Standard Chartered Ultimate Credit Card – Benefits, Fees & Eligibility

Introduction

The Standard Chartered Ultimate Credit Card, issued by Standard Chartered Bank, is positioned as a premium offering designed for High Net-worth Individuals (HNIs) with high incomes who frequently travel and desire a lavish lifestyle. It aims to compete with other premium cards like the ICICI Sapphiro and HDFC Bank Infinia Credit Card Metal Edition. Key differentiating benefits include 6,000 welcome reward points, a high reward rate of 5 points per INR 150 spent where 1 reward point equals INR 1, a reduced foreign currency markup of 2%, and comprehensive travel benefits such as complimentary lounge access and 5% cashback on duty-free purchases. The card also offers exclusive lifestyle perks like complimentary golf sessions and extensive insurance coverage.

Welcome Benefits

• Earn 6,000 Reward Points upon payment of the joining fee.
• These welcome reward points are redeemable for shopping vouchers or charity spends through the Standard Chartered 360° rewards program.

Fees

• Joining Fee: INR 5,000 + GST
• Renewal Fee: INR 5,000 + GST
• Supplementary Card - Joining Fees: Nil
• Supplementary Card - Renewal Fees: Nil
• Rewards Redemption Fee: Rs. 99
• Foreign Currency Markup: 2% on all foreign currency transactions, effective from August 25, 2024. This eliminates the previous 1.5% cashback on foreign markup.
• Interest Rates: 3.75% per month or 45% annually.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver at all petrol pumps across India, capped at a maximum of Rs. 1,000 per month.
• Cash Advance Charges: 3% of the transacted amount, subject to a minimum fee of Rs. 300.
• Rental Payments Processing Fee: A processing fee of 1% (plus applicable taxes) is charged on all rental transactions (Merchant Category Code 6513), effective from April 02, 2023. This fee is levied by the 15th of the next calendar month and appears with a separate narration in the monthly statement.

Rewards

• General Spends: Earn 5 Reward Points on every INR 150 spent on retail purchases.
• Specific Categories (Effective April 2, 2023): Earn 3 Reward Points on every INR 150 spent on Utilities (MCC 4900), Supermarkets (MCC 5411), Insurance (MCC 5960, 6300), Property Management/Rent Pay (MCC 7349, 6513), Schools (MCC 8299), and Government payments (MCC 9399). There is no capping on reward points earned in a month for these categories.
• Duty-Free Spends: Get 5% cashback on purchases made at duty-free stores at airports, with a monthly maximum cashback cap of ₹1,000.
• Fuel Spends (Effective April 2, 2023): No reward points will be earned for fuel transactions. However, a 1% fuel surcharge waiver is applicable, capped at Rs. 1,000 per month.
• Reward Point Value: 1 Reward Point equals to INR 1.
• Annual Renewal Benefit: Receive 5,000 Reward Points every year upon renewal of card membership.

Travel Benefits

• Complimentary Priority Pass membership for both primary and supplementary cardholders, providing access to over 1000 airport lounges worldwide.
• Domestic Lounge Access: Enjoy 4 complimentary accesses per calendar quarter at domestic lounges in India using your Ultimate Credit Card.
• International Lounge Access: Get 1 complimentary access per month at international lounges outside India with Priority Pass, subject to a minimum spend of INR 20,000 on your Ultimate Credit Card in the previous calendar month. Any visits beyond the complimentary limit or without meeting the spend criteria are chargeable at 27 USD per visit.

Golf Benefits

• Get complimentary access to premier golf courses in the country.
• Enjoy 1 complimentary golf game every month at selected domestic golf courses.
• Receive 1 complimentary golf coaching session each month at selected domestic golf courses.

