Standard Chartered Digismart Credit Card Review 2020

Standard Chartered DigiSmart credit card is a newly launched credit card specially designed for online shopping lovers in India. 

You can get up to 25% discount when you spend for clothes, groceries, movies, travel, cab rentals, or food online. 

Standard Chartered DigiSmart Credit Card Review

The Standard Chartered DigiSmart credit card is good for the new generation people who spend mostly online on their lifestyle. 

You can save up to 25% on online platforms like Myntra, Gofers, Zomato, or Yatra.

If you frequently spend on these brands then only you should apply for the SC DigiSmart credit card because you wouldn’t get any discount or cashback if you spend on any other brands. 

Let’s check all the benefits in detail. 

SC DigiSmart Credit Card Benefits 

#1. 20% Discount on Shopping at Myntra

You get a 20% discount when you make an online purchase at Myntra. The best part is that there is no requirement for a minimum spend amount. 

You can get the maximum discount up to Rs. 700 per buy and is valid on 1 transaction per month. So, make sure you order all your requirements in one order. 

#2. 10% Off For Online Groceries

You can get a 10% discount on your online grocery shopping at Grofers without any minimum spend criteria.

You can get a discount on five online purchases per month at Grofers and can get a maximum discount of Rs. 1000 per month (jointly on all your purchases). 

#3. 10% Discount on Food Orders

You can save 10% when you order food online from Zomato without worrying about the minimum bill amount.

The maximum discount is capped at Rs. 150 per transaction and is applicable on 5 online food orders per month. This way you can save up to Rs. 750 every month on your Zomato bills. 

#4. One Free Movie Ticket at Inox

You get “Buy one get one” free movie tickets on your DigiSmart credit card at INOX.

You will get free tickets only on Saturday and Sunday up to Rs. 200 per transaction. You can make a maximum of 2 transactions per month. 

#5. 25% Discount For Travel on Yatra

You will get a 25% discount on domestic flights and 10% on international flight ticket bookings. Further, you can save 20% of your money on domestic hotel reservations.

Limits 

  • Category – Domestic flight booking – a maximum discount of Rs. 750
  • Category – International flights – maximum discount of Rs. 10,000
  • Category – Domestic hotel reservation – a maximum discount of Rs. 4,000

You will get travel discounts on 1 transaction per quarter, per category. 

#6. 15% Cashback on Ola Cab 

You earn 15% cashback when you commute using Ola cab bookings. The maximum cashback is limited to Rs. 600 per month. 

SC DigiSmart Reward Value

You can get maximum benefit only through the cashback categories on the specified websites.

You wouldn’t get any reward points or benefit on any other spends. 

Standard Chartered DigiSmart Credit Card Fee 

Monthly Fees – Rs. 49 per month.

Standard Chartered charges a monthly fee instead of annual fees on DigiSmart credit card which is unique as compared to other credit cards that have an annual fee.

So, you wouldn’t need to pay the entire annual fee in one go. 

Overall you need to pay 49 x 12 = Rs. 588 in a year.

You would need to pay an additional Rs. 49 per month for the supplementary card that normally comes free in case of other credit cards.  

Annual Fee Waiver

You can get a monthly fee waiver on the basis of your monthly spending. You need to spend Rs. 5,000 in a calendar month to get next month’s fee waiver. 

So, rather than spending Rs. 60,000 in a year, to get a yearly annual fee waiver, you need to spend only Rs. 5,000 to get next month’s fee waiver. 

In case, if you have a supplementary card, then you need to spend individually – Rs. 5,000 (on primary card) + Rs. 5,000 (on supplementary card) = Total of Rs. 10,000 to get the monthly fee waiver. 

But, the maximum cashback amount is applicable jointly to the primary and supplementary cardholder. 

That’s the sorry state! You pay monthly fees on both cards separately but are forced to enjoy benefits combined.  

You should go with only a primary card and avoid having the secondary card. 

