Standard Chartered BankUltimate Credit Card
Verified Official Data • Last updated 2026-08
Net Value Calculator
Drag sliders to estimate this card's annual value based on your actual spending habits.
Your Monthly Spend
₹50,000/moE-Commerce & Online
Daily Essentials
Most cards earn ₹0 rewards on fuel (surcharge waiver only).
Frequently excluded from rewards in India.
Lifestyle, Bills & Other
Almost always earns ₹0 and may carry a fee.
Often excluded or capped.
Savings & Milestones Tracker
-0.22%
Value Yield (Net / Spent)
₹-1,302
Annual Net Value
How Your Spends Convert to Rewards
Live calculation breakdown for Ultimate Credit Card
| Spend Category | Monthly Spend | Reward Rate | Points Earned | Monthly Value | Annual Value | Status / Caps |
|---|---|---|---|---|---|---|
Fuel | ₹4,000/mo | 0 Pts / ₹100 | 0 pts0 pts/yr | ₹0 | ₹0/yr | Excluded |
Other Online Shopping | ₹6,000/mo | 3.33 Pts / ₹100 | 200 pts2,400 pts/yr | ₹50 | ₹599/yr | Active Earn |
Amazon Spends | ₹3,500/mo | 3.33 Pts / ₹100 | 117 pts1,404 pts/yr | ₹29 | ₹350/yr | Active Earn |
Flipkart Spends | ₹2,000/mo | 3.33 Pts / ₹100 | 67 pts804 pts/yr | ₹17 | ₹200/yr | Active Earn |
Dining & Food Delivery | ₹5,000/mo | 3.33 Pts / ₹100 | 167 pts2,004 pts/yr | ₹42 | ₹500/yr | Active Earn |
Groceries | ₹7,000/mo | 2 Pts / ₹100 | 140 pts1,680 pts/yr | ₹35 | ₹420/yr | Active Earn |
Utilities & Bills | ₹4,000/mo | 2 Pts / ₹100 | 80 pts960 pts/yr | ₹20 | ₹240/yr | Active Earn |
Travel (Flights/Hotels) | ₹4,000/mo | 3.33 Pts / ₹100 | 133 pts1,596 pts/yr | ₹33 | ₹400/yr | Active Earn |
Rent | ₹10,000/mo | 2 Pts / ₹100 | 200 pts2,400 pts/yr | ₹50 | ₹600/yr | Active Earn |
Insurance | ₹1,500/mo | 2 Pts / ₹100 | 30 pts360 pts/yr | ₹8 | ₹90/yr | Active Earn |
Other / Offline | ₹3,000/mo | 3.33 Pts / ₹100 | 100 pts1,200 pts/yr | ₹25 | ₹300/yr | Active Earn |
All ₹ values exclude GST. Perks like lounge access are shown separately and not added into net value. Rewards use your selected redemption mode (cashback / statement credit).
Is Ultimate Credit Card actually your best option?
Run the same spend against all 451 cards and see where this one ranks.
Key Specifications
₹5000
₹5000
None
2%
Rewards Structure
Earn rates and reward configurations verified for 2026.
Applies to all non-excluded offline/misc categories
Category Earn Rates
3 RP/₹150 on Utilities/Supermarkets/Insurance/Property-Rent/Schools/Government MCCs (sc.com), reduced from base 5RP/₹150
Lounge Access
Additional Perks
Redemption & Expiry
Exclusion Honesty: This data has been verified against official bank publications. We include exclusions and point valuation friction factors to render honest net metrics in our calculations.
Official Specification Sheet
Comprehensive rules, fees, and parameters verified directly against issuer details.
| Feature | Ultimate Credit CardStandard Chartered Bank |
|---|---|
| Joining fee | ₹5,000 |
| Annual fee | ₹5,000/yr |
| Fee waiver | No waiver |
| Base reward | 3.33 pts / ₹100 |
| Top reward categories | 2x utilities, 2x groceries, 2x insurance |
| Redemption friction | Easy |
| Point expiry | 36 months |
| Lounge access | 4 dom · 0 intl |
| Forex markup | 2% |
| Fuel surcharge | 1% waiver, up to ₹1,000/mo |
| Min income · salaried | Not stated |
| Min income · self-employed | Not stated |
| Eligibility (as stated) | Not stated |
| Recent devaluations | None recorded |
| Verified against | Updated 2026-08Official Standard Chartered Bank Credit Card Page |
Detailed Ultimate Credit Card Credit Card Review & Spends Guide (2026)
The Ultimate Credit Card by Standard Chartered Bank is a prominent credit card in the Indian market, categorized under the premium tier. Offering a base rewards engine of 3.33 reward points per ₹100, this card targets users looking to optimize their personal finances.
