Indian consumers can now have an entry-level credit card thanks to Standard Chartered Bank’s recent launch of SC Smart. The SC Digi Smart credit card, which the bank introduced a few years ago, should not be mistaken for this one.
Important to note that SC has cards bearing the same name in other nations like Singapore and Malaysia with attractive multiple benefits like flat 6% cashback (going as high as 15% on some partners) on well-known and popular partners like KFC, McDonald’s, Burger King, etc. as well as lucrative joining benefits & no cap on earning regular RPs.
We Indians appear to receive a raw deal if incentives provided by international banks are any indicator.
Simple enough, a smart credit card functions as a single plastic card that may be used for various types of payments. One smart card is all you’ll ever need, so you won’t have to deal with a wallet that has nearly an inch of plastic in it again. Modern credit cards have what appear to be one magnetic stripe, but they have two magnetic stripes layered on top of each other. A card with both stripes will work with all card readers, however, a card with only one stripe is not guaranteed to work with all card readers.
Smart credit cards are more akin to a primitive computer than a conventional credit card since they include an integrated microprocessor. This microprocessor can communicate through Bluetooth with smart card readers.
Standard Chartered Smart Card is a straightforward credit card that provides you with alluring incentives on every purchase. Let’s examine the card’s key characteristics:
Application Process
• Apply online
• Get a call for first-hand verification
• Get a call for verification and share documents (the most recent pay stub) via email
• Get a message that SMS banking has been activated
• Get a temporary ID by email and an OTP via SMS to register on the SC Mobile app/Net banking
Apply for a Smart credit card. The Smart credit card appears in the SC mobile app. You receive a Blue dart AWB number for tracking. The Visa Infinite Ultimate credit card and the Prepaid Package are delivered.
SC credit cards will therefore be in your hands in ten days. I hope other banks adopt a similar strategy to make things simpler for current clients.
The Card
With a dual-tone, multi-reflective texture that glows in any light, the Card Smart credit card looks fantastic in the hand. It also has a good plastic quality which is excellent for an introductory card, the credit limit granted is also rather good.
Card features include:
- 2% cashback on all online purchases (including wallet purchases like any SC card), up to $1,000 per day
- All offline purchases up to $500 PM will receive 1% cashback; purchases of fuel will not be eligible for cashback.
- Cashback can be claimed through the Reward 360 portal.
- 3 months EMI @ 0.99% pm with NIL processing fee on spends exceeding 2K. Being a cashback card, there is currently no reward redemption fee. Additionally, there are no fuel surcharge waivers, reduced markup fees, movie benefits, or access to airport lounges. The first cashback is only available after accumulating 1000 points, and subsequent cashback is only available in multiples of 500 points after that If you’re here for the 2% cashback, then you may go as good as 50K INR a month to max out the monthly capping.
Fee and Welcome Perk
Renewal fee:
499+ GST; joining fee: 499+ GST (was exempt from paying 1.2 lacs in the prior year)
As a welcome bonus, you are permitted to use your card within the first 90 days of its activation without being charged interest or facing any other penalties if you merely pay the minimum amount required.
Making the minimum payment due can be helpful for individuals who are revolving credit.
This perk is special in a way that various card issuers are becoming creative, even though it cannot be measured in terms of reward rate.
Benefits Estimator
You receive a payback of 2.4K INR and the yearly fee is also eliminated if you spend 10,000 INR online each month.
Any additional purchases made with this card will not qualify you for any milestone rewards. If you already have other strong cards in your wallet, the suggestion above is therefore the best.
Upgrade to the Ultimate
There is no cooling down time after you have a credit card from SC, unlike many other banks. Simply authenticate INR 1 by OTP on your current SC card if you want to apply for any more cards, according to SC.
Within a week or so, the second card will be visible in your account if you match their internal requirements.
When I inquired about upgrading the card to the SC Ultimate, I was told that a minimum of 4L, up from the previous 3L, is needed on the present SC card. I nevertheless gave it a shot and, fortunately, succeeded.
Because MasterCard is currently prohibited, SC has enabled online applications for Ultimate on the Visa Infinite platform.
Cashback of up to Rs. 18,000 is available
You did read that correctly. Through the SC Smart Card, you can receive up to Rs. 18,000 in cash back per year. How? Look at this –
Every online purchase will earn a flat 2% cashback, up to Rs. 1000 each month.
Up to Rs. 500 per month, 1% flat cashback is offered on all offline transactions other than gasoline purchases.
Therefore, the maximum cashback you may get every year on online purchases is Rs. 12,000 and on offline purchases it is Rs. 6000. You now get a yearly income of Rs. 18,000 from this. It’s rather simple math, don’t you think?
So, get up to Rs. 18,000 in cashback with the Standard Chartered Smart Credit Card and save money wherever you spend it.
1. Reasonable costs
The card’s initiation charge is simply Rs. 499 plus any applicable GST. The joining fee and the annual charge are the same. In addition, starting in your second year, if you used the credit card for at least Rs. 120,000 in the previous year, the annual fee is waived. Would you say that it is quite affordable?
So if you use the Smart Card for your transactions, you can also benefit from annual fee reversal in addition to the cashback!
