Standard Chartered Smart Credit Card: Comprehensive Features & Review

The Standard Chartered Smart Credit Card, launched to meet the evolving financial needs of modern consumers, is designed to provide substantial savings and financial flexibility. This card, with a nominal joining fee of Rs. 499 + GST, is particularly well-suited for individuals who frequently make online purchases, offering an attractive 2% cashback on online transactions and 1% cashback on offline transactions. 

The annual cashback potential can reach up to Rs. 18,000, providing a significant incentive for users to maximise their everyday spending. Additionally, the card features an extended 90-day interest-free period from the date of issuance, offering new cardholders the opportunity to manage their initial expenses without the immediate burden of interest charges.

Beyond its attractive cashback rewards, the Standard Chartered Smart Credit Card incorporates robust security features, such as EMV chip technology and SMS transaction alerts, ensuring enhanced protection against fraud. While the card does not offer extensive travel benefits, such as lounge access or travel insurance, its focus on everyday savings and financial management makes it an excellent choice for regular online shoppers and those seeking cost-effective credit card solutions.

Standard Chartered Smart Credit Card

• Joining Fee: Rs. 499 + GST
• Renewal Fee: Rs. 499 + GST (waived off if you spent Rs. 1,20,000 or more in the previous year)
• Best Suited For: Individuals who frequently make online purchases and want to maximise their savings through cashback.
• Reward Type: Earn 2% cashback on online transactions and 1% on offline transactions, with a monthly cap of Rs. 1,500 (up to Rs. 18,000 annually).
• Welcome Benefits: Enjoy an extended 90-day interest-free period from the date of card issuance.

Reward and Benefits

• Online Transactions: 2% cashback, capped at Rs. 1,000 per month.
• Offline Transactions: 1% cashback, capped at Rs. 500 per month.
• Annual Cashback Potential: Up to Rs. 18,000.
• Foreign Currency Markup: 3.5% on international transactions.
• Fuel Surcharge Waiver: 1% or Rs. 10, whichever is higher.
• Travel: NA
• Domestic Lounge Access: NA
• International Lounge Access: NA
• Golf: NA
• Insurance Benefits: NA

Fees

• Renewal Fee: Rs. 499 + GST (waived if Rs. 1,20,000 is spent annually)
• Interest Rate: 3.75% per month
• Foreign Currency Markup: 3.5% on international transactions
• Cash Advance Fee: 3% of the withdrawn amount, minimum Rs. 300
• Fuel Surcharge Waiver: 1% or Rs. 10, whichever is higher
• Reward Redemption Fee: Nil
• Late Payment Fee: Rs. 100 to Rs. 1,000 (depending on the outstanding balance)
• Overlimit Fee: 2.5% of the over-limit amount, minimum Rs. 500
• Card Replacement Fee: Rs. 100

Product Details

• Welcome Benefits: 90 days extended interest-free period from card issuance
• Cashback Rewards: 2% on online transactions (up to Rs. 1,000/month), 1% on offline transactions (up to Rs. 500/month), annual cashback potential of Rs. 18,000
• Interest Rate: 3.75% per month
• Foreign Currency Markup: 3.5% on international transactions
• Fuel Surcharge Waiver: 1% or Rs. 10, whichever is higher
• Eligibility: Primary applicant age 18-65, stable income, residency in a city with a Standard Chartered Bank branch
• Application Process: Apply online or at a branch. Required documents include identity proof, address proof, and income proof

Standard Chartered Smart Credit Card: Advantages and Disadvantages

Advantages:

• Cashback Rewards: Offers 2% cashback on online transactions and 1% on offline spending, helping users save on everyday purchases.
• Extended Interest-Free Period: Enjoy a 90-day interest-free period from the date of card issuance, easing initial financial burdens.
• Low Joining and Renewal Fees: Joining fee of Rs. 499 + GST and renewal fee of the same amount, with renewal fee waived upon annual spend of Rs. 1,20,000.
• Spend-Based Fee Waiver: Opportunity to waive the renewal fee by meeting the spend criteria, making it cost-effective for regular users.
• Security Features: Includes EMV chip technology and SMS transaction alerts for enhanced security against fraud.

Disadvantages:

• Limited Travel Benefits: Lacks features like travel insurance, lounge access, and other travel-related perks.
• Interest Rates: A monthly interest rate of 3.75% can be high if the outstanding balance isn’t paid in full each month.
• No Fuel Surcharge Waiver: Except for a minimal waiver of 1%, it does not provide significant benefits for fuel purchases.

