Standard Chartered MasterCard Cashback Card Overview

Content

Directory

• Introduction to Standard Chartered MasterCard Cashback Card
• Highlighting the Advantages and Limitations
• Detailed Feature Presentation
• Eligibility and Documentation Requirements
• Comprehensive Card Insights

Benefits:

• No interest charges for purchases within the first 51 days.
• Access to a cash advance up to 30% of your credit limit.
• Yearly cashback potential of up to Rs. 6,000 on fuel purchases.

Drawbacks:

• Potential for hefty fees on delayed payments.
• Risk of significant debt from unmoderated card usage.

Card Specifications:

• Universal acceptance at over 24 million outlets globally.
• Earn up to 5% cashback on expenses at fuel stations, grocery stores, and electronic retailers.
• Global usage for seamless transactions anywhere in the world.
• Flexible payment options allow for immediate purchases with deferred payment.
• Includes up to five additional cards for family members at no extra cost.

Qualification Criteria:

For Employees:

• No explicit salary level required by the bank.
• Age range: 21 - 60 years.
• Required documentation includes a National ID, proof of income, bank statement, and an employer's endorsement.

For Self-Employed or Business Owners:

• No predetermined income level specified.
• Age range: 21 - 65 years.
• Necessary documentation comprises a National ID, Tax Identification Number, proof of business operations, and a bank statement.

Additional Information:

• Credit Limit Peak: Not specified.
• Grace Period: 51 days without accruing interest.
• Balance Transfer Interest Rate: 42%.
• Annual Cash Advance Fee: Rs. 1,000 or 3%, whichever is higher.
• Interest Rate for Cash Advances: 42%.
• Incentive Scheme: Cashback on various transactions.
• Cashback Rewards: Up to 5% instant return on select spending.
• Fee for Late Payment: Rs. 1,200.
• Charge on Foreign Transactions: 3.5%.
• Primary Audience: Salaried and self-employed individuals.
• Income Requirement for Employees: Not disclosed by the bank.
• Income Requirement for Business Owners: Not disclosed.
• Optimal for: Maximizing cashback earnings.
• Minimum Age Requirement: 21 years.
• Additional Card Allowance: Up to 5.
• Affiliated Network: Mastercard.
• Lounge Access: Not available.

Frequently Asked Questions

1. What distinguishes the Standard Chartered MasterCard Cashback Card in terms of benefits?

This card offers an appealing blend of financial flexibility and rewards, including an interest-free period of 51 days on purchases, the capacity for a cash advance up to 30% of the credit limit, and significant cashback opportunities, particularly on fuel purchases, where cardholders can accumulate up to Rs. 6,000 annually.

2. Are there any notable financial drawbacks to using this card?

While the card presents various financial perks, users should be cautious of potential drawbacks, such as the imposition of substantial late payment fees and the risk of accruing considerable debt if the card is used excessively or without strategic financial planning.

3. How can one qualify for the Standard Chartered MasterCard Cashback Card, and what are the documentation requirements?

The card is accessible to a broad spectrum of applicants, including both salaried and self-employed individuals, without strict income prerequisites. Prospective cardholders must submit a range of documents for verification, including a National ID, relevant income proofs, and a bank statement, facilitating a relatively straightforward application process aimed at accommodating diverse financial backgrounds.