June 29th, 2022 | Updated on July 5th, 2022
Credit cards are fast becoming an important tool in the varied options of payment modes available for Indian consumers’. These credit cards provide convenience, and come with some great benefits.
Standard Chartered Bank has introduced a Smart Credit Card that provides some unique features and great cashback offers.
For starters, when the card is issued, you get an extended interest – free credit period for 90 days from card issuance (by paying only the minimum due amount). For an in-depth understanding of a smart credit card, let us check this article that covers many aspects:
Cashback Percentages And Caps
- With every retail spend you make online, you will earn a cashback of 2%. However, the cashback is capped at Rs. 1000 per month.
- With every retail spend (expect fuel spends and cash withdrawals) you make offline, you will earn a cashback of 1%*. In this case, the cashback will be capped at Rs. 500 per month.
- If your monthly spends happen to exceed Rs. 50000 online or offline, such excess will not qualify for the cashback of 2% or 1%, respectively. Every month, if you spend Rs. 50000 offline and Rs. 50000 online, you will get a cashback of Rs. 1500 per month which is Rs. 18000 in a year.
Transactions Eligible For Cashback
- The card issuing bank will tell you beforehand about the type of purchases that are excluded from the cashback benefits. These excluded purchases could be online or offline. For example, when smart credit card users pay for fuel, they do not get any cashback on that purchase.
- Other transactions not entitled to cashback benefits are cash advances, returned purchases, disputed transactions, fraudulent/unauthorised transactions initiated without the knowledge of the cardholder, fees and charges, finance charges, and also charged back transactions.
Rules For The Redemption Of Cashback
You may apply for the redemption of cashback by logging in to the rewards portal of the concerned bank. For example, for Standard Chartered Bank, the portal is Rewards360.
- You should at least earn a cashback worth Rs. 1000 to claim it. Thereafter, the claims can be made in multiples of Rs. 500. For example, if your cashback balance is Rs. 1800, you will only be able to claim Rs. 1500.
- The maximum cashback limit is capped at the card level. Therefore, both the primary cardholder and also the related supplementary holder are entitled to the maximum cashback, individually.
- The eligible cashback redeemed will be credited to your smart credit card, within three working days.
- If the credit for the cashback redemption is made before the statement generation date, the same will get adjusted against the gross outstanding i.e., you may pay a lesser amount to that extent.
- No redemption fee is payable. This means the entire benefit is the cardholders making the Smart credit card an exclusive one to have. Many other credit cards often charge a flat fee for the redemption of points which take away part benefits. Thereby reducing the percentage of credit points.
Using a credit card will benefit users in long term provided it is used responsibly.
Digital transactions are now accepted everywhere. Therefore, simply carrying plastic money will have major benefits and worrying about losing hard cash will be thing of the past.
To apply, simply visit Standard Chartered Smart Credit card and start your journey towards numerous rewards & cashbacks.
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