Standard Chartered Ultimate Credit Card
The Standard Chartered Ultimate Credit Card was launched in September 2017 and is the most premium card offered by the bank. It’s designed for people with high incomes who want to enjoy luxury benefits without giving up on comfort or lifestyle. This card competes with other top cards like ICICI Sapphiro and HDFC Infinia (Metal Edition). It used to come in two versions – Visa Infinite and MasterCard World – but now only the MasterCard version is available. As a premium card, it offers special perks like free golf games and Priority Pass for lounge access.
The card is also great for international travelers. It charges a lower foreign exchange fee of 2% and gives 5% cashback on duty-free shopping at airports. You earn 5 reward points for every ₹150 you spend, and you can redeem these points for shopping vouchers or charity through the bank’s 360° Rewards program. It gives back about 3.33% value on your spending, which is similar to top cards like HDFC Diners Club Black. While it does offer 12 free golf rounds and 12 lounge visits per year, it has fewer benefits for dining and entertainment. Still, it covers more spending types like utilities, insurance, and education—things other cards often skip. If you spend a lot and like redeeming points for vouchers instead of air miles, this card could be a great option.
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.
What extra benefits come with the Standard Chartered Ultimate credit card?
The card offers digital payment options, online banking services, and the ability to convert purchases above Rs. 5,000 into EMI. Additionally, it provides a dial-a-loan facility for up to Rs. 5 Lakh, with flexible tenures ranging from 12 to 60 months.
How long are the reward points valid for?
The reward points remain valid for 3 years from the date of accumulation.
Are all airport purchases eligible for the 5% cashback?
No, the 5% cashback applies only to purchases made at duty-free stores in airports.
What’s the fee for international transactions with this card?
A 2% foreign exchange markup, along with 18% GST, is applied to foreign currency transactions.
Can I use reward points to pay my credit card bills?
No, you can only redeem reward points for shopping vouchers or charitable contributions through the Standard Chartered 360° rewards program.
Is there a balance transfer option on the Ultimate credit card?
Yes, you can transfer balances from other bank credit cards to the Standard Chartered Ultimate card, up to a limit of Rs. 5 lakh, depending on your available credit limit.
When will I receive my bonus reward points for activation?
The 6,000 bonus reward points will be credited to your account within 60 days of the joining fee payment being received.
How can I redeem my accumulated reward points?
You can redeem your reward points for vouchers or merchandise through the Standard Chartered 360° Rewards Portal.
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