Standard Chartered Smart Credit Card: Features and Benefits

• Extended Interest-Free Period: Enjoy a 90-day interest-free period from the date of card issuance, which helps new users manage initial expenses without immediate interest charges. How do I activate a new HDFC credit card?
  if you are exploring other credit card options.
• Milestone Rewards: Spend Rs. 1,20,000 in an anniversary year to waive the renewal fee of Rs. 499 + GST, incentivising higher spending and regular card use.
• Domestic and International Lounge Access: Not available with this card, making it less suitable for frequent travellers seeking lounge benefits.
• Golf Privileges: No golf-related benefits are provided, which may be a drawback for cardholders looking for leisure and sports perks.
• Insurance Coverage: The card does not include travel insurance benefits, which could be a consideration for users who prioritise travel safety and security.
• Foreign Currency Markup: Charges a 3.5% fee on international transactions, which can be relatively high for users making frequent overseas purchases.
• Fuel Surcharge Waiver: Offers a waiver of 1% or Rs. 10 (whichever is higher), providing minimal savings on fuel purchases compared to other cards with more substantial fuel benefits.

Standard Chartered Smart Credit Card Reward Offers

• Cashback on Online Transactions
  • Rate: 2% cashback on all online spending.
  • Monthly Cap: Up to Rs. 1,000 per month.
  • Annual Potential: Earn up to Rs. 12,000 in cashback annually through online purchases.
• Cashback on Offline Transactions
  • Rate: 1% cashback on all offline spends.
  • Monthly Cap: Up to Rs. 500 per month.
  • Annual Potential: Earn up to Rs. 6,000 in cashback annually through offline purchases.
• Total Annual Cashback Potential
  • Combined Cashback: Earn up to Rs. 18,000 annually by maximising both online and offline cashback benefits.
• Automatic Reward Redemption
  • Redemption Process: Cashback earned is automatically credited to the cardholder’s account, ensuring seamless reward utilisation without the need for manual redemption.

Standard Chartered Smart Credit Card: Charges

• Renewal Fee
  • Amount: Rs. 499 + GST
  • Waiver Condition: Spend Rs. 1,20,000 or more in the previous year to waive the fee.

• Interest Rate
  • Monthly Rate: 3.75%
  • Annual Percentage Rate (APR): Approximately 45% per year, applicable on revolving credit.

• Foreign Currency Markup
  • Fee: 3.5% on the transaction amount for international purchases.

• Cash Advance Fee
  • Rate: 3% of the cash amount withdrawn
  • Minimum Charge: Rs. 300 per transaction.

• Fuel Surcharge Waiver
  • Waiver: 1% of the transaction amount or Rs. 10, whichever is higher.

• Late Payment Fee
  • Fee Range: Rs. 100 to Rs. 1,000
  • Based on Outstanding Balance: Higher fee for higher outstanding amounts.

• Overlimit Fee
  • Rate: 2.5% of the over-limit amount
  • Minimum Charge: Rs. 500.

• Card Replacement Fee
  • Amount: Rs. 100 for issuing a replacement card.

• Reward Redemption Fee
  • Charge: None, as cashback is automatically credited to the account.

Welcome, Benefits of Standard Chartered Smart Credit Card

• Extended Interest-Free Period
  • Duration: 90 days from the date of card issuance.
  • Benefit: Cardholders can make purchases without incurring interest, provided they make the minimum payment.

• Applicability
  • Primary Cardholders: Welcome benefits are available only for primary cardholders.
  • Supplementary Cards: Not applicable to supplementary or add-on cards.

• Ease of Financial Management: Provides financial flexibility during the first three months, easing the initial financial burden for new cardholders.

• Usage: Encourages new users to familiarise themselves with the card’s features and benefits without immediate interest charges.

Why Choose the Standard Chartered Smart Credit Card?

