Standard Chartered Ultimate Credit Card Review: 3.33% Back for ₹5,000
The Standard Chartered Ultimate Credit Card earns 5 reward points per ₹150, and at ₹1 a point that is a flat 3.33% on most spends. It costs ₹5,000 plus GST a year with no spend waiver, but gives 6,000 points on joining and 5,000 on each renewal, so the net fee is small. It needs a gross monthly income of ₹2 lakh and is applied for at a branch or through the contact centre.
Key facts
- Joining fee
- ₹5,000 + GST
- Annual fee
- ₹5,000 + GST. No spend-based waiver; 5,000 reward points (worth Rs 5,000) credited on payment of the renewal fee
- Base reward
- 5 reward points per Rs 150 spent; 1 reward point = Rs 1 (about 3.33% value)
- Best category
- Duty-free stores: about 5% value
- Lounge
- Domestic: 4 complimentary domestic lounge visits per calendar quarter (Mastercard programme) International: 1 complimentary international lounge visit per month with Priority Pass
- Forex markup
- 2% of the amount
- Network
- Mastercard
Opens the bank's own page for this card. Approval and the credit limit are the bank's decision.
In short
A high flat-rate rewards card for people earning ₹2 lakh a month or more who spend across categories, with a fee that the renewal points mostly pay back.
Best for
- High earners who want one card for most spending at 3.33%
- International travellers who spend ₹20,000 a month on the card and want a Priority Pass visit each month
- People who shop at airport duty-free stores
Skip it if
- Your gross monthly income is below ₹2 lakh
- You want to apply online, since the bank points you to a branch or its contact centre
- Much of your spending is fuel, which earns no points
Highlights
- Joining and renewal fee ₹5,000 plus GST; 6,000 points on joining and 5,000 on renewal
- 5 points per ₹150, worth ₹1 each, so 3.33%
- 3 points per ₹150 (2%) on utilities, supermarkets, insurance, rent, schools and government
- 4 domestic lounge visits a quarter and 1 international visit a month on ₹20,000 previous-month spend
- 2% forex markup since 25 August 2024
What the Ultimate card offers
Ultimate is Standard Chartered's ₹5,000 Mastercard, and the only card in its range with a 2% forex fee instead of 3.5%. Its pitch is a single high earn rate: 5 reward points for every ₹150 you spend, each worth ₹1 in the bank's Rewards 360 catalogue, so 3.33%. There is no bonus categories to track, only a few lower-earning ones. The rest of the bank's cards are on our Standard Chartered hub.
Utilities, supermarkets, insurance, property management and rent, schools and government payments earn 3 points per ₹150, which is 2%. Fuel, ATM withdrawals, returned or disputed spends, fees and finance charges earn nothing. Duty-free stores pay 5% cashback instead of points, up to ₹1,000 a statement cycle.
Three things to weigh
- The fee comes back as points. ₹5,900 with GST, against 5,000 points worth ₹5,000 at each renewal, leave a net cost of ₹900. Converting the renewal fee to EMI loses those points.
- A high income bar. The bank's qualifying criteria ask for a gross monthly income of ₹2,00,000, salaried or self-employed.
- A condition on lounges abroad. The monthly Priority Pass visit needs ₹20,000 of card spend in the month before.
Changes since 2024
From 25 August 2024 overseas spends carry a flat 2% markup at posting, replacing the old 3.5% markup that was followed by a 1.5% cashback. The bank moved late fees to statement-balance slabs from 1 May 2024. The lower 2% earn on bills and rent, and the 1% rent fee, date back to 2 April 2023. The card is active, but its page offers no online application link.
Ultimate fees and charges
₹5,000, with points back
The joining fee and the renewal fee are both ₹5,000, plus GST, so ₹5,900 at 18% (₹5,000 plus ₹900). Supplementary cards are free. There is no spend level that waives the fee. Instead, 6,000 points arrive within 60 days of paying the joining fee and 5,000 points when you pay each renewal. Year one therefore ends ₹100 ahead (₹6,000 less ₹5,900), and later years costs you ₹900 net.
