Standard Chartered Platinum Rewards Credit Card – Benefits, Fees & Eligibility

Standard Chartered Platinum Rewards Credit Card

Introduction

The Standard Chartered Platinum Rewards Credit Card is designed to offer exciting rewards on everyday purchases, especially for new cardholders seeking an entry-level card. It stands out by offering a lifetime free option, which can be availed by making a nominal spend of INR 500 within 30 days of card issuance, thereby avoiding a one-time fee. Cardholders can earn accelerated 5X reward points on dining and fuel expenses, with no monthly cap on rewards, alongside 1X reward points on all other spending categories. The card also provides an opportunity to receive up to 100% cashback on dining spends within the first ninety days of card issuance and allows for easy redemption of accumulated points against various retail items, vouchers, flights, or hotel stays.

Welcome Benefits

• The card can be lifetime free if a retail transaction of INR 500 or more is made within 30 days from card issuance, which avoids the levy of a one-time fee of INR 250 + GST.
• Exclusive offers worth more than the joining fee itself are available.
• Cardholders can get up to 100% cashback on dining spends within ninety days of card issuance.
• Note: Joining offers are not applicable for existing credit card holders or supplementary cards.

Fees

• Joining Fee: INR 250, conditionally waived if INR 500 or more is spent within 30 days of card issuance. This one-time fee applies if the spend condition is not met and is charged in the subsequent statement after 60 days completion of the Card Set up Month (e.g., if the card is set up in Jan 23, the fee would be charged in the statement of April 23).
• Renewal Fee: INR 250, conditionally waived if INR 500 or more is spent within 30 days of card issuance.
• Spend-Based Waiver: The annual/joining charges can be waived by making a spend of INR 500 within the first 30 days from the date of card issuance.
• Rewards Redemption Fee: INR 99 per redemption request.
• Foreign Currency Markup: 3.5% on the transaction amount.
• Interest Rates: 3.75% per month, which translates to an Annualized Percentage Rate (APR) of 45%.
• Fuel Surcharge: Not applicable (no fuel surcharge waiver).
• Cash Advance Charges: 3% on the cash withdrawal amount, subject to a minimum charge of INR 300.
• Rental Payments Processing Fee: A processing fee of 1% (plus taxes) is applicable to all rental transactions identified with Merchant Category Code (MCC) 6513. This fee is over and above any charges applied by the merchant.
  • This fee is effective from April 02, 2023.
  • The processing fee will be levied by the 15th of the next calendar month and will appear as a separate narration in the monthly statement.
• Supplementary Cards: No additional fee. Joining offers are not applicable for supplementary cards.

Rewards

• Dining: Earn 5 reward points for every INR 150 spent at fine-dining outlets. There is no monthly cap on the rewards earned for dining spends.
• Fuel: Earn 5 reward points for every INR 150 spent on fuel. There is no monthly cap on the rewards earned for fuel spends.
• Other Categories: Earn 1 reward point for every INR 150 spent on all other categories.
• Exclusive Offers: Cardholders can enjoy exclusive offers and discounts across shopping, travel, dining, and more.
• Annual Benefits (Based on Average Spends):
  • Rewards Points on Other Restaurants & Fuel Spends (Avg INR 60,000 per Year - 5 Reward Point per INR 150): Estimated annual total benefit of INR 500.
  • Rewards Points on Other Annual Spend (Avg INR 1,80,000 per Year - 1 Reward Point per INR 150): Estimated annual total benefit of INR 300.

Rewards Redemption Guide

• Reward points are incentives provided to customers for using their credit cards.
• The reward points earned are redeemable against retail items and gift vouchers at a rate of 1 Reward Point = Re. 0.25.
• Online Redemption:
  • Log in to the Standard Chartered netbanking portal or the 360 rewards portal.
  • Choose from options such as gift vouchers or various retail items for redemption.
  • Reward points can also be used to book flights or hotel stays, and redeemed with vouchers from assorted catalogues.
• Customer Care Redemption:
  • Contact the Standard Chartered Bank customer care service for assistance with the reward redemption process.
• Important Considerations:
  • It is advisable to redeem reward points and vouchers before their expiry dates.
  • Some vouchers may cost more than their actual worth to be redeemable.

