[Devaluation] Standard Chartered SC Cards Revision to Late Payment Charges, Cashback Redemption Thresholds and Priority Pass

[NAB]

Source: https://www.sc.com/in/credit-cards/late-charges-cashback-redemption-priority-pass-faqs/

 

[Zacobite]

Source: https://www.sc.com/in/credit-cards/late-charges-cashback-redemption-priority-pass-faqs/

Not really a devaluation..scb didn't want to be left behind

 

[techt]

Posting in text for readability

FAQs – Revision with respect to Late Payment Charges, Cashback Redemption Thresholds and Priority Pass​

Q1. What are the changes pertaining to Late Payment Charges on my Standard Chartered Credit Card?
A. Please refer to the following grid for changes pertaining to Late Payment Charges on Standard Chartered Credit Cards.

Statement Balance	Current Charges	Proposed Charges
(Rs)	(Rs)	(Rs)
Up to 100	0	0
101-500	100	100
>500-5,000	500	500
>5,000-10,000	700	700
>10,000-25,000	800	1,200
>25,000	1,200

Q2. Will I be impacted if I pay the Minimum Amount Due within the Payment Due Date as per the Statement generated?
A. No. Changes mentioned in above grid only pertains to clients who do not pay Minimum Amount Due within the Payment Due Date.
Q3. What is the revision on cashback redemption threshold related to my Credit Card?
A. Please find below the following revision with respect to redemption of cashback for Standard Chartered Credit Cards.

Cash back Redemption	Current (INR)	Proposed (INR)
A. Standard Chartered Smart Credit Card i. Min cashback balance ii. Cashback multiplier	1000 500	2500 1000
B. Standard Chartered Manhattan Credit Card i. Min cashback balance ii. Cashback multiplier	500 50	1500 500
C. Standard Chartered Super Value Titanium Credit Card (Including Premium Banking Clients) i. Min cashback balance ii. Cashback multiplier	500 50	1000 500

Q4. Is there any cap on maximum cashback that can be redeemed?
A. No there is no cap on maximum cashback that can be redeemed.
Q5. Is there any change to the cashback earn rate for Smart, Super Value Titanium or Manhattan Credit Card?
A. There is no change to cashback earn rate or categories for Smart, Super Value Titanium or Manhattan Credit Card. The only changes are in redemption thresholds as defined above.
Q6. I have INR 3600 cashback on my Smart Card, INR 1800 cashback on my Super Value Titanium Card and INR 1900 on my Manhattan Credit. How much cashback can I redeem on each of my Credit Cards?
A. For the above example, client can redeem cashback of INR 3500 on Smart Card, INR 1500 on Super Value Titanium Credit Card and INR 1500 on Manhattan Credit Card.
Q7. Is there any change in the process of redeeming cashback?
A. There is no change to the process of cashback redemption. Clients can continue to redeem cashback by logging in to the Rewards 360 portal.
https://retail.sc.com/in/rewards360/rewards_home/in
Q8. What are the changes pertaining to complimentary Priority Pass feature on Standard Chartered Credit Cards?
A. Using Priority Pass on any Airport Lounge in India (Domestic/International terminal) will attract applicable charges.
Q9. What is the change in the feature for complimentary usage of Priority Pass if I am a Premium Super Value Titanium Credit Cardholder?
A. The qualification criteria for 1 complimentary usage of Priority Pass per month for Premium Super Value Titanium Cardholders at International Lounges is being revised from spends of INR 10,000 in the previous month and will be available only to clients tagged under Premium Banking segment of the Bank with FUM qualification of INR 15 lakhs at an individual account level.
Q10. I do not own any of the credit card variants mentioned above which have Priority Pass feature. Will I be impacted by the changes mentioned in above grid?
A. No. This information pertains to only Priority Pass holders by virtue of holding the variants of Standard Chartered Credit Cards as mentioned above.
Q11. I hold a Premium Super Value Titanium Credit Card, but I’m not a Premium Banking Segment client with Standard Chartered Bank. Can I get complimentary international lounge access using Priority Pass?
A. No. The feature of complimentary International Lounge Access using Priority Pass for Premium Super Value Titanium Cardholders will be available only to Premium Banking segment clients and maintaining a FUM qualification of INR 15 lakhs at an individual account level.
Q12. Are there any changes with respect to Domestic Lounge access on Standard Chartered Credit Cards?
A. The changes mentioned above in Q8 and Q9 are with respect to usage of Priority Pass only. There are no changes with respect to complimentary Domestic Lounge Access feature on Standard Chartered Credit Cards.

 

[BhaiyaJi]

Axis to SC on devalution

 

[ThriftyPlasticPundit]

so they want people to wait for at least three months before you can request Manhattan cashback.

 

[SonyTom]

Source: https://www.sc.com/in/credit-cards/late-charges-cashback-redemption-priority-pass-faqs/

Thanks for the heads-up. Redeemed 1500 cashback now on my smart cc.

What I understand is that priority pass usage within India is chargeable. Hope they have not removed the 2 complementary visits/year using priority pass at lounges abroad which comes with EMT CC

 

[SonyTom]

Thinking of closing my Smart CC once the renewal date is near.

I use it mostly for online government spends. So I will probably reach near the 1,20,000 needed for fee waiver.

If there are offline spends included in the annual ₹1,20,000 spend needed for fee waiver, then once that anniversary year is completed the total cashback will be under 2000. So will have to wait sometimes 6 months more till the cashback crosses 2000. Even out of this 2000, profit is only ₹1000 since all government sites charge around 1% convenience fee. All this headache just to gain ₹1000 is too much.

I will keep my EMT CC as of now.

 

[VijayflyRaven]

It’s ridiculous to make minimum redemption to 2500 for SMART. I have to wait several months if not years to get to it. It is used for educational payment and tax which is possible in Idfc wealth (lower rate for <30k). I hope they don’t add redemption charges.

As a first step, planning to close my savings account with SC.

 

[ThriftyPlasticPundit]

what other cards have 5% offline super market cb?

 

[SonyTom]

It’s ridiculous to make minimum redemption to 2500 for SMART. I have to wait several months if not years to get to it. It is used for educational payment and tax which is possible in Idfc wealth (lower rate for <30k). I hope they don’t add redemption charges.

As a first step, planning to close my savings account with SC.

True. I will have to wait probably 2 years to redeem. Don't have IDFC wealth CC. But have IDFC select CC. Need to find out the net reward percentage on doing government transactions on it.

 

[VijayflyRaven]

what other cards have 5% offline super market cb?

AU LIT but you have to pay 299+ tax for 3 months to get 5% for max of ₹10k per month.

 

[krishc]

It’s ridiculous to make minimum redemption to 2500 for SMART. I have to wait several months if not years to get to it. It is used for educational payment and tax which is possible in Idfc wealth (lower rate for <30k). I hope they don’t add redemption charges.

As a first step, planning to close my savings account with SC.

I'm planning to close it as well
2500 is ridiculous af for lower limit for a card with max reward rate of 2%

 

[helloworld]

what other cards have 5% offline super market cb?

HSBC Cashback 10% + Dining too. Highest currently if not included those air mile redemption cards (which value varies depends on time, redemption).

 

[sarcasm99]

What are the charges for lounge access on SC EMT CC ? They haven't mentioned it clearly anywhere

 

[prc1990]

Source: https://www.sc.com/in/credit-cards/late-charges-cashback-redemption-priority-pass-faqs/

Effective from when?

 

[SonyTom]

Effective from when?

May 1, 2024