Interest and late fees
Interest is 3.75% a month, which the bank annualises to 45%. No late fee applies if the statement balance is ₹100 or less; above that it is ₹100, then ₹500 once the balance passes ₹500, ₹700 past ₹5,000 and ₹1,200 past ₹10,000. Miss the Minimum Amount Due for 2 or more months in a row and ₹100 more is debited. The minimum due is a highest of 5% of the outstanding, ₹250, or instalments, interest, fees and over-limit amount plus 1% of principal.
Forex, cash, fuel and rent
- Overseas transactions: 2%, so ₹1 lakh abroad costs ₹2,000 before GST against ₹3,500 on the bank's other cards, ₹1,500 less.
- ATM cash: 3%, minimum ₹300, interest at 3.75% a month from the transaction date, and no points.
- Fuel: a 1% surcharge waiver up to ₹1,000 a statement cycle, which covers ₹1 lakh of fuel (₹1,000 divided by 1%), but zero point on fuel.
- Rent: a 1% processing fee plus taxes, about 1.18% with GST, while rent earns 2%, so the net gain is about 0.82% (2% less 1.18%).
- Over the limit: ₹500 a time or 2.5% of the excess, minimum ₹500.
The small charges match the rest of the bank's cards: ₹299 to pay cash at a branch, ₹500 if a cheque bounces, ₹99 a month for paper statements alongside e-statements. Ultimate holders is spared the ₹49 phone banking charge for using an agent. GST is extra on every charge.
SC Ultimate: fees and charges
| Joining fee | ₹5,000 + GST |
|---|---|
| Annual or renewal fee | ₹5,000 + GST |
| Annual fee waiver | No spend-based waiver; 5,000 reward points (worth Rs 5,000) credited on payment of the renewal fee |
| Add-on card fee | Nil |
| GST | Charged on top of the fees and charges listed |
| In the bank’s words | Joining fee INR 5,000; renewal fee INR 5,000 (+ GST). Supplementary cards free. |
| Interest on unpaid balances | Up to 3.75% a month (45% a year) |
| Late payment fee | Rs 0 if statement balance up to Rs 100; Rs 100 for Rs 101 to Rs 500; Rs 500 for Rs 501 to Rs 5,000; Rs 700 for Rs 5,001 to Rs 10,000; Rs 1,200 above Rs 10,000 (w.e.f. 1 May 2024); plus Rs 100 if the Minimum Amount Due is missed for 2 or more consecutive months |
| Cash withdrawal | ATM withdrawals: 3% of the amount, minimum Rs 300; interest 3.75% a month from the date of transaction |
| Over-limit fee | Rs 500 per instance or 2.5% of the over-limit amount (minimum Rs 500) |
| Forex markup | 2% of the amount |
| Other fees |
|
Ultimate rewards and three spending levels
Earning and redeeming
Most spends earn 5 points per ₹150 (3.33%) and the reduced list 3 per ₹150 (2%). Duty-free shopping earns 5% cashback, capped at ₹1,000 a cycle, which you reach at ₹20,000 of duty-free spend (₹1,000 divided by 5%). Points are redeemed in the Rewards 360 catalogue against products, vouchers or services, at ₹1 a point, subject to the availability at time. They expires after 3 years.
The tariff lists a ₹99 handling charge per redemption for Standard Chartered cards, but does not say how it applies to Ultimate, so expect it and redeem in bulk. The bank's own value chart for the card is marked illustrative, and it assumes 6 domestic lounge visits a year while the card page gives 4 a quarter.
Three spending levels, worked out
| Per month | ₹40,000 | ₹75,000 | ₹1,50,000 |
|---|---|---|---|
| Dining, shopping, travel (5 per ₹150) | ₹21,000 | ₹45,000 | ₹90,000 |
| Spends abroad (5 per ₹150, 2% markup) | Nil | Nil | ₹30,000 |
| Supermarkets, utilities, insurance (3 per ₹150) | ₹15,000 | ₹22,500 | ₹22,500 |
| Fuel (no points, 1% waiver) | ₹4,000 | ₹7,500 | ₹7,500 |
| Points a month | 1,000 | 1,950 | 4,450 |
| Net yearly value after fee and costs | ₹11,580 | ₹23,400 | ₹48,200 |
₹40,000 a month. ₹21,000 of dining and shopping earns 700 points (₹21,000 divided by 150, times 5) and ₹15,000 of supermarket and utility bills 300, so 1,000 points, ₹1,000 a month and ₹12,000 a year. The fuel waiver adds ₹40 a month, ₹480 a year. Less the ₹900 net fee that is ₹11,580 (₹12,480 less ₹900), a good return on a mid spend.
