Standard Chartered Smart Credit Card – Benefits, Fees & Eligibility

Introduction

The Standard Chartered Smart Credit Card, issued by Standard Chartered Bank, is positioned as an entry-level cashback credit card, ideal for individuals new to credit or those seeking to maximize savings on everyday spends. Its top differentiating benefits include a flat 2% cashback on online spends and 1% cashback on other spends, offering up to INR 18,000 in annual cashback. Cardholders also benefit from an extended interest-free credit period for the first 90 days post card issuance and an attractive interest rate of 0.99% per month with Nil processing fee on 3-month EMIs.

Welcome Benefits

• Enjoy an extended interest-free credit period for the first 90 days post credit card issuance by paying only the minimum amount due. This offer is valid only on primary cards.
• The Joining / First Year Fee of INR 499 + GST is waived as a special offer for first-time Standard Chartered Bank credit card holders.

Fees

• Joining Fee (1st Year): INR 499 + GST. This fee is waived as a special offer for first-time Standard Chartered Bank credit card holders (not applicable for existing SCB credit card holders).
• Renewal Fee (2nd Year Onwards): INR 499 + GST.
• Spend-Based Waiver (Renewal Fee): The renewal fee will be reversed for clients with spends greater than or equal to INR 120,000 in the preceding year on the Smart Credit Card.
• Rewards Redemption Fee: Nil.
• Foreign Currency Markup: 3.5% on all international transactions.
• Interest Rates: 3.75% per month.
• Fuel Surcharge Waiver: A 1% fuel surcharge or Rs. 10 (whichever is higher) will be granted as a fuel surcharge waiver.
• Cash Advance Charges: 3% of the cash withdrawn, subject to a minimum of Rs. 300.
• EMI Processing Fee: Nil processing fee for converting eligible transactions into 3-month EMIs.

Rewards

• Cashback on Online Spends: Get 2% cashback on online spends, up to a maximum of Rs 1,000 per month.
• Cashback on Other Spends: Get 1% cashback on other spends, up to a maximum of Rs 500 per month.
• Maximum Monthly Cashback: You can earn a maximum cashback of Rs. 1,500 in a month (up to Rs. 1,000 in the online category and up to Rs. 500 on offline spends).
• Maximum Annual Cashback: Up to Rs. 18,000 per annum.
• Exclusions: Fuel transactions and cash withdrawals are not eligible for cashback.
• EMI Interest Rate: Special interest rate of 0.99% per month on eligible EMI plans with Nil processing fees.
• Supplementary Credit Card: Extend credit card benefits to family members.
• Contactless Credit Card: Use contactless technology for faster checkouts and secure payments.
• Secure Online Transactions: Enjoy 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.
• Dial-a-loan: Get a loan up to ₹ 5,00,000 on your credit card with flexible tenure 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.
• Card Network: The Smart Credit Card is offered on the Visa Network.

Rewards Redemption Guide

• The earned cashback is automatically credited to your account.
• Standard Chartered 360° Rewards allows redemption of reward points against an online catalogue, which may apply to other types of rewards or cards.

Card Eligibility Criteria

• Age:
  • Applicant’s age should be between 18 and 65 years.
  • Minimum age for 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 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, Aadhaar Card, 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 and address.
• Photograph: 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

• Overall Verdict: The Standard Chartered Smart Credit Card is a cashback-focused credit card, ideal for individuals new to credit or those with moderate spending habits, particularly online. It offers substantial savings through its cashback program and provides flexible EMI options.
• Who Should Apply:
  • Individuals who frequently shop online and seek to maximize cashback on their purchases.
  • Those new to credit cards looking for a straightforward card with clear saving benefits.
  • Customers who anticipate making large purchases and wish to convert them into EMIs at a low-interest rate and zero processing fee.
• Pros:
  • High cashback rates: 2% on online spends and 1% on other spends.
  • Potential to earn up to Rs. 18,000 in cashback annually.
  • Extended interest-free period for the first 90 days post card issuance.
  • Low-interest rate of 0.99% per month and zero processing fee on eligible EMI transactions.
  • Renewal fee waiver on annual spends of Rs. 1.2 Lakh or more.
  • Nil rewards redemption fee.
• Cons:
  • Cashback is capped monthly (Rs. 1,000 for online, Rs. 500 for offline).
  • No cashback is earned on fuel transactions or cash withdrawals.
  • Lacks benefits in other categories such as travel, entertainment, movies, dining, lounge access, golf, or insurance.
  • Foreign currency markup of 3.5% is not competitive for frequent international travelers.
• Value: This card offers excellent value for its target segment by providing consistent cashback and flexible payment options, making it a strong contender for everyday spending and managing larger purchases through EMIs.

Important Product Details

• Get cashback up to INR 18,000 annually.
• Flat 2% cashback on online spends, capped at Rs. 1,000 per month.
• Flat 1% cashback on other spends, capped at Rs. 500 per month.
• Enjoy an extended interest-free credit period for the first 90 days post credit card issuance by paying only the minimum amount due.
• Attractive interest rate of 0.99% per month on 3-month EMIs with Nil processing fee.
• The renewal fee of INR 499 + GST is waived for spends greater than or equal to INR 120,000 in the preceding year.
• The Joining / First Year Fee of INR 499 + GST is waived as a special offer for first-time Standard Chartered Bank credit card holders.
• Fuel transactions are not eligible for cashback.
• Foreign currency markup is 3.5% on all international transactions.
• The card is offered on the Visa Network.

Other Details

• To apply for the card, you can visit the nearest branch or call the contact center. Online application is also available through the bank's website or mobile banking.
• The bank provides various digital payment solutions including BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Secure Pay.
• The "Kuch Bhi on EMI" option allows conversion of spends above ₹ 2,000 into easy EMIs via Phone Banking, SMS, Online Banking, and SC Mobile.
• General legal disclaimers and terms & conditions apply to the use of the credit card and associated services.
• Information regarding tariffs and charges, reporting lost or stolen cards, and various payment methods are available on the bank's website.