Standard Chartered Smart Credit Card – Benefits, Fees & Eligibility

Standard Chartered Smart Credit Card

The Standard Chartered Smart Credit Card, launched in January 2022, is designed for individuals seeking significant savings through cashback on their daily spends, particularly online. This card offers a competitive 2% cashback on online transactions and 1% cashback on other spends, allowing cardholders to earn up to INR 18,000 in cashback annually. A key highlight for new users is an extended interest-free credit period for the first 90 days after card issuance, requiring only the minimum amount due. The card also features attractive EMI options at a special interest rate of 0.99% per month with zero processing fees, making it an accessible and rewarding choice for those entering the world of credit cards or looking for a straightforward cashback benefit.

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 welcome benefit is applicable only on primary cards.

Fees

• Joining Fee: INR 499 + GST. This fee is waived as a special offer for first-time Standard Chartered Bank credit card holders.
• Renewal Fee (2nd Year Onwards): INR 499 + GST. 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:
  • General Interest Rate: 3.75% per month.
  • Special Interest Rate for EMI Plans: 0.99% per month for eligible 3-month EMIs with Nil processing fee.
• Fuel Surcharge: 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• Cash Advance Charges: 3% of the cash withdrawn, subject to a minimum of Rs. 300.

Rewards

• Cashback on Online Spends: Get 2% cashback on your online spends, up to a maximum of Rs 1,000 per month.
• Cashback on Other Spends: Get 1% cashback on your other spends, up to a maximum of Rs 500 per month.
• Annual Cashback Potential:
  • For INR 50,000 monthly online spends: INR 1,000 cashback per month, totaling INR 12,000 annually.
  • For INR 50,000 monthly offline spends: INR 500 cashback per month, totaling INR 6,000 annually.
  • Total annual cashback can be up to INR 18,000 (based on INR 1,00,000 combined monthly spend).
• Exclusions:
  • Fuel transactions are not eligible for cashback.
  • No cashback is earned on cash withdrawals.
• Specific Categories (Not Applicable):
  • Movies & Dining: Not applicable
  • Travel: Not applicable
  • Domestic Lounge Access: Not applicable
  • International Lounge Access: Not applicable
  • Golf: Not applicable
  • Insurance Benefits: Not applicable
  • Lifestyle: Not applicable

Rewards Redemption Guide

• The earned cashback is automatically credited to your account.

Card Eligibility Criteria

Eligibility Rules

• 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, Government ID, 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.
• Photograph: 1 recent passport-sized photograph.
• Financial Documents for Salaried Individuals: Latest one month salary slip.
• 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 Smart Credit Card is an excellent choice for individuals new to credit cards or those primarily seeking cashback on their online and offline spending. Its straightforward cashback structure-2% online and 1% offline, capped at a combined Rs. 1,500 per month (Rs. 18,000 annually)-offers tangible savings. The extended 90-day interest-free period post-issuance is a significant perk for new cardholders, providing financial flexibility. The low EMI interest rate of 0.99% per month with zero processing fees on eligible transactions makes it appealing for converting larger purchases into affordable installments. Additionally, the annual fee waiver based on a reasonable spend of INR 1.2 lakhs further enhances its value proposition.

However, the card does not offer benefits in other categories such as movies, dining, travel, lounge access, golf, or insurance, which might be a drawback for users looking for a more comprehensive lifestyle card. Despite this, for its core purpose of cashback and accessible EMI options, the Smart Credit Card delivers strong value, particularly for frequent online shoppers.

Important Product Details

• Get cashback up to INR 18,000 annually.
• Flat 2% cashback on online spends, up to Rs 1000 per month.
• Flat 1% cashback on other/offline spends, up to 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.
• Convert eligible transactions into 3-month EMIs at a special interest rate of 0.99% per month with Nil processing fee.
• The Joining Fee of INR 499 + GST is waived as a special offer for first-time Standard Chartered Bank credit card holders.
• The Renewal Fee of INR 499 + GST is reversed for clients with spends greater than or equal to INR 120,000 in the preceding year.
• No cashback is earned on fuel transactions and cash withdrawals.
• Annual interest rate for general spends is 3.75% per month.
• Foreign currency markup is 3.5% on all international transactions.

Other Details

• Card Network: Smart Credit Card is offered on the Visa Network.
• Supplementary Credit Card: Extend the credit card benefits to your family members.
• Contactless Credit Card: Use contactless credit card 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 your big spends above ₹ 2,000 to easy EMIs through online banking or SC Mobile.
  • Get attractive pricing and flexible tenure options.
  • How to avail:
    • Via Phone Banking: Call 080 39401166 / 66011166 or SMS KBE to +91-9223010121 to get a call back.
    • Via SMS: Respond to the SMS received just after you spend on your credit card to convert transactions into easy EMIs.
    • Via Online Banking and SC Mobile: Login to Online banking or mobile banking and place a request for eligible transactions.
• 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.
• How to Apply:
  • Online:
    • Click on the ‘Apply Now’ button on the bank's website.
    • Select the ‘Standard Chartered Smart Credit Card’.
    • Indicate if you are an existing SC Bank customer.
    • Enter your name and mobile number to start the application.
    • Provide all other required details and upload the necessary documents.
    • You will be notified via SMS or email regarding the approval or rejection of your application.
  • Offline: Visit your nearest Standard Chartered Bank branch to fill in a physical application form.
• Card Launch Date: January 2022.