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CIBIL Score for Standard Chartered Credit Card

Standard Chartered Bank is one of the leading foreign banks operating in India. The bank offers a wide range of financial products and services to its customers. To begin with, Standard Chartered Credit Cards are quite popular among the working class in Indian. The main attraction is the double benefits and rewards which come with the credit card.

Shopping, cashback, exclusive membership, 360 rewards, double benefits, contactless feature, good life programme and the list goes on and on. You name it and they have it. But everyone cannot avail a Standard Chartered Bank Credit Card, as there are certain eligibility criteria which has to be met. Read more to find out.

Importance of CIBIL Score for getting a Standard Chartered Bank Credit Card

A CIBIL score is a credit score generated by TransUnion CIBIL, a credit rating bureau. This score is an indicator of your current credit healthy and applicability. The score ranges from 300-900 and highlights your creditworthiness to any credit institutions or bank. When you apply for a credit card, post KYC verification, the bank seeks your CIBIL score. Standard Chartered Bank also follows this system of verification while processing a credit card application. A score of 700 plus is the general requirement by Standard Chartered Bank for a credit card application. This means that if you do not have a CIBIL score of 700 plus, you will not be issued a credit card. Therefore, it is very important to have a high CIBIL score, if you seek a credit card from Standard Chartered Bank.

Other important factors:

  • Age - The Standard Chartered Bank has different credit cards for different age groups as potential borrowers. The minimum age is 21 years while the maximum age is 64 years.
  • Income - The minimum income required depends upon the type of card you select. A high value credit card with a greater credit limit will require a high income. The Standard Chartered Bank offers cards which come with a credit limit of 2x-3x of your monthly income. For individuals who are self-employed, the income eligibility will be based on the ITR filed for the previous financial year.
  • Existing Relationship - You can easily apply for a Standard Chartered Bank Credit Card, if you are an existing account holder. In fact, you might be eligible for a pre-approved credit card based upon the type of account and bank balance you maintain. Additional benefits include fee waiver, joining discounts, promotional offers and in some cases, a higher credit limit.

Standard Chartered Bank Credit Card Information

Eligibility The eligibility criteria is different for individuals who seek a new application without any relationship with the bank and for those who already have a bank account or card with Standard Chartered Bank .

Types of Cards Offered by Standard Chartered Bank

  • Standard Chartered Bank offers multiple credit cards, mentioned below are a few.
    • Standard Chartered Bank Ultimate Credit Card - An exclusive credit card which rewards you on travel spends and fine dining.
    • Standard Chartered Bank Manhattan Platinum Credit Card - You get the double benefits of 5% cashback and 3x reward points when you spend.
    • Standard Chartered Bank Super Value Titanium Credit Card - A credit card that assures 5% cashback on fuel, phone and utility bills and 1 reward point on all other expenses.
    • Standard Chartered Bank Emirates World Card - With the Emirates World Credit Card, you earn miles on every transaction made.
  • Standard Chartered Bank Platinum Rewards Credit Card - With every swipe, you earn 5x reward points.
  • Standard Chartered Bank Landmark Rewards Platinum Credit Card - This card gives up to 9x reward points on your daily groceries, home and lifestyle shopping.
  • Standard Chartered Bank Visa Infinite Credit Card - This card offers personalized services, but is only available to priority banking customers.
  • Yatra Platinum Credit Card - A card designed for frequent travelers, you get 10% cashback on travel bookings made through Yatra. You can apply for any of these credit cards by simply visiting the official website of Standard Chartered Bank and selecting your preferred card. Post selection, you will be asked permission for the bank to contact you and the sales officer will approach you. Additionally, you can visit any of the mentioned branches in your city.

Probable reason for Standard Chartered Bank Credit Card Rejection

  • Credit Score - If you have a poor credit rating or score, your Standard Chartered Bank Credit Card application will most likely face rejection. As mentioned before, you require a minimum score of 700 to be eligible for a Standard Chartered Bank Credit Card.
  • Credit History - If you have never applied for a credit card before, you do not have a credit history. This implies that your credit information report has not been generated, hence, your credit score is non-existent. Lack of credit history and credit score will lead to rejection of your credit card application.
  • Existing Credit Cards - Having multiple credit cards can be beneficial, but it can negatively affect your credit score if you fail to pay the complete outstanding amount for any of your credit card. If you have missed even a single payment on any of your cards, it can bring down your credit score considerably.
  • DTI Ratio - It is the ratio of your debt-to-income which is calculated by dividing your monthly debt by monthly income. If you have high DTI ratio, banks and lending institutions will most likely reject your credit card application. Ensure that your debts are low or nil before applying for a credit card.
  • Payment Default - If you have failed to make a single payment or EMI on your previous credit card or loan, it will be captured in your credit information report. This, in return, will degrade your credit score further. Lenders usually look into the credit history before issuing new credit cards, if they find out that you have defaulted a payment before, they will most likely reject your credit card application.
  • Multiple Applications - Multiple applications result in multiple hard inquiries and multiple rejections. Multiple rejections lead to negative remarks on your credit score. Thus, do not apply for another credit card if one is already in the process.

Tips for Improving CIBIL score to get Standard Chartered Bank Credit Card

  • The most important factor is to improve your credit score immediately. Your credit score carries maximum weightage for application as well as declination of a credit card. One way to improve your credit score immediately is to payback all of your debts, loans, EMIs and credit card bills.
  • It is strongly advised that you do not miss out any of your existing payments till your new credit card is being processed. This will help in credit repair.
  • Maintain a healthy mix of secured and unsecured loans.
  • Avoid a high DTI ratio. That is debt-to-income ratio. It is the ratio of your debt-to-income which is calculated by dividing your monthly debt by monthly income. If you have high DTI ratio, banks and lending institutions will most likely reject your credit card application.

FAQs On Standard Chartered Credit Card

What if I have a low CIBIL score, will Standard Chartered Bank Credit Card give me a credit?

No, you need to have a credit score of 700 plus in order to be eligible for a Standard Chartered Bank Credit Card.

Does skipping a Standard Chartered credit card payment affect my CIBIL score?

Yes, missing even a single payment or EMI on your Standard Chartered Bank Credit Card will have a negative impact on your credit score.

Had a loan settlement with Standard Chartered credit card, will it affect my CIBIL score?

Yes, if you have successfully settled your loan account, it will improve your credit score as you have cleared all your outstanding payments.

Can I get more than 3 Standard Chartered credit cards if I have a good CIBIL score?

Yes, your CIBIL Score, earning source and monthly earnings play a major role in deciding how many credit cards you can hold.

Can I get a Loan on Standard Chartered Bank Credit Card?

Yes, you can avail a loan on your Standard Chartered Bank Credit Card with an option to convert the payback amount into easy EMIs. You can avail the following types of loans on your Standard Chartered Bank Credit Card.

  • Insta-Loan - This is a pre-approved loan where the loan amount is equal to your credit cards limit.
  • Balance on EMI - You have the option to convert your outstanding balance to EMIs with a flexible payment tenure of 6-60 months.
  • Kuch bhi in EMI - You can make the payment via installments/EMI @1.49% per month for large purchases.

What are benefits and features of Standard Chartered Bank Credit Card?

  • No major documentation is needed.
  • No closure charges or postdated cheques.
  • Maximum loan amount is up to 70% of your available balance on your credit card.
  • Comes with easy installment billing.
  • Lower interest rate.
  • Flexible payment tenure of 6-60 months