2. Simple EMI option
Your major purchases no longer have to be out of your price range. Purchase whatever you want, and for ease of payment, turn your qualified purchases into EMIs. If you choose a 3-month EMI tenure on your Standard Chartered Smart Card for qualifying transactions, there is no processing fee applied when your purchases are converted to EMIs. Additionally, at 0.99% per month, the interest rate is likewise modest and reasonable.
3. Standard Chartered Smart Card Advantages
In addition to these distinctive qualities, the Standard Chartered Smart Card provides several advantages. To begin with, the card is not connected to any particular merchant partner. Because of this, you may purchase anywhere you want with convenience and flexibility and receive cashback regardless of the retailer you choose. To receive cashback, simply swipe your card or use it online.
4. Other advantages include:
The cashback you earn can be accumulated. Redeem your earned cash back once it totals Rs. 1000 and use it to settle any outstanding credit card debt.
There is no minimum purchase amount to qualify for cashback.
Apply for the Standard Chartered Smart Card right away to take advantage of these features and advantages! Make shopping even more enjoyable by earning up to Rs. 18,000 per year in credit card cashback on all of your purchases.
The value is predicated on the presumption that the consumer is eligible for a maximum of INR 1000 cashback on online purchases and INR 500 cashback
5. Application Status for Credit Cards from Standard Chartered
Applying for a Standard Chartered credit card is possible via BankBazaar or the company’s website. While applying, you can check the status of your credit card application on the websites of Standard Chartered Bank and BankBazaar.
By going to the Standard Chartered Bank branch that is closest to you or calling the Standard Chartered credit card customer service, you can also check the status of your application offline.
View the status of your Standard Chartered Bank credit card application online.
The procedures indicated below must be followed by a candidate to track the progress of their online credit card application:
- The first step is for the applicant to go to the official Standard Chartered Bank webpage.
- Step 2: Next, use the search box to look up Credit Card Status.
- Step 3: A screen with a link to the Standard Chartered Credit Card Status will appear.
- Step 4: Once they are on this page, they must enter their cellphone number and application reference number.
- Step 5: The status of their credit card application will be shown on the screen following the entry of the necessary data.
Applicants who lose their application reference number can retrieve it by clicking the “Forget Reference Number” button on the right and entering the e-mail address they gave when submitting their application.
6. Offline Status Check for Standard Chartered Credit Card Applications
A Standard Chartered Bank credit card application may also follow the progress of their application offline. They can verify the status by calling the toll-free customer service numbers.
Bottom-line
A standard entry-level credit card with a low annual fee that offers straightforward payback on practically all purchases is the SC Smart. However, there are other strong cards in the market, such as Axis ACE, IDFC First, and HDFC Millenia, that provide higher value than this card.
The only thing I wish is that SC could have achieved greatness in India by introducing features from its Singaporean avatar.
The article’s opinions are those of Standard Chartered Bank (“SCB”) and do not represent legal, tax, or other professional advice. If you rely on any information provided here, SCB, including its directors, officers, or employees, are not responsible for any harm or damages that result from that reliance. Any material in this article is merely illustrative; each bank or financial institution will have its procedures, fees, and charges. We would ask that you take all necessary efforts to confirm the accuracy of any information or opinions mentioned in this article before putting any kind of reliance on them.
This article simply provides indicative information. The terms and conditions that apply to each Standard Chartered Bank Product must be read in full. For further information, we kindly ask that you visit “sc.com/in,” stop by your local Standard Chartered Bank branch or phone one of our Customer Care numbers.
FAQ’s
Describe the smart credit card.
A smart card is a physical card with an integrated chip built into it that serves as a security token. The size of a standard smart card is the same as that of a credit or driver’s license, and it can be made of metal or plastic.
With the help of a bank professional, I applied for a Standard Chartered credit card. Can I get a status update online?
Yes, you may follow your application by going to the Standard Chartered Bank portal, regardless of the method you used to submit it.
My SCB credit card application was returned with the status “No records found.” What ought I do?
It might be a result of you checking the status of your application too soon, even before the bank has updated its records. We advise you to wait 3–4 days before rechecking the status. If you keep seeing the same status, you can call the Standard Chartered Bank customer service line to check out the current situation.
How long will it take for an SCB credit card application to be processed?
Under normal circumstances, Standard Chartered Bank processes credit card applications in 3–4 weeks, assuming all necessary paperwork is submitted.
How quickly can I find out the status of my application for an SCB credit card?
Wait until you get a bank acknowledgment with an application reference number after you submit your SCB credit card application. After receiving the ref.no, you have three to four days to check the status.
The status of my credit card application is “on hold.” What ought I do?
When an application’s status reads “on hold,” there is not much cause for concern. The bank may contact you soon to ask for some documents or missing information. You can phone the bank’s customer service to inquire if you haven’t heard from them in a week.
How should my smart credit card be used?
Use of Smart Credit Cards: 5 Rules
1. Never carry a balance on your credit card.
2. Consistently pay your bills on schedule.
3. Don’t utilize more of your credit than 30% at once.
4. Refrain from canceling outdated credit cards.
5. Use a card that matches your expenditure to get the most out of your rewards.