Standard Chartered Bank Ultimate Credit Card Review

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Standard Chartered Bank Ultimate Credit Card Review

The Standard Chartered Bank Ultimate Credit Card is one of the best credit cards in the rewards category. Although this credit card comes at a high annual fee, it is worth having in your wallet. Every reward point earned by you is equivalent to 1 rupee when you make a transaction on this credit card. Additionally, you get a Priority Pass Membership, a huge cash back on MakeMyTrip bookings and Uber rides.

FinTown Rating: 3.5/5

Rating by Category: 

Category                                              Rating (out of 5)
Annual Fee                                              3.5
Rewards Rate
4
Initial Bonus 4
APR 2.5
  • The Annual fee for this credit is rather high. However, the rewards rate offered by this credit card is good. Hence, a rating of 3.5 is justified.
  • A rewards rate of 3.35% is fairly good.  For every INR  150 spent, one gets 5 reward points which are worth INR 5. Therefore, a rating of 4 out of 5
  • The initial bonus in the form of cash back of up to INR 10,000 from MakeMyTrip is worth considering.
  • The annualized interest rate is 41.88% which is rather on the higher side.

Pros & Cons:

Reasons to Choose
Reasons to avoid
Low Foreign Currency Mark-up Fee High interest rate
Cash back on MakeMyTrip, duty-free spends High Annual Fee
Dining discounts at partner restaurants
Complimentary Priority Pass Membership
Free Golf games every month

Rewards/Benefits – SC Ultimate Credit Card:

  • Cash back:
    • 5% cash back on duty-free spends
    • 20% cash back on Uber rides
    • Up to INR 10,000 cash back on MakeMyTrip bookings upon booking tickets within 90 days of card issuance as joining bonus
  • Rewards Programme: Earn 5 points on every INR 150 spent, where every reward point earned equals INR 1; Additionally, you get 5,000 reward points on card renewal, thereby, making this card a free card
  • Low Foreign Currency Mark-up fee: 2% foreign currency mark-up fee
  • Airport Lounge Access: Complimentary Priority Pass Membership and 1 complimentary visit a month on spending INR 20,000 on your card every month
  • Golf Games: Access 20 premier golf courses in the country with 2 complimentary golf games; 2 complimentary golf games at domestic golf courses per month, 1 free lesson a month and 1 guest game a month
  • Food Discounts: Up to 25% off on food at  partner restaurants

Is the Rewards Rate good?

You get to earn 5 points on every INR 150 spent. Every reward point earned equals INR 1. In other words, when you spend INR 150, you earn INR 5 in return. Therefore, the rewards rate offered by SC Ultimate Credit Card is INR (5/150) * 100 = 3.33%

How to Redeem Rewards?

To redeem your Ultimate Card rewards, you will have to log in to your account and choose products or services of your choice. For redeeming rewards, visit this page.

Is this Card for you?

This credit card is for you if:

  • You live in Delhi, Mumbai, Bangalore or Kolkata. These are the only cities where you can make use of the 25% discount on dining at partner restaurants.
  • You can spend INR 15,000 on your credit card every month in order to earn 20% cash back on your Uber rides.
  • You don’t mind spending INR 20,000 on your card a month to get free airport lounge access
  • High annual fees and interest rates do not bother you.

Payments & Fees – SC Ultimate Credit Card:

Annual Fee INR 5,000
Foreign Transaction mark-up fee  3.5% of the transaction amount.
Cash Withdrawal Fee 3% of cash withdrawal amount subject to a minimum of INR 300
Late Payments Fee INR 100 to INR 800 depending on the outstanding statement balance, Additionally, late charge of INR 100 when two consecutive months are missed
Over Limit Fees INR 500 per instance or 2.5% of the Overlimit amount. (Minimum INR 500)
Minimum Payment Due (MPD) on
extended credit usage
The higher of the following:
(a) 5% of statement outstanding
(b) sum total of all instalments billed, interest, fees, other charges, amount that is over limit and 1% of the principal.
(c)INR 250
Surcharges INR 25 or 2.5% of the transaction (whichever is higher) on Railway transactions. INR 10 or 1% of the transaction (whichever is higher) on Petrol transactions.
Rewards Redemption Fee INR 99

How to get the most out of this card?

To get the most out of this card, you should make a transaction of INR 10,000 and above within first 90 days of your card issuance in order to get cash back of up to INR 10,000 from MakeMyTrip. Furthermore, you can save up to INR 600 on your Uber rides every month (offer valid till 30 June 2018). However, you should spend INR 15,000 on your card to become eligible for this credit card. If you want to get 1 free airport lounge visit per month, then you need to spend INR 20,000 on your credit card in the previous month.

Terms and Conditions Explained:

  • Duty-Free Cash back: You can get a monthly cash back of up to INR 1,000
  • MakeMyTrip Offer: The cash back of INR 10,000 will be valid only if a booking is made within the offer period of 90 days from card issuance. You will get a cash back of INR 10,000 or the booking amount, whichever is lower.
  • Cash back on Uber: For becoming eligible for the 20% cash back, you need to spend INR 15,000 on your card in the previous month
  • Airport Lounge Access: For getting free visits to airport lounge access, you should spend INR 20,000 in the previous month.

Application Requirements/Eligibility Criteria:

  • Applicant’s age should be between 21 and 65.
  • Applicant should have a stable monthly income.
  • Applicant should belong to credit cards sourcing cities/locations of the Bank.
  • All applications are subject to credit and other policy checks of the Bank.
  • People who don’t have a stable source of income can opt for secured cards to build a credit history.
  • New Customers – Annual income of  INR 24 Lakhs per annum or more
  • Existing SCB Card Holders – Existing credit card limit of INR 3 Lakh or more

Other Credit Cards with similar/better features:

SBI Elite Credit Card

Another alternative to SC Ultimate Credit Card would be the SBI Elite Credit Card.  At a similar annual fee as that of the SC Ultimate Credit Card, this SBI credit card offers a huge annual bonus worth INR 17,500. With the SBI Elite Credit Card, you can earn 10,000 reward points on achieving spends between 3 lakhs to 4 lakhs. Furthermore, you earn 15,000 reward points for achieving annual spends between 5 lakhs and 8 lakh. The milestone benefits would sum up to INR 12,500 per year.

Besides that, SBI Elite  Credit Card gives you an e-voucher worth INR 5000 as a welcome gift. You can use this voucher to choose between some popular travel and lifestyle brands such as Yatra, Hush Puppies/Bata, Marks & Spencer, Pantaloons and Shoppers Stop. You also get six free visits to airport lounges through Priority Pass Membership in a year.

YES Bank First Preferred Credit Card

The YES First Preferred Credit Card offers 15,000 reward points as welcome bonus and another 10,000 points as renewal bonus. Furthermore, you get 20,000 bonus points for reaching milestone spend of INR 7.5 Lakhs on your card. This card is targeted at individuals earning INR 1,20,000 a month or people who want this credit card with a specified fixed deposit. It offers low foreign currency markup fee, airport lounge access, insurance coverage and 1 complimentary golf lesson a month with 3 green fee waivers. Last but not the least, it offers a 25% discount on movie ticket purchases.

Bottom Line

The Standard Chartered Ultimate Credit Card does an excellent job in attracting credit card seekers by offering features such as cash back on Uber, MakeMyTrip, duty-free spends etc. Moreover, every reward point earned equals INR 1. The reward points received on card renewal makes this credit card almost free, provided you don’t default on your credit card bill payments. Although annual fee and interest rate are on the higher side, all other features compensate for it.

Think this card is for you? APPLY NOW.

FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial wellbeing and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

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