Insurance Benefits

• Overseas Air Accident Cover: Complimentary overseas air accident cover of INR 1 Crore (provided by HDFC ERGO General Insurance Company Ltd., Policy Number: 2999204852948401000).
• Medical Insurance: Complimentary medical insurance worth USD 25,000 (provided by HDFC ERGO General Insurance Company Ltd., Policy Number: 2999204251883002000). The cardholder must be between 18-70 years of age for this facility, available only for the primary cardholder.
• Travel Insurance Coverage:
  • Baggage Delay: Maximum USD 100 (USD 10 per 8 hours, with a 12-hour deductible).
  • Loss of Baggage & Personal Documents: Maximum USD 750 (Single Any One Item Limit: USD 30, with NIL deductible).
  • Hijacking: Maximum USD 100 (USD 75 for every 6 consecutive hours, with a 24-hour deductible).
  • Flight Delay: Maximum USD 200 (USD 10 per hour, with a 12-hour deductible).
  • Emergency Medical Expenses: Maximum USD 25,000 (with a USD 100 deductible).
• Insurance Claims: For claims, contact HDFC ERGO’s 24/7 toll-free emergency telephone assistance service (International Toll Free: +800 08250825 / Chargeable: 01204507250) or email travelclaims@hdfcergo.com, bankclaims@hdfcergo.com. Standard Chartered Phone banking services can also provide assistance.

Other Card Features

• Supplementary Credit Cards: Extend card benefits to family members with lifetime free Supplementary credit cards.
• Contactless Credit Card: Enjoy faster checkouts and secure payments.
• Secure Online Transactions: Enhanced security for online transactions through 3D secure OTP verification.
• Digital Payment Solutions: Access a wide range of instant payment solutions like BharatQR, Bharat Bill Payment Solution (BBPS), and Samsung Pay.
• Online Banking and SC Mobile: Check card balance and make convenient, instant card payments.
• Kuch Bhi on EMI: Convert big spends above INR 5,000 into easy EMIs with attractive pricing and flexible tenure options via online banking or SC Mobile.
• Dial-a-Loan: Get a loan on your credit card up to INR 5,00,000 with flexible tenures from 12 to 60 months.
• Balance Transfer: Transfer card balance up to INR 5,00,000 from other bank credit cards at attractive interest rates.
• Balance on EMI: Convert your entire outstanding balance (up to INR 5,00,000) into EMIs with zero processing fee.

Rewards Redemption Guide

• Reward points can be redeemed against an online catalogue through the Standard Chartered 360° rewards program.
• Redemption options include shopping vouchers from popular brands (e.g., Nykaa, Croma, Shoppers Stop) and charity spends.
• The value of 1 Reward Point is Re. 1.
• Earned Reward Points expire 3 years from the accumulation date.
• Reward points cannot be redeemed for paying card bills.

Card Eligibility Criteria

Eligibility Rules

• Applicant’s age should be between 21 and 65 years.
• Applicant must have a stable source of monthly income.
• Applicant should belong to credit card sourcing cities/locations of the Bank.
• All applications are subject to credit and other policy checks of the Bank.
• Applicant should have a decent credit score.

Documents Required

• Identity Proof (Any One): Passport, Voter ID Card, Government ID, PAN Card.
• Address Proof (Any One 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, 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 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 can also be processed based on other credit statements.

Card Review

The Standard Chartered Ultimate Credit Card is a strong contender for High Net-worth Individuals (HNIs) who frequently travel and seek a luxurious lifestyle. Its comprehensive benefits package includes 16 domestic lounge accesses annually (4 per quarter), complimentary Priority Pass membership for international lounges, 5% cashback on duty-free shopping, and a substantial air accident insurance cover of INR 1 Crore. Additionally, it offers premium lifestyle perks such as complimentary golf games and coaching sessions, and a competitive foreign currency markup of 2%. The application process is noted by some users as being efficient.

