Standard Chartered Rewards Credit Card
Standard Chartered has introduced the Standard Chartered Rewards Credit Card, specially designed for those who frequently use their credit card for shopping and everyday expenses. The card has no joining fee, and the Rs. 1,000 annual renewal fee can be waived if you meet the spending requirement from the previous year. It allows you to earn up to 4x Reward Points on purchases, and you can earn an additional 4x Rewards after reaching a monthly spending milestone. Apart from rewards, the card comes with extra benefits like free access to select domestic airport lounges, add-on cards for family members, and the convenience of contactless payments.
This credit card is a great choice for those who want to save more while spending, as it offers a total of up to 8x Reward Points, including base rewards and milestone bonuses. Standard Chartered aims to compete with other popular reward credit cards like the SBI SimplySave Credit Card by offering a strong reward rate and reasonable fees. If you're looking for a simple yet rewarding credit card that helps you earn points on every transaction while also providing useful perks, the SC Rewards Credit Card is definitely worth considering.
Rewards and Benefits
Fees & Charges
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
Is the Standard Chartered Rewards Credit Card free for a lifetime?
No, there is no joining fee, but an annual charge of ₹1,000 applies.
What is the minimum age to apply for the SC Rewards Credit Card?
Applicants must be at least 18 years old for both primary and add-on cards.
How can I pay my SC Rewards Credit Card bill?
You can pay online via net banking, UPI, or debit card, or visit the bank to pay through cash, check, or demand draft.
Can I redeem my reward points for cashback?
Yes, you can redeem your points against your credit card bill at a rate of 1 RP = ₹0.20.
How many free lounge visits do I get?
You get one complimentary domestic airport lounge access every quarter.
What happens if I only pay the minimum amount due?
Paying only the minimum amount can increase interest charges and negatively impact your credit score. It's best to pay in full.
Will I get reminders for my credit card bill payment?
Yes, the bank sends alerts to remind you before the due date.
Do reward points expire?
No, your reward points never expire with this card.
Can I still apply if I already have a Standard Chartered Platinum Rewards Credit Card?
Yes, you can apply for the Rewards Credit Card even if you hold a Platinum Rewards Credit Card.
What should I do if I lose my card?
Immediately contact Standard Chartered customer care to block your card and request a replacement.
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