Standard Chartered Ultimate Credit Card – Benefits, Fees & Eligibility

Standard Chartered Ultimate Credit Card

The Standard Chartered Ultimate Credit Card, launched in September 2017, is positioned as a premium offering for high-income individuals seeking an elite lifestyle with extensive travel and luxury benefits. Designed to compete with top-tier cards like ICICI Sapphiro and HDFC Bank Infinia, this Mastercard variant (the Visa Infinite variant having been discontinued) provides a comprehensive rewards program, competitive foreign currency exchange rates, and a suite of exclusive perks tailored for global travelers and those who enjoy a lavish lifestyle.

Welcome Benefits

• Earn 6,000 Reward Points upon payment of the joining fee. These points are equivalent to INR 6,000 and can be redeemed for shopping vouchers or charity spends through the Standard Chartered 360° rewards program.
• Receive 5,000 Reward Points every year on the renewal of card membership.

Fees

• Joining Fee: INR 5,000 + GST
• Renewal Fee: INR 5,000 + GST
• Supplementary Card Joining Fee: Nil
• Supplementary Card Renewal Fee: Nil
• Rewards Redemption Fee: INR 99
• Foreign Currency Markup: 2% on all foreign currency transactions. This policy is effective from August 25, 2024, and eliminates the previous system of waiting for a separate 1.5% cashback posting.
• Interest Rates: 3.75% per month or 45% annually.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver, applicable across all petrol pumps, capped at a maximum of INR 1,000 per month.
• Cash Advance Charges: 3% of the transacted amount, subject to a minimum fee of INR 300.
• Rental Payments Processing Fee: A processing fee of 1% (plus applicable taxes) is applied to all rental transactions. This fee became effective from April 02, 2023, and is levied by the 15th of the next calendar month.

Rewards

• Standard Earn Rate: Earn 5 Reward Points on every INR 150 spent on retail purchases.
• Special Category Earn Rate (Effective April 2, 2023): Earn 3 Reward Points on every INR 150 spent for the following merchant categories:
  • Utilities (MCC 4900)
  • Supermarkets (MCC 5411)
  • Insurance (MCC 5960, 6300)
  • Property Management / Rent Pay (MCC 7349, 6513)
  • Schools (MCC 8299)
  • Government payments (MCC 9399)
• There is no capping on the reward points that can be earned monthly in these revised categories.
• Cashback: Enjoy 5% cashback on duty-free spends at airports, with a monthly maximum cashback cap of INR 1,000.
• Exclusions (Effective April 2, 2023): No reward points will be earned for Fuel transactions.

• Travel

  • Complimentary Priority Pass membership for both primary and supplementary cardholders, providing access to over 1,000 airport lounges across the world.
  • Domestic Lounge Access: Receive 4 complimentary accesses per calendar quarter to domestic lounges in India when using your Ultimate Credit Card, totaling 16 accesses per year.
  • International Lounge Access: Enjoy 1 complimentary access per month at international lounges outside India with your Priority Pass. This complimentary access is subject to having spent INR 20,000 or more on your Ultimate Credit Card in the previous calendar month. Any additional visits or guest visits will be chargeable at USD 27 per visit.

• Lifestyle

  • Get complimentary access to premier golf courses in the country.
  • Enjoy 1 complimentary golf game per month.
  • Receive 1 free golf coaching session each month.

• Insurance

  • Overseas Air Accident Cover: Protect yourself with a complimentary overseas air accident cover of INR 1 Crore (INR 10,000,000) for accidental death in air accidents. This policy is provided by HDFC ERGO General Insurance Company Ltd. (Policy Number: 2999204852948401000) with NIL deductible.
  • Travel Insurance: Complimentary travel insurance is provided by HDFC ERGO General Insurance Company Ltd. (Policy Number: 2999204251883002000) with the following benefits:
    • Baggage Delay: USD 100 (Maximum USD 10 per 8 hours of delay, subject to a 12-hour deductible).
    • Loss of Baggage & Personal Documents: USD 750 (with a single any one item limit of USD 30 and NIL deductible).
    • Hijacking: USD 100 (payable USD 75 for every 6 consecutive hours of hijacking, subject to a 24-hour deductible).
    • Flight Delay: USD 200 (Maximum USD 10 per hour of delay, subject to a 12-hour deductible).
    • Emergency Medical Expenses: USD 25,000 (subject to a USD 100 deductible).
  • Medical Insurance Eligibility: This facility is available only for the primary cardholder, who must be between 18-70 years of age.

Rewards Redemption Guide

• Reward points can be redeemed against a diverse online catalogue, including shopping vouchers from popular brands such as Nykaa, Croma, and Shoppers Stop, as well as for charity spends.
• Redemption is managed through the Standard Chartered 360° rewards program, accessible via the bank's online portal.
• The stated value of 1 Reward Point for this card is equivalent to INR 1.
• Earned Reward Points are valid for a period of 3 years from their accumulation date.
• Reward points cannot be redeemed for paying credit card bills.
• For any insurance claims, you can contact HDFC ERGO’s 24-hour, 7-day-a-week toll-free emergency telephone assistance service.
  • For Emergency Medical Expenses: Toll-Free: +800 08250825 (International, accessible from outside India) / 01204507250 (Chargeable).
  • Email: travelclaims@hdfcergo.com, bankclaims@hdfcergo.com.
  • Address: HDFC ERGO General Insurance Company Limited, 5th floor, Tower 1, Stellar IT Park, C-25, Sector-62, Noida, UP, India - 201301.
• Standard Chartered Phone Banking services are also available for assistance with Travel Insurance or Air Accident Insurance claims.

