Standard Chartered Rewards Credit Card – Benefits, Fees & Eligibility

Standard Chartered Rewards Credit Card

Introduction

The Standard Chartered Rewards Credit Card is designed for individuals who frequently use their credit card for retail purchases, offering an opportunity to earn enhanced reward points. It features a zero joining fee and provides accelerated rewards, with up to 4X Reward Points on all retail spends, and an additional 4X bonus on monthly retail spends exceeding INR 20,000. Cardholders can also enjoy complimentary domestic airport lounge access, making it a versatile option for everyday spending and travel.

Welcome Benefits

• No joining fee is charged for the card.
• Clients are entitled to receive 4000 reward points if the annual fee is paid and not reversed based on spend criteria.

Fees

• Joining Fee: Nil
• Annual Fee: INR 1000 + GST
  • Renewal fee will be reversed on spends of INR 1,50,000 or more in the previous year.
  • Alternatively, the renewal fee is waived if the cardholder spends Rs. 3 lakhs or more in the previous anniversary year (as per another detail).
• Rewards Redemption Fee: INR 99
• Foreign Currency Markup: 3.5% of the transaction amount
• Interest Rates: 3.75% per month
• Fuel Surcharge: 1% fuel surcharge waiver on all fuel spends.
  • Minimum transaction amount: INR 400
  • Maximum transaction amount: INR 2000
  • Fuel Surcharge Waiver amount is capped at INR 400 per month.
• Cash Advance Charges: 3% of the withdrawn amount, subject to a minimum of Rs. 300
• Rental Payments Processing Fee:
  • A processing fee of 1% (plus taxes) would be applicable to all rental transactions.
  • This fee is over and above any charges applied by the merchant.
  • Effective from April 02, 2023.
  • The processing fee will be levied by the 15th of the next calendar month and will have a separate narration in the monthly statement.

Rewards

• Base Reward Points:
  • Earn 4 reward points per INR 150 on all Retail spends (excluding Government, Insurance, and Fuel categories).
  • Earn 1 reward point on every INR 150 spent on Government and Insurance categories.
• Bonus Reward Points (Milestone Benefit):
  • Earn an additional 4 reward points per INR 150 on monthly Retail spends above INR 20,000.
  • Maximum of 2000 bonus reward points can be earned per statement cycle.
• Exclusions:
  • Fuel transactions are not eligible for reward points.
  • Cash withdrawal transactions are not eligible for reward points.
• Lounge Access:
  • Receive 1 complimentary Domestic Lounge Visit per calendar quarter (total of 4 per year).
• Card Network:
  • The Rewards Credit Card is offered on the Mastercard Network.
• Reward Points on EMI:
  • Clients can earn reward points on transactions converted into EMI.

Rewards Redemption Guide

• Value of Reward Points:
  • 1 Reward Point = INR 0.25 (for redemption from the Rewards catalogue).
  • 1 Reward Point = INR 0.20 (for adjustment against Statement outstanding balance).
• Minimum Redemption:
  • A minimum of 1000 Reward points is required to redeem against an outstanding credit card statement.
• Viewing Reward Points:
  • Clients can view their Reward Points on the 360 Rewards portal.
  • To view, log in to Online Banking and proceed to the 360 Rewards portal or log in directly via the provided URL (https://retail.sc.com/in/rewards360/rewards_home/in).
• Reflection of Reward Points:
  • Reward points earned on transactions made prior to the statement generation date will reflect on the same month’s statement and on the 360 Rewards portal.
  • Bonus reward points earned for a statement cycle will be credited within 2-3 days from the statement generation date.

Card Eligibility Criteria

Eligibility Rules

• Applicant’s age should be between 18 and 65 years.
• Minimum age for add-on cardholders is 18 years.
• Applicants should have a stable monthly income.
• 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 (Any One of the following Photo cards): Passport, Voter Id Card, Govt ID, etc.
• PAN 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, address.
• 1 recent passport-sized Photograph
• Financial documents for salaried:
  • Latest one month salary slip
• Financial documents for self-employed:
  • 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 Rewards Credit Card is a suitable option for consumers who prioritize earning rewards on their daily retail spending. With a rating of 4.5/5, it stands out for its attractive reward rates, offering up to 8X Reward Points (including base and milestone bonuses). The card's strengths include a zero joining fee, complimentary domestic lounge access, and a 1% fuel surcharge waiver. While it doesn't offer explicit welcome benefits beyond the first-year free status, its robust reward structure and various spending benefits make it a strong contender in the market for a basic yet rewarding credit card. It is an affordable card with a waivable annual fee, catering well to those looking to maximize savings on everyday purchases.

Important Product Details

• Earn 4X Reward Points on all retail spends.
• Earn 1X Rewards on insurance and government payments.
• Receive an additional 4X Reward Points on all retail spends after achieving a monthly milestone of INR 20,000 (capped at 2000 bonus points per cycle).
• Complimentary domestic lounge access (1 per quarter, 4 per year).
• 1% fuel surcharge waiver on all fuel purchases (min INR 400, max INR 2000, capped at INR 400/month).
• No joining fees.
• Renewal fee waived on spending INR 1,50,000 or more in the previous year (or INR 3 Lakhs as per some details).
• Option to receive 4000 reward points if the annual fee is paid and not waived.
• Card is offered on the Mastercard Network.
• A redemption fee of INR 99 is applicable when redeeming reward points.
• Reward points are not earned on fuel purchases and cash withdrawals.

Other Details

• How to Apply:
  • Visit the nearest Standard Chartered Bank branch or call the contact center for further details.
  • To apply online: Choose 'Rewards Credit Card' on the bank's website, click 'apply now', fill in required details, and submit.
• Supplementary Credit Card: Extend credit card benefits to family members.
• Contactless Credit Card: Enjoy complete freedom from cash transactions with faster checkouts and secure payments.
• Secure Online Transactions: Enhanced security for online transactions through 3D secure OTP Verification.
• Digital Payment Solutions: Avail a wide range of instant payment solutions like BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Secure Pay.
• Kuch Bhi on EMI: Convert big spends above ₹2,000 to easy EMIs through online banking or SC Mobile, with attractive pricing and flexible tenure options.
• 360° Rewards: Easily redeem reward points against a new online catalogue.
• Dial-a-loan: Get a loan up to ₹5,00,000 on your credit card with flexible tenures from 12 to 60 months.
• Balance Transfer: Transfer card balance from other bank credit cards up to ₹5,00,000 at attractive interest rates.
• Balance EMI: Convert your entire outstanding (up to ₹5,00,000) into EMIs with zero processing fees.
• Rental Payments Merchant Category Code (MCC): Credit card transactions with MCC 6513 are covered under Rental Payments. An MCC is a four-digit number assigned to a merchant/business by their acquiring bank, defined by networks like Visa and MasterCard.
• Application for Existing Cardholders: Existing Standard Chartered Platinum Rewards credit cardholders can also apply for the Rewards Credit Card by authenticating their existing card with an INR 1 transaction via sc.com/in.