Review: Standard Chartered Platinum Rewards Credit Card

Greater welcome benefit in comparison to joining fee
Standard Chartered Platinum Rewards credit card comes along with the activation benefit of 100% cashback on restaurant spends in the first 90 days. The maximum cashback you can earn as per this benefit is Rs. 500.

This limit surpasses the value of the joining fee charged, that is, Rs. 250. Therefore, in terms of offering welcome benefit, the card has an added advantage of not only offering the welcome benefit (despite being a low annual fee card) but also offering benefit that has greater value than the charges.

Easily attainable annual fee waiver
Similar to the joining fee, the annual fee charged on this card is also low, at Rs. 250. However, an added advantage over and above the low annual fee here, is that the card offers an annual fee waiver on spending Rs. 60,000 or above in a year. This means that to avail of this benefit, you need to spend around Rs. 5,000 per month on an average. Note that, spending this limit via your credit card is easy and achievable, even when you use your credit card frequently or occasionally.

High rewards on both dining & fuel
The main USP of this credit card is that it offers high rewards on both dining and fuel. For every Rs. 150 spent via this card on dining and fuel, you earn 5 reward points. While various cards offer high reward rates that may be inclined towards any specific category, not many cards offer high rewards on a combination of these two categories. In addition to that, there is no monthly cap on the reward points offered (you must however check the expiry of the vouchers against which you redeem your reward points). Thus, if you are specifically looking for a rewards credit card for combined benefits every time you dine out or spend on fuel, then this card is a good option at a low annual fee.

Other Benefits

• You can get this card instantly without any physical interaction, via online KYC. On approval, you can also get a virtual credit card.
• The card allows contactless payment for faster checkout and quick processing.
• All transactions done via this card are secured with 3D secure OTP verification.
• This credit card offers EMI on bill payment, wherein you can convert outstanding amount up to Rs. 5 Lakh into easy EMI at zero processing fee.
• Lastly, the card comes along ‘Dial-a-loan’ feature, via which you can avail a loan of up to Rs. 5 Lakh for flexible tenure, ranging between 12 to 60 months.

Limited rewards in categories other than Dining and Fuel
Though the card offers high rewards on dining & fuel, the rewards offered in other categories is very basic and limited. For every Rs. 150 spent on other categories, you only get 1 reward point. This can be a major drawback if you use your card for retail spends, online shopping, etc. Various other credit cards in this fee range, or even zero annual fee cards, offer better spends on such categories, such as HSBC Visa Platinum Credit Card, IDFC Select Credit Card, and ICICI Platinum Chip Credit Card, among others.

No additional benefits
In comparison to other low-fee cards, this credit card does not offer basic credit card benefits such as  complimentary lounge access or insurance covers, such as lost card liability. Therefore, if you are looking for an all-rounder benefit on a credit card, even though basic, then this card is not a suitable option for you, as the benefits are inclined towards rewards and that too specifically to expenses on dining and fuel.

While Standard Chartered Platinum Rewards Credit Card is counted among the best rewards credit cards in India, you must always consider your spending patterns before opting any card. Note that the card offers various features that are considerably good, such as activation benefit or an easy fee waiver. However, your primary reason to go for this card must be the 5X rewards features on dining and fuel. Here again, you must analyze your spending habits and lifestyle.

If you are somebody who prefers using your card for both dining and fuel categories, then this card is undoubtedly a good choice at a low fee. However, if your spending pattern is more inclined toward retail spending, online shopping, or on any one benefit amongst dining or fuel and not the combination of both, then you must consider other credit cards. You can also check top dining credit cards in India or top fuel credit cards in India, to make a more informed choice.