When evaluating the real-world value of the Ultimate Credit Card, it's essential to look beyond the joining fee of ₹5000 and annual fee of ₹5000. With our real-time calculator above, you can map out your monthly category spends (online shopping, dining, travel, utilities, groceries, etc.) to see if you can trigger the spend-based annual fee waiver of N/A, which determines your true Net Annual Value (NTV).
Rewards Potential & Category Multipliers
For accelerated spenders, the Ultimate Credit Card features key reward multipliers:
- 2x on utilities spends (uncapped).
- 2x on groceries spends (uncapped).
- 2x on insurance spends (uncapped).
- 2x on rent spends (uncapped).
- Exclusions: No rewards are earned on fuel categories.
Lounge Access & Extra Perks
Perks add immense value that calculations often leave out. The Ultimate Credit Card offers:
- Domestic Lounges: 4 visits/year
- International Lounges: No international lounge visits available.
Points Redemption and Point Expiry
Earning points is only half the battle. Redemptions are subject to a friction index of 2/5 (representing Instant digital redemption (2/5 friction)). Points are valid for 36 months.
Who the Ultimate Credit Card benefits the most
Derived from this card's actual earn rates, caps and perks — not a generic profile.
- People who want one flat, no-thinking rate: every eligible spend earns 3.33 points per ₹100 (about 0.83% in value at the best redemption), with no category tracking to do.
- Frequent flyers: 4 domestic lounge visits a year, worth roughly ₹4,000 at typical Indian pay-per-use lounge rates.
- People who spend abroad or buy in foreign currency online. At a 2% forex markup, a ₹2 lakh overseas trip costs about ₹4,720 in markup plus GST, versus roughly ₹8,260 on a typical 3.5% card.
- People who never get around to redeeming. Redemption friction here is 2/5, so rewards convert with little effort instead of rotting in a points balance.
- Daily drivers: the 1% fuel surcharge waiver is capped at ₹1000/month, which covers roughly ₹1,00,000 of monthly fuel spend.
Who should avoid the Ultimate Credit Card
The cases where this card quietly costs more than it pays back.
- Anyone whose spending is heavy on fuel. These categories earn absolutely nothing on this card — not a reduced rate, zero.
- Light spenders. The ₹5,000 annual fee (₹5,900 after GST) has no spend-based waiver, so you pay it every year regardless. At the base rate of 3.33 points per ₹100 you need roughly ₹7.09 lakh of annual spend just to break even.
- Occasional users. Points expire after 36 months (3.0 years), so a slow-accumulating balance can lapse before it is large enough to redeem.
- Anyone reading the headline points rate literally. Each point is worth only ₹0.25, so "3.33 points per ₹100" is really about 0.83% back in value.
- Anyone who revolves a balance. Credit card interest in India typically runs 36–45% a year plus 18% GST on the interest — that erases every reward this card can pay, on any spending pattern.
Hidden charges and fine print on the Ultimate Credit Card
The costs that sit below the marketing page, verified against Standard Chartered Bank disclosures dated 2026-08.
GST sits on top of every fee you were quoted
The listed ₹5,000 joining fee and ₹5,000 annual fee exclude GST. You actually pay ₹5,900 up front and ₹5,900 at each renewal. The 18% GST is never waived, even when the bank waives the fee itself on spend — check your statement.
Forex markup of 2% is really 2.36%
GST at 18% applies to the markup, so 2% becomes about 2.36% in real terms. Also decline Dynamic Currency Conversion at foreign terminals: paying "in INR" adds another 3–5% on top of this.
Spends that earn zero
fuel earn no rewards at all. These excluded spends also frequently fail to count toward fee-waiver and milestone targets, so check the MITC before routing large payments here to "hit the target".
