As technology continues to reshape every facet of our lives, be it the way we shop groceries, do online shopping, online transactions, even the credit cards have also undergone remarkable transformations. Here enters the smart card, the financial innovation that has beautifully combined technology with convenience. As this card provides ease with online payments and transactions, the question that comes up is – What is a Smart Credit Card?
This modern card distinguishes itself from other various credit cards through different features and benefits, that’ll explore further in the article.
Smart Credit Card: Overview
Smart credit card, also known as Standard Chartered Bank credit card, is equipped with advanced technology features. Those features are designed to enhance security, convenience, and ease of use for financial transactions.
It is a physical metallic card that comes with an embedded gold microchip that stores all the data of the cardholder and acts as a security system. All this contributes to making this card a more secure one than the rest of the traditional magnetic cards.
It is the same size as that of a visiting card or any other credit card. Smart Credit Card not only provides the utmost security to the cardholder details, but also provides numerous benefits, one of them is the contactless payment. A much required payment mode in the finances.
Roland Moreno, the French investor, humorist, author, and engineer is referred to as the father of the Smart Credit Cards.
There are other types of smart credit cards available –
- Contactless cards
- Dual interface cards
- Contact cards
- Hybrid smart cards
- Microprocessor smart cards
- Memory smart cards
Features of Smart Credit Card
Features are as follow-
Contactless Payments – Tap & Go: One of the standout features, this allows it to avoid the traditional swipe method. With this feature, users make transactions with a simple wave or tap near the payment booth.
Biometric Authentication: The extra provided with this feature. These cards come with fingerprint recognition technology, making sure that only the concerned cardholder can initiate payments.
Embedded Security Chip: A modern way to ensure security. Unlike the usual metallic cards that store data in a static and easily identified format, smart cards use this embedded chip to store and encrypt cardholder’s data.
Free Extended Interest: This feature enables users to pay only the minimum amount due for the credit period of the first 90 days post credit card insurance.
Seamless Mobile Wallet Link: This feature allows users to connect their smart card with smartphones, enabling them to make payments through their preferred device. Mobile wallet feature already stores the credit card information of the user.
Note: There are foreign exchange cards too available in the financial industry, which are making waves with time, but are they good than the credit cards? We have covered this topic in detail, in the article, Forex cards Vs Credit card benefits. To know more about it, visit the article once!
Let’s get started with the smart credit card benefits!
Benefits of Smart Credit Card
Cashback: This benefit allows you to earn 2% cashback on every online transaction except for fuel & cash withdrawals. Earn Rs.1000 at every online transaction and earn upto Rs.5000 at every other spends at cashback of 1%.
Smart Card Kuch-Bhi on EMI (KBE): Under this benefit, you get the availability to convert your purchases into a 3 month EMIs. Along with it enjoy a 0.99% per month special interest rate with NIL processing fee. Above Rs.2000 purchases can be converted.
Verification: Cards that come with personalized verification – biometric, provide the extra layer of security to the cardholders.
- Gets a welcome benefit, an Amazon voucher worth Rs.500, when activated the smart credit card.
- Contactless payment option available with faster checkouts and complete security.
- Avail supplementary credit cards to benefit your family members.
- Standard chartered credit cards reward catalog allows to redeem the cashback points on credit cards through 360 degree rewards.
- The card is secured with 3D secure OTP verification for security in online payments.
- Loan facility is also available. Can avail a loan with your credit card upto Rs.5 lakhs with a tenure of between 12-60 months.
Differences of Smart Credit Card
|Difference||Smart Credit Card||Traditional Credit Card|
|Security Chip||These cards are equipped with an embedded microchip, that stores and encrypts cardholder data.||These cards rely only on magnetic band technology. This magnetic band contains all the data of the cardholder, which can be risky, as data breaching can happen.|
|Program And Store||These cards are specially programmed to store all the crucial information. Users can store their details of medical information, license number, phone details, etc.||Unlike the smart cards, these cards are not programmed to store crucial information.|
|Contactless Payments||These cards allow users to complete their payment processing just with a simple tap or wave near the payment corner.||These cards require physical contact with the payment corner.|
|Reading Capability||These cards require special readers, but the cards issued by the bank also contain magnetic strips, enabling users to use cards anywhere without the need of the reader.||These cars do not require any special readers.|
Documents Required to Avail Smart Credit Card
Following are the documents required to avail the smart credit card –
- ID Proof: Any one from – Passport, PAN Card, Voter ID card, or government ID card.
- Income Proof: Any one from – salary slip of three months, latest IT returns, certified financials, or the business continuity proof.
- Address Proof: Any one from – Aadhaar card, driving license, Voter ID card, Election card, passport, job card, or the letter by the National Population Register.
To apple for the smart credit card, eligibility criteria is as simple as follows-
- For the primary cardholder, the age factor should be between 18-65 years.
- Should be located in the cities in which the standard chartered bank serves.
- The add on credit card holder’s age should be at least 18 years old.
- A stable monthly income is required.
Fees & Charges of Smart Credit Card
|Joining Fee||Rs. 499|
|Annual fee||Rs. 499|
|Finance charges||3.75% per month and 45% annualized|
|Cheque bounce fee||Rs. 500|
|Card replacement fee||NIL|
|Rewards Handling fee||Rs. 99|
|Late payment fee||To balance statement the charges are as follow- Around Rs.100 – NILRs.101 to Rs.500-Rs.100Rs.501 to Rs.5,000-Rs.500Rs.5,001 to Rs.15,000-Rs.700|
|Cash repayment fee||Rs.299|
Smart credit cards represent an advanced step in the field of finance. Enhanced security, contactless features, convenience of payment, good cashback offers, great EMI rates, and more, these cards offer an array of benefits for the cardholders.
With the continuous advancement of the digital world, smart credit cards are on their way to make payment feasible and convenient. Along with offering many features on the card. These cards are setting a new benchmark for the future of payment mode.