Review: Standard Chartered Journey Card
The MileLion reviews the Standard Chartered Journey Card, detailing its evolution from the ill-fated X Card. The article critiques the bank's marketing strategy and questions the card's value proposition for consumers.
Why it matters
It serves as a cautionary case study on credit card product management and the challenges of retaining affluent customers in a competitive financial market.
Here’s The MileLion’s review of the Standard Chartered Journey Card, which will forever stand as a monument to the bank’s ill-fated attempt to capture the affluent millennial market.
Launched in 2019 as the Standard Chartered X Card with an unprecedented 100,000 miles sign-up bonus (the largest welcome offer in Singapore credit card history), this metal card attracted applicants in droves.
There was just one small problem: it couldn’t retain any of them. After the dizzy highs of the first year welcome offer, the only benefit it had to offer from the second year onwards was two lounge visits — hardly the kind of thing you pay S$695.50 a year for. The bank ended up having to offer an “exceptional” annual fee waiver every year to prevent a mass exodus, even as its website kept insisting that the annual fee was “strictly non-waivable”.
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