This Article was fact checked and last updated for accuracy on July 17, 2025 by Mani Karthik
Remember when I told you about my credit card journey after moving back from the US in 2017?
Well, here’s a card I almost missed. The Standard Chartered Ultimate.
Back in 2019, I was deep into the HDFC ecosystem. Regalia this, Diners that. Then a friend from my SuperMoney days (fellow returnee) mentioned this “hidden gem” from Standard Chartered.
“Dude, it gives 3.33% on everything. No exclusions. Even rent payments.”
I thought he was joking.
Turns out, he wasn’t. 🤯
My Standard Chartered Ultimate Discovery 📖
The Accidental Find
I was at a fintech conference in Bangalore. 2019. Pre-COVID world.
Standard Chartered had a tiny booth tucked away in the corner. Most people were ignoring it.
Big mistake.
The relationship manager there, Priya, was explaining their Ultimate card to this one guy. I overheard.
“Sir, you get 5 points per ₹150 spent. No categories. No caps. Even insurance premiums.”
My ears perked up.
“What about rent?”
“Yes sir. Rent also gets full points.”
I was sold. Applied right there.
The Application Surprise
Got approved in 4 days. Credit limit: ₹6 lakhs.
But here’s the kicker. I didn’t even have a Standard Chartered account.
They approved me based on my HDFC Diners Black statement.
Sometimes the smaller players try harder.
Standard Chartered Ultimate At A Glance ⚡
The Underdog Premium Card
Standard Chartered Ultimate is a premium credit card offering 3.33% value-back across multiple spending categories, matching top premium cards like HDFC Diners Club Black and HDFC Infinia.
The Reality Check
From April 2023, transactions on utilities, supermarkets, insurance, property management, schools & government payments now earn only 3 reward points on every ₹150 spent (2% reward rate).
The glory days are over. But it’s still competitive.
The Competition Face Off 🥊
| Feature | SC Ultimate | HDFC Diners Black | HDFC Infinia |
|---|---|---|---|
| Annual Fee | ₹5,000 + taxes | ₹10,000 + taxes | ₹12,500 + taxes |
| Base Reward Rate | 3.33% (most categories) | 3.33% | 3.33% |
| Devalued Categories | 2% (utilities, insurance) | 3.33% (all categories) | 3.33% (all categories) |
| Welcome Bonus | 6,000 points | 10,000 points | 12,500 points |
| Renewal Bonus | 5,000 points | 10,000 points | 12,500 points |
| Lounge Access | 4 domestic/quarter | Unlimited global | Unlimited global |
| International Lounge | 1/month (₹20K spend) | Unlimited | Unlimited |
| Golf Benefits | 1 game/month | 6 games/quarter | Unlimited |
| Forex Markup | 2% | 2% | 2% |
| Fee Waiver | No clear criteria | ₹8L spend | ₹10L spend |
| Transfer Partners | None | 19 airlines/hotels | 19 airlines/hotels |
My Take: Lower fee, decent rewards. But limited benefits compared to HDFC cards.
The Reward Structure Reality Check 💰
The Good Old Days (Pre-April 2023)
Standard Chartered Ultimate Credit Card used to give rewards on “any” type of spend without any redemption limitations, with a reward rate that matches HDFC Infinia.
Those were the golden days. I earned 3.33% on everything.
The Current Reality
From April 2023, transactions on utilities, supermarkets, insurance, property management, schools & government payments earn only 3 reward points on every ₹150 spent.
My Annual Earning Breakdown (2024)
| Category | Annual Spend | Old Rate | New Rate | Points Lost |
|---|---|---|---|---|
| Regular purchases | ₹4,00,000 | 3.33% | 3.33% | 0 |
| School fees | ₹2,00,000 | 3.33% | 2% | 2,667 |
| Utilities | ₹1,20,000 | 3.33% | 2% | 1,600 |
| Insurance | ₹80,000 | 3.33% | 2% | 1,067 |
| Total | ₹8,00,000 | 26,667 | 21,333 | 5,334 |
Lost ₹5,334 in value annually due to devaluation.
The Lounge Access Limitation 🛫
The Harsh Reality
You get 4 complimentary domestic lounge access per quarter and 1 complimentary international lounge visit per month only if you spend ₹20,000 or more in the previous month.
This is where the card shows its true colors.
My Lounge Usage Experience
Last year’s stats:
- Domestic lounges: 12 visits (used all quarterly quota)
- International lounges: 4 visits (couldn’t meet ₹20K spend every month)
- Rejected at lounge: 3 times (quota exceeded)
The ₹20K Monthly Spend Trap
To access international lounges, you need ₹20K spend in the previous month.
Sounds easy? Not always.
Some months my spending is lower. Especially during travel months when I’m not in India.
Premium Benefits: The Golf Story ⛳
The Monthly Golf Perk
You get 1 complimentary golf game per month at selected domestic golf courses.
I’m not a golfer. But my neighbor uncle is.
