Standard Chartered Ultimate Credit Card: Check features, eligibility, and more

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Standard Chartered Ultimate Credit Card: Check features, eligibility, and more
  • By Vishal Sharma
  • 09th January, 2024
  • Banking

Standard Chartered introduced its Premier credit card in September 2017, representing the pinnacle of the bank’s card offerings to date. Tailored for individuals with substantial incomes seeking a lavish lifestyle, this card delivers unparalleled luxury without compromise. Positioned as a direct competitor to ICICI Bank’s Sapphiro credit card and HDFC Bank’s Infinia credit card Metal Edition, it initially comprised two variants: the Visa Infinite and Master Card World.

Exploring Eligibility Criteria for the Premier Credit Card

To enhance your approval odds for the Standard Chartered Premier credit card, it’s vital to meet specific criteria:

  • Age Range: 21 to 65 years.
  • Income Stability: A consistent monthly income.
  • Credit Score: A satisfactory rating.

The Premier card imposes stricter entry requirements compared to other credit cards, although the exact salary criteria aren’t explicitly disclosed. Standard Chartered relies on internal guidelines to determine eligibility.

One way to acquire this card, if you already hold another SC credit card with a limit exceeding ₹4 lakhs or any other card with a ₹5 lakhs plus limit, is by applying online. SC permits multiple cards with a shared credit limit. However, self-employed individuals might encounter challenges applying for Standard Chartered credit cards. The bank maintains an internal list of approved employers, possibly leading to a higher chance of rejection for self-employed applicants.

Fees, Charges, and Financial Considerations

Enrollment Fee: ₹5000 + applicable taxes. Annual Fee: ₹5000 + GST, with no spend-based waiver available on this card. Fuel Surcharge Waiver: Enjoy a 1% surcharge waiver on all transactions across all fuel stations, capped at ₹1000 per statement cycle. Interest Rates: A monthly interest rate of 3.75%, equivalent to an annual rate of 45%. Rewards Redemption Fee: ₹99 will be charged whenever you redeem your rewards points; one should keep the redemption charges in mind.

Features and Benefits of the Premier Credit Card

Welcome Benefit: Upon joining, you’ll receive a welcoming bonus of 6,000 reward points, versatile and redeemable for shopping vouchers or charitable donations as part of the 360° rewards program.

Renewal Benefit: On every successful renewal payment of the annual charges, you’ll receive 5000 reward points as a renewal benefit.

Rewards Benefit: Earn 5 reward points for every ₹150 spent on retail purchases. Specific categories like utilities, supermarkets, insurance, property management, schools, government payments, and rental payments will earn 3 reward points for every ₹150 spent. Enjoy a 5% cashback on duty-free store purchases at airports, with a monthly maximum cap of ₹1,000. However, fuel and cashback transactions do not accrue any reward points.

Rewards Redemption: Accumulated points can be redeemed for shopping vouchers from well-known brands like Nykaa, Croma, Shoppers Stop, and more. Use these points for charitable contributions via the Standard Chartered online portal through the 360° rewards program. Each reward point holds a value of ₹1 for this card, with a validity period of 3 years from their accumulation date.

Optimizing Value: Given the redemption fee of ₹99 + GST, it is smarter to redeem points in bulk for a bouquet of required brand vouchers in a single redemption order.

Travel Benefits and Beyond

Domestic Airport Lounge Access: Indulge in comfort with 16 complimentary lounge accesses per calendar quarter.

International Airport Lounge Access: Entitled to 1 complimentary international lounge access per month using the Priority Pass, provided you’ve spent ₹20,000 or more in the preceding month. Additional visits will incur the Priority Pass usage fee.

Golf Benefit: Enjoy 1 complimentary golf game and 1 complimentary golf coaching session every month at selected domestic golf courses.

Foreign Currency Markup: The card offers a notably reduced foreign currency mark-up compared to other cards, providing a more favorable rate for transactions in foreign currencies.

In conclusion, the Standard Chartered Premier card poses direct competition to HDFC Infinia and HDFC Diners Club Black, with the primary distinction lying in redemption values. The Premier card allows redemption at a rupee per point, making it a compelling choice amidst numerous travel redemption options.

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