Standard Chartered Priority Visa Infinite Credit Card – Benefits, Fees & Eligibility

Introduction

The Standard Chartered Priority Visa Infinite Credit Card is an exclusive offering from Standard Chartered Bank, specifically designed for its Priority Banking clients. Positioned as a premium card for this segment, it provides a rewarding experience with zero membership fees. Key differentiating benefits include a unique rewards program offering accelerated points on international and retail fashion spends, comprehensive airport lounge access both domestically and internationally, and complimentary overseas insurance coverage.

Welcome Benefits

• There are no specific welcome benefits mentioned for this card.

Fees

• Joining Fee: Nil
• Annual Fee: Nil
• Rewards Redemption Fee: Rs. 99
• Foreign Currency Markup: 3.5% plus GST on all overseas transactions. This includes charges paid out to Visa/Mastercard for converting overseas transactions into INR. Transactions at merchant establishments registered overseas, even if located in India, attract a 1% charge from Visa/Mastercard, which is included in the transaction amount.
• Interest Rates:
  • Monthly interest rate of 3.75% pm, annualized to an APR of 45.00% for all Standard Chartered Credit Cards, including Visa Infinite.
  • For instant credit card variants, the monthly interest rate is 1.99% pm (APR of 23.88%).
  • Cash transactions also attract an interest rate of 3.75% pm (APR of 45.00%).
• Fuel Surcharge Waiver: 1% fuel surcharge is applicable.
• Cash Advance Charges: 3% of the withdrawn amount, subject to a minimum amount of Rs. 300. Cash transactions also attract an interest rate of 3.75% pm (APR of 45.00%).
• ATM Withdrawal Charges:
  • INR 100 for statement outstanding balance less than or equal to INR 500.
  • INR 350 for statement outstanding balance between INR 501 and INR 2,000.
  • INR 500 for statement outstanding balance between INR 2,001 and INR 4,000.
  • INR 700 for statement outstanding balance between INR 4,001 and INR 20,000.
  • INR 800 for statement outstanding balance greater than INR 20,000.
• Late Payment Charges:
  • ₹ 0 for statement outstanding balance less than or equal to ₹ 100.
  • ₹ 100 for statement outstanding balance between ₹ 101 and ₹ 500.
  • ₹ 500 for statement outstanding balance between ₹ 501 and ₹ 5,000.
  • ₹ 700 for statement outstanding balance between ₹ 5,001 and ₹ 10,000.
  • ₹ 800 for statement outstanding balance between ₹ 10,000 and ₹ 25,000.
  • ₹ 1200 for statement outstanding balance greater than ₹ 25,000.
  • Late Payment Charges apply to all cards and instalment products (e.g., Instabuy, Balance Transfer, Dial-a-Loan) if payment is not made by the Payment Due Date.
• Rental Payment Processing Fee: A processing fee of 1% (plus taxes) is applicable to all rental transactions (Merchant Category Code 6513). This fee is over and above any charges applied by the merchant. It is effective from April 02, 2023, and will be levied by the 15th of the next calendar month.
• Cash Payment Fee: INR 100 will be charged per payment transaction for card payments made by depositing cash at any Standard Chartered branch. This will reflect in the next month’s statement.
• Goods and Services Tax (GST): Levied at the applicable rates in force on all taxable supplies with effect from July 1, 2017.

