FinTown Rating: 3.5 / 5

Review Summary:

The Standard Chartered Manhattan Platinum Credit Card is a great all-rounder card while covering rewards and cashback categories across the board. It is a decent card for folks in metros for their daily needs purchases, especially ones who use Uber regularly. Annual fees are fairly priced, but APR is on the higher side compared to similar cards.

Introduction:

With cashback offered across major Indian supermarkets along with generous rewards offered on entertainment and dining, the Standard Chartered Manhattan Platinum is designed for the average urban dweller. None of the rewards and cashback offers are industry best. However, there is a healthy mix of categories covering bases for someone who wants to use their Credit Card for their daily needs. Probably the most overlooked benefit of this card is the 20% cashback on Uber rides up to Rs. 600 per month.

Pros:

  • Cashback on Uber rides worth up to Rs. 7200 annually
  • Cashback at 5% at grocery stores such as More Supermarket and Big Bazaar
  • Joining benefit of Rs. 1000 in BookMyShow vouchers

Cons:

  • High APR at 41.88%
  • Lots of conditions and terms on cashback and rewards spend
    • The minimum spend per transaction needed for cashback is Rs. 1000
    • Maximum cashback of up to Rs. 500 every month
  • No add-on benefits like airport lounge access, fuel surcharge waiver, etc.

SC Manhattan Platinum Card: Fees & Charges:

  • Annual Fee: Rs. 999 + GST
  • Joining Fee: Rs. 499 + GST
  • Annual Percentage Rate (Annual Interest Rate): 41.88%
  • Cash Advance Fee: 3%
  • Overseas Transaction Fee: 3.5%
  • Late payment fee: Rs. 100 – Rs. 800 (depends on amount due)

How much money will I get in rewards and cashback?

With the Standard Chartered Manhattan Platinum Credit Card, one can easily save over Rs. 10,000 annually by using the card. Fortunately, there is no minimum spend limits to avail cashback or rewards.

  • Cashback: For someone who has a spend of Rs. 10,000 every month on groceries. This will yield you Rs. 500 (Rs. 10,000 * 5%) in rewards. That will be Rs. 6000 annually.
  • Rewards: For Rs. 75,000 spend in other reward categories, card holders make 3 rewards points for every Rs. 150. So, one will make about 1500 rewards points which can be redeemed for approximately Rs. 500 in Amazon vouchers.
  • Savings on Uber: For someone who uses Uber regularly, this card is a boon. One can save 20% on Uber rides up to Rs. 600 every month. That adds up to Rs. 7200 in annual savings.
  • Joining benefit: On a card user’s first credit card purchase, he/she will get Rs. 1000 of BookMyShow vouchers

Which other cards should you look at?

Another great option comparable to the SC Manhattan Platinum credit card is YES Prosperity Cashback Credit Card: The YesBank Prosperity Cashback card is an excellent alternative to the SC Manhattan with 5% cashback on groceries, movies, and bill payments. Where Yes Prosperity distinguishes itself is with its much lower APR (28.8% for YesBank Salary/Savings accounts, 38.64% for non users) along with a fuel surcharge waiver with comparable annual fee to the SC Manhattan card.

Final Verdict:

The SC Manhattan Platinum Credit Card is a perfect all-rounder for folks that live in Tier 1 and 2 cities and want to use it for their daily need expenses. If you are a regular Uber rider, there is not too many other cards that give you cashback of Rs. 600 every month. The fees on SC Manhattan Platinum are not very high and the card offers both cashback and rewards benefits. On the flip side, Interest rates and fees are on the higher side.
If you are someone who is looking to carry your balance on your card every month, the SC Manhattan card is not your best option. This is ideal for users who make their monthly payments in full and on time.

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