Standard Chartered Smart Credit Card
Cashback
Online Shopping
1st Year Fee: ₹499* Plus Applicable Taxes
Entry-Level Card
Low fee of Rs. 499
Cashback
1% on all spends
Shopping
2% on online shopping
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About the Card
Standard Chartered Smart Credit Card is an entry-level card that offers cashback across all online and other spends, irrespective of the brand or platform. In comparison to most credit cards, the list of exclusions on this card are less. Except fuel, the card allows cashback earning on major utility spends- water, gas, telecom and electricity. The cashback is credited on the reward portal of the bank – 360° Reward Points where card users need to redeem it.
Users can get up to 2% cashback on all their spends (2% on online shopping and 1% on offline spends). However, the card caps it at a maximum of Rs. 1,000 for online spends and Rs. 500 for other spends. Thereby, the maximum one can save per year is 12,000 for online and 6,000 for other expenses. In-all savings of up to Rs. 18,000 per year. This is not that bad a savings option.
Besides cashback, the card also allows conversion of big purchases into EMI amounts and interest free credit period. But lacks in offering some very basic benefits other than the cashback such as welcome benefit, lounge access, or even fuel surcharge waiver.
Features & Benefits
- 2% cashback on online transactions (up to Rs. 1,000 per month)
- 1% cashback on other transactions (up to Rs. 500 per month)
- Interest-free credit period for first 90 days after the issuance of the card
- Convert purchases above Rs. 2,000 into EMIs at a special interest rate of 0.99% per month, along with zero processing fee
How to redeem cashback?
The cashback earned on Standard Chartered Smart Card will be available in the Rewards Portal of the Bank- 360° Rewards. You can redeem cashback as per the following steps:
Step 1: Log in to the Online Banking & proceed to 360 Rewards or login directly to 360 Rewards here- https://retail.sc.com/in/rewards360/rewards_home/in
Step 2: Select Smart card in the drop-down menu (in case of multiple Standard Chartered Bank credit cards)
Once redeemed the cashback will reflect in your credit card account within next 3 working days.
Standard Chartered Smart Card: Fees & Charges
| Fee Type | Amount | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Joining Fee | Rs. 499 | ||||||||||
| Annual Fee | Rs. 499 | ||||||||||
| Finance Charges | 3.75% p.m. | 45% p.a. | ||||||||||
| Late Payment Charges |
|
Things to Know Before you apply
Eligibility Requirements:
Age: Between 18 and 65 years
Stable monthly income
Residing city should be under credit card sourcing cities/locations of the Bank
Other Similar Cashback Credit Cards:
Axis Bank Ace Credit Card
HSBC Cashback Credit Card
HDFC Bank Millennia Credit Card
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What do we like about this card?
At a low annual fee of Rs. 499, the card offers annual benefits worth up to Rs. 18,000. Unlike most cashback credit cards in this range, the Standard Chartered Smart Credit Card does not come with any brand restrictions. Card users can earn all-rounder cashback across online and offline spends.
Pros
- 2X cashback on online spends
- No brand restrictions on earning cashback
- Low annual fee
- Inclusion of utility bills (Gas, Electricity, Water, Telecom) in the cashback program
Cons
- No travel benefits
- Capping on cashback earning
- Exclusion of fuel from cashback program
- Despite being a cashback card, redemption is not straight-forward
Conclusion
Though the card justifies its categorization as a cashback credit card, it lacks in offering overall basic benefits expected out of an entry-level card like fuel surcharge waiver, lounge access, etc. That way, the card can be a good option to maximize on cashback for users owning multiple credit cards with other benefits. But those wanting to own a single credit card might be disappointed. For all rounder cashback benefits along a good cashback rate, consumers can definitely find better options.
Frequently Asked Questions
Everything you need to know about this credit card
You can earn cashback on online spends and offline spends except fuel, cash withdrawal and returns and exchange transactions.
No, there is no fee charged on the redemption of cashback earned via the Standard Chartered Smart Credit Card.
No, the extended interest-free credit period of 90 days is not applicable on cash transactions done on the Standard Chartered Smart Credit Card. Cash transactions are charged at an interest rate of 3.75% per month.
No, the interest-free credit period is only applicable on retail transactions done via this credit card. The payments for these services- Loan, EMI and balance transfer are serviced separately.
There are no minimum transaction value or minimum spends requirement for earning cashback.
Footnotes
- Fuel transactions are not eligible for cashback
- Minimum cashback balance of Rs. 2500 is required for redemption
- Cashback can be redeemed only in multiples of Rs. 1000 i.e. Rs. 2500, Rs. 3500 etc.
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