Standard Chartered has announced that effective February 1, 2024, its Premium debit cards will no longer offer cashback on purchases.
Monthly Cashback Reward Discontinued
As per the upcoming changes, debit cardholders will not earn any cashback when they use these cards for expenses. Instead, they will earn reward points subject to a monthly cap of 1000 points.
The bank will provide 10 reward points for every ₹100 spent only in select categories like entertainment, groceries, supermarkets, utility bills, and telecom. This is a major shift from the existing cashback reward applicable across all spending.
New Reward Points System
- Cardholders will instead earn 10 reward points for every ₹100 spent in select categories:
- Entertainment
- Groceries
- Supermarkets
- Utility bills
- Telecom
- The maximum cap on earning reward points will be 1000 points per month
Other Benefits Continue
Other benefits of the Premium Debit Card like the ₹1 crore air accident insurance cover and ₹55,000 purchase protection will continue as before.
Verdict
The cashback offer is the main reason I signed up for this card. It provided assured cashback of up to ₹500 per month when I used the card to pay for groceries, bills, fuel, and more. This cashback accumulated over months and helped me save around ₹6000 annually
FAQs
Some frequently asked questions about this change are:
When will the changes be effective?
The changes will come into effect from February 1, 2024.
Will I still get cashback on old transactions?
Yes, cashback earned on eligible spends before February 1, 2024, will be credited as per existing terms.
What is the minimum redemption requirement?
You will need a minimum of 500 reward points to redeem rewards.
