Standard Chartered Singapore / frustrating experience - late and financial charges
I would like share my frustrating experience with Standard Chartered Singapore and create awareness about credit card late and financial charges.
Due to I seldom use this card and have many bills to handle, I make extra upfront payment into my credit card account to avoid any late payment or financial charges (see attached payment history from May 14). On Sep 14, I spent $2700, after deducting $400 extra upfront payment, I still have to pay $2300 and the statement due date is on 15 Oct. On 14 Oct, I paid $2000 on 14 Oct through AXS machine. On the next statement, I found out that my account has been charged with following charges:
- Late charge $60
- Financial charge $40.24
I called Standard Chartered several times to request them to waive the charges. The replies no waiver will be given no matter what reasons given:
- Although the minimum payment is $69.20 and there was $406.44 extra upfront payment in the account, the extra payment does not counted as payment and only counted to offset the bill. Only payment made after statement date (22 Sep) considered as a “True payment”. So the late charge was applied to my account.
- The payment due date is on 15 Oct. Although the payment was made on 14 Oct through AXS but the transaction was only completed on 16 Oct. So it is considered as late payment. No waiver can be made because on that.
- So although I pay extra upfront payment and only late payment of 1 day, not waiver will be given.
- For financial charge, full amount of financial charge will be made no matter how much you own the bank. For instance, if the statement balance is $2001 and you pay $2000 (owe $1.00), the charge will be
$2001 (full statement amount) x 0.067% daily basis = $40. Again, no waiver will be considered.
I am quite disappointed with the explanations and decisions from Standard Chartered. Personally I feel they are inconsiderate at all to their customers. I charged more to this card on Sep 14 and Standard Chartered seems do not wish to maintain the business relationship with customers. It seems like now Standard Chartered has outsourced their customer service and train them to give various reasons to reject customer waiver request.
Later I found out that different banks charge different rate of late payment and a financial charge, and Standard Chartered is one of the highest rate (late charge $60, effective interest rate 28%) charged among all banks.
Lastly, hope all credit card customers aware on this kind of issue and be careful in their credit card payment.
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