₹75,000 a month. ₹45,000 at the full rate gives 1,500 points and ₹22,500 at the lower rate 450, so 1,950 a month, ₹23,400 a year. Fuel adds ₹75 a month, ₹900 a year, which cancel out the ₹900 net fee, leaving ₹23,400.
₹1,50,000 a month. ₹90,000 at home and ₹30,000 abroad earn 4,000 points, the lower-rate bills 450, so 4,450 a month and ₹53,400 a year. Fuel adds ₹900 and two duty-free trips of ₹20,000 each add ₹2,000 in cashback. The ₹30,000 abroad costs ₹600 a month in markup (2%), ₹7,200 a year, so ₹53,400 plus ₹900 plus ₹2,000, less ₹7,200 and the ₹900 net fee, gives ₹48,200.
SC Ultimate: higher-reward categories
| Category | Rate | Cap |
|---|---|---|
| Duty-free stores | 5% cashback, about 5% value | Maximum Rs 1,000 cashback per statement cycle; no reward points on these transactions, ₹1,000, statement cycle |
SC Ultimate: how rewards work
| Earned as | Reward points |
|---|---|
| Base rate | 5 reward points per Rs 150 spent; 1 reward point = Rs 1. About 3.33% value back |
| Minimum spend rules | Not published by the bank |
| No rewards on |
|
| Lower rewards on |
|
| Value of a point |
|
| Redemption fee | Tariff lists a Rs 99 reward redemption handling charge; Ultimate-specific application not stated |
| Expiry | Reward points expire in 3 years |
| Welcome benefits |
|
| Milestone benefits |
|
| Lounge access | Domestic: 4 complimentary domestic lounge visits per calendar quarter (Mastercard programme) International: 1 complimentary international lounge visit per month with Priority Pass Condition: International visit needs Rs 20,000 card spend in the previous month; otherwise Priority Pass usage is charged (FAQ: US$27 a visit) |
| Fuel surcharge waiver | 1% fuel surcharge waiver, maximum Rs 1,000 per statement cycle (fuel MCCs 5172, 5541, 5542, 5983); no reward points on fuel |
| Insurance cover | HDFC ERGO: air accident death cover Rs 1 crore (overseas travel, ticket on the card); emergency medical USD 25,000; checked baggage loss USD 500; baggage delay USD 100; loss of baggage and documents USD 750; flight delay USD 200; lost card cover Rs 25,000 |
Ultimate eligibility and the branch route
Of the bank's cards in our data, only Ultimate and Platinum Rewards publish an income figure, and Ultimate's is far higher. Its qualifying criteria ask for a gross monthly income of ₹2,00,000, for salaried and self-employed applicants alike, and an age between 21 and 65. You also need living in one of the bank's credit card sourcing cities, and the bank runs its credit and policy checks on every application.
Documents
Keep your PAN, an identity proof such as a passport or Voter ID, an address proof (Aadhaar, passport, driving licence, Voter ID, NREGA job card or NPR letter) and one recent photograph. Salaried applicants add the latest month's salary slip. Self-employed businessmen add the latest IT returns with the computation of income, or certified financials, and proof the business continues; professionals gives their latest returns and the same continuity proof.
How to apply
The Ultimate page has no online form. It tells you to visit the nearest branch or call the contact centre: 66014444 after your local STD code, 080-49248444 or 044-47628444, from 8 am to 8 pm. The button on this page opens that card page. If you already hold a Standard Chartered card, RBI's rules mean any move to Ultimate needs your explicit consent; the bank cannot upgrade you on its own.
What the bank weighs
RBI's 2025 card Directions require an independent look at your own financial means and the credit limits other lenders have given you. You should get a one-page Key Fact Statement, and if the bank declines, it has to give specific reasons in writing. Meeting the ₹2 lakh figure don't make approval automatic; the decision stays with the bank.
