Standard Chartered Smart credit card is an entry level credit card that offers cashback benefits, aimed at individuals with low-income. You can save money up to Rs. 18000 annually when making purchases both online and offline.
Moreover, you can convert transactions into EMIs for easier and more convenient shopping. Additionally, this card provides an extended interest-free period of up to 90 days.
Charges of Standard Chartered Smart Credit Card
- Joining Fees – Rs. 499
- Renewal Fees – Rs. 499
Renewal Fees Waiver Condition
The renewal fee will be reversed in your account if you spend Rs. 120000 or more in a year.
Forex Markup Fees
The forex markup fees for the card is 3.5% on all international transactions. If you frequently make international transactions, it may be worth reviewing a list of credit and debit cards that offer zero forex markup fees.
Benefits & Privileges of Standard Chartered Smart Credit Card
Welcome Benefits
- As a welcome benefit, You get an extended interest-free credit period by making only the minimum payment.
- This offer is valid for the first 90 days from the card issuance date.
Main Cashback Benefits
- You can earn 2% flat cashback on all online shopping with the maximum capping is Rs. 1,000 per month.
- You will get 1% flat cashback on all offline spends. The maximum cap is Rs. 500 per month.
- No cashback facility on fuel transactions.
| Spends Category | Monthly Spend | Cashback Earned (Per Month) | Annual Cashback (Per Annum) |
| Online Spends | Rs. 50,000 | Rs. 1,000 | Rs. 12,000 |
| Offline Spends | Rs. 50,000 | Rs. 500 | Rs. 6,000 |
| Total | Rs. 1,00,000 | Rs. 1500 | Rs. 18,000 |
This means you can save Rs. 18000 cashback annually on spend of 12 lakh which is 1.5% cashback redemption return. If you want better cashback redemption return consider ICICI Amazon Pay credit card or HDFC Millennia credit card which offers 5% cashback on online shopping like Amazon.
Cashback Redemption Method
The earned cashback is not directly into your account. You need to redeem this earned cashback through Standard Chartered 360 reward portal. After that you can adjust your cashback in your card’s statement balance.
EMI Benefits
- With this SC smart credit card, You can convert the transactions of Rs. 2000 and above into EMIs through online banking or SC mobile.
- EMIs are available at an interest rate of just 0.99% per month.
- No processing fee is chargeable on the EMI transactions.
Key Features Of Standard Chartered Smart Credit Card
#1. Cashback Facility For Both Online And Offline Payments
Cashback is something that is eyed by every individual when opting for a credit card. Standard Chartered Smart credit card offers a flat cashback facility.
If you spend on your online shopping, you will get a flat cashback of 2%, limiting to Rs 1,000/- a month, while for offline spending, you will get a flat cashback of 1%, limiting to Rs 500 a month.
This means the more you spend, the more you save! Moreover, there is no constraint on spending as a cashback will be awarded for all spending, with the aforementioned capping.
#2. Interest Free Period
When you receive your credit card, you have the opportunity to take advantage of an extended interest-free credit period. This means that for the first 90 days following the issuance of your credit card, you can make only the minimum amount due payment and still avoid paying interest charges.
This extended interest-free credit period can be a valuable tool for managing your finances, giving you the flexibility to pay off your balance over a longer period of time without incurring additional fees. Just be sure to make at least the minimum payment to avoid late fees and potential damage to your credit score.
#3. Zero Processing Fees for EMI Conversion
Usually, there is always a fee for converting credit card spending into EMI. With the smart credit card, you can convert the same for free.
Additionally, the monthly interest rate is only 0.99% which is low in comparison to other similar credit cards available today. Thus, you can spend for their needs without overthinking even for a minute.
Best Alternative to SC Smart Credit Card
Axis Bank Ace credit card is the better option for cashback credit card.
- You get 5% cashback on your utility bill payments like DTH recharge, mobile recharge, electricity, water, gas cylinder booking via Google pay.
- You will also get 2% cashback on all other online and offline spends.
- There is no maximum capping on cashback.
So, overall you will receive 2% cashback redemption value whereas SC smart card provides you only 1.5% return.
Frequently Asked Questions
#1. Will cashback be earned on fuel transactions?
No, there will be no cashback earned on fuel transactions.
#2. What is the minimum income requirement for this credit card?
To apply for this credit card, you must have a minimum monthly income of INR 25,000 or higher.
#3. Are there any minimum transaction requirements to earn cashback?
No, there are no minimum transaction requirements for earning cashback, regardless of whether it is an offline or online transaction.
#4. What is the maximum cashback that can be earned in a year?
If you use the Smart credit card efficiently, you can earn up to INR 1,000 on online transactions and INR 500 on offline transactions, resulting in INR 12,000 in annual cashback for online transactions and INR 6,000 for offline transactions.
