Axis Bank Rewards Credit Card or Standard Chartered Rewards Credit CardAxis Bank Rewards Credit Card or Standard Chartered Rewards Credit Card

Axis Bank Rewards Vs Standard Chartered Rewards Credit Card

When people are looking for the perfect credit card, they usually prioritize the card’s reward rate and perks. Axis Bank and Standard Chartered Bank, two well-known issuers, have recently launched notable cards called Rewards, catering to this demand.

These cards are relatively recent additions to the nation’s credit card market, having been unveiled by their respective banks in 2023. Specifically designed for frequent shoppers and those who enjoy socializing with friends and family, both cards provide reward points for nearly every expenditure. The Axis Bank Rewards credit card entails a joining and renewal fee of Rs. 1000 plus taxes, while the Standard Chartered Rewards credit card does not require a joining fee but has a renewal fee of Rs. 1000 plus taxes.

Although both credit cards have similar yearly fees, their features are identical. Apart from a notable rewards system, both cards provide unique perks across multiple categories for their users.

Features and Benefits of Axis Bank Rewards Credit Card and Standard Chartered Rewards Credit Card

Axis Bank Rewards Credit Card:

  1. Welcome Benefit: Receive 5000 EDGE reward points when you make purchases totaling Rs. 1000 or above in the initial 30 days.
  2. Monthly Rewards: Receive 1500 EDGE reward points on spending Rs. 30,000 or more per month.
  3. Membership Benefits: Enjoy benefits worth Rs. 1000 every card anniversary year.
  4. Accelerated Rewards: Receive 2 EDGE reward points for each Rs. 125 you spend, with the opportunity to earn up to 10 times the points at departmental and apparel stores (limited to monthly expenditures of Rs. 7000).
  5. Redemption Options: Utilize your reward points within the EDGE Platform to obtain various products and vouchers. Additionally, you can convert these points into Partner Airmiles, which can then be employed for eligible transactions, whether online or offline.
  6. Dining and Swiggy Discounts: Get a 15% discount at partner restaurants (up to Rs. 500) and 30% off on Swiggy orders (max Rs. 150 per order, 2 times per month).
  7. Lounge Access: Receive two free passes for access to domestic lounges at specified airports.
  8. Fuel Surcharge Waiver: Enjoy a 1% waiver on fuel surcharge for transactions between Rs. 400 and Rs. 5000 (capped at Rs. 400 per month).
  9. Insurance Cover: Receive Purchase Protection Cover of Rs. 1 Lakh, baggage loss and travel document cover of USD 300, baggage loss cover of USD 500, and Credit Shield of Rs. 1 Lakh.

Standard Chartered Rewards Credit Card:

  1. Fee Structure: There is no initial fee required for joining. However, there is a renewal fee of Rs. 1000 plus taxes, which can be waived if you spend Rs. 3 Lakhs or more within the card anniversary year.
  2. Reward Points: Receive 4 reward points for each Rs. 150 spent on retail transactions, excluding insurance and government payments. Additionally, get 1 reward point for each insurance or government transaction.
  3. Bonus Rewards: Spend Rs. 20,000 or more in a month on retail purchases to earn 4x reward points (capped at 2000 points per month).
  4. Redemption Options: Exchange your accumulated reward points from the Rewards catalog for vouchers and products at a rate of 1 reward point equating to Rs. 0.25, or utilize them to reduce your card balance at a rate of 1 reward point equating to Rs. 0.20.
  5. Lounge Access: You’ll be entitled to enjoy one free access to a domestic lounge every three months.
  6. Fuel Surcharge Waiver: Enjoy a 1% waiver on fuel surcharge for transactions between Rs. 400 and Rs. 2000 (capped at Rs. 400 per month).

Fee and Charges of Axis Bank Rewards Credit Card and Standard Chartered Rewards Credit Card

Axis Bank Rewards Credit Card:

  1. Membership and yearly charge: The fee is Rs. 1000 plus applicable taxes. However, this fee can be waived if you spend Rs. 2 Lakhs or more in the preceding year.
  2. Interest Rate: 3.6% per month or 52.86% per annum.
  3. Forex Markup Fee: 3.5%.
  4. Cash Withdrawal Fee: 2.5% or minimum Rs. 500, whichever is higher.

Standard Chartered Rewards Credit Card:

  1. Interest Rate: 3.75% per month.
  2. Reward Redemption Fee: Rs. 99.
  3. Forex Markup Fee: 3.5%.
  4. Cash Withdrawal Fee: 3% or Rs. 300, whichever is higher.

Comparison between Axis Bank Rewards Credit Card and Standard Chartered Rewards Credit Card

Axis Bank Rewards Credit Card:

  1. Annual Fees:
    • Rs. 1000 plus taxes.
  2. Welcome Benefit:
    • 5000 EDGE reward points on spends of Rs. 1000 or more in 30 days.
  3. Spend-Based Waiver:
    • If you’ve spent Rs. 2 Lakhs or more in the past year, your renewal fee is waived.
  4. Reward Rate:
    • Earn 2 EDGE reward points for every Rs. 125 spent.
    • Up to 10x reward points on spends of Rs. 125 on departmental and apparel stores.
  5. Reward Redemption:
    • Utilize your points on the EDGE Platform to acquire various products and vouchers.
    • Convert points to Partner Airmiles.
    • Use your reward points to make purchases both online and in-person for qualifying transactions.
  6. Travel Benefits:
    • Receive two free passes to access domestic lounges at specific airports every quarter.
  7. Dining Benefits:
    • 15% discount at partner restaurants, up to Rs. 500 under Dining Delights program.
    • 30% off on Swiggy orders, capped at Rs. 150 per order.
  8. Insurance Benefits:
    • Rs. 1 Lakh worth Purchase Protection Cover.
    • Get coverage of up to $300 for delays in checking in baggage and for the loss of essential travel documents.
    • USD 500 cover for loss of baggage.
    • Credit Shield worth Rs. 1 Lakh.