Potential Annual Saving 

You can save up to Rs. 3,450 every month on SC DigiSmart credit card. Suppose, you spend maximum on the above categories per month then your savings would be.

Category Per Month Spend Amount for Maximum SavingsPer Month Amount Saved
Shopping at MyntraRs. 3,500Rs. 700
Grocery ShoppingRs. 10,000Rs. 1,000
Food Rs. 7,500Rs. 750
MoviesRs. 400Rs. 400
Ola RentalsRs. 4,000Rs. 600
Total Rs. 25,400Rs. 3,450
% Savings=  3450/25400×100 = 13.58% 

I have not included the travel benefits from Yarta because the discounts are applicable on 1 transaction per quarter, per category.

You have a 13.58% monthly savings on your online purchases made through specified brands. The above savings will not happen if you shop at any other company.  

What I Liked

  • Up to 25% discount on various online transactions
  • Option to get virtual DigiSmart card

What I Didn’t Like

  • Monthly fees applicable on supplementary card
  • No reward points for any spends
  • Existing SCB credit cards users need to cancel the card and then apply for DigiSmart card

Standard Chartered DigiSmart Credit Limit

Standard Chartered discloses credit limit only in the welcome letter sent along with your DigiSmart credit card.

If your monthly salary is Rs. 50,000 then you can expect a credit limit up to Rs. 60,000 on your SC credit card.  

Standard Chartered DigiSmart Credit Card Eligibility

  • Be in the age group of 21 and 65 years 
  • Have a stable monthly income 
  • Belong to credit cards sourcing cities / locations of the bank (mostly Tier 1 and metro cities)
  • Do not have any other Standard Chartered credit card

SC DigiSmart Credit Card Application Process

Standard Chartered DigiSmart credit card is for new applicants.

If you are holding any other Standard Chartered credit card then you need to cancel your existing credit card and apply afresh.

Document Required

  • Identity proof like Aadhaar card, Passport, PAN card or Voter ID card
  • Address proof like Aadhaar, Passport, Driving license, Phone bill, or Electricity / other utility bills
  • One recent passport-sized photograph
  • Financial documents like 
    • For salaried – Latest one month salary slip
    • Self-employed businessmen – Latest IT returns with computation of income / certified financials, last business continuity proof
    • Self-employed professionals – Latest IT returns, business continuity proof  or
      other bank credit card statement

You can apply online and get instant in-principle approval. Then a bank representative will get in touch with you to complete the documentation requirements.

Follow the below steps for instant in-principal approval.

#1. Get Instant In-Principle Approval

Visit the SC website to apply for Digismart credit card.

Fill in the city, date of birth, source of income, annual income details, email and mobile number. 

Click on the green “Proceed” tab to continue with the application.

#2. Fill the Detailed Information Form

On the next page, you need to provide detailed information related to:  

  • Personal information like name, DOB, occupation, education, marital status and number of dependents
  • Address information
  • Employment details like designation, work experience and office contact details
  • Income details like income proof documents, previous year taxable income, professional income business income & other income details, if any.
  • Identity details like PAN number
  • Existing banking relationship with Standard Chartered Bank, if any.

You will get a prompt approval or rejection message within 5 minutes after you submit the application. 

On approval, you will get a call from the Standard Chartered for documentation and further process.

Note – You cannot apply for a DigiSmart credit card if you are an existing Standard Chartered credit cardholder. 

You need to cancel your existing credit card and then apply fresh for the DigiSmart credit card or your application will be rejected. 

Final Verdict 

DigiSmart credit cards are best for new generation people who love to spend online because you get up to 25% discounts from certain brands. 

You should apply for a DigiSmart card only if you shop frequently at specified brands like Myntra, Grofers, Zomato, Yatra, INOX, or Ola to save up to 25% on your shopping bills.

2 thoughts on “Standard Chartered Digismart Credit Card Review 2020”

Leave a Comment