By TEH SHI NING

STANDARD Chartered yesterday launched a new credit card that rewards customers for what they save, bank and invest - on top of what they spend.

Through the Visa Infinite card, the bank is taking advantage of recently relaxed unsecured lending rules to provide customers who earn more than $120,000 per annum, up to 10 times of credit limit.

Dennis Khoo, Stanchart general manager of retail banking products, said: 'With this product, we hope to get customers to consolidate more of their banking services with us, and strengthen our priority banking programme.'

With the Visa Infinite card, customers accumulate reward points on credit card spending as well as on existing accounts held with the bank. This includes interest-bearing current and savings accounts, fixed deposits, mortgage loans and investments, but excludes personal loans, SME business and corporate accounts.

Mr Khoo reckons that the credit card would fill 'that void in the market' by rewarding customers for loyalty and their overall relationship with the bank.

All of Stanchart's new and existing priority banking customers, with an annual income of at least $30,000 and a minimum of $200,000 in assets under management with the bank, can apply for the card.

Priority banking customers holding other Stanchart credit cards will receive an upgrade to the Visa Infinite. The annual $300 fee is waived for the first year and may be paid in reward points in subsequent years, the bank said. Each customer can also apply for up to five supplementary cards for an annual fee of $150 a card.

Other than the usual offerings of golf, travel, lifestyle and private club access privileges, the card offers travel medical insurance of up to $50,000 for the principal cardholder and his or her spouse, which is activated once any expense is charged to the card while abroad.

'We think it's a great time to launch this new credit card, because what's really needed with the current downturn, is for people who can afford to spend to do so,' Mr Khoo said.

This article was first published in The Business Times.