Standard Chartered launched its Standard Chartered Ultimate Credit Card in September 2017. It remains the most premium card issued by the bank to date. This card should be favored by high-income individuals who wish to enjoy a distinctive lifestyle without compromising on their extravagant needs. It directly competes with ICICI Bank Sapphiro Credit Card and HDFC Bank Infinia Credit Card Metal Edition. Initially, the card was offered in two variants – Visa Infinite and Mastercard World; however, the former variant has now been discontinued. As it is a premium card, Standard Chartered provides its customers with 24×7 concierge services, golf privileges, DreamFolks membership, and a few other exclusive benefits.
Taking into consideration the international travel requirements of its customers, Standard Chartered has set the foreign currency exchange rate at 2% (less than the average fee of 3.5%) and offers a 5% cashback on fee-free purchases at airports. Since this is a reward point-based credit card, you earn 5 reward points per rupee spent. The card was used for expenses worth 150 rupees, which can be redeemed by Standard Chartered under their 360° Rewards Program for shopping vouchers or charitable donations.
- Joining Fee- Rs. 5,000
- Renewal Fee- Rs. 5,000
- Best Suited For- Travel | Shopping
- Reward Type- Reward Points
- Welcome Benefits- 6,000 Rewards redeemable for shopping vouchers or charity spends under the Standard Chartered 360° rewards program.
Rewards and Benefits
- Movie & Dining- None
- Rewards Rate- 5 Reward Points on every retail purchase of Rs. 150
- Reward Redemption- The earned Rewards are redeemable on the SC online portal under the Standard Chartered 360° rewards program. 1 Reward Point = Re. 1.
- Travel- Complimentary Dreamfolks membership with free domestic and international lounge access, and 5% cashback on all duty-free purchases at airports.
- Golf- 1 Complimentary golf game per month, and 1 free golf coaching session each month.
- Domestic Lounge Access- 16 domestic lounge access per year (4 every quarter) with the Dreamfolks membership
- International Lounge Access-1 complimentary lounge visits per month with the dream folks membership.
- Insurance Benefits- Air accidental insurance cover worth Rs. 1 crore, and several travel insurance covers.
- Zero Liability Protection- Cardholder won’t be liable for any fraudulent transaction made on their lost/stolen card once the loss of card is reported to the bank.
Fees & Charges
- Spend based Waiver- None
- Rewards Redemption Fee- Rs. 99
- Foreign Currency Markup- 2% (3.5% charged at the time of transaction and 1.5% cashback within 60 days)
- Interest Rates- 3.75% every month or 45% annually
- Fuel Surcharge- 1% fuel surcharge is applicable
- Cash Advance Charge- 3% of the transacted amount, subject to a minimum fee of Rs. 300
- Add-on Card Fee- Nil
Product Details
- Welcome bonus of 6,000 reward points.
- 5 RPs every time you spend Rs. 150 using the card.
- 2% foreign currency markup.
- 5% cashback on duty-free purchases at airports.
- Complimentary Dreamfolks membership.
- Airport lounge access at over 1,000 airports around the world.
- 5,000 Rewards every year on the renewal of card membership.
- Air accident insurance worth Rs. 1 crore by HDFC EGRO General Insurance.
- Golf benefits through Golflan Technology Solutions Pvt. Ltd.
Standard Chartered Ultimate Credit Card Welcome Benefits:
You get 6,000 Rewards as a joining/welcome benefit. These points can be redeemed for shopping vouchers and charity spends under the 360° rewards program.
Standard Chartered Ultimate Credit Card Rewards:
- You earn 5 RPs on every Rs. 150 spent on retail purchases using the card.
- You also get a 5% cashback on purchases from duty-free stores at airports, with maximum cashback capped at Rs. 1,000 every month.
- No reward points are earned for EMI transactions and transactions that earn you a cashback.
Rewards Redemption:
- The reward points that you’ve earned can be redeemed against shopping vouchers (from popular brands like Nykaa, Croma, Shoppers Stop, etc.) and charity spends on the Standard Chartered online portal under the 360° rewards program.
- The value of 1 RP for this card is Re. 1.
- These earned Rewards expire after 3 years from the accumulation date.
Standard Chartered Ultimate Credit Card Travel Benefits:
- You get complimentary Dreamfolks membership.
- You get 16 domestic lounge access every year (i.e, 4 every quarter).
- You get 1 complimentary international airport lounge visit every calendar month.
Golf Benefits
- 1 complimentary Golf game every month at selected domestic golf courses.
- 1 complimentary Golf coaching session at selected domestic golf courses.
Standard Chartered Ultimate Credit Card Concierge Service:
Standard Chartered offers a 24×7 concierge service with this credit card. The concierge will offer you travel assistance (with visa-related information, hotel bookings, etc.), golf course referral and reservation assistance, dining assistance, art/cultural event booking assistance, and some business-related services like conference information, messenger, and courier service.
Standard Chartered Ultimate Credit Card Insurance Benefits:
| Category | Insurance Coverage |
| Accidental air death | Rs. 1 crore |
| Emergency medical insurance | USD 25,000 |
| Flight hijacking | USD 100 |
| Delayed baggage | USD 100 |
| Lost baggage/documents | USD 750 |
| Flight delay | USD 200 |
Fuel Surcharge:
1% fuel surcharge is applicable (not waived off) at all petrol pumps across India. However, unlike other credit cards, the Standard Chartered Ultimate card earns you reward points (5 points for every Rs. 150) even for fuel purchases.
Standard Chartered Ultimate Credit Card Foreign Currency Markup:
The foreign currency mark-up for transactions using this credit is significantly lower than other cards. Although, you pay a mark-up of 3.5% at the time of the transaction (just like other cards), but you get 1.5% cashback within 60 days of the transaction. So the effective foreign currency mark-up is 2%.
Standard Chartered Ultimate Credit Card Eligibility:
In order to improve the chances of approval for the Standard Chartered Ultimate Credit card, you will need to fulfill certain eligibility criteria, which are as follows:
- your age must be between 21 and 65 years.
- you must have a stable source of income (gross monthly income of Rs. 2,00,000).
- you should have a decent credit score.
How to apply for Standard Chartered Ultimate Credit Card:
You can apply for the SC Ultimate credit card online via the bank’s official website. Once you’ve successfully submitted your digital application, a bank executive will get in touch with you in order to complete the documentation. You will have to submit an ID proof (like an Aadhar card, PAN card, voter card, or any other government-issued ID proof), an address proof, a passport-sized photo of yours, and financial documents like IT return proof (for self-employed individuals) or the latest bank statements/salary slip (for salaried employees). Your card application can also be processed based on your other credit statements.
Customer Care:
If you need any help/assistance, or to report card loss, you can contact Standard Chartered customer care at their call center at 66014444 / 39404444 (prefix STD code) or dial their toll-free helpline number 18003451000. Alternatively, you can also shoot them a mail at customer.care@sc.com.
Conclusion
Considering all the benefits that come with it, the Standard Chartered Ultimate Credit Card can be a good option for high-net-worth individuals (HNIs) who frequently travel and desire to enjoy a luxurious lifestyle. It provides advantages such as access to 16 domestic lounges, complimentary DreamFolks membership, cashback on purchases from duty-free stores at airports, and coverage for air accident insurance. Additionally, you also receive premium benefits like concierge services and privileges for golfing and coaching sessions. We believe that this card competes well with the HDFC Bank Infinia Credit Card. What are your thoughts on this card? Feel free to share your experiences if you are an existing cardholder.
