Standard Chartered Ultimate Devaluation

[SubhankarSubhankar is verified member.]

SCB Ultimate the card that hold its ground ok flat reward rate of 3.3% is finally facing a devaluation.
The card people loved for its straigh forward approach in terms of reward system is finally loosing its charm.

There are 6 specific categories SCB will earn 3 RP on every ₹ 150 spent instead of 5RP. It reduce the effective return to 2% from 3.3%.

The two most important categories it’s devaluing are Utility and Insurance. It’ll be effective from 1st of April, 2023




So what’s your thought on it?

 

[keeler]

Wallet is still at 3.3% thats strange

 

[thanix]

I can understand other categories but why super markets?

 

[SubhankarSubhankar is verified member.]

Wallet is still at 3.3% thats strange

People don’t load wallet now a days due to high fee. They must have checked the categories thoroughly. It’s a well researched devaluation

 

[SubhankarSubhankar is verified member.]

I can understand other categories but why super markets?

Probably some people are just doing transactions in a big volume 😉

 

[DarkKnight]

Does it make sense to pay rs 5000 as its renewal fees after this?

 

[SubhankarSubhankar is verified member.]

Does it make sense to pay rs 5000 as its renewal fees after this?

If you ask me, yes. I’m keeping this card

 

[zaid_2913]

Rental transactions will be charged 1% Processing fees

 

[Deleted member 3355]

View attachment 11000
Rental transactions will be charged 1% Processing fees

As SCB giving 3 points for 150 Rs on rental payment, Rewards value still more than (1% processing fee+18% GST)

 

[supperman]

Tsk, this was a no-nonsense, no questions asked card. Earning points, tracking was quite straightforward. The con was very few specific offers, low card application success rates and redemption on not-so-attractive vouchers. Offline transaction reward rate was top notch as well.

Now one has to be a bit careful. Wallets have imposed fees, both in CC wallet recharge and also in actual payments via wallets, so they know it'll not be abused incessantly.

Supermarkets is an odd category to be excluded. But I guess for people who make purchases offline via PoS, where few offers exist, this was still getting abused, maybe even in commercial quantities, so they've eased it up a bit.

They maintained the no questions asked approach for quite long. Now that this gate has been opened, wonder how long before wallet transaction joins in the devaluation.

At least they've not eliminated the rewards entirely. But still, real shame.

 

[thanix]

Probably some people are just doing transactions in a big volume 😉

Got it. Perhaps people just swipe the card and take cash for 2% extra and rotate money with added bonus of rewards. HDFC also clamped down with capping on grocery.

 

[satviksehgal]

They just devalued what was the biggest pro of the card. Having this card makes no sense now.

 

[supperman]

They just devalued what was the biggest pro of the card. Having this card makes no sense now.

It's still giving 2% on those restricted transaction categories, including utilities and government payments, and 3.3% on the rest, including most PoS transactions. Depending on the spending pattern, it's still not bad, though quite tarnished now.

From 3.3% on fuel to 0 now will sting some. It could be improved if they just improve their redemption options. Though I'm afraid it'll get devalued even more before it gets better, if ever.

 

[jeevanraj]

So I did a insurance transaction on 1st of April(a day before devaluation kicks in) but I don't see points being credited for the same. Will they consider the transaction date or settlement date to credit points in this case?

 

[jeevanraj]

you should atleast get 2% equal points and sc usually won't take more than 2 days to show that transaction in rewards360, are you sure it is not showing there?

Yes nothing is credited so far. I can see points for regular txns carried on 4th April but not for this one.

 

[satviksehgal]

Folks, not getting points for wallet and utility transactions done in April so far.

Called them, they acknowledged it, gave me a complaint number and said that they'll manually add points, and the maximum TAT is 15 working days.

I would say call the customer care and raise your complaints, do get your complaint number also over the phone because an SMS containing the complaint number never comes.

I fear if they are going the Axis way now in terms of crediting points. Would be a last nail in the coffin.

 

[satviksehgal]

Yes nothing is credited so far. I can see points for regular txns carried on 4th April but not for this one.

Standard Chartered Ultimate Devaluation

SCB Ultimate the card that hold its ground ok flat reward rate of 3.3% is finally facing a devaluation. The card people loved for its straigh forward approach in terms of reward system is finally loosing its charm. There are 6 specific categories SCB will earn 3 RP on every ₹ 150 spent instead...

www.technofino.in

 

[satviksehgal]

Yes nothing is credited so far. I can see points for regular txns carried on 4th April but not for this one.

Folks, not getting points for wallet and utility transactions done in April so far.

Called them, they acknowledged it, gave me a complaint number and said that they'll manually add points, and the maximum TAT is 15 working days.

I would say call the customer care and raise your complaints, do get your complaint number also over the phone because an SMS containing the complaint number never comes.

@jeevanraj @helloworld

I fear if they are going the Axis way now in terms of crediting points. Would be a last nail in the coffin.

 

[Parky]

Also, i don't find the croma or reliance digital vouchers on 360 degree of SCB site. Is it excluded now?

 

[RupayMan]

For me SC is too slow to credit the refund from a third party merchant, more than 20days..