SC Ultimate: eligibility and documents
| Age (salaried) | 21 to 65 years |
|---|---|
| Age (self-employed) | 21 to 65 years |
| Income (salaried) | Gross monthly income Rs 2,00,000 (MITC qualifying criteria) |
| Income (self-employed) | Gross monthly income Rs 2,00,000 (MITC qualifying criteria) |
| Other conditions | Must live in the bank's credit card sourcing cities; subject to credit and policy checks |
| Documents |
|
| How to apply | Online for some cards (Platinum Rewards, with video KYC) at sc.bank.in; for Smart, Ultimate and Rewards the card pages say 'Visit nearest branch or call contact center'. Cards only in the bank's credit card sourcing cities. |
| Card customer care | Personal banking helpline 66014444 (prefix local STD code) / 080-49248444 / 044-47628444, 8 am to 8 pm; toll free 1800 258 6465 to report unauthorised transactions |
These are the bank's published conditions. Meeting them does not guarantee a card: approval and the credit limit are the bank's decision.
Who the Ultimate card suits
It suits a high earner who wants one card for nearly everything and does not want to juggle categories. At ₹75,000 a month our example clears ₹23,400 a year, and the 2% forex fee and monthly Priority Pass visit help anyone who flies abroad and keeps spending ₹20,000 a month on the card. Golfers get complimentary access to premier golf courses also, which is a nice add.
Skip it if you can't show ₹2 lakh a month of gross income, or if you'd rather apply online, because the bank wants a branch visit or a call. Heavy fuel and utility spenders also get less: fuel earns no points, and bills earn 2%. The catalogue redemption is less flexible than cash, the value is ₹1 only against what the catalogue has.
Travel cover comes from HDFC ERGO: air accident death cover of ₹1 crore on overseas travel when the ticket is bought on the card, emergency medical cover up to USD 25,000, and smaller covers for baggage, documents and flight delay, plus ₹25,000 of lost card cover. An older FAQ line mention $200K; we follow the T&C's ₹1 crore. Our rewards cards explainer shows how point values compare.
Pros
- Flat 5 points per ₹150 at ₹1 a point, a 3.33% return on most spends
- 5,000 renewal points worth ₹5,000 cut the ₹5,900 yearly fee to a net ₹900
- 2% forex markup, against 3.5% on other Standard Chartered cards
- 4 domestic lounge visits a quarter and 1 international visit a month on ₹20,000 previous-month spend
- 5% duty-free cashback up to ₹1,000 a cycle and a fuel surcharge waiver up to ₹1,000 a cycle
Cons
- Needs a gross monthly income of ₹2,00,000
- No online application link; branch or contact centre only
- Utilities, supermarkets, insurance, rent, schools and government earn 2%, not 3.33%
- No points on fuel or on duty-free purchases
- No spend-based fee waiver, and the renewal points are lost if the fee is converted to EMI
Ultimate against other premium rewards cards
The cards below are the obvious alternatives at nearby fees, and none of them matches Ultimate's flat rate, though each one have a strength of its own.
HDFC Bank Regalia Gold
The Regalia Gold costs ₹2,500 plus GST, waived at ₹4 lakh of yearly spend. Since 15 May 2026 it earns 5 Reward Points per ₹200, worth up to ₹0.65 each in HDFC's Gold Catalogue, so about 1.63% (5 divided by 200, times ₹0.65), or ₹0.5 a point on flights and hotels. It gives 3 domestic lounge visits a quarter on ₹60,000 of spend in the previous quarter, up to 6 Priority Pass visits a year abroad, and the same 2% forex markup.
SBI Card ELITE
The SBI Card ELITE charges ₹4,999, it is reversed at ₹10 lakh. It earns 10 points per ₹100 on dining, departmental stores and groceries (2.5% at ₹0.25 a point), capped at 10,000 points a month, but just 0.5% elsewhere. It has a 1.99% markup, 8 domestic and 6 international lounge visits a year, for a household spender it work better.
SBI Card AURUM
The SBI Card AURUM costs ₹9,999 and earns only 1% in points, but adds a ₹1,500 voucher every month with ₹1 lakh of spend, unlimited international lounges through DreamFolks and a 1.99% markup. SBI Card publishes no income figure for it.
| If you | Pick |
|---|---|
| Earn ₹2 lakh a month and spend across many categories | Standard Chartered Ultimate |
| Want a lower fee and use HDFC's SmartBuy catalogue | HDFC Regalia Gold |
| Spend mostly on dining and groceries | SBI Card ELITE |
| Spend ₹1 lakh every month and want unlimited lounges abroad | SBI Card AURUM |
More point-based cards are in our best reward points cards list, and the credit cards guide covers the basics.