Standard Chartered Rewards Credit Card:

  1. Annual Fees:
    • No joining fee.
    • Annual fee of Rs. 1000 plus taxes.
  2. Welcome Benefit:
    • Not applicable.
  3. Spend-Based Waiver:
    • You won’t have to pay the renewal fee if you spend Rs. 3 Lakhs or above within the card’s anniversary year.
  4. Reward Rate:
    • 4 reward points on spends of Rs. 150 on retail.
    • 1 reward point on spends of Rs. 150 on insurance and government payments.
  5. Reward Redemption:
    • Exchange your points from the Rewards catalog for vouchers or products at the rate of 1 point equals Rs. 0.25.
    • Redeem points against the card balance (1 RP = Rs. 0.20).
  6. Travel Benefits:
    • 1 complimentary domestic lounge access per quarter.
  7. Dining Benefits:
    • Not applicable.
  8. Insurance Benefits:
    • Not applicable.

Which credit card suits you best?

  • Axis Bank Rewards and Standard Chartered Rewards credit cards offer appealing options for individuals in search of lifestyle-oriented cards featuring competitive reward rates.
  • Both cards are relatively new in the Indian market and cater to individuals who frequently make high retail purchases.
  • Although both cards are priced similarly, the Standard Chartered Rewards credit card stands out by not having a joining fee.
  • Both credit cards provide enhanced rewards for purchases made at retail stores, catering to those who frequently indulge in shopping activities.
  • The Axis Bank Rewards credit card offers a unique welcome bonus along with exclusive dining perks, distinguishing it from the Standard Chartered Rewards credit card which lacks these benefits.
  • In general, both credit cards offer similar features, yet the Axis Bank Rewards card stands out for its added advantages in dining perks and insurance coverage.
  • Although the Axis Bank Rewards card excels in specific categories, both cards offer excellent value relative to their prices.

Frequently Asked Questions (FAQs)

1. What distinguishes the Axis Bank Rewards Credit Card from the Standard Chartered Rewards Credit Card?

Each card provides a fair reward rate, yet they diverge in terms of initiation fees, introductory perks, and distinctive attributes such as dining privileges. Recognizing these disparities can aid in selecting the card that aligns most closely with your preferences.

2. Are there any joining fees associated with these credit cards?

Although priced similarly, the Standard Chartered Rewards Credit Card distinguishes itself by waiving the joining fee, a notable advantage for individuals seeking to reduce initial expenses.

3. What are the variations in the reward points system between the two cards?

Each card offers boosted rewards for retail purchases, catering to avid shoppers. However, the specifics of their reward systems differ. It’s recommended to carefully assess and contrast the reward programs to find the one that best matches your spending patterns.

4. What additional benefits does the Axis Bank Rewards Credit Card offer compared to the Standard Chartered Rewards Credit Card?

The Axis Bank Rewards Credit Card provides exclusive advantages like a welcome bonus and special dining perks, distinguishing it from the Standard Chartered Rewards Credit Card. Knowing about these extra benefits can sway your choice depending on your lifestyle and personal preferences.

5. Are there any specific features that make one card more suitable for certain categories, such as dining or insurance benefits?

Yes, the Axis Bank Rewards Credit Card excels in the dining and insurance benefits category when compared to the Standard Chartered Rewards Credit Card. If these features are important to you, it may impact your choice between the two cards.

6. How do these credit cards stack up against each other overall?

Both credit cards are considered decent and offer good value for their respective prices. It ultimately depends on individual preferences and priorities, such as fee structures, welcome benefits, and specific category perks.

7. Am I allowed to submit applications for both the Axis Bank Rewards Credit Card and the Standard Chartered Rewards Credit Card simultaneously?

Yes, in most cases, you can apply for both cards. However, it’s essential to consider your creditworthiness, as multiple credit card applications within a short period may impact your credit score.

8. How can I go about applying for one of these credit cards?

You can apply for these credit cards through the respective bank’s official website or by visiting a branch. The application process typically involves providing necessary documents, and approval is subject to the bank’s terms and conditions.

9. Do these credit cards offer any travel-related benefits?

Based on the most recent data, neither the Axis Bank Rewards Credit Card nor the Standard Chartered Rewards Credit Card offer distinct advantages for travel-related benefits. If you prioritize travel perks, it’s advisable to consider credit cards that are tailored with specialized travel rewards programs.

10. Can I upgrade or downgrade my credit card after obtaining it?

Different banks have varying policies regarding the option to either upgrade or downgrade your credit card. It’s recommended to directly inquire with the customer service of your bank to understand their specific rules and any terms and conditions related to upgrading or downgrading your card.

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