Standard Chartered Rewards Credit Card – Benefits, Fees & Eligibility

Introduction

The Standard Chartered Rewards Credit Card, issued by Standard Chartered Bank, is positioned as an excellent entry-to-mid-range option for individuals who frequently make retail purchases. It stands out by offering an impressive 4X reward points on all retail spends, with an additional 4X bonus on monthly retail spends exceeding INR 20,000. Key differentiating benefits include a zero joining fee and complimentary domestic lounge access, making it an attractive choice for everyday spending and travel.

Welcome Benefits

• The card comes with no joining fee, making it first-year free.
• There are no specific welcome rewards or benefits provided upon signing up.

Fees

• Joining Fee: Nil
• Annual Fees: INR 1000 + GST, applicable from the second year onwards.
• Spend-Based Waiver: The annual fee is reversed if spends of INR 1,50,000 or more are made in the previous year.
• Rewards Redemption Fee: INR 99/- per redemption.
• Foreign Currency Markup: 3.5% of the transaction amount.
• Interest Rates: 3.75% per month.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on all fuel transactions.
  • Minimum transaction amount: INR 400.
  • Maximum transaction amount: INR 2000.
  • Maximum waiver capped at INR 400 per month.
• Cash Advance Charges: 3% of the withdrawn amount, subject to a minimum of INR 300.
• Rental Payments 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.
  • Effective from April 02, 2023.
  • The fee will be levied by the 15th of the next calendar month and will have a separate narration in the monthly statement.

Rewards

• Base Rewards:
  • Earn 4 reward points per INR 150 on all retail spends, excluding Government, Insurance, and Fuel categories.
  • Earn 1 reward point per INR 150 spent on Government and Insurance categories.
• Bonus Rewards:
  • Receive an additional 4 reward points per INR 150 on monthly retail spends above INR 20,000.
  • Bonus reward points are capped at 2000 points per statement cycle.
• Lounge Access:
  • Enjoy 1 complimentary domestic airport lounge visit per calendar quarter, totaling 4 visits per year.
• Annual Fee Payment Benefit:
  • If the spend-based annual fee reversal criteria are not met, clients are entitled to receive 4000 reward points upon payment of the annual fees. These points are credited within 60 days of fee realization.
• EMI Conversion:
  • Reward points can be earned on transactions that are converted into EMIs.
• Exclusions:
  • No reward points are earned on Fuel transactions.
  • No reward points are earned on Cash withdrawal transactions.

Rewards Redemption Guide

• Reward Point Value:
  • 1 Reward Point = INR 0.25 for redemption from the 360° Rewards catalogue.
  • 1 Reward Point = INR 0.20 for adjustment against the credit card statement outstanding balance.
• Minimum Redemption: A minimum of 1000 Reward points is required to redeem against the statement outstanding balance.
• Redemption Fee: A redemption fee of INR 99/- is applicable when redeeming reward points.
• Viewing Reward Points: Clients can view their earned Reward Points on the 360° Rewards portal, accessible via Online Banking or directly through the portal link.
• Point Reflection Timeline:
  • Reward points earned on transactions 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

• Age:
  • Applicant’s age should be between 18 and 65 years.
  • Minimum age for an add-on cardholder is 18 years.
• Monthly Income: Applicants should have a stable monthly income.
• Other Requirements:
  • Applicants should belong to credit card sourcing cities/locations of Standard Chartered Bank.
  • All applications are subject to credit and other policy checks of the Bank.

Documents Required

• Identity Proof (Any One): Passport, Voter Id Card, Govt ID, etc.
• PAN Card
• Address Proof (Any One): 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.
• Photograph: 1 recent passport-sized photograph.
• Financial Documents for Salaried Individuals: Latest one month salary slip.
• Financial Documents for Self-Employed Individuals:
  • Businessmen: Latest IT Returns with computation of income / Certified Financials, Last Business Continuity proof.
  • Professionals: Latest IT Returns, Business Continuity proof.

Card Review

The Standard Chartered Rewards Credit Card is a suitable option for individuals who prioritize earning rewards on their everyday retail purchases. With a competitive reward rate of up to 8X (including base and milestone rewards), it offers significant savings for regular shoppers. The card's zero joining fee and complimentary domestic lounge access add to its appeal, making it a strong contender in the rewards credit card segment.

Pros

• No joining fee.
• High reward rate of 4X on retail spends, with an additional 4X bonus on monthly spends above INR 20,000.
• Complimentary domestic lounge access (1 per quarter).
• 1% fuel surcharge waiver.
• Annual fee waiver on achieving a reasonable spend milestone (INR 1,50,000).
• Option to receive 4000 reward points if the annual fee is paid.
• Reward points can be earned on EMI conversions.

Cons

• No specific welcome benefits or rewards upon signing up.
• Bonus reward points are capped at 2000 per statement cycle.
• A redemption fee of INR 99 is applicable for reward point redemptions.
• A foreign currency markup of 3.5% is charged.
• A processing fee of 1% + taxes is applicable on rental payments.

Important Product Details

• Card Name: Standard Chartered Rewards Credit Card
• Issuing Bank: Standard Chartered Bank
• Card Network: Mastercard
• Reward Rate:
  • 4 Reward Points per INR 150 on all retail spends (excluding Government, Insurance, Fuel).
  • 1 Reward Point per INR 150 on Government and Insurance categories.
  • Additional 4 Reward Points per INR 150 on monthly retail spends above INR 20,000 (capped at 2000 bonus points per cycle).
  • No reward points on fuel purchases and cash withdrawals.
• Fees:
  • Joining Fee: Nil.
  • Annual Fee: INR 1000 + GST (waived on INR 1,50,000 annual spends).
  • Rewards Redemption Fee: INR 99.
  • Foreign Currency Markup: 3.5%.
  • Rental Payments Processing Fee: 1% + taxes (effective April 02, 2023).
• Lounge Access: 1 complimentary domestic lounge visit per calendar quarter (4 per year).
• Fuel Surcharge Waiver: 1% waiver (min INR 400, max INR 2000 transaction, capped at INR 400/month).
• Reward Point Value: 1 RP = INR 0.25 (catalogue), 1 RP = INR 0.20 (statement adjustment).
• Other Features:
  • Supplementary Credit Card facility.
  • Contactless payment enabled.
  • Secure online transactions with 3D secure OTP verification.
  • Digital payment solutions like BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Secure Pay.
  • "Kuch Bhi on EMI" option to convert spends above ₹2,000 into easy EMIs.
  • Access to the 360° Rewards portal for online catalogue redemption.
  • "Dial-a-loan" facility for loans up to ₹5,00,000 with flexible tenures (12 to 60 months).
  • Balance Transfer option for up to ₹5,00,000 from other bank credit cards at attractive interest rates.
  • "Balance EMI" to convert entire outstanding (up to ₹5,00,000) into EMIs with zero processing fees.
  • Reward points are earned on transactions converted into EMI.

Other Details

• How to Apply:
  • Applicants can visit the nearest Standard Chartered Bank branch or call the contact center for further details.
  • Online application is also available by selecting the "Rewards Credit Card" and filling in the required details.
  • Existing Standard Chartered credit cardholders can also apply by authenticating their existing card with an INR 1 transaction via sc.com/in.
• Terms and Conditions: Comprehensive Credit Card Terms & Conditions, Client Terms and Conditions, Rewards Credit Card Terms and Conditions, and Most Important Document are available for detailed review.
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