Standard Chartered MasterCard Synopsis

 

Table of Contents

• Overview of Standard Chartered MasterCard
• Detailed Features and Benefits
• Eligibility and Application Requirements
• Financial Charges and Rewards

Advantages:

• A grace period of up to 51 days without interest charges.
• Access to a cash advance facility, up to 30% of your credit limit.

Drawbacks:

• Potential for significant late fee penalties.
• Risk of accruing substantial debt through extensive card usage.

Principal Features:

• Complimentary access to CIP lounges at Pakistani airports.
• Global acceptance at approximately 24 million establishments.
• Up to 5% cashback rewards on purchases at fuel stations, supermarkets, and electronic stores.
• The option to transfer balances at competitively low rates.
• Provision for five supplementary cards for family members.

Qualification Criteria:

For Employed Individuals:

• No specified salary requirement.
• Age range: 21 - 60 years.
• Necessary documents: CNIC, salary certificates, bank statements, and an employer’s letter.

For Entrepreneurs/Self-Employed:

• No defined income threshold.
• Age range: 21 - 65 years.
• Necessary documents: CNIC, National Tax Number, business proof, and bank statements.

Additional Information:

• Maximum Credit Limit: Not specified.
• Interest-Free Period: 51 days.
• Balance Transfer Rate: 42%.
• Cash Advance Fee Annual: The greater of 1,000 PKR or 3% of the advance.
• Cash Advance Rate: 42%.
• Rewards Program: Cashback.
• Reward Points: Earn up to 5% instant cashback on transactions.
• Late Payment Fee: 1,200 PKR.
• Foreign Transaction Fee: 3.5%.
• Target Audience: Employed and self-employed individuals.
• Minimum Income Requirements: Not specified by the bank.
• Ideal For: Earning instant cashback rewards.
• Minimum Age Requirement: 21 years.
• Supplementary Cards: Up to 5.
• Payment Network: Mastercard.
• Lounge Access: CIP lounges.

Frequently Asked Questions

1. What sets the Standard Chartered MasterCard apart?

This card offers an interest-free period of up to 51 days and a cash advance facility up to 30% of your credit limit, making it an excellent choice for both planned and unforeseen expenses. Additionally, it provides global accessibility and lucrative cashback rewards on everyday purchases.

2. Are there any risks associated with the Standard Chartered MasterCard?

Yes, users should be cautious of the potential for significant late fees and the risk of accumulating substantial debt if the card is used excessively without careful financial management.

3. How can one apply for the Standard Chartered MasterCard, and what are the requirements?

Application is open to both salaried and self-employed individuals. While the bank does not specify income requirements, applicants must be between 21 and 65 years old and provide necessary documentation such as CNIC, salary slips or business proof, and bank statements to qualify.