Product Review: Standard Chartered MasterCard Cashback

Standard Chartered MasterCard CashbackAs Standard Chartered credit cards gain further popularity in Pakistan, it is important to analyze what sets its credit cards apart from other facilities available. At MyBankersOnline, we are now presenting our analysis of the Standard Chartered MasterCard Cashback.

  • Standard Chartered charges the industry average of 39% as the markup rate on MasterCard Cashback for all customers who revolve on their credit cards.
  • The annual fee on the Standard Chartered MasterCard Cashback also varies with the limit allotted to the individual. This can range from as low as Rs. 3,000 up to Rs. 5,000. Additionally Standard Chartered offers annual fee reversals to individuals who conduct a certain volume of transactions within a time period, and annual fee waivers to customers who are maintaining their salary accounts with Standard Chartered.
  • SMS Banking and Internet Banking facilities are provided free of cost with Standard Chartered MasterCard Cashback. Additionally, the bank offers the facility of credit card repayment through internet banking as well.
  • Direct Debit facility is free of cost on the Standard Chartered MasterCard Cashback and is recommended by the bank itself. Most customers, if maintaining an account with the bank, have the option to apply for direct debit facility of their outstanding credit card bills.

As special features, the Standard Chartered MasterCard Cashback offers three different cashback facilities to its users. Firstly, 5% cashback is offered on fuel purchases through credit cards. The cashback limit is capped at Rs. 500 per month. Similarly, 5% cashback is offered on grocery purchase. Additionally, 3% cashback is offered on electronic items purchased through the Standard Chartered MasterCard Cashback. Rs. 500 upper limit is also set for groceries and electronic purchases respectively. However, the total reimbursement cap for cashback facility is set at Rs. 1,000 per month.

We, at MyBankersOnline feel that the Standard Chartered MasterCard Cashback, although adding value to the proposition offered by the bank, should offer higher caps on the cashback facilities. In today’s day of inflation, the Rs. 500 cap on fuel and groceries is very low. Since a rewards program is not offered on the Standard Chartered MasterCard Cashback, the reimbursement caps should be raised. The additional facilities and services on Standard Chartered MasterCard Cashback however do create convenience for customers and for ease of repayments.  At MyBankersOnline, we recommend this credit card to consumers, who frequently use their cards for fuel and groceries, but we feel that the bank’s proposition can be enhanced to improve the Standard Chartered MasterCard Cashback competitiveness in the Pakistani market.

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