likely outcome for SCVI holders sooner or later.
What about the tax payment facility?
One of the reasons we still hold the SCVI card is its unbeatable tax payment facility, allowing you to settle your IRAS income tax bill each year for a competitive 1.6% fee while still being awarded the local earn rate of 1.4 miles per dollar (provided your tax bill is at least S$2,000, or you spend that amount or more including your tax payment in the same statement cycle).
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