Standard Chartered Bank Credit Card Fees and Charges

An interest rate or the finance charges are applicable to the Standard Chartered bank credit card if the card user does not pay the total outstanding amount within the payment due date. So, these charges are levied in case of credit card cash withdrawals from the date of transaction and if you only make partial credit card bill payments, missed the payment altogether or if you carry forward the outstanding bill amount to the next billing cycle. The Standard Chartered credit card interest rate is as follows:

Interest-free (Grace) Period

Standard Chartered bank provides a grace period of 18 to 25 days until the payment due date after the credit card statement release during which the outstanding amount does not accrue any interest. The credit card users can check the exact payment due date from their statement. So, the total interest-free credit period can range from 18-48 days to 25-55 days. For instance, let’s assume that your statement date is 2nd Nov for the billing cycle between 3rd Oct and 2nd Nov and your payment due date is 24 Nov. In this case, the interest-free period for the transaction you may have made on 2nd Nov is of 22 days, while it is 52 days for a transaction done on 3rd Oct.

This grace period is, however, not applicable to credit card cash advances and any revolving balance. In such cases, the interest is levied from the date of transaction itself.

Whenever you withdraw cash from any ATM using your credit card, Standard Chartered bank charges a credit card cash withdrawal or a cash advance fee. This fee is charged every time you make ATM withdrawals using a credit card as a percentage of the withdrawn amount.

Note: Finance charges are also applicable along with the above mentioned charges on credit card cash withdrawals. Therefore, credit card cash withdrawal is one of the most expensive types of credit available in the market and should be avoided whenever possible.

The Standard Chartered credit card annual fee differs from one card to another and is usually dependent on the card level. Entry-level cards come with a lower fee as compared to premium credit cards. The card users first have to usually pay a joining fee at the time of card issuance and a renewal fee every year thereafter. Some cards also come with the facility of annual card fee waiver if they cross certain minimum spending milestones.

Suggested Read: Best Lifetime Free Credit Card in India

Standard Chartered bank charges a credit card forex or foreign currency exchange mark-up fee of 3.5% of the transaction amount. This fee is charged on all international transactions, including cash withdrawals from ATMs outside India, online transactions in foreign currency and payments made to any merchant who is registered abroad.

Here, 1% fee is charged by Visa/MasterCard to the transactions made at the merchants who are registered overseas, even if the merchant is located in India. This fee is included in the transaction amount in the credit card statement.

If you exceed your credit limit, then the bank charges an extra fee called the overlimit fee. Standard Chartered bank charges an overlimit fee of Rs. 500 per instance or 2.5% of the over limit amount, whichever is higher. Here, you will be charged with a minimum of Rs. 500 even if 2.5% of the exceeded amount is less.

Late payment charges are applied to your Standard Chartered credit card whenever you fail to pay even the minimum amount due by the payment due date. This fee is charged based on the outstanding balance of your credit card.

Note: In addition to the above-mentioned fee, an extra fee of Rs. 100 is charged if the credit cardholder does not pay the minimum amount due for 2 or more consecutive months.

Note: Refer to the official bank website to verify the latest credit card fees and charges.

Q. Does Standard Chartered Bank provide add-on credit cards?
A. Yes, the bank offers supplementary or add-on cards on the Standard Chartered credit card you own. Most add-on cards are offered without charging you with any additional card fee. However, add-on cards for a few card variants, like EaseMyTrip and Rewards credit cards come with their own annual fees.

Q. Does GST apply to all Standard Chartered fees and charges, including the balance on credit card?
A. Goods and Service Tax (GST) is applicable on the credit card fees and charges only and not on the credit card account balance.

Q. How to withdraw cash using a Standard Chartered Bank credit card?
A. Cash from Standard Chartered Bank credit cards can be withdrawn from Standard Chartered ATMs and other bank ATMs. The following steps will help you withdraw cash using a Standard Chartered Bank credit card at an ATM.

• Visit Standard Chartered Bank ATM or other supporting bank ATM outlets
• Insert your credit card and enter the PIN
• Select your preferred language
• Select ‘Cash withdrawal’ option
• Enter the amount and press ‘Confirm’

Q. What is the interest-free period available for Standard Chartered credit card cash withdrawal?
A. There is no interest-free period or grace period for the credit card cash withdrawal facility. Interest is charged from the date of withdrawal till the outstanding amount is paid in full.