Standard Chartered Visa Infinite: Should You Apply For This "Mass Affluent" Charge card (Even If You Don't Satisfy the $150,000 Minimum Salary Requirement?)

Most charge cards in the market requires you to definitely have an annual income of $30,000. However, there is also a niche segment of cards which are targeted towards affluent customers. Prepaid credit cards generally have a minimum income requirement, which is usually in the 6-figure range.

One of those cards is the Standard Chartered Visa Infinite Card. It's an airmiles card that gives you 1.4 miles per $1 spent (local) or 3 miles per $1 spent (overseas).

Here's a quick review of a few of the notable perks offered by this mass affluent credit card.

• Earn 4 miles (local spent) and 3 miles (overseas spent) per $1 spent. However, there's a minimum spend of $2,000 monthly required. Otherwise, you will simply earn 1 mile for every $1 spent
• Enjoy 6 complimentary visits each year with the priority pass lounge programme
• Complimentary 4 hours yacht hire when you spend no less than $75,000 in 2021

In addition, should you make an application for the conventional Chartered Visa Infinite Card through SingSaver, you're going to get a free $100 cash (new to bank customers) reely $50 cash (existing bank customers).

If you have to pay the annual fee of $588.50, which is non-waivable, you will get 35,000 miles. This means paying 1.68 cent per mile. There isn't any string attached here. Simply pay the annual fee and get the miles.

Here's the issue though. The Standard Chartered Visa Infinite Card has a minimum income requirement of $150,000 per annum.

Can You (Successfully) Apply For The conventional Chartered Visa Infinite Even though you Don't Meet The Minimum Income Requirement?

In yesteryear, testing this theory would be a cumbersome process. That is because we need to fill the approval, submit it to the bank and wait a few weeks before we know whether we're successful or otherwise.

Apply & Get Instant Approval For Your Standard Chartered Credit Cards

Recently, Standard Chartered announced that they have a real-time onboarding process for their charge cards. Which means that should you apply for a Standard Chartered credit card, you can (or once we found out later), or may, get instant approval for the card if are applying using MyInfo.

With this function available, we chose to try out the theory of whether we could get card approval for that Standard Chartered Visa Infinite Card, despite the fact that we didn't satisfy the minimum income criteria.

Here's the idea. Apply for the card, claim the SingSaver reward ($50 cash since I'm an existing Standard Chartered customer), use it to offset the annual fee of $588.50 and obtain the 35,000 miles.

Step 1: Make an application for Standard Chartered Visa Infinite Card (Through SingSaver)

Click Here To Apply For The Standard Chartered Visa Infinite Card

SingSaver will take you to some reward redemption page. Complete it before you decide to proceed with your application with the bank. This is important since you will miss the bonus reward should you apply directly using the bank without first filling this type from SingSaver.

Step 2: Apply Using MyInfo

Once you fill in some basic details using the bank, you will be forwarded to a page in which you will have the choice to carry on the application for the credit card using MyInfo. Go for it.

You is going to be inspired to login together with your SingPass. Once this is done, your application form will be pre-filled with the details needed (i.e. your earnings in the last Twelve months).

The remaining form only requires you to fill in/verify basic information. There is no need for you to upload any extra documents (e.g. income statement, copy of identification card) since this is already done via MyInfo.

Instant Approval? Maybe Not

At this point in time, we thought that we would receive either an instant approval or perhaps a rejection (since our income was much lower than what is required).

Instead of having the moment approval or rejection, what we should received was an acknowledgement form letting us know that the applying has been received, and that it is going to be processed through the bank.

At this point, one hypothesis that people had was that perhaps our instant approval wasn't granted because our income submission was much lower than required, and that a human credit analyst will need to manually review the submission before choosing to reject the application.

To test this hypothesis, we decided to apply for another Standard Chartered Card with another person in our team. This time, we went for a reward card. The Standard Chartered Rewards + Credit Card, which has a minimum income dependence on $30,000 per year.

Once again, SingSaver provides you with one more bonus reward if you apply for the credit card through them.

Applying for the card was a breeze using MyInfo. It took us less than 3 minutes to obtain the entire application done.

This is in contrast to the past, where it might take 10 minutes or even more because you had to upload your income statement and IC for your application form in order to obtain a card.

Unfortunately, we were unable to receive instant approval once again.

• Our application ended without any difficulty. We earn to live in an additional reward because we requested both the Standard Chartered Visa Infinite Card and also the Standard Chartered Rewards + Credit Card through SingSaver.
• Using MyInfo to try to get credit cards is extremely convenient. What was once a cumbersome process is now able to completed in 3 minutes.
• Our application went through successfully towards the bank. However, i was not able to receive our cards immediately.
• An annual salary which is under $80,000 per annum is unlikely to help you get this card. However, problems in later life from various sources that you might be able to get this card if your earnings are $80,000 per annum. This is not official. You are able to give it a try if you want.

Here's what we think.

We think it seems sensible that the bank doesn't automatically give an instant blanket approval or rejection. The purpose to notice here is that despite real-time, applicants still need to meet the bank assessment criteria which may be based around the information supplied by MyInfo.

If an applicant meets the standard underwriting requirements, they might get instant approval for their card. When they don't, then the bank may manually review the application before they decide to approve, reject or request more information.

In our case, we were subsequently rejected for the Standard Chartered Visa Infinite Card and asked to provide more information for the Standard Chartered Rewards + Credit Card application.

The was an email received later the same day to tell us our application for that Standard Chartered Visa Infinite Card has unfortunately been rejected.