• Cashback Rewards: Earn 2% cashback on all online transactions and 1% cashback on offline spending, allowing you to save on everyday purchases. With a potential annual cashback of up to Rs. 18,000, it’s a rewarding choice for regular spenders.
• Extended Interest-Free Period: Enjoy a 90-day interest-free period from the date of card issuance, helping you manage expenses without incurring interest charges initially.
• Low Fees: With a nominal joining fee of Rs. 499 + GST and the option to waive renewal fees by spending Rs. 1,20,000 annually, it offers cost-effective benefits for regular users.
• Simplified Reward Redemption: Cashback earned is automatically credited to your account, ensuring hassle-free utilisation without additional steps.
• Security Features: Includes EMV chip technology for enhanced security, providing peace of mind for online and offline transactions
• Flexible Application Process: Apply conveniently online or at a Standard Chartered Bank branch, with straightforward documentation requirements.
• Suitability for Online Shoppers: Ideal for individuals who frequently shop online, thanks to its lucrative cashback offers on digital transactions.

Standard Chartered Smart Credit Card: Terms and Conditions

• Interest Calculation: Interest is charged from the transaction date if the total outstanding amount is not paid in full by the due date.
• Late Payment Fee: A late payment fee ranging from Rs. 100 to Rs. 1,000 is applicable based on the outstanding balance.
• Credit Limit: The credit limit is determined based on the applicant’s income, credit history, and other factors assessed by Standard Chartered Bank.
• Terms of Use: The cardholder agrees to comply with all terms and conditions set forth by Standard Chartered Bank regarding the use and management of the credit card.
• Usage Guidelines
  • Supplementary Cards: Benefits apply only to primary cardholders.
  • Cash Advance: Fee of 3% of the withdrawn amount, minimum Rs. 300 per transaction.
• Reward Redemption: Cashback is automatically credited to the cardholder’s account, simplifying reward redemption.

Who Can Apply for the Standard Chartered Smart Credit Card?

• Age Requirements
  • Primary Cardholder: Must be between 18 and 65 years old.
  • Add-On Cardholder: Must be at least 18 years old.
• Income Criteria
  • Stable Income Source: Applicants must have a stable and regular source of income, either from employment or self-employment.
  • Proof of Income: Required documentation includes the latest salary slips for salaried individuals or IT Returns for self-employed individuals.
• Residency: Applicants must reside in a city where Standard Chartered Bank operates a branch, ensuring accessibility to services and support.
• Credit Score: A good credit score of 750 or above is generally required to qualify, demonstrating the applicant’s creditworthiness and financial responsibility.
• Employment Status
  • Salaried Individuals: Must provide proof of employment and income stability.
  • Self-Employed Individuals: Must show proof of business continuity and income through IT returns and other financial documents.

Documentation Needed for Standard Chartered Smart Credit Card

Identity Proof

• Aadhar Card: A government-issued ID providing unique identification.
• PAN Card: Permanent Account Number card, necessary for financial and tax purposes.
• Passport: Valid for both identity and address verification.
• Voter ID: Issued by the Election Commission, it serves as proof of identity.

Address Proof

• Aadhar Card: A dual-purpose document for identity and address verification.
• Driving Licence: Government-issued document with current address.
• Passport: Contains residential address, valid for address proof.
• Voter ID: Lists address, usable as residential proof.
• Utility Bills: Recent electricity, water, or gas bills with the applicant’s name and address.
• Job Card Issued by NREGA: For applicants under the National Rural Employment Guarantee Act.

Income Proof (Salaried Individuals)

• Latest Salary Slips: Typically, the last three months’ salary slips are required to verify consistent income.
• Form 16: Provided by employers detailing the total income and tax deductions for the financial year.

Income Proof (Self-Employed Individuals)

• Income Tax Returns (ITR): Latest ITRs to demonstrate financial stability and business income.
• Business Continuity Proof: Documents proving the ongoing operation of the business, such as GST registration, business bank account statements, or trade licenses.

Additional Documents

• Passport-Sized Photograph: Recent photograph for identification and records.
• Bank Statement: Last three to six months’ bank statements to verify financial transactions and stability.

Application Process for Standard Chartered Smart Credit Card

1. Click the ‘Apply Now’ button at the top of the Standard Chartered Bank webpage.
2. Choose the ‘Standard Chartered Smart Credit Card’ and click on the ‘Apply Now’ option.
3. If you are an existing Standard Chartered Bank customer, click ‘Yes.’ If not, click ‘No’ and then ‘Next.’
4. Input your name and mobile number to start the application process.
5. Enter all required details in the next steps and upload the necessary documents.
6. You will receive an SMS or email notification regarding the approval or rejection of your application.

Read More:

• How do I activate a new HDFC credit card?
• Can We Add Credit Card to PhonePe?

FAQs: