Standard Chartered Bank recently announced a processing fee on rental payments made through their credit cards. Also, the bank has revised reward points for transactions made through the Ultimate Credit Card on Supermarkets, Utilities, Schools, Property Management, and Government payments to 3 Reward Points for every spend of Rs. 150.
If you are a Standard Chartered credit cardholder and you pay your rent or other utility bills through your card, you must definitely go through the revised terms and conditions.
New Rental Payments Processing Fee
All rental payments made with Standard Chartered credit cards will be charged a 1% processing fee plus taxes, with effect from 2nd April, 2023. The processing fee will be charged over any charges that the merchant communicates to the client at the time of the rent payment.
For example, if you make a rental payment of Rs. 30,000 using your Standard Chartered credit card, you will be charged a processing fee of 1% of the amount or Rs. 300 plus taxes. The processing fee will show up separately in the monthly statement and is charged by next month’s 15th.
Revision of Ultimate Credit Card Reward Points
All transactions made through the Standard Chartered Ultimate credit card on Utilities, Insurance, Supermarkets, Schools, Government payments, and Property management will earn 3 Reward Points on every spend of Rs. 150. The good thing is that there is no capping on reward points on these select merchant categories.
|Merchant Category||Money Spent||Revised Reward Points|
|Utilities||Rs. 150||3 RPs|
|Insurance||Rs. 150||3 RPs|
|Supermarkets||Rs. 150||3 RPs|
|Government||Rs. 150||3 RPs|
|Schools||Rs. 150||3 RPs|
|Property Management/Rent||Rs. 150||3 RPs|
The new changes will take effect from 2nd April 2023 and until then, all payments for these select categories will earn reward points at the existing rate of 5 Reward Points on every spend of Rs. 150. Any existing reward points earned by cardholders are valid for redemption until their expiry and will not be affected by the new proposition.
Another important thing to know is that cardholders will not earn Reward Points on fuel transactions made with the Ultimate credit card, with effect from 2nd April, 2023. However, cardholders will get a 1% fuel surcharge waiver on all fuel stations, capped at Rs. 1000 maximum per month.
From 2nd April, 2023, Standard Chartered will charge a 1% processing fee on rental payments made through their credit cards and have revised the rewards rate proposition on Utility, Government spends, Property Management, and Schools transactions to 3 Reward Points per Rs. 150 spent.
Even though, there is a processing fee on rent transactions, it is still better than some other card issuers who have a cap on rental transactions per month. Also, the reward rate has lowered to 3 points but there is no maximum capping on reward points earned through these merchant transactions per month.
Therefore, these new terms and conditions are still fine for Standard Chartered cardholders and they can continue making these payments through their credit cards.