Content Overview
- Introduction to Standard Chartered MasterCard
- Summary of Benefits and Limitations
- Detailed Features and Eligibility Criteria
- Expanded Card Information
Advantages:
- Enjoy a no-interest period for up to 51 days on your expenditures.
- Access to a pre-approved cash withdrawal limit, up to 30% of your credit ceiling.
Disadvantages:
- Caution advised due to potential fees for delayed payments.
- Risk of accruing significant financial liabilities through indiscriminate spending.
Card Specifications:
- Exclusive entry to CIP lounges across Pakistani air terminals.
- Global card acceptance in over 24 million locations.
- Benefit from up to 5% cashback on expenses at fuel stations, grocery stores, and tech shops.
- Option to transfer existing card balances at minimal rates.
- Provision of up to five additional cards for immediate family members.
Application Prerequisites:
For the Employed:
- No specific salary criterion disclosed.
- Age range: 21 - 60 years.
- Necessary paperwork: National ID, proof of income, financial statement, and verification from employer.
For Entrepreneurs and Independent Contractors:
- No declared income threshold.
- Age range: 21 - 65 years.
- Necessary paperwork: National ID, Tax Identification Number, business verification, and financial statement.
Additional Card Details:
- Credit Ceiling: Unspecified.
- Grace Period: 51 days without interest.
- Transfer Rate for Balances: 42%.
- Annual Fee for Cash Withdrawals: The higher of Rs. 1,000 or 3%.
- Percentage Rate for Cash Withdrawals: 42%.
- Incentive Mechanism: Cashback on purchases.
- Cashback Rewards: Up to 5% back on select transactions.
- Fee for Payment Delays: Rs. 1,200.
- Charges on International Transactions: 3.5%.
- Intended Demographic: Salaried employees and business owners.
- Income Specifications: Not delineated by the bank.
- Ideal Use: Maximizing immediate cashback rewards.
- Minimum Eligible Age: 21 years.
- Extra Card Provisions: Up to 5.
- Transactional Network: Mastercard.
- Lounge Benefits: Access to CIP facilities.
Frequently Asked Questions
1. What unique benefits does the Standard Chartered MasterCard offer?
This card stands out by providing a generous interest-free window of up to 51 days on purchases, alongside the convenience of cash withdrawals up to 30% of the credit limit. Additional perks include widespread global acceptance, cashback rewards on essential spending categories, and exclusive lounge access, enhancing the overall cardholder experience.
2. What are the potential financial pitfalls associated with this card?
Cardholders should be aware of the high fees for late payments and the danger of accumulating substantial debt through frequent or high-volume transactions. Responsible card usage is advised to avoid financial strain.
3. How can one qualify for the Standard Chartered MasterCard, and what documents are required?
Eligibility is extended to both salaried individuals and business owners, without strict income requirements. Applicants need to provide a national ID, relevant income proof, and a bank statement for verification. The process is designed to be inclusive, catering to a broad spectrum of financial backgrounds.
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