Card Eligibility Criteria

• Age: The applicant’s age should be between 21 and 65 years.
• Monthly Income: The applicant should have a stable monthly income.
• Other Requirements:
  • The applicant should belong to the credit card sourcing cities/locations of Standard Chartered Bank.
  • All applications are subject to the bank's credit and other policy checks.
  • A decent credit score is required for approval.
• Documents Required:
  • Identity Proof (Any One of the following Photo cards): Passport, Voter ID Card, Government 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 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 applications may also be processed based on other credit statements.

Card Review

The Standard Chartered Ultimate Credit Card is a compelling choice for High Net-worth Individuals (HNIs) who frequently travel and desire an opulent lifestyle. It offers a robust suite of benefits that cater to international travel, premium experiences, and financial flexibility.

• Pros:
  • Extensive Travel Perks: Includes comprehensive domestic (16 per year) and international (1 per month with spend condition) airport lounge access via complimentary Priority Pass membership, along with a 5% cashback on duty-free purchases.
  • Generous Insurance Coverage: Provides substantial air accident cover (INR 1 Crore) and detailed travel medical insurance (USD 25,000), offering peace of mind for global travelers.
  • Luxury Lifestyle Benefits: Features complimentary golf games and coaching sessions, aligning with a premium lifestyle.
  • Competitive Foreign Currency Markup: A reduced 2% forex markup is advantageous for international transactions.
  • Attractive Rewards: Offers 5 Reward Points on most retail spends and a significant welcome bonus of 6,000 points, plus 5,000 points on annual renewal.
  • Financial Flexibility: Includes features like "Kuch Bhi on EMI" for large spends, balance transfer, and balance on EMI options, enhancing financial management.
• Cons:
  • No Spend-Based Fee Waiver: Unlike some premium cards, there is no spend-based waiver for the annual renewal fee, which remains at INR 5,000 + GST.
  • Reduced Rewards for Specific Categories: The earning rate for essential categories like Utilities, Supermarkets, Insurance, and Government payments has been reduced to 3 Reward Points per INR 150.
  • No Rewards on Fuel: Fuel transactions no longer earn reward points, though a surcharge waiver is provided.
  • Processing Fee on Rental Payments: A 1% processing fee (plus taxes) is levied on rental transactions.

Overall, the card stands as a strong contender against other premium cards like the HDFC Bank Infinia, particularly for those prioritizing comprehensive travel and lifestyle benefits, despite some recent adjustments to its rewards structure.

Important Product Details

• Card Network: The Ultimate Credit Card is offered on the Mastercard Network.
• Contactless Payments: Features a contactless payment option for faster checkouts, secure transactions, and reduced reliance on cash.
• Digital Payment Solutions: Supports a wide range of instant payment solutions including BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Pay.
• Online Banking & Mobile Access: Cardholders can check their card balance and make convenient, instant card payments through online banking and the Standard Chartered Mobile app.
• Supplementary Credit Cards: Extend the benefits of the card to family members with lifetime free Supplementary credit cards.
• Kuch Bhi on EMI: Allows conversion of spends above INR 5,000 into easy EMIs. This feature provides flexible tenure options from 12 to 60 months, with loan amounts available up to INR 5,00,000 on the credit card.
• Balance Transfer: Facilitates transferring outstanding card balances of up to INR 5,00,000 from other bank credit cards at attractive interest rates.
• Balance on EMI: Provides the option to convert the entire outstanding balance (up to INR 5,00,000) into EMIs with zero processing fee.
• Virtual Credit Card: An Ultimate virtual credit card can be applied for to instantly access benefits like golf and dining privileges.
• Reward Point Transition: All spends till March 31, 2023, on categories affected by reward point revisions, will continue to earn reward points as per the previous proposition (5 reward points on every INR 150 spent).
• Existing Reward Points: There will be no impact on existing reward points earned; they remain available for redemption until their stated expiry.

Other Details

• The card was initially launched in September 2017.
• It was previously offered in both Visa Infinite and Mastercard World variants, but the Visa Infinite variant has since been discontinued.
• Annual Benefits for Customer (Illustrative, total ₹74,150):
  • 4 golf sessions (valued at INR 5,000/visit): ₹20,000
  • 6 domestic lounge visits (valued at INR 1,400/visit): ₹8,400
  • 4 global lounge visits with Priority Pass (valued at INR 2,300/visit): ₹9,200
  • Cashback on duty-free outlets (up to INR 1,000 per visit, for 2 visits/year): ₹2,000
  • 1.5% cashback on foreign markup (on assumed annual spend of INR 50,000, this benefit has changed to a 2% flat markup from Aug 25, 2024): ₹750
  • Reward points on total annual spends (e.g., INR 600,000/year at 5 RP/INR 150 = ₹20,000; plus INR 300,000/year on specific categories at 3 RP/INR 150 = ₹6,000): ₹26,000
  • 1% fuel surcharge waiver (on assumed spend of INR 15,000/month, i.e., INR 150 waiver per month): ₹1,800
  • Reward points on paying joining fee (6,000 reward points worth INR 6,000): ₹6,000
• Application Process: To apply for the card, visit the nearest Standard Chartered branch or call their contact center for further details. Online application options are also available.
• Terms and Conditions: Detailed terms and conditions for the credit card are available in multiple languages including English, Hindi, Kannada, Marathi, Tamil, Telugu, and Bengali. Additionally, specific Client Terms and Conditions, Ultimate Credit Card Terms & Conditions, and a Most Important Document are accessible online.