Bonus$aver is undergoing some revisions, and whenever a bank says the word revision they usually mean nerfs.
OldFrom 1st AprilCredit Card SpendUp to 1.88% p.a.
(minimum spend of S$2,000 monthly)
Up to 0.88% p.a.
(minimum spend of S$500 monthly)Up to 1.50% p.a.
(minimum spend of S$2,000 monthly)
Up to 0.5% p.a.
(minimum spend of S$500 monthly)Salary Credit1% pa1% pa (unchanged)Bill Payments0.25% pa0.1% paInvest/Insure0.75% pa1.28% pa
Basically, Standard Chartered is shifting away higher interest rates from card spend and bill payments to investing and buying insurance from the bank.
Bill payments is one of the easiest ways to clock additional interest, which is little wonder OCBC got rid of it some time back, and with a reduction to a derisory 0.1% pa interest rate, StanChart has followed suit.
Credit card spend takes a hit too, with only with 0.38% pa interest reallocated to invest/insure.
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