Rewards

• Reward Points Earning:
  • Earn 5 reward points for every INR 100 spent overseas or on retail fashion.
  • Earn 2 reward points for every INR 100 on all other spends.
• Movies & Dining:
  • Enjoy discounts and offers on dining with the Standard Chartered Good Life program.
• Travel:
  • Domestic Lounge Access: Receive 4 complimentary lounge accesses per calendar quarter at domestic lounges in India using your Priority Visa Infinite Credit Card. This benefit is complimentary for all cardholders.
  • International Lounge Access:
    • Complimentary Priority Pass membership, providing access to international airport lounges worldwide.
    • Receive 2 complimentary international lounge accesses per month with Priority Pass, subject to the cardholder meeting the Funds Under Management (FUM) qualification criteria of INR 30 Lakh at an individual account level, and the respective primary and supplementary credit card being active in the calendar month of usage.
    • A charge of USD 27 per person per visit is applicable when accessing a lounge under the Priority Pass program.
    • Card members will be liable to pay for any domestic lounge visit using Priority Pass, as per applicable charges.
• Golf:
  • Enjoy 2 complimentary golf games per month at select domestic golf courses, organized by Golflan Technology Solutions Pvt Ltd.
  • Receive 1 complimentary golf coaching session every month.
• Insurance:
  • Complimentary Overseas Air Accident Insurance:
    • Accidental Death (Air Accidents Only): INR 10,000,000 (INR 1 Crore). (Note: Some sources also state Rs. 1.2 crore).
    • Provided by HDFC ERGO General Insurance Company Ltd.
  • Complimentary Travel Insurance:
    • Emergency Medical Expenses: USD 25,000 (with a USD 100 deductible).
    • Loss of Baggage & Personal Documents: USD 750 (Single Any One Item Limit: USD 30), with no deductible.
    • Baggage Delay: USD 100 (Maximum USD 10 per 8 hours), with a 12-hour deductible.
    • Flight Delay: USD 200 (Maximum USD 10 per hour), with a 12-hour deductible.
    • Hijacking: USD 100 (Amount Payable for every 6 consecutive hours period: USD 75), with a 24-hour deductible.
    • Provided by HDFC ERGO General Insurance Company Ltd.
  • Nominee details for insurance can be updated online.
  • For claims, contact HDFC ERGO’s 24/7 toll-free emergency telephone assistance service or email them. Standard Chartered Phone banking services can also provide help and support for claims.
• Lifestyle:
  • Access to several dining, shopping, and travel offers and discounts through the Standard Chartered Good Life program.

Rewards Redemption Guide

• Reward points can be redeemed against an online catalogue with the Standard Chartered 360° rewards programme.
• Redeem points for shopping vouchers from popular brands (e.g., Croma, Nykaa, Shoppers Stop) and charity spends on the Standard Chartered online portal.
• 1 reward point is equivalent to Re. 1.
• Reward points expire after 3 years from the date of accumulation.
• Reward points cannot be redeemed for paying card bills.
• A Rewards Redemption Fee of Rs. 99 is applicable.

Card Eligibility Criteria

Eligibility Rules

• Applicant’s age should be between 21 and 65 years.
• Applicant should have a stable monthly income.
• Applicant should belong to credit card sourcing cities/locations of the bank.
• All applications are subject to credit and other policy checks of the bank.
• The card is offered exclusively to Priority Banking clients of Standard Chartered Bank.

Documents Required

• Identity Proof (Any One): Passport, Voter ID Card, Government ID, PAN Card.
• Address Proof (Any One 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, Letter issued by the National Population Register containing details of name and address.
• 1 recent passport-sized Photograph.
• Financial documents for salaried individuals: Latest one month salary slip.
• Financial documents for self-employed individuals:
  • Self Employed Businessmen: Latest IT Returns with computation of income / Certified Financials, Last Business Continuity proof.
  • Self Employed Professionals: Latest IT Returns, Business Continuity proof.

Card Review

The Standard Chartered Priority Visa Infinite Credit Card is a unique offering, exclusively available and complimentary for Standard Chartered Priority Banking customers. Given its zero annual fee, it stands out as a valuable addition for eligible clients, making direct comparisons with other premium cards challenging. While it may not offer an extensive array of premium benefits found in high-fee cards, the absence of membership fees significantly enhances its appeal.

Who should apply: This card is ideal for existing Standard Chartered Priority Banking customers who are looking for a complimentary credit card that offers a solid foundation of rewards, travel benefits, and insurance coverage without incurring any annual charges.

Pros:

• Zero joining and annual fees.
• Accelerated reward points on international and retail fashion spends.
• Complimentary domestic lounge access (4 per quarter).
• Complimentary Priority Pass membership with international lounge access (2 per month for FUM qualified clients).
• Comprehensive insurance benefits, including air accident and overseas medical coverage.
• Golf benefits with complimentary games and coaching sessions.
• Lifetime free supplementary cards.

Cons:

• International lounge access via Priority Pass is chargeable at USD 27 per visit, even for FUM qualified clients after their complimentary visits.
• The card is exclusive to Priority Banking clients, limiting its accessibility.
• A foreign currency markup of 3.5% + GST is applicable.
• A rewards redemption fee of Rs. 99 is charged.