Points expire in 36 months
Rewards are not a savings account. Anything unredeemed after 36 months lapses silently, and banks are not obliged to remind you. Set a calendar reminder to redeem at least once a year.
Fuel surcharge waiver has a monthly ceiling
The 1% waiver is capped at ₹1000 per statement month, and the surcharge is usually reversed as a credit in the next cycle rather than netted off at the pump. Transactions outside the bank's stated per-transaction band may not qualify at all.
Charges every Indian card carries
Cash withdrawal fees (typically 2.5% of the amount, minimum ₹500) with interest from day one and no interest-free period, late payment fees graded by outstanding balance, over-limit charges, EMI conversion processing fees and interest, rent-payment and wallet-load fees, and payment-return charges. These are listed in the bank's MITC document, not in the marketing page — read it once before you apply.
Tax implications of the Ultimate Credit Card
Indian tax treatment of the fees, rewards and foreign spends on this specific card.
GST on fees and charges. Every fee quoted on this page excludes GST. The ₹5,000 joining fee bills as ₹5,900 and the ₹5,000 renewal as ₹5,900. GST also applies to interest, late payment fees, cash advance fees and the forex markup — it is not a one-off on the fee alone.
Are the reward points taxable? Points or cashback earned in proportion to your own spending are treated as a post-purchase discount rather than income, so a salaried individual does not pay tax on them. The same applies to the points here, valued at ₹0.25 per point on redemption. Two exceptions matter: benefits received from a business relationship (not from your own spending) can attract TDS at 10% under section 194R where the value exceeds ₹20,000 in a year, and a gift or voucher received from the bank with no link to your spending can be taxable under section 56(2)(x) if total gifts from non-relatives cross ₹50,000 in a year.
Is the annual fee deductible? Not for a salaried cardholder — it is a personal expense. If the card is genuinely used for business or professional spends, the ₹5,900 renewal is an allowable business expense under section 37(1), and a GST-registered business billed in its own name can claim the ₹900 GST as input tax credit.
Foreign spends, TCS and the LRS. The 2% markup attracts 18% GST, making it about 2.36% effectively. TCS under the Liberalised Remittance Scheme runs at 20% above ₹10 lakh of remittances in a financial year; international credit card spends have so far been kept outside the LRS pending notification, so no TCS is deducted at the till today. Where TCS is collected on any remittance, it is not a sunk cost — it is creditable against your tax liability and refundable through your ITR.
Spends the tax department can see. Aggregate credit card payments of ₹10 lakh or more in a financial year (₹1 lakh or more if paid in cash) are reported by Standard Chartered Bank in the Statement of Financial Transactions and show up in your AIS. That is not a tax by itself, but the spending should be consistent with the income you declare.
Eligibility and documents for the Ultimate Credit Card
Standard Chartered Bank does not publish a numeric income requirement for this premium-tier card.
Eligibility
- Income: Standard Chartered Bank does not publish a figure for this card. Expect the usual premium threshold — often an income of ₹20 lakh a year or above, or an invitation-only route, confirmed at application.
- Age: typically 21 to 60 for salaried applicants and up to 65 for self-employed; add-on cards from 18.
- Credit score: a CIBIL score of 750+ materially improves approval odds on a card at this tier, where issuers are selective.
- Residency: resident Indian with a verifiable address in a city Standard Chartered Bank services.
- Relationship route: premium cards are frequently issued against an existing salary account, wealth relationship or pre-approved offer rather than a cold application.
Documents required
- Identity: PAN card (mandatory) plus Aadhaar, passport, voter ID or driving licence.
- Address: Aadhaar, passport, utility bill or registered rent agreement.
- Income (salaried): last 3 months' salary slips and 3–6 months' bank statements showing salary credit; Form 16 for the latest year.
- Income (self-employed): latest 1–2 years' ITR with computation, audited financials where applicable, and 6 months' current account statements.
- Photograph: one recent passport-size photo (often skipped in a full digital journey).
- Existing Standard Chartered Bank customers with a salary or pre-approved relationship usually skip the income documents entirely.
