Standard Chartered Ultimate cuts six categories — a 39% haircut
Standard Chartered Ultimate's rewards rate on six everyday categories drops from 3.33% to 2% and fuel earns no points, affecting cardholders who use the card for utilities, supermarkets, insurance, rent, schools, and government payments. This change reduces the card's overall value by 39% in these categories.
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: if you’re a heavy user of the Ultimate card for the affected categories, consider alternative cards that offer better rewards rates. However, if you primarily use the card for general spend, the headline rate remains unchanged, and the card may still be a good option. Monitor your spending habits and adjust your card usage accordingly to maximize your rewards earnings.