|Highlights||Credit Card Feature|
|Things We Like||Earn 1.5 points for every $1 charged to your card|
|Our Least Favourite||You need an invitation before you can apply for this card|
|Our Verdict||Great card for earning rewards fast: earn 1.5 points for every $1 spent|
With PruPrestige Visa Signature Credit Card, Prudential Insurance offer customers a loyalty credit card, like those offered by big retailers and airlines. This credit card lets you earn rewards points fast on your spending, and you can use them to offset your Prudential insurance premiums.
Although carrying around a credit card from an insurance company wouldn't naturally have occurred to us, if you actually think about it, earning rewards to save on your insurance payments is probably a better idea than being rewarded with brand-name merchandise or other luxuries.
Obviously this card, like its close relative Prudential Platinum Credit Card, will not appeal to you if you aren't insured with Prudential and don't plan to be. But how do the savings you get with this card compare to earning cashback and just paying your Prudential bill in cash. In this review, we'll cover the benefits this card brings, tell you what to watch out for, and look at how savings you get with PruPrestige Visa Signature Credit Card compare to other credit cards.
|Credit Card||Features||Intro Interest p.a.||Standard Interest p.a.||Annual Fee||Minimum Income||We least like||Related links|
PruPrestige Visa Signature Credit Card
|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.||26.9% per annum||$192.60 including GST (2 year fee waiver)||Minimum annual income Singaporean citizens and permanent residents $30,000 p.a. Foreigners with an Employment Pass $60,000 p.a.||Related Links Read our review of PruPrestige Visa Signature Credit Card or view more details of PruPrestige Visa Signature Credit Card. See more Standard Chartered credit cards.|
Things We Like
Earn rewards points fast. You will earn 1.5 points for every $1 charged to this card. Whether you spend on shopping, dining, travel, or make payments for your insurance premiums, you will earn points on this card. This is a faster way to earn points compared to Prudential Platinum Credit Card, which lets you earn only 1 point for every $1 you spend.
Pay premiums with your points. You can convert the points to offset your premium payments for insurance with Prudential. You will need to earn a minimum of 3000 points in order to redeem.
This is how it works:
- The first 3000 points (spending of $2000) you redeem gives you $12 towards your insurance premiums.
- Every additional 300 points (spending of $200) you redeem converts to $1.20 towards your insurance premiums.
It doesn't take a genius to figure that you will need to spend quite a bit using this card before you notice any serious insurance savings. If you consider that you get $1.20 of savings per $200 of spending, you're rewards rate is only 0.6%.
You can redeem your rewards in other ways if you end up switching to another insurance provider before you have a chance to redeem your rewards for Prudential savings, you won't end up losing everything. That's because you can also redeem your points for things you like through Standard Chartered's 360° Rewards Programme.
Get exclusive deals. On top of the 360° Rewards Programme, you will also get special offers and discounts from leading hotels, golf courses, restaurants and many other deals from The Good Life® programme. Though the deals come with individual terms and conditions, you will probably find something you like in this comprehensive rewards programme.
You can borrow money at a low interest rate. This card comes with the EasyPay feature, which lets you borrow money at a low interest rate. This is a useful feature if you want to buy something that costs a lot, or when you plan a big holiday, or pay a large sum for your insurance premiums. You can convert a transaction of at least $500 into 6 or 12 months instalments, with a one-time service fee of 5%. You can activate EasyPay from your online account or call the hotline.
Enjoy a 0% interest instalment plan. You can also enjoy a 0% interest instalment plan for your purchases at participating retailers. But keep in mind that this only applies to select retailers, and the bank may change the list from time to time. A nice feature is that you will also earn rewards points for all purchases made on the instalment plan!
0% interest rate on funds transfer. You can transfer funds from this card to your selected bank account with other banks and enjoy a 0% interest on the transferred funds for 6 or 12 months. You only pay a processing fee of 2.5% (for 6 months) or 5% (for 12 months) of the transferred funds. That's much lower than the interest rate that other credit cards charge (around 24% or 25% per annum)!
Enjoy a concierge service. You will enjoy the privilege of receiving assistance from a concierge for your travel booking, reservations, shopping and gift services. And the service is available 24/7!
Annual fee waiver. You only pay $192.60 (2 year fee waiver) from the third year onwards. Many other credit cards only give you a one-year waiver. And your supplementary cards are free for life as long as your principal card is valid!
Minimum annual income required is only $30,000. You can apply for this card if you make $30,000 or more a year.
Our Least Favourite
No exclusive privileges. The 360° Rewards Programme and The Good Life® programme, EasyPay, 0% interest rate on funds transfer and a 0% interest instalment plan are common features for other Standard Chartered cards. Though this card also lets you use your points to offset Prudential insurance premiums, Prudential Platinum Credit Card also gives you the same benefit. This card doesn't give you other exclusive privileges.
You need an invitation to apply. This card is only open to those who are invited, though the annual requirement is only $30,000. If you are a Prudential customer, it probably won't be long until you receive an invitation.
How Other Cards Compare With PruPrestige Visa Signature Credit Card
|Intro APR:||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.|
|Regular APR:||26.9% per annum|
|Annual Fee:||$192.60 including GST (2 year fee waiver)|
|Regular APR:||25% p.a.|
|Annual Fee:||$192.60 waived first year|
|Regular APR:||24.99% p.a.|
|Annual Fee:||S$171.20 (inclusive of GST) First Year Fee Waiver|
PruPrestige Visa Signature Credit Card has some nice benefits, but there are cash back credit cards which could help you save more towards your premiums.
The most surprising thing about PruPrestige Visa Signature Credit Card is that although it's marketed to Prudential customers, the real benefits you get don't have much to do with Prudential at all. Perks like low interest loans, easy instalment plans and a concierge services are pretty useful, and if you need those services then PruPrestige Visa Signature Credit Card with its long annual fee waiver may be a cheap way to get to them.
That said, it really doesn't deliver when it comes to solid savings on prudential insurance. The bonus offer is certainly tempting, but no matter how you look at it, you will end up saving more in the long-term by using one of the stellar cashback credit card available in Singapore. The savings you get with this card are pretty lame. It's as easy as that. If savings are what you want, then this card will probably disappoint.