American Express SmartEarn Vs Standard Chartered Rewards Credit CardAmerican Express SmartEarn Vs Standard Chartered Rewards Credit Card

American Express SmartEarn Vs Standard Chartered Rewards Credit Card

When credit cards are on your mind, the first consideration often revolves around their rewards program. Numerous inquiries emerge regarding the types of rewards offered—whether they manifest as points, cashback benefits, or alternative incentives. Details like the reward rate and redemption value also play a pivotal role in decision-making. Each credit card features a unique reward program designed to entice and benefit customers. These rewards symbolize the typical benefits people gain from using their credit cards for purchases. Notably, in India, the American Express SmartEarn Credit Card and Standard Chartered Rewards Credit Card stand out as exceptional options, offering a substantial range of returns on expenses.

Features and Benefits of American Express SmartEarn and Standard Chartered Rewards Credit Card

American Express SmartEarn Credit Card:

1. Welcome Offer: Get a cashback of Rs. 500 when you spend over Rs. 10,000 within the initial 90 days.

2. Rewards:

  • Earn 10X Membership Reward Points (RPs) on Amazon and Flipkart, with a monthly cap of 500 points combined for both platforms.
  • Gain 10X Membership RPs on Uber rides, with a monthly cap of 500 points.
  • Get 5 times the Membership Reward Points (RPs) when you shop at a range of merchants, such as Paytm Wallet, Swiggy, BookMyShow, Big Bazaar, PVR, Myntra, Blink It, and many others. This offer is limited to a maximum of 250 points per month.
  • Earn 1 Membership RP for every Rs. 50 spent, except for certain categories.
  • Accumulate Membership RPs for redemption against credit card charges, bank catalogues, e-vouchers, or transfers to hotel and air miles programs.

3. Milestone: Receive a waiver on the yearly membership fee by making purchases totaling over Rs. 40,000 within a year.

4. Spend-Based Rewards:

  • Receive a Rs. 500 voucher from top brands upon spending more than Rs. 1.20 Lakh.
  • Get an additional voucher for surpassing spends over Rs. 1.80 Lakh in a year.
  • Obtain another Rs. 500 voucher on spending more than Rs. 2.40 Lakhs.

5. Fuel Benefits: Enjoy a 1% fuel surcharge waiver at HPCL fuels for transactions exceeding Rs. 5,000.

Standard Chartered Rewards Credit Card:

1. Rewards:

  • Earn 4 Reward Points (RPs) for every Rs. 150 spent on retail purchases.
  • Gain 1 RP for every Rs. 150 spent on government and insurance transactions.
  • Exchange your collected reward points within the reward catalogue at a conversion rate of 1 reward point equals 0.25 currency units.
  • Alternatively, offset your card’s statement balance by redeeming rewards at a rate of 1 reward point for Re. 0.20.

2. Travel: When you travel, you’ll get a free pass to a domestic lounge once every three months, giving you a total of four accesses annually.

3. Milestone:

  • Spending over Rs. 20,000 on retail qualifies for 4X bonus RPs on all other retail expenses.
  • The maximum bonus limit is set at 2,000 Reward Points (RPs) per month, ensuring no more than this amount can be earned within the given timeframe.

4. Spend-based: Waive the renewal fee of Rs. 1,000 by spending more than Rs. 3 Lakhs in a year.

5. Fuel: Enjoy a 1% fuel surcharge waiver on transactions between Rs. 400 and Rs. 2,000, with a monthly cap set at Rs. 400.

Fee and Charges of American Express SmartEarn and Standard Chartered Rewards Credit Card

American Express SmartEarn Credit Card:

  1. Membership/Renewal Fee: Rs. 495 + GST
  2. Monthly Interest Rates: 3.5%
  3. Foreign Currency Markup: 3.50% applicable to all international transactions
  4. Cash Advance Fee: 3.5% or a minimum of Rs. 250

Standard Chartered Rewards Credit Card:

  1. There is no initial joining fee required. However, for renewal, a fee of Rs. 1000 plus GST is applicable.
  2. Interest Rate: 3.75% per month.
  3. Foreign Currency Markup: 3.5% of the total transacted amount.
  4. Cash Advance Fee: 3% of the withdrawal amount or a minimum of Rs. 300.

Analyzing the Differences: American Express SmartEarn vs. Standard Chartered Rewards Credit Card

American Express SmartEarn Credit Card:

1. Joining Fee: Rs. 495 + GST
2. Renewal Fee: Rs. 495 + GST
3. Welcome Benefit: Cashback of Rs. 500 upon spending more than Rs. 10,000
4. Interest Rate: 3.5% per month
5. Rewards:

  • 10X Membership RPs on Amazon and Flipkart
  • 10X Membership RPs on Uber rides
  • Get five times the Membership Reward Points (RPs) when you use your Paytm Wallet, Swiggy, BookMyShow, Big Bazaar, PVR, Myntra, Blink It, and other affiliated merchants.
  • For every Rs. 50 spent (excluding certain categories), earn one Membership RP.
  • Collected RPs can be redeemed for credit card charges, bank catalog items, e-vouchers, or transferred to hotel and air miles programs.
  • 4 RPs on every Rs. 150 spent on retail purchases.
  • 1 RP on every Rs. 150 spent on government and insurance.
  • Redemption options include the reward catalogue (1 RP = 0.25) or against the card’s statement balance (1 RP = Re. 0.20).

