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.
Table of Contents
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.
Welcome Benefits
Main Cashback Benefits
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
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.
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.
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.
Axis Bank Ace credit card is the better option for cashback credit card.
So, overall you will receive 2% cashback redemption value whereas SC smart card provides you only 1.5% return.
#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.
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