Standard Chartered Ultimate forex now 2% — a 1.5% cut
The Standard Chartered Ultimate card now charges a flat 2% forex markup, down from 3.5% after the removal of a 1.5% cashback. This brings the all-in cost to 2.36% with GST, undercutting the 3.5% default of most premium cards.
Standard Chartered has revised the forex charges on its Ultimate card, effective 25 August 2024. The card now charges a flat 2% markup on foreign transactions, which translates to 2.36% with GST. This change comes after the bank removed a 1.5% cashback on forex transactions in June 2024, briefly leaving cardholders with the full 3.5% markup. The removal of the cashback and subsequent reduction in markup means that cardholders will no longer have to wait for the cashback to be posted and will not have to deal with the reconciliation maths. The new 2% markup is a more straightforward and transparent charge. Our take: The revised forex charge on the Standard Chartered Ultimate card is a positive development for cardholders. With an all-in cost of 2.36%, the Ultimate now undercuts the 3.5% default forex markup charged by most premium cards. If you hold the Ultimate, there’s no need to change your usage patterns. If you’re in the market for a new card, the Ultimate’s competitive forex charge is definitely a factor to consider.