Value: For a Priority Banking customer, this card offers excellent value due to its complimentary nature and the inclusion of key lifestyle and travel benefits. It serves as a strong, no-cost option for enhancing their banking relationship.

Important Product Details

• Exclusively reserved for Standard Chartered Priority Banking customers.
• Complimentary for Priority relationship, with zero joining and annual fees.
• Earn 5 reward points for every INR 100 spent overseas or on retail fashion.
• Earn 2 reward points for every INR 100 on all other spends.
• 4 complimentary domestic lounge accesses per calendar quarter.
• Complimentary Priority Pass membership, offering 2 complimentary international lounge accesses per month for FUM Qualified Clients (USD 27 per visit thereafter).
• Complimentary overseas air accident cover of INR 1 Crore (also stated as Rs. 1.2 crore in some sources) and medical insurance worth USD 25,000.
• Offers dining, shopping, and travel discounts through the Standard Chartered Good Life program.
• Provides lifetime free Supplementary credit cards for family members.
• Features contactless payment technology for faster and secure transactions.
• Ensures secure online transactions with 3D secure OTP verification.
• Supports various digital payment solutions including BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Pay.
• Allows conversion of big spends (above INR 5,000) into easy EMIs with "Kuch Bhi on EMI".
• Offers "Dial-a-loan" facility for loans on the credit card up to INR 5,00,000 with flexible tenures.
• Facilitates "Balance Transfer" of up to INR 5,00,000 from other bank credit cards at attractive interest rates.
• Enables conversion of the entire outstanding balance (up to INR 5,00,000) into EMIs with "Balance on EMI" at zero processing fee.
• The card is offered on the Visa Network.
• Foreign currency markup is 3.5% plus GST.
• A rewards redemption fee of Rs. 99 is applicable.
• A processing fee of 1% plus taxes is applicable on rental payments.

Other Details

• Customer Care:
  • For assistance or to report a lost/stolen card, notify the bank immediately.
  • Contact numbers for major cities (e.g., Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune): 3940 4444 / 6601 4444.
  • Contact numbers for other cities (e.g., Allahabad, Amritsar, Bhopal, Bhubaneswar, Chandigarh): 3940 444 / 6601 444.
  • Toll-free numbers for specific locations (e.g., Jalgaon, Guwahati, Cuttack): 1800 345 1000.
  • Email: customer.care@sc.com.
• Credit Card Application Process:
  • Subject to complete and accurate documents, it takes approximately 9 days to get the credit card approved.
• Minimum Amount Due:
  • The minimum amount due every month shall be the higher of:
    • 5% of statement outstanding, OR
    • Sum total of all installments billed, interest, fees, other charges, amount that is over limit, and 1% of the principal, OR
    • INR 250.
  • Any unpaid minimum amount due from the previous month will be added to the current month’s minimum amount due.
• Payment Methods:
  • Bill Desk: Pay from different bank accounts directly to your card account.
  • NEFT / IBFT: Transfer funds from your bank account to your card account using IFSC code SCBL0036001 and address MG Road, Mumbai.
  • Visa Money Transfer: For Visa franchisee credit cards, pay through your bank account. Fees may be levied by the initiating bank.
  • Standard Chartered Online Banking: Standard Chartered account holders can pay through an account transfer.
  • NACH (National Automated Clearing House): Facilitates standing instructions from your account to the credit card upon submission of an authorized NACH form.
  • Cheque / Draft Payment: Drop a cheque or draft in favor of your Standard Chartered bank card number into any cheque collection box. Payments should be made at least 3 days in advance of the payment due date.
  • Cash Payment: Cash payments can only be deposited at Standard Chartered branches using teller facilities, incurring an INR 100 charge per transaction.
• Visa Credit Card Payment Service:
  • Allows transfer of funds from your existing Standard Chartered account to any Visa credit card within India.
  • Accessible via online banking (requires being a registered online banking user).
  • Funds are usually credited within 3-4 working days.
  • No charges are currently levied for this service.
  • Requires only the 16-digit credit card number of the beneficiary.
  • Transaction Limits: Minimum INR 100, Maximum INR 49,999 per transfer. Per day transaction limit is INR 100,000.
  • Once initiated, transfers cannot be modified or stopped.
  • Only resident bank accounts can be used to transfer funds; credit cards cannot be used for this service.
  • Cannot be used to pay Mastercard credit card bills.

• Online Transaction Security: