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

Introduction

The Standard Chartered Platinum Rewards Credit Card is an entry-level offering from Standard Chartered Bank, designed to provide significant value through accelerated rewards. Its key differentiating benefits include earning 5x reward points on fine dining and fuel spends with no monthly cap, and the potential to be lifetime free by meeting a minimal spend criterion. The card is well-suited for individuals looking to build their credit history or maximize rewards on everyday dining and fuel expenses.

Welcome Benefits

• No specific joining benefits are mentioned for the lifetime free offer.
• Joining offers are not applicable for supplementary cards.
• Up to 100% cashback on dining spends within 90 days of card issuance.

Fees

• Joining Fee: INR 250.
• Renewal Fee: INR 250, applicable from the 2nd year onwards.
• Spend-Based Waiver: The joining and annual fees can be waived by making a retail transaction of INR 500 or more within 30 days from card issuance. Failure to meet this spend will result in a one-time fee of INR 250 + GST, charged in the subsequent statement after 60 days of card setup month.
• Rewards Redemption Fee: INR 99 per redemption request.
• Foreign Currency Markup: 3.5% on the transaction amount.
• Interest Rates: A monthly interest rate of 3.75% is applicable, which annualizes to an Annualized Percentage Rate (APR) of 45%.
• Fuel Surcharge: There is no waiver on fuel surcharge, but reward points are earned on fuel purchases.
• Cash Advance Charges: 3% on cash withdrawal, 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 (Merchant Category Code 6513), effective from April 02, 2023. This fee is over and above any charges applied by the merchant and will be levied by the 15th of the next calendar month.

Rewards

• Earn 5 reward points for every INR 150 spent at fine-dining outlets.
• Earn 5 reward points for every INR 150 spent on fuel.
• Earn 1 reward point for every INR 150 spent on all other categories.
• There is no monthly cap on the rewards earned for dining and fuel spends.
• Supplementary credit cards are lifetime free, allowing you to extend benefits to your family members.
• Exclusive offers and discounts are available across shopping, travel, dining, and more.
• Balance on EMI: Convert your entire outstanding balance (up to INR 5,00,000) into EMIs with zero processing fee.
• Dial-a-Loan: Avail loan amounts up to INR 5,00,000 with flexible repayment tenures ranging between 12 and 60 months.
• Annual Benefits (Estimated):
  • Rewards Points on Other Restaurants & Fuel Spends (Avg INR 60,000 per Year): INR 500.
  • Rewards Points on Other Annual Spend (Avg INR 1,80,000 per Year): INR 300.

Rewards Redemption Guide

• Online Redemption: Login to the Standard Chartered netbanking portal or the 360 rewards portal to choose options such as gift vouchers or retail items for redemption.
• Customer Care: Contact customer care service for assistance with the reward redemption process.
• Reward points are redeemable against retail items and gift vouchers at a rate of 1 Reward Point = Re. 0.25.
• It is important to redeem reward points and vouchers before their expiry dates.
• Vouchers may sometimes cost more than their actual worth to be redeemable.
• Reward points can be used to book flights or hotel stays, or redeemed for vouchers and items from assorted catalogues.

Card Eligibility Criteria

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

Documents Required

• Identity Proof: PAN Card, Passport, Voter ID Card, Govt ID, Ration Card, Aadhaar card.
• Address Proof: Aadhaar Card, Passport, Driving License, Election/Voter’s ID Card, Job card issued by NREGA (duly signed by a State Government officer), letter issued by the National Population Register containing name and address, Utility Bills.
• Photograph: 1 recent passport-sized photograph.
• Financial Documents for Salaried: 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 an entry-level credit card that serves as a good choice for individuals with no prior credit background or those looking to build their credit history. It offers a decent reward rate, particularly with 5x reward points on dining and fuel spends, and an easy spend-based waiver for its nominal annual fee, making it potentially lifetime free. The card provides basic yet essential features like contactless payments and secure online transactions. However, for high-end customers seeking extensive premium benefits or higher reward multipliers across a broader range of categories, this card might not be the most suitable option due to its relatively basic reward structure beyond the accelerated categories.

Important Product Details

• Positive Highlights:
  • Can be lifetime free by spending INR 500 within 30 days of card issuance.
  • Earns 5x reward points on dining and fuel spends (INR 150 = 5 RP).
  • Earns 1x reward point on all other categories (INR 150 = 1 RP).
  • No monthly cap on accelerated rewards earned on dining and fuel.
  • Instant approval on application without extensive documentation (VKYC available).
  • Offered on the Visa Network.
  • Provides lifetime free supplementary credit cards for family members.
  • Contactless payment feature for faster and secure transactions.
  • Enhanced security for online transactions through 3D secure OTP verification.
  • Supports digital payment solutions like BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Pay.
  • Convenient online banking and SC Mobile app for balance checks and instant payments.
  • Option to convert outstanding balances up to INR 5,00,000 into EMIs with zero processing fee.
  • Dial-a-Loan feature allows access to loans up to INR 5,00,000 with flexible tenures.
  • Virtual card available upon approval.
  • Up to 100% cashback on dining spends within 90 days of card issuance.
• Negative Highlights:
  • A rewards redemption fee of INR 99 per request is applicable.
  • A foreign currency markup of 3.5% is charged on international transactions.
  • Cash advance transactions incur a fee of 3% (minimum INR 300).
  • A processing fee of 1% + taxes is applicable on rental payments.
  • No fuel surcharge waiver.

Other Details

• The card is offered on the Visa Network.
• VKYC (Video KYC) is available, allowing you to complete your KYC through a video call from home when applying online.
• Merchant Category Code (MCC) 6513 is specifically used for identifying rental payments.
• Application Process: You can apply for the card online through the Standard Chartered Bank website by filling in the required details and submitting the application form. After submission, you will be contacted for document verification, and the card will be delivered upon completion. Offline application is also possible by visiting a Standard Chartered branch.
• Comprehensive Terms and Conditions, Client Terms and Conditions, and specific Platinum Reward Credit Card Terms and Conditions are available for detailed review.
• Useful links are provided for information on tariffs and charges, reporting lost or stolen cards, and various payment methods.
• The bank's website utilizes cookies and similar technologies to optimize site functionality and personalize user experience, with options to manage privacy preferences.