Standard Chartered Priority Banking Visa Infinite Credit Card Review

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SC Priority Banking Visa Infinite Credit Card Review

The Standard Chartered Bank Priority Banking Visa Infinite Credit Card is complimentary for its Priority Banking Customers and offers a lot for a zero annual fee. Rewards rate of this credit card is good for retail fashion spends and overseas transactions. Furthermore, you get complimentary insurance, a Priority Pass Membership and 4 free airport lounge visits. You would also get attractive offers and discount on BookMyShow tickets.

FinTown Rating:  2.5/5

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Rating by Category:

Category                                              Rating (out of 5)
Annual Fee                                               5
Rewards Rate
3
Initial Bonus 0
APR 2.5
  • This card has no annual fee. Hence, a rating of 5.
  • The rewards rate ranges from ~0.5% to 2.5%, which is good.
  • This credit card does not offer any initial bonus.
  • Annual Percentage rate or annualized interest rate is 41.88%, which is rather high.

Pros & Cons:

Reasons to Choose
Reasons to avoid
5X rewards on overseas transactions and retail fashion  No golf privileges
Airport Lounge Access, Priority Pass Membership Slightly high interest rate
Complimentary Overseas insurance  No welcome bonus
Good Life Programme  No milestone benefit

Rewards/Benefits – Standard Chartered Priority Visa Infinite Credit Card

  • Complimentary Priority Relationship: The benefits of this credit card are complimentary for Standard Chartered Priority Bank Customers
  • Rewards Programme:
    • Earn 5x reward points for every INR 100 spent overseas or on retail fashion
    • Earn 2x reward points for all other spends.
  • Priority Pass Membership: Free membership, 4 complimentary visits
  • Complimentary insurance coverage: Insurance coverage worth USD 200,000
  • Movie and event offer on BookMyShow:
    • Book one ticket and get another one for free  (capped at INR 300 per month)
    • 20% discount on all non-movie tickets

Is the Rewards Rate good?

With this credit card, you get 10 reward points on international transactions and retail fashion spends. For all other spends, you get 2 reward points per INR 100. The points earned via the first category can give you a rewards rate of approximately 2.5%, whereas the rewards rate on the second category is approximately 0.5%.

This is calculated as follows: A spend of INR 100 gives you 10 reward points i.e. approximately INR 0.25 per reward point. Therefore, you get INR 2.5 on spending INR 100 (this calculation is for a voucher from Westside).

Some of the popular vouchers that you can purchase are as follows:

  • Flipkart e-voucher worth INR 2000 for 7,550 points (1 reward point = INR 0.26)
  • Westside Gift voucher worth INR 1,000 for 4,000 reward points (1 reward point = INR 0.25)
  • Pizza Hut voucher worth INR 250 for 1,100 reward points (1 reward point = INR 0.22)
  • BookMyShowvoucher worth INR 150 for 550 points (1 Reward point = INR 0.27)

How to Redeem Rewards?

To redeem your Standard Chartered Priority Banking Visa Infinite reward points, 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 card is for you if:

  • You are a Priority Banking Customer of Standard Chartered Bank.
  • You are looking for movie discounts
  • Priority Pass Membership is something you want to have
  • Lack of golf privileges does not make you feel you are missing on something
  • You travel abroad and go shopping frequently

Payments & Fees – Standard Chartered Priority Banking Visa Infinite Credit Card

Annual Fee Nil
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 upon statement outstanding balanceAdditionally, a late charge of INR 100 will be charged 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, the 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 credit card, you should make your credit card bill payments on time. Since this card offers 5X rewards on international transactions and retail fashion, you should do your best to put all such transactions on your credit card. Additionally, you should avail the 20% discount on non-movie tickets such as plays or other events with your Visa Infinite Credit Card. Lastly, enjoy the Buy one, Get One offer on BookMyShow movie tickets.

Terms & Conditions Explained:

  • Late Payment Fee:
    • 100 INR for statement outstanding balance less than or equal to INR 500
    • 350 INR for statement outstanding balance between INR 501 and INR 2,000
    • 500INR  for statement outstanding balance between INR 2,001 and INR 4,000
    • 700  INR for statement outstanding balance between INR 4,001 and INR 20,000
    • 800 INR for statement outstanding balance greater than INR 20,000.
  • Foreign Currency Mark-up fee: Foreign currency mark-up fee is 3.5%

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
  • Priority Eligibility Criteria for new customers (applicable for a Standard Chartered Bank relationship for the first 12 months of account opening)
    • Minimum monthly average FUM (Funds under management) of INR 30 Lakh, or
    • Minimum monthly salary credit into Standard Chartered salary account of INR 3 Lakh, or
    • Mortgage approved amount above INR 2 Crore
Find Fintown’s List of India’s BEST CREDIT CARDS in 2018 [Best Offers]

Other Credit Cards with similar/better features:

HDFC Infinia Credit Card

The HDFC Infinia Credit Card is targeted at Priority Banking Customers. This credit card provides ultra-premium features and a no pre-set spending limit. Moreover, the minimum credit limit is set at INR 10 Lakh.  Furthermore, you get travel privileges such as Priority Pass Membership, Visa/Mastercard Lounge Access Programme, Club Vistara Membership etc. This credit card also offers unparalleled protection cover worth INR 3 crore in case of death due to an air accident.

HDFC Infinia Credit Card also offers exclusive concierge services, finest dining experiences. The primary cardholder gets a 100% Green Fee Waiver and complimentary golf games. The rewards programme of HDFC Infinia is also quite good. For every INR 150 spent on your credit card, you would earn 5 reward points. However, for bookings on www.airvistara.com, stand-alone restaurants and bookings on www.hdfcbankinfinia.com would give you 2X reward points.

HSBC Bank Premier Mastercard Credit Card

HSBC Premier Mastercard Credit Card is targeted at HSBC customers who can maintain a quarterly total Relationship Balance of INR 40,00,000 with HSBC. This credit card is a great option if you spend a lot on foreign currency or if you are a frequent traveller.  Since this is a Premier Card, you receive premium services such as complimentary golf memberships, access to airport lounges and a 1.5% cash back on international spends.

The movie offers on this credit card are quite impressive. You get movie ticket voucher worth INR 1000 on spending over INR 75,000 in a calendar month. However, you can get vouchers up to INR 6000 every year. Additionally, you can make use of this card to obtain a fuel surcharge waiver of 1% at all petrol pumps.

YES FIRST Exclusive Credit Card

The YES FIRST Exclusive Credit Card is targeted at people who get a fat pay cheque every month i.e. people who earn INR 4,00,000 and above or people with an ITR of 50 Lakh. This credit card offers you 50,000 points as welcome bonus, 40,000 points as renewal bonus and 25,000 points as annual bonus.

This credit card offers elite memberships such as Taj InnerCircle Membership, Priority Pass Membership, membership to MasterCard World Golf Programme and an insurance cover of INR cover of 3 crore for death due to air accidents, medical insurance cover of INR 50,00,000 for overseas hospitalization. The best features, however, are the preferential interest rate of 14.40% annually, a preferential foreign currency mark-up fee of 1.75% and unlimited airport lounge access.

Bottom Line

The Standard Chartered Priority Visa Infinite Credit Card is only for the select few. It comes with a zero annual fee. Although this credit card offers Priority Pass Membership, all visits are charged. Furthermore, you do not get any golf privileges. Some other cards like YES FIRST Exclusive Credit Card give you unlimited airport lounge access benefits. However, there’s not much to complain since it is a lifetime free card for Priority Banking customers of Standard Chartered Bank.

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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