Rewards Credit Card

The catch is on redemption day

Earning points on this card is easy. Spending them well is the hard part. The most common complaint from Standard Chartered holders is the 360 Rewards catalogue: users say it lacks popular vouchers and that each redemption carries a ₹99 + GST fee. That fee figure comes from users, not from the bank page we checked.

This page covers the Standard Chartered Rewards Credit Card only. It is not Standard Chartered Platinum Rewards, which has a similar name and a lower fee, and it is not Axis Bank REWARDS.

The ₹20,000 line

Every rate here is per ₹150, and a point is worth ₹0.25 in the catalogue or ₹0.20 as statement credit.

• Retail spends earn 4 points per ₹150, about 0.67%.
• Retail spend above ₹20,000 in a month earns 4 bonus points per ₹150 on top, so about 1.33%. The bonus is capped at 2,000 points per statement cycle.
• Government and insurance earn 1 point per ₹150, about 0.17%.
• Fuel earns nothing. Rent under MCC 6513 attracts a 1% + taxes fee.

A month with ₹40,000 of retail spend earns roughly 1,600 points: about 533 on the first ₹20,000, then about 1,066 with the bonus on the rest. That is ₹400 in the catalogue or ₹320 as statement credit, close to 1% overall. Below ₹20,000 a month, this is a 0.67% card at best.

A paid year costs less than it looks

There is no joining fee. The annual fee is ₹1,000 + GST, waived if you spend ₹1,50,000 in the previous year, about ₹12,500 a month. If you miss that and pay the fee, the bank credits 4,000 points. At catalogue value that is ₹1,000, so a paid year really costs you ₹180 to ₹380, as long as you redeem the points.

You also get 1 domestic lounge visit per calendar quarter and a 1% fuel surcharge waiver on fills of ₹400 to ₹2,000, up to ₹400 a month.

What users say about limits and the Federal Bank move

Seven threads in our sentiment report describe sudden credit limit cuts, some down to ₹10,000. A cut limit makes the ₹1,50,000 waiver much harder to reach.

Users are also discussing a migration of Standard Chartered card accounts to Federal Bank. We have no confirmed terms from the bank. If you sit on a large balance, redeem what you can use rather than wait.

Our take on Standard Chartered Rewards

Keep it if you got it free or cross ₹20,000 of retail spend most months, and you are happy redeeming from the catalogue in larger batches. Apply fresh only if you are sure about both.

If you want value without a redemption game, a flat cashback card such as the Cashback SBI Card does the job with less effort.

Credit Card Information Compiled by: Abhijeet Kumar | Reviewed by: Anmol Ratan Sachdeva