However, the card comes with a high joining and renewal fee of INR 5,000 + GST. While the official redemption value is 1 Reward Point = Re. 1, some users have reported a lower effective redemption value and limited options for vouchers, primarily catering to high-end brands rather than everyday needs like groceries. Recent policy changes, effective April 2, 2023, have reduced reward points on categories like Utilities, Supermarkets, Insurance, Property Management, Schools, and Government payments to 3 RPs per INR 150, and eliminated reward points on fuel transactions. A 1% processing fee (plus taxes) on rental payments was also introduced from April 2, 2023. The card lacks explicit milestone benefits beyond the annual renewal reward points. Despite these points, it offers good competition to other premium cards like the HDFC Bank Infinia.

Important Product Details

• Card Network: Mastercard.
• Welcome Bonus: 6,000 reward points on payment of joining fee.
• Reward Rate:
  • 5 Reward Points on every INR 150 spent on retail purchases (general).
  • 3 Reward Points on every INR 150 spent on Utilities, Supermarkets, Insurance, Property Management/Rent Pay, Schools, and Government payments (effective April 2, 2023).
  • No reward points on Fuel transactions (effective April 2, 2023).
• Reward Point Value: 1 Reward Point = INR 1.
• Foreign Currency Markup: Reduced to 2% (effective August 25, 2024).
• Duty-Free Cashback: 5% cashback on duty-free purchases at airports, capped at ₹1,000 per month.
• Lounge Access:
  • 4 complimentary domestic lounge accesses per calendar quarter.
  • 1 complimentary international lounge visit per month with Priority Pass (subject to INR 20,000 spend in previous month).
• Annual Renewal Benefit: 5,000 Reward Points on card renewal.
• Insurance Coverage:
  • Air accident insurance worth INR 1 Crore.
  • Emergency medical insurance worth USD 25,000.
  • Travel insurance for baggage delay, loss of baggage/documents, hijacking, and flight delay.
• Fuel Surcharge Waiver: 1% waiver, capped at Rs. 1,000 per month.
• Golf Privileges: 1 complimentary golf game and 1 complimentary golf coaching session per month.
• Supplementary Cards: Lifetime free.
• Digital Features: Contactless payments, 3D secure online transactions, BharatQR, BBPS, Samsung Pay, online banking, SC Mobile.
• Loan/EMI Options: Kuch Bhi on EMI, Dial-a-Loan, Balance Transfer, Balance on EMI.
• Rental Payment Fee: 1% processing fee (plus taxes) on rental payments (effective April 2, 2023).

Other Details

• To apply for the card, visit the nearest branch, call the contact center, or apply online.
• A virtual credit card is available for instant access to golf benefits, dining privileges, and more.
• The bank provides various terms and conditions documents for the credit card, client terms, and the Ultimate Credit Card specifically, available in multiple languages.
• The website includes disclaimers regarding external links, stating that Standard Chartered Bank does not control or endorse such websites and is not responsible for their contents.
• Information regarding the use of cookies and privacy preferences is provided, allowing users to manage their consent settings.
• Illustrative Annual Benefits (Value Chart):
  • 4 golf sessions (estimated at INR 5,000/visit): ₹20,000
  • 6 domestic lounge visits (estimated at INR 1,400/visit): ₹8,400
  • 4 global lounge visits with Priority Pass (estimated at INR 2,300/visit): ₹9,200
  • Cashback on duty-free outlets (estimated INR 1,000 cashback - 2 visits/year): ₹2,000
  • 1.5% cashback on foreign markup (on estimated INR 50,000/year spend): ₹750 (Note: As of August 25, 2024, a direct 2% forex markup is applied, eliminating this cashback).
  • Rewards points on total annual spends (e.g., avg INR 600,000/year at 5 RPs/INR 150): ₹20,000
  • Rewards points on specific categories (e.g., avg INR 300,000/year at 3 RPs/INR 150 on Utilities, Supermarkets, Insurance, Property management, Schools & Government payments): ₹6,000
  • 1% fuel surcharge waiver (on estimated spend of INR 15,000/month): ₹1,800
  • Rewards points on paying joining fee: ₹6,000
  • Total Estimated Benefits for Customer: ₹74,150 (For illustration purposes only, terms & conditions apply).