Nomination note: a credit card has no nominee — nomination applies to deposits and investments. What matters here is that your family knows the card exists and knows the outstanding, so it can be settled from the estate promptly instead of accruing interest and late fees after the fact.
How to apply for the Ultimate Credit Card
- Check for a pre-approved offer first. Log in to Standard Chartered Bank net banking or the mobile app. A pre-approved journey skips income documents and, more importantly, avoids a hard enquiry on your credit report if you are declined.
- Confirm the current fee and rates on the official page before applying — banks revise these without much notice.
- Apply online with PAN, Aadhaar and employment details, or walk into a Standard Chartered Bank branch if your income profile needs manual assessment.
- Complete KYC. Most issuers now offer video KYC that finishes in minutes; physical verification adds a few days.
- Confirm the credit limit before activating. The limit determines how much of your spending you can actually route here, which is what the reward maths above assumes.
- Set a full-payment auto-debit on the due date the day the card arrives. Interest of 36–45% a year plus GST is the single fastest way to turn this card into a loss.
Ultimate Credit Card — frequently asked questions
Answers use this card's own numbers, verified 2026-08.
What is the annual fee for the Ultimate Credit Card, and can it be waived?
The annual fee is ₹5,000 plus 18% GST, so ₹5,900 actually leaves your account. Standard Chartered Bank does not publish a spend-based waiver for this card, so the fee recurs every year.
How much do you actually earn on the Ultimate Credit Card?
The base rate is 3.33 points per ₹100, and each point is worth ₹0.25 at the best redemption — roughly 0.83% in value. There are no accelerated categories — the rate is flat across eligible spends.
Which spends earn no rewards on the Ultimate Credit Card?
fuel earn zero. If those categories are a big share of your monthly outgo, your effective return will be well below the advertised rate.
Does the Ultimate Credit Card offer airport lounge access?
Yes — 4 domestic and 0 international complimentary visits a year.
What does the Ultimate Credit Card charge on foreign currency spends?
A 2% markup, plus 18% GST on that markup, so about 2.36% effectively. On a ₹1 lakh foreign spend that is roughly ₹2,360.
Do reward points on the Ultimate Credit Card expire?
Yes, after 36 months from the date they are earned. Redeem at least annually so nothing lapses.
Is the Ultimate Credit Card annual fee tax-deductible, and are reward points taxable?
For a salaried cardholder the fee is a personal expense and is not deductible. If the card is used genuinely for business or professional spends, the fee and GST can be claimed as a business expense (and the GST as input credit where the card is billed to a GST-registered entity). Reward points earned in proportion to your own spending are generally treated as a post-purchase discount, not income, so they are not taxed in your hands.
Is TCS applicable on Ultimate Credit Card spends abroad?
Tax Collected at Source under the Liberalised Remittance Scheme applies at 20% above the ₹10 lakh annual threshold for remittances and forex card loads. International spends on Indian credit cards have so far been kept outside the LRS pending notification, so no TCS is deducted at the point of sale today. This has been changed and deferred more than once — confirm the current position with Standard Chartered Bank before a large overseas spend. Any TCS actually collected is not a cost: it is creditable against your income tax liability and refundable when you file your ITR.
What happens to the Ultimate Credit Card account after the cardholder's death?
A credit card is an unsecured personal liability and cannot be inherited or transferred — the card must be surrendered and closed. Inform Standard Chartered Bank in writing with the death certificate; the outstanding balance becomes payable from the deceased's estate, and the legal heirs are liable only to the extent of the assets they inherit, not personally. Any add-on cards stop working immediately. Unredeemed reward points are normally forfeited on closure, so a family member holding a large balance should redeem while the account is active. Nomination applies to deposits and investments, not to credit cards — but if there is a fixed deposit backing a secured card, the nomination on that FD governs its release.
Similar & Alternative Cards
Explore other top-rated Premium credit cards in India
Adani One ICICI Bank Signature Credit Card
Emirates Skywards ICICI Bank Sapphiro Credit Card
Axis Bank Atlas Credit Card
IndiGo Axis Bank Premium Credit Card
Samsung Axis Bank Infinite Credit Card
RBL Bank Icon Credit Card
Related Guides & Tools
Ranked card lists Ultimate Credit Card appears in, plus calculators for card debt decisions