SC Ultimate against similar cards
| Term | Ultimate Credit Card This card | Regalia Gold Credit Card | SBI Card ELITE | AURUM |
|---|---|---|---|---|
| Bank | Standard Chartered | HDFC Bank | SBI Card | SBI Card |
| Joining fee | ₹5,000 + GST | ₹2,500 + GST | ₹4,999 + GST | ₹9,999 + GST |
| Annual fee and waiver | ₹5,000 + GST. No spend-based waiver; 5,000 reward points (worth Rs 5,000) credited on payment of the renewal fee | ₹2,500 + GST. Retail spends of ₹4 lakh within 12 billing cycles of your anniversary year waive the next year's renewal fee | ₹4,999 + GST. Renewal fee waived off on annual spends of Rs. 10 lakh or more in the preceding year | ₹9,999 + GST. Renewal fee waived off on annual spends of Rs. 12 lakh or more in the preceding year (MITC) |
| Base reward | 5 reward points per Rs 150 spent; 1 reward point = Rs 1 (about 3.33% value) | 5 Reward Points for every ₹200 spent on eligible retail spends | 2 Reward Points per Rs (about 0.5% value) | 4 ARP on every non-fuel spend of Rs. 100 (about 1% value) |
| Best category | Duty-free stores: about 5% value | Myntra, Nykaa, Reliance Digital, Marks & Spencer: 5X Reward Points | Dining, departmental stores and grocery: about 2.5% value | No higher-reward category published |
| Lounges | Domestic: 4 complimentary domestic lounge visits per calendar quarter (Mastercard programme) International: 1 complimentary international lounge visit per month with Priority Pass | Domestic: 3 complimentary domestic lounge visits per calendar quarter, by swiping the card International: Up to 6 visits per calendar year outside India via Priority Pass, for primary and add-on members | Domestic: 2 complimentary domestic airport lounge visits every quarter (8 a year) International: 6 complimentary Priority Pass lounge visits per calendar year outside India (max 2 per quarter); Priority Pass membership complimentary, valid 2 years | Domestic: 4 complimentary domestic airport lounge visits per quarter; also for add-on cardholders International: Complimentary DreamFolks membership with unlimited complimentary access to 1,000+ international airport lounges, plus one complimentary guest visit a quarter |
| Forex markup | 2% of the amount | 2% of the amount | 1.99% of the amount | 1.99% of the amount |
| Network | Mastercard | Not stated by the bank | Visa, Mastercard, American Express | Visa, Mastercard |
| Published minimum income | ₹2,00,000 a month | ₹1,50,000 a month | Stable income; SBI Card says the specific minimum varies by card and does not... | Stable income; SBI Card says the specific minimum varies by card and does not... |
| Status | Taking applications | Taking applications | Taking applications | Taking applications |
Frequently asked questions
What is the Standard Chartered Ultimate card's annual fee?
How much are Standard Chartered Ultimate reward points worth?
What income do I need for the Standard Chartered Ultimate card?
Does the Ultimate card give airport lounge access abroad?
What changed on the Ultimate card's forex charges?
Can I apply for the Standard Chartered Ultimate card online?
Related
- Standard Chartered Credit Cards 2026: Smart, EaseMyTrip and Ultimate
- HDFC Bank Regalia Gold Credit Card Review: 5 Points per ₹200 From May 2026
- SBI Card ELITE Review: Is the ₹4,999 Fee Worth It in 2026?
- SBI Card AURUM Review: Is ₹9,999 Worth It at ₹1 Lakh a Month?
- Best Reward Points Credit Cards in India 2026: Points in Rupees
Sources
- Standard Chartered Bank (India): Ultimate Credit Card Terms and Conditions; Credit Card Fees & Charges - Tariffs and Charges; Important Information Document - Ultimate (Ultimate_RTOB_Ver_March2026); Ultimate Credit Card; Ultimate Credit Card FAQs; Important Information Document - EaseMyTrip Credit Card (Card_RTOB_Ver_March2026); Phone Banking
Last verified: 5 November 2026
Written by Ramesh Kulkarni, reviewed by BankCreds Financial Experts
BankCreds does not sell cards or take applications. Fees and rewards change; the bank's own terms on the day you apply are what count, and approval is the bank's decision.