What is so unique about Standard Chartered’s Saadiq Credit Card?

What is so unique about Standard Chartered’s Saadiq Credit Card?
September 25, 2017 Mrs. K Compare
SCB-Saadiq Card-Karlocompare

Unlike many other credit cards that are available to you, SCB Saadiq credit card is a shariah compliant card which offers exclusive services. You can enjoy incredible benefits with SCB Saadiq credit card while paying zero percent interest! On top of that, you can rest assured that the entire banking transaction is done based on the principles governed by Islamic Shariah.

Like any conventional credit card, Saadiq Credit card is also acceptable worldwide with immense benefits for its cardholders. It can be used at over 24 million locations worldwide, and at over 30,000 locations within Pakistan. You can conveniently use your Saadiq cards for entertainment, meals, travel, simply everything. Let us now learn the differences between Saadiq Credit cards and conventional credit cards:

How different are Saadiq Credit Cards to Conventional Credit Cards?

A lot of people confuse Islamic banking with conventional banking, and similarly Islamic credit cards with conventional credit cards. The most prominent difference between the two is the interest factor.  To start with, unlike conventional credit cards, SCB Saadiq Credit cards function on Riba-free principles. Which means that the card members are required to pay either the entire outstanding amount or only a minimum amount of the outstanding balance by the payment due date. That’s how shariah compliant credit cards work for everyone around the world.

Secondly, the bank will charge a fixed maintenance fee, which can also be waived off for any month by the bank at its own discretion. This fixed fee structure is derived from the concept of ‘ujrah’ which is not practiced in conventional banking. It however denotes the extra fee charged for late payment. Variable charges are avoided this way to avoid the problem of interest factor.

Moreover, since all the practices of Islamic banking are in line with the shariah laws, hence, all Islamic banking transactions are based on tangible assets and real assets, as compared to conventional banking which is primarily based on money lending. Islamic banking is not only confined to interest-free banking, but also forbids some practices such as unfair trade, hoarding, speculation etc. So unlike conventional banking, Islamic banks do not associate with just every business, it keeps a strong check and balance on the companies they partner with. While taking care of the Islamic fundamentals, SCB Saadiq Credit Card also provides other benefits and rewards to its customers:

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World of benefits for the Standard Chartered Saadiq Credit Cardholders

What SCB calls ‘Buy Now, Pay Later’ is an excellent facility offered by Standard Chartered Bank to its customers. By using SCB Saadiq Credit Cards, you can avail a ton of benefits and earn cashbacks.

Benefits include a 51-day credit period in paying your monthly bills, cashback on groceries, fuel, electronics outlets, and more.

Beside this, you do not need to carry cash with you if you are carrying SCB Saadiq Credit Card because it allows you to draw cash up to 30% of your credit limit. You can obtain this cash from any SCB or other banks’ ATM.

While using SCB Saadiq Credit Card at the supermarket, you can avail cashback of up to 5% of the amount spent on groceries, which is capped at PKR 10,000. This saving comes up to PKR 500 every month depending on how much you spend. Similarly, cashback on fuel stations is the same, where 5% is received in cashback for amount spent up to PKR 10,000.

What’s more is that SCB Saadiq Credit Card gives cashback of 3% on purchase in Electronics outlets. There is however, a cap of PKR 1,000 per month on each credit card.

The most sought-after benefit however, for SCB Saadiq Credit card is The Zero Loss Liability. In case of theft or if your card goes missing, you are covered for all the fraudulent charges made on your card after you report and provide details to Standard Chartered Bank regarding the lost card. Hence, you will not be charged for any of the transactions which are not done by you on the Saadiq Credit Card.

To check out more information on the rewards and evaluate the difference between SCB Saadiq Credit Card with conventional credit cards, you can also use our evaluation engine.

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