SC Smart Credit Card(2022)Review

Standard Chartered Bank recently launched “SC Smart Credit Card“, a new entry-level credit card for Indian consumers. The SC Smart card comes with some g

reat features and benefits, including a flat 2% cashback on all online spending.

However, it’s important to note that this card is different from the SC DigiSmart credit card that the bank launched a few years ago.

So which one is right for you? Let’s take a closer look at both cards and see how they compare.

Let’s start with Charges.

SC Smart Credit Card Review Is it worth it
SC Smart Credit Card Review Is it worth it

Joining fee& Annual fee.

The SC Smart card comes with a joining fee of Rs 499+GST, and an annual fee of Rs 499+GST. However, if you spend Rs 1.2 Lakhs or more in a membership year, the annual fee will be waived.

The annual charges are the same as many other entry-level credit cards on the market, so this is not a deciding factor.

Welcome benefit

For the first 90 days after credit card issuance, use your new card for purchases and enjoy an extended interest-free credit period. You may pay only the minimum due to this offer.

This is in line with international standards and SC is the first bank in India to offer this benefit. In America Wells Fargo Reflect Visa Credit Card offers 0% APR for 21 months from the date of account opening on purchases and qualifying balance transfers.

I think this is a great benefit for people who are looking to make a big purchase and want to spread out the payments interest-free.

Standard benefits

The SC Smart Credit Card comes with several great benefits, including:

2% cashback on all online spending.

This is a great benefit, as it’s one of the highest cash back rates available on the market for entry-level credit cards. However, unlike Axis Ace Credit the Cashback is not unlimited. You will get a maximum cashback of Rs 1000 per month.

So if you’re looking for an entry-level credit card with great cash back benefits, the SC Smart Credit Card is a great option. However, if you’re looking for an unlimited cashback card, you may want to consider other options.

1% cashback on all offline spending.

This is a decent benefit, but it’s worth noting that many other entry-level credit cards offer higher cashback rates on offline spending. For example, the Axis Bank Flipkart Credit Card offers up to 1.5% unlimited cash back on all offlines spending.

SC Smart Credit Card cashback has been capped at 500 Rs per month which I think it’s a little less attractive compared to other cards.

3 months EMI@ 0.99% pm

SC Smart Credit Card also offers an easy and convenient way to pay for your purchases. You can enjoy a 3-month EMI tenure at 0.99% per month on spending above Rs. 2,000 without any processing fee.

This is a great benefit, as it’s one of the lowest EMI rates on the market. However, it’s important to note that this offer is only available on spending above Rs. 2000. So if you’re looking to make a big purchase and want to spread out the payments interest-free, this is a great option.

Balance EMI

You can convert your SC Smart Credit Card’s outstanding balance up to Rs.5,00,000 into EMIs, at a low rate of interest and choose a tenure that suits you, from 12 to 60 months without any processing fee.

This is a great benefit, as it’s one of the lowest EMI rates on the market. However, it’s important to note that this offer is only available on balances up to Rs. 500,000. So if you’re looking to make a big purchase and want to spread out the payments interest-free, this is a great option.

Dial-a-Loan

Dial-a-Loan is an easy, convenient, and fast way to get a loan without having to go through the hassle of visiting a bank. With Dial-a-Loan, you can get a loan of up to Rs.5,00,000 without having to submit any documents or paperwork. You can also get a loan at a low rate of interest and choose a tenure that suits you, from 12 to 60 months.

till now we have seen some of the best features SC Smart Credit Card is offering let’s look at some of the cons as well.

Disadvantages of using SC Smart Credit Card 

There are a few disadvantages of using SC Smart Credit Card. let’s have a look at them:

No fuel surcharge waiver

One of the disadvantages of using an SC Smart Credit Card is that you don’t get a fuel surcharge waiver. So if you’re someone who regularly fills up your tank, this could end up costing you quite a bit of money.

Many credit cards offer a fuel surcharge waiver, so this is something to keep in mind when comparing SC Smart Credit Card to other options.

No lounge access

Another disadvantage of using SC Smart Credit Card is that you don’t get any complimentary lounge access. This benefit is becoming increasingly common on credit cards, so it’s something to keep in mind if you travel often.

Even recently Airtel Axis Bank Credit Card was launched and it is offering a complimentary lounge access benefit.

 No reduced markup fee on foreign currency transactions

One of the benefits of using a credit card is that you can get a reduced mark-up fee on foreign currency transactions. This benefit is not available with SC Smart Credit Card.

The One Credit card issued by IDFC Bank/Federal Bank does offer this benefit, so it’s something to keep in mind when comparing SC Smart Credit Card to other options.

Comparison of SC Smart Credit Card with other credit cards available in the market 

When compared to other credit cards available in the market, SC Smart Credit Card doesn’t offer the best benefits. For example, the Axis Bank Flipkart Credit Card offers up to 1.5% unlimited cash back on all offlines spending, while SC Smart Credit Card’s cashback has been capped at 500 Rs per month.

Additionally, the Axis Bank Flipkart Credit Card offers a complimentary lounge access benefit, which SC Smart Credit Card doesn’t offer.

So, if you’re looking for a credit card that offers the best benefits, SC Smart Credit Card might not be the best option for you. However, if you’re looking for a card with low-interest rates and easy EMIs, SC Smart Credit Card could be a good option for you.

Who is best for SC Smart Credit Card?

SC Smart Credit Card is best for people who spend around Rs. 10000 per month and want a card with low-interest rates and easy EMIs.

Why only Rs.10,000? because SCB has waived off the annual fee for people who spend more than Rs. 10,000 per month and your all earned cashback will be saved

Eligibility criteria for SC Smart Credit Card

The eligibility criteria for SC Smart Credit Card are as follows:

  • Your age should be between 18 and 65 years.
  • You should have a stable monthly income.
  • You should belong to credit card sourcing cities/locations of the Bank.

Documents required for SC Smart Credit Card

The documents required for SC Smart Credit Card are as follows:

  • Aadhaar card
  • PAN card
  • Income proof (salary slip/bank statement)
  • Address proof ( ration card/bank statement/voter ID)
  • Income tax returns (for self-employed applicants)

How to apply for SC Smart Credit Card

To apply for SC Smart Credit Card, you can visit your nearest SCB branch or you can also apply online.

The online application process is simple and easy to follow. You just need to provide some basic information about yourself, such as your name, date of birth, and address.

You’ll also need to provide information about your income and employment. Once you’ve provided all the required information, you’ll be able to submit your application for SC Smart Credit Card.

SC Smart Credit Card Review: Is it worth it?

SC Smart Credit Card(2022)Review

All in all, if you are looking for a no-nonsense cash-back credit card that offers generous rewards without any conditions, the SC Smart Credit Card is a good option to consider. However, do keep in mind that there are other cards available in the market that offer better benefits (such as the Axis Bank Flipkart Credit Card and Axis Ace Credit Card).

Editor's Rating:
3.7

That said, we hope you found this review helpful! Have you applied for the SC Smart Credit Card? Let us know what you think about it in the comments below.

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