Card Eligibility Criteria

• Age:
  • The applicant’s age should be between 21 and 65 years.
  • The minimum age for add-on cardholders is 18 years.
• Monthly Income:
  • Applicants should have a stable monthly income.
  • Salaried or self-employed applicants should have a minimum Gross Monthly Income of INR 20,000/-.
• Other Requirements:
  • Applicants should belong to the credit card sourcing cities/locations of the Bank.
  • All applications are subject to the credit and other policy checks of the Bank.

Card Eligibility Criteria

Documents Required

• Identity Proof (Any One of the following Photo cards): Passport, Voter ID Card, Government ID, PAN Card, Ration Card, Aadhaar Card.
• Address Proof (Any One of the following documents with current residence address): Aadhaar Card, Passport, Driving License, Election/Voter’s ID Card, Job card issued by NREGA duly signed by an officer of the State Government, The letter issued by the National Population Register containing details of name and address, Utility Bills.
• Photograph: 1 recent passport-sized photograph.
• Financial Documents for Salaried Individuals: Latest one-month salary slip, Latest bank statements or salary slips, Latest ITR.
• Financial Documents for Self-Employed Businessmen: Latest IT Returns with computation of income / Certified Financials, Last Business Continuity proof.
• Financial Documents for Self-Employed Professionals: Latest IT Returns, Business Continuity proof.

Card Review

The Standard Chartered Platinum Rewards Credit Card is a solid choice for individuals looking to establish or build their credit background and those seeking an entry-level rewards card. It offers a competitive reward rate, particularly on dining and fuel expenses (5X points per INR 150), alongside standard rewards on all other categories. The card's lifetime free option, attainable with a minimal spend of INR 500 within the initial 30 days, adds significant value by avoiding annual charges. However, this card may not be ideal for high-end customers or those who expect premium benefits such as extensive lounge access, golf privileges, or comprehensive insurance coverage, as these features are not offered. Additionally, it does not provide a fuel surcharge waiver despite offering reward points on fuel purchases. In conclusion, it serves as an excellent foundational credit card for users prioritizing rewards on common expenditures without incurring substantial annual fees.

Important Product Details

• The card is offered on the Visa Network.
• It offers instant approval on application without requiring extensive documentation.
• Provides lifetime free supplementary credit cards to family members, extending card benefits.
• Features contactless payment technology for faster checkouts and secure transactions.
• Ensures secure online transactions through 3D secure OTP verification.
• Supports various digital payment solutions, including BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Pay.
• Online banking and the SC Mobile app facilitate checking card balance and making instant card payments.
• The "Balance on EMI" feature allows cardholders to convert their entire outstanding amount (up to INR 5,00,000) into EMIs with zero processing fee.
• A "Dial-a-Loan" facility is available for Platinum Rewards credit card users, offering loan amounts up to INR 5,00,000 with flexible repayment tenures ranging from 12 to 60 months.
• A virtual card option is available for use upon credit card approval.

Other Details

• The card has an overall rating of 4.3 out of 5 stars.
• VKYC (Video KYC) is available for completing the KYC process remotely from home when applying online for a Standard Chartered credit card, personal loan, or savings account.
• Merchant Category Code (MCC) 6513 is specifically used to identify rental payments for credit card transactions.
• The processing fee for rental payments will be levied by the 15th of the next calendar month and will be separately narrated in the monthly statement.
• The one-time fee of INR 250 + GST, if applicable, is charged in the subsequent statement after 60 days of the card setup month.
• Application for the card can be done online through the bank’s website or offline by visiting a Standard Chartered branch, filling the application form, and submitting all necessary documents.
• While the card offers reward points on fuel purchases, it does not provide any fuel surcharge waiver.