Standard Chartered Bank has launched a number of unique credit cards in India suchas as Super Value Titanium Credit Card. Standard Chartered Ultimate Credit Card is another unique offering from Standard Chartered. Standard Chartered claims that this card offers something for a variety of spending habits and this card is designed for consumers seeking value in their financial products.
In this review we cover from an unbiased viewpoint the benefits, downsides, fees, and eligibility requirements of the Standard Chartered Ultimate Credit Card.
Benefits of the Standard Chartered Ultimate Credit Card
The Standard Chartered Ultimate Credit Card is packed with features that can significantly enhance your lifestyle.
Reward Points: Creditcard holders get 2%cashback on your Online spending, up to a maximum of Rs 1000 per month, and 1% cashback on your other spending, up to a maximum of Rs 500 per month. Fuel transactions are not eligible for cashback.
Cons of the Standard Chartered Ultimate Credit Card
Despite its advantages, the Standard Chartered Ultimate Credit Card does have potential downsides.
Limited perks: The card does not offer any perks or value add beenfits such as dining discount, free movie tickets, airport lounge visits. This limits its appeal within the youth.
Limitations on Benefits: Even the cashback offered by the credit card is capped at INR 1,000 for online shopping and INR 500 otherwise.
Fees and Charges
When evaluating any credit card, awareness of fees is crucial.
Joining / First Year Fee of INR 499 + GST waived as a Special Offer (Not applicable for existing SCB credit card holders).
Interest Rates: Effective Interest Rate (EIR) of 23.9%, 27.9%, or 29.9% p.a. based on your credit profile. Finance charges at 0.065%, 0.076%, or 0.082% daily if payment is not made in full.
Late Payment: Rs. 500 or 5% of outstanding balance, whichever is higher, in India. Refer to specific terms for other regions.
Minimum Payment: 5% of your outstanding balance (rounded up to the nearest Rs. 100) in India. May vary in other regions.
Cash Advance: 2.5% of the amount withdrawn or Rs. 500, whichever is higher, in India. May vary in other regions.
Foreign Currency Transaction: 3.5% of the transaction amount.
Understanding these costs is key to managing the benefits the card offers and ensuring you don’t end up spending more than you gain.
Eligibility Criteria
If you're considering the Standard Chartered Ultimate Credit Card, knowing the eligibility requirements is a must.
To be eligible for the Standard Chartered Smart Credit Card, the primary applicant should be between 18 and 65 years of age and have a stable source of income.
The add-on applicant should be at least 18 years old.
The applicant must also belong to the credit card sourcing cities or locations of Standard Chartered Bank.
The applicant must have an income of INR 25,000 or above per month and a CIBIL score of 750 or above.
Wrap-Up Thoughts
The Standard Chartered Ultimate Credit Card is a disappointing credit card and is definitely not the ultimate credit card. There are a number of credit cards in India which offer a lot more benefits and a higher cashback rate too.
If you want to read a more detailed review of this card and find out its AI-powered unbiased rating click here.
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