If you’re new to credit cards and seeking a cashback option, the Standard Chartered Smart credit card is the perfect entry-level offering for you. With attractive cashback rates on both online and offline spending, as well as additional benefits like the option for a 3-month EMI at a low interest rate, this credit card is designed to enhance your shopping experience. Let’s delve into a detailed review of the rewards and benefits of the Standard Chartered Smart credit card.
Fees and Charges
The joining and annual fees for the Standard Chartered Smart credit card are competitive and in line with other entry-level credit cards. For existing SC customers, the joining fee is Rs 499+GST, while new SC customers enjoy a waiver on the joining fee. The annual fee is Rs 499+GST, which can be waived off upon spending Rs 1.2 lakhs in a membership year. This spend-based fee waiver is a significant advantage for cardholders.
Cashback Rewards
The Standard Chartered Smart credit card offers attractive cashback rates for different spending categories:
- Online Spends: 2% cashback, capped at Rs 1000 per calendar month.
- Offline Spends: 1% cashback, capped at Rs 500 per calendar month.
- Fuel Spends: 0% cashback (not applicable).
Cardholders can comfortably spend up to Rs 50,000 per month on both online and offline transactions before reaching the maximum cashback caps. The absence of cashback on fuel spends might be a drawback for some users, but the card compensates for it by offering cashback on other transactions like government services, wallet top-ups, and insurance premiums. In comparison to cashback cards like Axis Ace and SBI Cashback, the Standard Chartered Smart credit card stands out as an excellent option for cashback on a wide range of transactions, making it one of the best credit cards for wallet spending.
Benefits
- 3-month EMI at 0.99% per month: Standard Chartered Bank’s offer of a 3-month EMI at a low-interest rate is interesting, but it may not be the most advantageous option. Other credit cards like Uni card and Slice card provide a zero-cost 3-month EMI without any processing charges, making them more appealing for those seeking this facility.
- Extended Interest-Free Period (First 90 days only): Cardholders can enjoy an extended interest-free period for the first 90 days after receiving their credit card. During this period, they have the flexibility to pay only the ‘Minimum Amount Due’ for the first three statements. However, they must clear the full outstanding amount with the fourth month’s statement to avoid any additional charges.
Rewards Redemption
The rewards earned through the Standard Chartered Smart credit card can be redeemed as cashback on the 360 Rewards portal without incurring any redemption fees. Cardholders have the option to adjust the cashback against their outstanding balance before the credit card statement cycle or let it be adjusted in the next statement cycle. The minimum cashback required for the first redemption is Rs 1000, and subsequent redemptions can be in multiples of Rs 500.
Pros and Cons
Pros:
- Simple cashback on all spending without any conditions.
- Decent maximum cap for cashback, ensuring attractive rewards.
- Easy-to-achieve annual fee waiver, reducing the overall cost of ownership.
Cons:
- No welcome benefits for existing Standard Chartered customers, limiting initial perks.
- The cashback rate for offline spending could be higher, ideally set at 1.5% to be more competitive.
- Lack of complimentary airport lounge access, which is a common offering in higher-tier credit cards.
Final Verdict
As an entry-level credit card, the Standard Chartered Smart credit card offers two primary features: straightforward cashback on spending and redemption as a statement credit. This aligns with the offerings of other entry-level credit cards available today. Notably, it outperforms Standard Chartered’s DigiSmart credit card by providing rewards on all spends.
While the market offers several other options for cashback credit cards, such as Axis Ace, Flipkart Axis, and SBI Cashback credit card, each with its own advantages and disadvantages, the USP of the Standard Chartered Smart credit card lies in its ability to provide cashback on all spending except fuel. If you desire hassle-free cashback rewards without worrying about where you shop, the Standard Chartered Smart credit card is undoubtedly the way to go.