The Standard Chartered Rewards Credit Card stands out as a remarkable offering, providing customers with a host of benefits and rewards. Let’s delve into the details of this enticing credit card option and explore why it’s worth considering.
Charges and Type
- Joining Fee: Zero
- Annual Fee: Rs 1000 + GST
- Card Type: Rewards
Reward Rate
The Standard Chartered Rewards Credit Card offers an attractive reward rate, allowing you to earn between 0.17% to 1.3% on your spending. This ensures that every purchase brings you closer to exciting rewards and perks.
Rating
With a rating of ★★★★★2.5/5, the Standard Chartered Rewards Credit Card boasts a solid reputation in the market.
Issued On
The Standard Chartered Rewards Credit Card is issued on the reliable Visa platform, ensuring widespread acceptance and convenience.
Benefits that Enhance Your Lifestyle
Milestone Rewards
As you make progress with your spending, the Standard Chartered Rewards Credit Card offers milestone rewards to celebrate your journey. These rewards provide additional incentives and make your credit card experience even more fulfilling.
Domestic Airport Lounge Access
Traveling becomes a breeze with complimentary domestic airport lounge access provided by the Standard Chartered Rewards Credit Card. Relax and unwind in the comfortable lounge areas before your flight, making your travel experience truly luxurious.
Fuel Surcharge Waiver
With the Standard Chartered Rewards Credit Card, you can say goodbye to unnecessary fuel surcharges. Enjoy a waiver of the 1% surcharge on transactions ranging from Rs 400 to Rs 2000, with a maximum waiver of Rs 400 per month.
An In-Depth Review of the Standard Chartered Rewards Credit Card
The Standard Chartered Rewards Credit Card, recently launched in India by Stan Chart, outshines its predecessor, the Platinum Rewards Credit Card, by offering enhanced benefits. While the first year is free, an annual fee of Rs 1000 is applicable from the second year onwards. The credit card provides up to 8 reward points per Rs 150 spent, ensuring that your purchases are always rewarded. Additionally, the inclusion of complimentary domestic airport lounge access makes it an even more enticing choice.
Fees & Charges
- Joining Fee: Zero – First Year Free
- Welcome Benefit: None
- Annual Fee: Rs 1000 + GST
- Annual Fee Waiver: Spend Rs 3 Lakhs in a membership year
- Renewal Benefit: None
A detailed review of the fees and charges associated with the Standard Chartered Rewards Credit Card highlights its transparency and customer-friendly approach.
Rewards
The Standard Chartered Rewards Credit Card offers rewarding opportunities across different spending categories, ensuring that you earn points on various types of purchases.
Spend Category: Government and Insurance
- Rewards: 1 Reward Point per Rs 150
- Return: 0.17%
Spend Category: Fuel
- Rewards: No rewards
- Return: NIL
Spend Category: All Other Retail Spends
- Rewards: 4 Reward Points per Rs 150
- Return: 0.67%
Bonus Rewards (Not applicable on Govt., Insurance, and Fuel spends)
- Rewards: 4 Reward Points per Rs 150
- Return: 1.33% (including regular Reward Points)
The return rate, which includes bonus rewards, stands at around 1.3%. Although this rate is decent, it falls short compared to the cashback rewards offered by many credit cards today. Moreover, the higher reward rate is only applicable for monthly retail spending above Rs 20000. It’s worth noting that the bonus reward points are capped at 2000 Reward Points per statement cycle.
Complimentary Airport Lounge Access
The Standard Chartered Rewards Credit Card entitles you to complimentary domestic airport lounge access, allowing you to unwind and enjoy a comfortable experience while waiting for your flight. Please note that international airport lounge access is not available with this card.
Rewards Redemption
Redeeming your cashback and reward points is a hassle-free experience through the Standard Chartered 360 rewards portal. Each reward point holds a value of 25 paise. While various products are available for redemption, the most attractive option is redeeming them for available gift vouchers.
It’s important to be aware that the Standard Chartered Rewards Credit Card incurs a charge of Rs 99 + GST per redemption request. However, considering this is an entry-level credit card with an annual fee, such a charge may not be justifiable.
Other Benefits and Charges
Apart from the impressive rewards and benefits, the Standard Chartered Rewards Credit Card provides additional advantages and outlines certain charges that you should be aware of:
Fuel Surcharge Waiver
- Enjoy a 1% waiver on fuel transactions ranging from Rs 400 to Rs 2000. The maximum fuel surcharge waiver is set at Rs 400 per month.
Foreign Currency Transaction Charges
- For foreign currency transactions, a charge of 3.5% + GST is applicable.
Finance Charges
- The Standard Chartered Rewards Credit Card carries a monthly finance charge of 3.49% or an annual rate of 41.88%.
Final Thoughts
The Standard Chartered Rewards Credit Card is an excellent entry-level credit card option. However, compared to existing credit cards, it falls short in terms of the rewards it offers. Considering the Rs 1000 annual fee, one would expect a minimum reward rate of 2% alongside additional benefits. Unfortunately, the Rewards Credit Card offers a maximum reward rate of only 1.3%.
When compared to the Flipkart Axis Credit Card, which provides 1.5% cashback on all purchases and 5% cashback on Flipkart, it becomes clear that the Standard Chartered Rewards Credit Card may not be the best choice for individuals who already possess superior cashback cards.
Frequently Asked Questions
To address common queries, here are some frequently asked questions about the Standard Chartered Rewards Credit Card:
- How much is the annual fee for the Standard Chartered Rewards Credit Card?
- The annual fee for this credit card is Rs 1000 + GST.
- Can I enjoy any fee waivers with this card?
- Yes, if you spend Rs 3 Lakhs in a membership year, you can avail of an annual fee waiver.
- Are there any welcome benefits associated with this card?
- No, there are no welcome benefits offered with the Standard Chartered Rewards Credit Card.
- What is the value of each reward point earned?
- Each reward point carries a value of 25 paise.
- Can I redeem my rewards for gift vouchers?
- Yes, you can redeem your rewards for gift vouchers, providing you with a wide range of redemption options.
These answers aim to provide clarity and guide you through the intricacies of the Standard Chartered Rewards Credit Card.