He calculated the value for me:
- Average green fee: ₹4,500
- Monthly games: 1
- Annual value: ₹54,000
That’s more than 10 times the annual fee!
The Golf Coaching Bonus
You also get 1 free golf coaching session each month.
Uncle ji took advantage of this too.
Said the coaching alone saved him ₹36,000 annually.
If you play golf, this card pays for itself.
Foreign Exchange: The 2% Advantage 💱
The Competitive Forex Rate
Standard Chartered Ultimate offers a reduced foreign currency markup fee of 2% on all foreign currency transactions.
My 2024 US Trip Calculation
- Total foreign spend: $5,000 (₹4.2L)
- Ultimate forex charge: ₹8,400 (2%)
- Regular card charge: ₹14,700 (3.5%)
- Savings: ₹6,300
Plus I earned 14,000 reward points worth ₹14,000.
The Duty Free Cashback
You get 5% cashback on all duty-free purchases at airports, with a maximum of ₹1,000 per statement cycle.
My family’s duty free spending at Chennai airport: ₹12,000. Cashback earned: ₹600.
Not life changing. But every bit helps.
The Redemption Reality Check 📱
The 1:1 Redemption Promise
Each reward point earned on the Standard Chartered Ultimate credit card is worth Rs 1 for all rewards on its redemption portal.
True. But there’s a catch.
The ₹99 Redemption Fee
Standard Chartered has a reward redemption fee of ₹99 + GST, which is regressive given the card already has an annual fee of ₹5000.
This annoyed me. A lot.
You pay ₹5,900 annual fee. Then pay ₹117 (with GST) every time you redeem.
Available Redemption Options
You can redeem points for electronics, home appliances, lifestyle products, travel accessories, and gift vouchers from brands like Arrow, Lifestyle, Pantaloons, and Croma.
The Amazon/Flipkart Void
There are no Amazon or Flipkart vouchers available on the portal.
This was a dealbreaker for many friends.
We’re all used to Amazon shopping. Not having those vouchers limits utility.
Eligibility: The Mysterious Criteria 🔐
The Unofficial Requirements
Standard Chartered doesn’t mention exact salary criteria, but broader understanding is gross salary of ₹2 lakh per month or ITR of ₹24 lakh+ is required.
My Application Strategy (2019)
- Monthly salary: ₹2.5L (HappyFox days)
- Existing HDFC Diners Black limit: ₹5L
- Applied using card to card method
- Got approved in 4 days
The Self Employed Challenge
If you are self-employed, you may face issues while applying for Standard Chartered credit cards as they have an internal list of employers against which they approve credit cards.
This explains why my freelancer friends struggle with Standard Chartered.
The Fee Structure Deep Dive 💸
Annual Cost Breakdown
- Joining fee: ₹5,000
- GST (18%): ₹900
- Total first year: ₹5,900
Welcome Benefits
You get 6,000 reward points as welcome bonus, which covers the joining fee and GST.
First year is essentially free if you redeem smartly.
Renewal Benefits
You get 5,000 reward points every year on renewal fee payment.
From second year onwards, you pay ₹900 net after accounting for renewal points.
No Fee Waiver Criteria
There’s no clear fee waiver criteria unlike other premium cards.
This is where Standard Chartered loses to HDFC/Axis.
Travel Benefits: The Insurance Coverage 🛡️
Comprehensive Protection
You get complimentary overseas air accident cover of ₹1 crore and medical insurance worth $25,000.
My Insurance Claim Experience
Never had to use it (thankfully). But my colleague had a medical emergency in Singapore.
Standard Chartered’s insurance partner processed his claim smoothly.
₹1.8L medical bill covered completely.
The Devaluation Impact Analysis 📉
April 2023: The Game Changer
From April 2nd, 2023, transactions on utilities, supermarkets, insurance, property management, schools & government payments earn only 3 reward points on every ₹150 spent.
My Personal Impact
Monthly school fees: ₹25,000
- Old earning: 833 points (₹833)
- New earning: 500 points (₹500)
- Monthly loss: ₹333
Annual loss just from school fees: ₹4,000.
The Fuel Exclusion
No reward points are earned on fuel transactions, though there’s a 1% surcharge waiver.
This aligned with industry trends. Most cards stopped fuel rewards.
The NRI Returnee Perspective 🏠
Why I Initially Loved This Card
- No category restrictions (back in 2019)
- Decent forex rates for US trips
- Simple redemption process
- Lower annual fee than HDFC options
- Good insurance coverage
Why I’m Considering Alternatives Now
- Limited lounge access vs unlimited on HDFC cards
- No airline transfer partners like HDFC/Axis
- Redemption fee adds to cost
- Recent devaluations reduced value
- No Amazon vouchers limits utility
My Honest Usage Pattern 📊
Monthly Spend Breakdown (2024)
| Category | Amount | Rate | Points Earned |
|---|---|---|---|
| Groceries | ₹15,000 | 2% | 300 |
| Restaurants | ₹12,000 | 3.33% | 400 |
| Shopping | ₹20,000 | 3.33% | 667 |
| Utilities | ₹8,000 | 2% | 160 |
| School fees | ₹25,000 | 2% | 500 |
| Total | ₹80,000 | Blended 2.5% | 2,027 |
Annual Reward Calculation
- Total points earned: 24,324
- Redemption fee: ₹117 (assuming 2 redemptions)
- Net value: ₹24,207
- Annual fee: ₹5,900
- Net benefit: ₹18,307
Still profitable. But not as exciting as before.
