Standard Chartered Ultimate cuts six categories — a 39% haircut

Standard Chartered has reduced the rewards rate on six everyday categories for the Ultimate card from 3.33% to 2%, effective 2 April 2023. The affected categories include utilities, supermarkets, insurance, rent, schools, and government payments, which now earn 3 RP/₹150 (2%) instead of 5 RP/₹150 (3.33%). Additionally, fuel purchases no longer earn points. Cardholders who frequently use the Ultimate card for these categories will be hit the hardest, as their rewards earnings will decrease by 39%. The change also introduces a 1% processing fee on rent payments, capped at ₹1,000 per month, and a 1% surcharge waiver on fuel purchases. Our take: 5 RP/₹150 down to 3 RP/₹150 on utilities, supermarkets, insurance, rent, schools and government is a 39% cut on precisely the spend that filled Ultimate balances, and fuel now earns nothing at all. The 3.33% headline survives on everything else, which is the whole trick — Standard Chartered kept the marketing number and repriced the reality underneath it. The card still earns its keep on general spend; stop routing rent through it, especially now that rent carries a 1% processing fee capped at ₹1,000 a month.