6. Foreign Currency Markup: 3.50% on all international transactions
7. Travel: Not applicable
8. Milestone Benefits:

  • Annual membership fee waived upon spending more than Rs. 40,000 in a year
  • 4X bonus RPs on retail expenses after spending over Rs. 20,000 (max capped at 2,000 in a month)

9. Spend-Based Features:

  • Voucher worth Rs. 500 upon spending more than Rs. 1.20 Lakh
  • Additional voucher on crossing spends over Rs. 1.80 Lakh in a year
  • Voucher worth Rs. 500 for spending more than Rs. 2.40 Lakhs
  • Renewal fee waived upon spending more than Rs. 3 Lakhs in a year.

10. Fuel: 1% fuel surcharge waiver at HPCL fuels on transactions over Rs. 5,000
11. Cash Advance Fee: 3.5% or a minimum of Rs. 250

Standard Chartered Rewards Credit Card:

1. Joining Fee: Nil
2. Renewal Fee: Rs. 1000 + GST
3. Welcome Benefit: Not applicable
4. Interest Rate: 3.75% per month
5. Rewards: No information provided
6. Foreign Currency Markup: 3.5% of the total transacted amount
7. Travel: One complimentary domestic lounge access every quarter
8. Milestone Benefits: No information provided
9. Spend-Based Features: No information provided
10. Fuel: 1% fuel surcharge waiver on all transactions between Rs. 400 and Rs. 2,000
11. Cash Advance Fee: 3% or a minimum of Rs. 300

Which credit card suits you best?

  1. Both the American Express SmartEarn Credit Card and Standard Chartered Rewards Credit Card belong to the category of rewards credit cards.
  2. These cards offer distinct reward structures, each tailored to specific spending categories, ensuring a diverse range of benefits for cardholders.
  3. Complementary perks accompany the rewards, enhancing the overall appeal of both credit cards.
  4. The American Express SmartEarn Credit Card caters well to avid online shoppers, especially those frequenting platforms such as Amazon and Myntra, making it a top choice for this consumer segment.
  5. On the other hand, the Standard Chartered Rewards Credit Card is designed to suit individuals with substantial retail expenditures, positioning it as an optimal choice for those with high in-store spending habits.

Frequently Asked Questions (FAQs)

Q: What sets apart the American Express SmartEarn Credit Card and the Standard Chartered Rewards Credit Card?

A: Both cards belong to the rewards category, but they differ in their reward structures and target consumer preferences.

Q: Do these credit cards come with any additional perks or benefits included at no extra cost?

A: Yes, both cards provide attractive complementary perks to enhance the overall value for cardholders.

Q: Which spending categories do the American Express SmartEarn Credit Card rewards focus on?

A: The American Express SmartEarn Credit Card stands out as the perfect choice for avid online shoppers, offering enticing rewards tailored specifically for purchases made on popular platforms such as Amazon and Myntra.

Q: Who would benefit most from the Standard Chartered Rewards Credit Card?

A: The Standard Chartered Rewards Credit Card proves ideal for individuals who frequently incur substantial retail expenses, presenting an optimal option for those who engage in considerable in-store purchasing.

Q: Can I use these credit cards internationally, and do they come with foreign transaction fees?

A: Details about international usage and foreign transaction fees vary for each card. Check the terms and conditions provided by the respective issuers.

Q: How do I apply for either of these credit cards, and what are the eligibility criteria?

A: Application processes and eligibility criteria can be found on the official websites of American Express and Standard Chartered. It typically involves income, credit score, and other financial considerations.

Q: Do these credit cards offer any insurance or protection benefits?

A: Both cards may provide insurance or protection benefits; however, the specifics can differ. Refer to the cardholder agreements or contact the issuers for detailed information.

Q: Are there any annual fees associated with these credit cards?

A: Information regarding the yearly charges, if applicable, can be found in the terms and conditions specific to each card. It’s important to thoroughly examine this information before submitting your application.

Q: How can I utilize the rewards I’ve accumulated through these credit cards?

A: Redeeming rewards can differ depending on the card. Typically, cardholders can utilize either online platforms or customer service hotlines for redeeming rewards. It’s essential to consult the card’s guidelines to access detailed, step-by-step instructions on the redemption process.

Q: Can I upgrade or downgrade between these credit cards based on my changing needs?

A: Whether you can move up or down between cards hinges on the regulations set by each credit card provider. To explore your options, reach out to American Express and Standard Chartered customer support for assistance.

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