Standard Chartered Platinum is an entry-level rewards credit card, best for the first time applicant.
If you are applying for a credit card for the first time and have doubts about approval due to low income/salary then you must apply for SC Platinum credit card.
Standard Chartered Platinum Credit Card Review
SC Platinum credit card is the best credit card for beginners who have just started earning, has no credit history, and is looking for a credit card.
Platinum credit card approval rate is also good especially if you are a salaried employee with a minimum of Rs. 25000 monthly salary.
Standard Chartered Platinum Credit Card Benefits
SC Platinum Rewards credit card is a basic credit card with 5x benefits limited to dining and fuel expenses.
The card is designed to suit the lifestyle of young people who have just started earning and have more spendings on fuel and dining.
#1. 5x Rewards on Dining and Fuel Expenses
You get 5 reward points when you spend Rs. 150 on fine-dining and fuel. The best part is that there are no monthly caps on the rewards points.
#2. Reward on Other Spends
You will earn 1 reward point per Rs. 150 on all other expenses except for fuel and dining.
#3. Easy Approval
The approval rate for the SC Platinum Rewards credit card is high. You should apply for the card if you are in a government or private job with a salary of Rs. 25,000 and above.
#4. The Good Life (TGL) Programme
Standard Chartered Platinum credit card offers access to the TGL program. Where you can enjoy time-to-time discounts and offers across dining, shopping, travel, or movies.
For example, under the TGL program, the Platinum Rewards credit card provides
- 15% off at 850 participating restaurants across the country
- 25% off on Inox movie tickets on select days
SC Platinum Reward Value
You can redeem SC Platinum credit cards reward points for electronic gadgets, mobiles, vouchers, or services available in the 360 Rewards program.
You can get a reward value of Rs 0.15 to 0.25 for every 1 reward point based on the product that you choose. For example, vouchers carry Rs. 0.25 worth of value per point. Whereas gadgets and mobiles carry a lower Rs. 0.15 worth per reward point.
You need a minimum of 500 points for reward points redemption.
Standard Chartered Platinum Credit Card Fee
Standard Chartered collects a joining fee of Rs. 250.
But you get a 100% onetime cashback when you spend on dining at restaurants within 90 days. That means zero joining fee. Actually, to promote usage Standard Chartered Bank (SCB) charges a joining fee.
Annual Fee of Rs. 250 is the lowest fees among all Standard Chartered credit cards like the Digismart, Manhattan, or Super Value Titanium card.
Annual Fee Waiver
The annual fee of Rs. 250 gets waived off when you spend Rs. 60,000 or more in the previous year.
Potential Annual Saving
Let’s analyze potential savings using the following assumption for the annual spending level of Rs. 60,000 and Rs. 1.2 Lakh.
In the first scenario, you spend Rs. 60,000 entirely on the 5X category. And in the second scenario, you spend Rs. 60,000 on the 5X category and Rs. 60,000 on other expenses.
|Particulars||Savings on spending of Rs. 60,000||Savings on spending of Rs. 1.2 Lakh|
|Annual Expenses||Rs. 60,000||Rs. 1.2 Lakh|
|Rewards points earned in 5x category||60,000/150×5 = 2000 RP||60,000/150×5 = 2000 RP|
|Rewards points earned in 1x category||NIL||60,000/150×1 = 400 RP|
|Total rewards points||2000||2000+400=2400|
|Value of reward points||2000×0.25= Rs. 500||2400×0.25= Rs. 600|
|Annual fees waiver||+250||+250|
|Savings after annual fees||Rs. 500+250= Rs. 750||Rs. 600+250= Rs.850|
|% savings||750/60000×100= 1.25%||850/120000×100= 0.70%|
You can see, the more you spend on the 5x rewards category the more will be your savings. You can get the maximum benefit on spending more than Rs 60,000 in a year because you will get the annual fee waiver as well.
What I Liked
- Higher approval rate
- 5X rewards on fuel and dining
- 3D secure OTP verification for online purchase
What I Didn’t Like
- Lower reward value
Standard Chartered Platinum Credit Limit
You will get to know about the credit limit in the welcome letter sent you along with your Platinum credit card.
On a monthly salary of Rs. 50,000, you can expect a credit limit up to Rs. 60,000 on your SC credit card.
Standard Chartered Platinum Credit Card Eligibility
To apply for a Platinum Rewards credit card you need to
- Be in the age group of 21 and 65 years
- Have a stable monthly income with at least Rs. 25,000 of monthly income
- Belong to credit cards sourcing cities / locations of the bank (mostly Tier 1 and metro cities)
SC Platinum Credit Card Application Process
- 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 use the “instant in-principle approval” facility by Standard Chartered for a quick approval.
In case you get approval then a bank representative will contact you for documentation and further process.
For instant in-principal approval you need to follow the below steps.
#1. Use Instant Approval Form
Visit SC website to apply online for Platinum credit card.
Fill in the city, date of birth, income and contact details on the instant approval form to know your eligibility for the Platinum credit card.
Once eligible, then you need to fill a detailed online form.
#2. Fill Detailed Application Form
Provide the following details on the detailed application form. You can see the image below for reference.
- Personal Information like name, occupation or business, education, marital status, date of birth and number of dependents
- Employment details like designation, work experience and office contact details
- Address information
- Income details like previous year taxable income, source of 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 should get a call from the SCB representative in a day or two after application submission. Standard Chartered takes around 9 days for credit card approval.
Standard Chartered Platinum Rewards is an entry-level credit card best for first-time applicants. The major benefits are limited to 5x rewards on dining and fuel expenses.
The card can be a starting point for youngsters who have just started earning and do not have a credit history.