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Features of the Standard Chartered Smart Credit Card
- 1. Cashback on Online and Offline Spends: The Standard Chartered Smart Credit Card offers a robust cashback program, making it an attractive option for frequent shoppers. Cardholders earn 2% cashback on all online transactions, with a monthly cap of ₹1,000. This applies to a wide range of online spends, including e-commerce purchases, bill payments, and digital services, with minimal exclusions. Offline transactions, such as in-store purchases, earn 1% cashback, capped at ₹500 per month. Notably, fuel transactions and cash withdrawals are excluded from cashback eligibility, ensuring the rewards focus on retail and utility spending. The cashback is calculated on a calendar month basis, not the billing cycle, providing clarity for users tracking their rewards. This feature allows cardholders to accumulate up to ₹1,500 monthly or ₹18,000 annually in cashback, making it a compelling choice for maximizing savings on everyday expenses.
- 2. Extended Interest-Free Credit Period: One of the standout features of the Standard Chartered Smart Credit Card is its 90-day interest-free credit period for new cardholders. For the first 90 days after card issuance, cardholders can pay only the minimum amount due on retail purchases without incurring interest charges. This extended grace period is particularly beneficial for those new to credit cards or managing large purchases, as it provides a buffer to spread out payments.
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- EMI Conversion at Low Interest Rates: The card offers a flexible EMI conversion option for eligible transactions, allowing cardholders to manage large purchases efficiently. Transactions above ₹2,000 can be converted into 3-month EMIs at a special interest rate of 0.99% per month with no processing fee. This low-cost EMI facility is a significant advantage for those looking to spread out payments for big-ticket items like electronics or furniture. Cardholders can initiate EMI conversion through multiple channels, including online banking, the SC Mobile app, phone banking, or by responding to an SMS sent after an eligible transaction. Additionally, cardholders can convert their entire outstanding balance (up to ₹5,00,000) into EMIs at the same low interest rate, providing further financial flexibility without the burden of processing fees.
- No Merchant-Specific Restrictions: Unlike many cashback credit cards that tie rewards to specific merchants or categories, the Standard Chartered Smart Credit Card offers merchant-agnostic cashback. This means cardholders earn cashback on online and offline spends regardless of the retailer or platform, as long as the transaction falls within eligible categories. For instance, online purchases on e-commerce platforms, utility bill payments through registered billers (e.g., telecom, electricity, water, gas), and in-store retail purchases all qualify for cashback. This flexibility enhances the card’s usability, as cardholders are not restricted to specific vendors, making it ideal for diverse spending habits.
- Cashback Redemption Flexibility: The cashback earned on the Standard Chartered Smart Credit Card is credited as 360° Rewards Points, which can be redeemed on the bank’s 360° Rewards portal. The minimum redemption threshold for the first redemption is ₹1,000, with subsequent redemptions possible in multiples of ₹500. There are no redemption fees, and the cashback is credited to the cardholder’s account within three working days, either adjusting the current outstanding balance or appearing in the next statement cycle. Importantly, the cashback points never expire, allowing cardholders to accumulate rewards over time without pressure to redeem immediately. This feature adds long-term value, as users can save points for significant redemptions or offset larger credit card bills.
- Annual Fee and Waiver Conditions: The card comes with a joining fee of ₹499 + GST and an annual fee of ₹499 + GST, making it relatively affordable for an entry-level card. The annual fee is waived from the second year onward if the cardholder spends ₹1,20,000 or more in the previous anniversary year. This waiver condition is achievable for moderate spenders, especially those who use the card for regular online and offline purchases. For new customers to Standard Chartered Bank, the joining fee may occasionally be waived as part of promotional offers, though this is not applicable to existing cardholders.
- Supplementary Card Benefits: The Standard Chartered Smart Credit Card allows cardholders to extend benefits to family members through supplementary cards. Add-on cardholders, who must be at least 18 years old, can enjoy the same cashback benefits as the primary cardholder, with the total cashback capped at ₹1,500 per month across both primary and supplementary cards. This consolidated cap ensures fairness while allowing families to maximize savings on shared expenses. The supplementary card feature is particularly useful for households where multiple members shop online or offline, as it simplifies expense tracking under a single account.
- Contactless Payment Support: The card supports contactless payments, enabling quick and secure transactions at compatible point-of-sale terminals. This feature enhances convenience for small, everyday purchases, such as at retail stores or cafes, where cardholders can simply tap to pay without entering a PIN for transactions below a certain threshold (as per bank and network guidelines). The contactless feature aligns with modern payment trends, offering a seamless and efficient user experience.
- Additional Financial Flexibility: Beyond cashback and EMI options, the card offers features like balance transfer and loan on card. Cardholders can transfer balances from other bank credit cards (up to ₹5,00,000) at attractive interest rates, consolidating debt under a single account. Similarly, the loan on card feature allows cardholders to borrow up to ₹5,00,000 with flexible tenures ranging from 12 to 60 months, providing a quick solution for financial needs. These features make the card a versatile tool for managing both planned and unexpected expenses.
- Online and Mobile Banking Integration: The Standard Chartered Smart Credit Card is fully integrated with the bank’s online banking and SC Mobile app, allowing cardholders to manage their account, track cashback, convert transactions to EMIs, and redeem rewards conveniently. The digital platforms also support Video KYC (VKYC) for a contactless application process, enhancing accessibility for applicants. These tools ensure cardholders have real-time control over their finances, from monitoring spends to making payments on the go.
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- Low-Cost EMI Conversion: The card offers flexible installment plans that make managing large purchases easy and affordable.
- Building Credit and Financial Discipline:
Using the XtraSaver Credit Card responsibly can help cardholders build a strong credit profile.
- Credit Score Improvement: Timely repayments and low credit utilization (tracked via the SC Mobile app) contribute to a higher credit score, improving eligibility for loans or higher credit limits.
- Financial Planning Tools: The card’s integration with online banking provides spending insights, helping users budget effectively and avoid overspending.
- No Overlimit Fees: In some regions, Standard Chartered cards avoid overlimit fees, protecting users from unexpected charges.
- Exclusive Lifestyle Privileges:
The card offers access to exclusive privileges, enhancing the cardholder’s lifestyle.
- Dining Discounts: Partnerships with restaurants may offer up to 15% off dining bills, saving INR 1,500 on a INR 10,000 restaurant spend.
- Shopping Offers: Tie-ups with retail brands could provide discounts or bonus points during festive seasons, increasing savings.
- Concierge Services: For premium cardholders, concierge services can arrange reservations or event tickets, adding a touch of luxury to everyday life.
- Low-Cost Ownership:
The absence of joining fees and potential annual fee waivers make the card cost-effective.
- No Initial Cost: With no joining fee, users can acquire the card without upfront expenses, unlike cards with INR 5,000 enrollment fees.
- Annual Fee Savings: Meeting a minimum spend requirement (e.g., INR 50,000 annually) could waive a INR 5,000 annual fee, saving cardholders significantly.
- Low Interest Rates: Competitive interest rates on outstanding balances (e.g., 1% fuel surcharge waiver) reduce the cost of carrying a balance.
- Security and Peace of Mind:
The card’s robust security features protect users from financial risks.
- Fraud Protection: In case of unauthorized transactions, Standard Chartered’s fraud monitoring team investigates and refunds affected amounts, minimizing losses.
- Lost Card Liability: The bank typically limits liability for lost or stolen cards, ensuring cardholders are not held responsible for fraudulent charges.
- Travel Insurance: Some versions of the card may include complimentary travel insurance, covering trip cancellations or medical emergencies, providing added security for travelers.
