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FAQs – Revision of Ultimate reward points proposition

Which are the merchant categories selected for reward point revision?
From April 2nd, 2023, transactions on Ultimate credit card for Utilities, Supermarkets, Insurance, Property management, Schools & Government payments will now earn 3 reward points on every INR150 spent.

Merchant Category Code (MCC) MCC Description Spends Revised Rewards
4900 Utilities 150 3
5411 Supermarkets 150 3
5960,6300 Insurance 150 3
7349,6513 Property Management / Rent Pay 150 3
8299 Schools 150 3
9399 Government 150 3

Is there any capping to the reward points earned on merchant categories with revision?
Please note there is no capping to the reward points that can be earned in a month on the merchant categories where there is a revision in reward points.

How many reward points will I earn on fuel transactions using Ultimate credit card?
From April 2nd, 2023, no reward points will be earned for Fuel transactions on StanChart Ultimate credit card.
However, clients will now enjoy a surcharge waiver of 1% on fuel spends across all petrol pumps. The fuel surcharge waiver amount will be capped at Max Rs 1000/ per month.

When will the changes be effective from?
The changes would be effective from April 2nd, 2023. Please note all spends till 31st March 2023 on the select categories will continue to earn reward points as per the existing reward proposition i.e. 5 reward points on every INR 150 spent.

Will there be any impact to my existing reward points?
There will be no impact to your existing reward points which you have earned and is available for redemption till expiry of those points.