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How long does it take to apply for a credit card? Provided with all the document(s) required, it should take approximately 9 days to get your credit card approved.
What are my obligations to hold a credit card? The minimum amount due every month shall be higher of the following (a)5% of statement outstanding or (b) sum total of all installments billed, interest, fees, other charges, amount that is over limit and 1% of the principal or Re 250
Will I be charged anything extra if I use my card overseas? All overseas transactions are levied with a 3.5% transaction fee. This includes charges paid out to Visa/Master for converting overseas transactions into INR. Pl note: transactions at merchant establishments that are registered overseas even if the merchant is located in India attract a charge of 0.80% from visa/master card which is included as a part of the transaction amount in your statement.
How much is the annual Government Service Tax?
15% on Service Charges, comprising Service Tax of 14%, Swachh Bharat Cess of 0.5% and Krishi Kalyan Cess of 0.5%. Service Tax Registration No.ST/Mumbai/CDCOS/Dn I/13/2006 under "Credit Card, Debit Card, Charge Card or other payment card services". No Service tax credit shall be claimed by the customer under CENVAT credit Rules 2004 in respect of charges waived or reversed.
How much is the late payment fees? Rs 100 for statement outstanding less than or equal to Rs 500. Rs 350 for statement outstanding between Rs 501 and Rs 5,000. Rs 500 for statement outstanding between Rs 5,001 and Rs 10,000. Rs 700 for statement outstanding greater than Rs 10,000 Example: In case there is an outstanding of Rs 7,000 on your credit card and Rs 15,000 in your Balance Transfer account, and payment is not made by the Payment Due Date. There will be a Late Payment Charge of Rs 500 in your credit card account and Rs 700 on your Balance Transfer account. The example above is for illustrative purposes only. All cards and all installment products such as Instabuy, Balance Transfer, Dial-a –Loan etc will each attract Late Payment Charges if payment is not made by the Payment Due Date.
How much is the interest charges?
The monthly interest rate is annualized to arrive at the annualized percentage rate (APR). Monthly interest rate of 3.49% pm is annualized to arrive at an APR of 41.88% for all Standard Chartered Credit Cards. However for all Visa Infinite and Emirates World credit cards, the monthly interest rate is 3.10% pm (APR of 37.20%); and for all instant credit card variants, the monthly interest rate is 1.99% pm (APR of 23.88%). Cash transactions will attract an interest rate of 3.49% pm (APR of 41.88%).
How do I report that my card has been lost or stolen? You must notify us immediately if you become aware that your Card has been lost, stolen or misused.
NEFT / IBFT From your bank account directly to your Card account by quoting the IFSC code SCBL0036001 and the address as MG Road, Mumbai.
Visa Money Transfer In case of Visa franchisee credit cards, pay through your bank account using Visa Money Transfer. Fees for Visa Money Transfer may be levied by the initiating bank.
Standard Chartered Online Banking Standard Chartered account holders can pay through an account transfer.
NACH (National Automated Clearing House) facilitates standing instructions from your account to the credit card. This can be initiated by submitting an NACH form authorizing transfer of funds. This form needs to be attested by the bank from where the payment needs to be made. You are responsible for ensuring that the debit instruction is honoured
Cheque/Draft Payment Dropping a cheque or a draft in favour of your Standard Chartered Bank Card no. xxxx xxxx xxxx xxxx (your 16 digit Card number) into any of our Cheque Collection Boxes.
Visit www.standardchartered.co.in for the complete list of the locations of Cheque Collection Boxes. The cheque or draft should be complete in all respects. Any material alteration must be duly counter signed.
Make your payments at least 3 days in advance of your Payment Due Date to facilitate the timely credit of the funds into your Card account. Note that your credit limit will only be increased by the amount you have repaid after our receipt of your funds. In case we do not receive payment by the Payment Due Date, we reserve the right to levy Interest and Late Payment Charges.
If you hold multiple Cards or EMI accounts with us, please give us clear instructions on the allocation of payment to these various Card accounts on the reverse of your cheques. If you are issuing separate cheques for each Card account, then, you should clearly specify Not to allocate on the reverse of the cheque. In the absence of any specific information on this front, we will apply the funds first towards clearance of the Minimum Amount Due in respect of all Card accounts you hold with us. Thereafter, the excess payment will be allocated sequentially towards payment of the Card account with highest balance. If any of your Card account is overdue, we reserve the right to prioritize payments to overdue accounts first as per our internal policy. For Cash payments, funds transfer and payment through Online banking, individual payment should be made against each of the accounts.
Cash Cash payments can only be deposited at our branches using teller facilities
If I suspect someone has stolen my password or used it to make a fraudulent purchase, what should I do?
You must notify us immediately if you become aware that your Card has been lost, stolen or misused.
What is Visa Credit Card Payment service? Visa Credit Card Payment allows you to transfer funds from our existing Standard Chartered Bank account to any Visa credit card within India.
How does one access the Visa Credit Card Payment service? To access this service, just login to Online banking on www.standardchartered.co.in.
Where can I transfer funds? You can transfer funds to any VISA credit card across India.
Can I pay my Visa credit card bills using Visa Credit Card Payment? Yes, you can pay your Visa credit card bills using Visa Credit Card Payment. Just enter the card number that you wish to make a payment for, in the beneficiary card details.
Can I pay my MasterCard credit card bills using Visa Credit Card Payment? No, you cannot pay your MasterCard credit card bills using Visa Credit Card Payment.
How long does it take to credit funds to the beneficiary? Funds are usually credited within 3-4 working days from the date of receipt of the request.
Do I need to register for this service? You need to be a registered user of Online Banking. There is no separate registration to use the Visa Credit Card Payment service.
What details do I need to know about the beneficiary to use the service? You only need to know the 16 digit credit card number of the beneficiary card.
Will I be charged for using the facility? Currently there are no charges levied on this service.
Is there any per day limit to transfer funds? Yes, there is a minimum limit of Rs. 100/- & a maximum limit of Rs.49,999/- per transfer. The per day transaction limit is Rs. 100,000.
Once the transfer has been initiated, can it be modified/ stopped? No, Once the transfer has been initiated neither can it be stopped nor can the beneficiary card details or transfer amount be changed.
Can a credit card be used to transfer funds through Visa Credit Card payment? No, only Resident Bank Accounts can be used to transfer funds.
Credit Card One Time Password (OTP)
How do you use your Credit Card at an online merchant store? At the merchant site, enter your Card details (no change from the existing process). You will then be directed to a Standard Chartered security page where you will be required to enter the OTP (One time Password) that is sent to your registered mobile number. Enter the OTP and complete the transaction.
Please note that the OTP will appear in lieu of the Verified by Visa/Mastercard Secure Password.
What if I do not receive the OTP? In case you do not receive the OTP within 30 seconds, you can request for another OTP by pressing the "Resend OTP" number. If you do not receive the OTP after multiple attempts, please call our Phone Banking numbers to ensure your mobile number is registered with us.