BestCreditCards.sg's Review of Prudential Platinum Credit Card
|Highlights||Credit Card Feature|
|Things We Like||You can pay insurance premiums with your points|
|Our Least Favourite||Limited rewards|
|Our Verdict||This card only lets you earn 1 point for every $1 you spend|
- 24-hour Visa Platinum Concierge
- Intro Interest p.a.
Get cash at 0%* p.a. interest for 6 months at a 1.99% processing fee (EIR from 4.12% p.a.) on the approved loan amount when you transfer funds from your Standard Chartered Credit Card. Visit on.sc/funds-transfer. T&Cs apply. With Funds Transfer, you can (i) transfer funds into any bank's current or savings account; (ii) pay your credit card bills from other banks; and (iii) pay your loan from other banks.
- Annual Fee
$192.60 annual fee (GST included)
- Minimum Income
Minimum Annual Income Singaporean citizens and permanent residents: $30,000 p.a. Foreigners with an Employment Pass: $60,000 p.a.
- Standard Interest p.a.
26.9% per annum
Prudential Platinum Credit Card has a feature that lets you offset your Prudential insurance premiums with the points you earn with the card. This is a unique form of reward that might interest you if you are a Prudential customer.
Life insurance protects us from potential loss of money should anything unfortunate befall us (illness, disability or death). As more people realise the benefits of life insurance policies, they have begun to play an increasing role in our financial planning. But as well as giving us peace of mind, having life insurance also means paying regular premiums.
You probably like the idea of cutting your insurance premiums just by using a credit card for everyday spending. But is this really a good card to use regularly? What more is in it for you? I will now break down the fine print and you can decide whether the benefits of Prudential Platinum Credit Card can give you more than just insurance savings.
Things We Like About Prudential Platinum Credit Card
Pay premiums with your points. You can earn 1 point for every $1 charged to this card. You can then convert the points to offset your premium payments. This works nicely if you have insurance with Prudential. You will need to earn a minimum of 3000 points in order to redeem.
This is how it works:
- First 3000 points (spending of $3000) can be converted to $12 to pay your insurance premiums;
- Subsequent 300 points (spending of $300) can be converted to $1.20 to pay your insurance premiums.
You can also use your points to redeem for things you like in Standard Chartered's 360° Rewards programme.
Access up to 2 monthly salaries. Just in case you need money urgently, this card has a salary advance line of credit, which allows you to access 2 times the amount you earn through your monthly salary in advance.
Annual fee waiver. You pay $192.60 annual fee after the 2 year fee waiver. But the good thing is you can use it for free in the first 2 years, which is a long time.
Visa Platinum Concierge service. You will get the privilege of receiving assistance from the Visa Platinum Concierge for your travel booking, reservations, shopping and gift services. That can certainly help make your life easier!
Minimum annual income is only $30,000. As long as you make $30,000 or more a year, you can apply for this card.
Our Least Favourite Things About Prudential Platinum Credit Card
Not enough rewards. Other than redeeming your points towards your Prudential premiums, you don't get many other benefits. Sure, you can also choose to redeem the points you earn for other things you like, but that's a common feature of other Standard Chartered cards. In my opinion, the real savings that you get on your Prudential insurance for the amount you spend are quite small. You may actually save more by using the cashback you can earn with a good cashback credit card to offset your insurance premiums.
If you have all your insurance plans with Prudential, you might find Prudential Platinum Credit Card useful. But other that that, you don't get too many benefits. This card only allows you to earn 1 point for every $1 you spend, and 3000 points only redeems into $12 towards your insurance payment. So you get $12 savings for $3000 of spending. If you were to spend $2000 monthly using UOB One Card for example, you would earn $100 cashback per month. So you can get many times the savings for much less spending by using a good cashback card.
If you are looking for a faster way to earn points and spend a lot on shopping, perhaps Citi Rewards Card would be a good card for you. It allows you to earn 10 points for every $1 spent when you shop locally, overseas and online shopping (except for travel-related purchases). You can also redeem your points for a wide range of things in Citibank's online rewards catalogue.
See more Standard Chartered credit cards.