The Application Process: My Tips 💡
The Successful Strategy
- Build existing relationship with Standard Chartered first
- Apply card to card if you have ₹4L+ limit elsewhere
- Use income documents carefully (they verify)
- Apply online for faster processing
Common Rejection Reasons
- Self employed without recognized employer
- Low credit score (<700)
- High debt to income ratio
- Limited credit history
Recent Changes Timeline 📅
April 2023: The Devaluation
- Utilities: 3.33% → 2%
- Insurance: 3.33% → 2%
- Supermarkets: 3.33% → 2%
- Government payments: 3.33% → 2%
- Rent processing fee: 1% added
My Recommendation Timeline
- 2019-2022: Strong recommend
- 2023: Cautious recommend
- 2024: Consider alternatives first
Alternative Cards to Consider 🔄
If You Want Better Lounge Access
| Card | Lounge Access | Annual Fee | My Rating |
|---|---|---|---|
| HDFC Diners Black | Unlimited global | ₹10,000 | ⭐⭐⭐⭐⭐ |
| HDFC Infinia | Unlimited global | ₹12,500 | ⭐⭐⭐⭐⭐ |
| Axis Magnus | 8 domestic + 8 intl | ₹12,500 | ⭐⭐⭐⭐ |
If You Want Transfer Partners
HDFC and Axis both offer extensive airline/hotel transfer programs.
Standard Chartered has none.
The Family Impact Analysis 👨👩👧👦
My Wife’s Perspective
She loved the card initially. No categories to remember.
“Just use it for everything and get points.”
After devaluation, she’s frustrated.
“Why do I get less points for groceries now?”
Kids’ School Fees Impact
Both kids in international school.
Annual fees: ₹4 lakhs.
Points lost due to devaluation: 5,333 (₹5,333).
That’s a weekend family dinner lost.
The Verdict: Is It Still Worth It? 🏆
My Bottom Line After 5 Years
Standard Chartered Ultimate was a hidden gem.
Keyword: was.
The recent devaluations hurt. But it’s still decent for specific use cases.
Who Should Get This Card?
✅ Golfers who’ll use monthly games
✅ People who don’t want to track categories
✅ Those who can’t get HDFC premium cards
✅ Travelers who value insurance coverage
Who Should Skip This Card?
❌ Heavy lounge users (limited access)
❌ People wanting transfer partners (none available)
❌ Amazon/Flipkart heavy shoppers (no vouchers)
❌ Those eligible for HDFC Diners/Infinia (better options)
My Current Strategy 🎯
How I Use Ultimate Now
- Golf benefits (gave card to uncle ji)
- Foreign transactions (2% markup is good)
- Duty free purchases (5% cashback)
- Non-category spends (still 3.33%)
What I Don’t Use It For
- Groceries (use HDFC Diners for 3.33%)
- Utilities (use Axis Magnus for better returns)
- Online shopping (HDFC SmartBuy is better)
- Travel bookings (HDFC/Axis have better portals)
The Future Outlook 📈
What’s Likely to Happen
Standard Chartered is a smaller player. They’ll keep devaluing to maintain profitability.
Expect more categories to move to 2% in 2025.
My Prediction
By 2026, this card will be a 2% cashback card across all categories.
Still useful. But not premium anymore.
Final Thoughts: The Reality Check 💭
Look, I’ll be honest.
I’m emotionally attached to this card. It served me well in the early days.
But emotions aside, here’s the truth:
If you’re eligible for HDFC Diners Black or Infinia, get those instead.
If you’re not, Standard Chartered Ultimate is still a decent option.
Just don’t expect the magic of the early days.
The credit card game has evolved. Standard Chartered hasn’t kept pace.
My Rating: 6.5/10
Down from 9/10 in 2019.
Still functional. No longer exceptional.
Want More Credit Card Insights? 📬
I’ll keep reviewing Indian credit cards from an NRI returnee perspective.
Because navigating the Indian financial system shouldn’t be this complicated.
Next Reviews Coming:
- Axis Magnus (the current king)
- HDFC Regalia Gold (the accessible option)
- American Express Platinum Travel (the international player)
Subscribe to my newsletter for updates!
Sources & References 📚
- Standard Chartered Ultimate Official Page
- CardExpert Detailed Review
- CardInsider Features Guide
- Card Maven Comprehensive Analysis
- PaisaBazaar Card Details
- Finology Select Review
- CreditCardz Detailed Analysis
- Standard Chartered Credit Cards Overview
- CardExpert Hands-on Experience
- Standard Chartered General Cards Page