The HSBC Bank Advance Visa Platinum Credit Card targets customers who can maintain a minimum Total Relationship Balance of INR 5,00, 000 with the bank. This credit card is valid as long as the HSBC Advance account is valid. The HSBC Advance Platinum Card offers an impressive rewards programme, an extensive range of EMI options and a Loan on Phone feature.
Additionally, this credit card is also beneficial in getting Fuel Surcharge waived at all petrol pumps. Other features include discounts on dining bills and movie vouchers on meeting eligible spend amount requirements.
Rating by Category:
- The Annual Fee gets full points since there is no Joining Fee or Annual Fee to get this card.
- This card is a great option only if you can spend more than INR 4,00,000 a year. Otherwise, the regular rewards rate and the introductory rewards rate are 0.35% and 1.05% respectively.
- The welcome offer on this card is good. However, some other cards offer much better introductory rates.
- The Annual Percentage Rate for this card is rather on the higher side. The monthly rate of 3.3% gets annualized to an APR of 39.6%.
Pros & Cons:
|Reasons to Choose||Reasons to avoid|
|No Annual Membership Fee||For valid HSBC Advance high interest savings account holders|
|Balance Transfer Perpetual, Balance Transfer-on-EMI, Cash-on-EMI, Instant EMI||Quarterly Total Relationship Balance of INR 5,00,000|
|Introductory offer of 3X Rewards||No golf privileges|
|Fuel Surcharge Waiver||High APR|
|Balance conversion||Railway Surcharge|
Rewards/Benefits – HSBC Bank Advance Visa Credit Card:
The HSBC Advance Visa Credit Card has an excellent introductory offer of 3X Reward points on all online spends for the first 24 months. 3x Reward points will be credited to the credit card account on online/ e-commerce spends undertaken by the Cardholders through HSBC Advance Platinum Credit Card issued after 04 August 2014 in the first 24 months from the date of card issuance.
With the HSBC Bank Advance Visa Credit Card, you earn 2 reward points for every INR 150 spent. Additionally, this Advance Visa card of HSBC also offers 5X rewards on subsequent purchases made after crossing a spend of INR 4,00,000 in a year up to a maximum of INR 10,00,000 in a year.
Balance Transfer Perpetual
You can transfer your other bank credit card outstandings’ (any amount above
`5,000) to your HSBC Advance Platinum Credit Card at a lower interest rate with a no pre-defined term. Interest on the transferred balance is between 1% per month to 1.2% per month.
Movie Ticket Vouchers
You get vouchers worth INR 500 on BookmyShow on spending over INR 50,000 in a month. However, you can get vouchers up to a maximum value of INR 3,000 in a year.
HSBC Bank Advance Visa Credit Card offers 15% discounts on dining at select restaurants in India.
Fuel Surcharge Waiver
The Fuel surcharge for all transactions between INR 400- INR 4000 gets waived, when payment is made using this credit card at any petrol pump. For transactions above INR 4,000, a 1% surcharge is levied. For transactions below INR 400, a nominal fee of INR 10 is charged. Nonetheless, surcharge waiver is restricted to INR 250 every month.
Balance Transfer-on-EMI (BT-on-EMI) is a unique feature that allows you to transfer the outstanding amount on your other bank credit card to your HSBC Advance Platinum Credit Card and repay in easy monthly instalments at a lower interest rate. You can choose from the repayment tenure options of 12, 18 and 24 months.
• 1.25% p.m. (15% p.a.) for 6 and 12 months tenure
• 1.50% p.m. (18% p.a.) for 18 and 24 months tenure
Processing fee at 1.5% of the BT-on-EMI amount (subject to a minimum of INR 149) for the 6 months option and at 1% of the BT-on-EMI amount (subject to a minimum of INR `149) for the other BT-on-EMI options will be applicable.
The Cash-on-EMI facility allows you to avail of the cash advance facility on your HSBC Advance Platinum Credit Card and repays the same in Equated Monthly Instalments (EMI). The annual rate of interest applicable will be 18% p.a. to 24% p.a. for your HSBC Advance Platinum Credit Card. You can choose from the tenure options of 6, 12, 18 and 24 months.
A processing fee of 2% to 3% (subject to a minimum of `200) will be applicable on the amount of each cash advance transaction availed under the Cash-on-EMI facility. This will reflect along with the first EMI amount on the card statement.
You can pay for your shopping expenses by paying in equal monthly expenses over 3, 6, 9 and 12 months.
You can convert your entire monthly outstanding balance into an easy EMI. The annual rate of interest applicable will be 15% p.a and processing fee of 2% would be applicable on the amount of balance converted on your HSBC Advance Platinum Credit Card. You may choose from 6, 9 and 12 months tenure. A processing fee of 2% will be applicable on the amount of each Balance Conversion request availed. This will reflect along with the first EMI amount on the card statement.
Is the Rewards Rate good?
For every INR 150 spent, you earn 2 points. An INR 1000 Amazon voucher with HSBC rewards points costs 3800 HSBC rewards points. To earn 3800 reward points, one needs to spend INR 2,85,000.
So, for a spend of 2,85,000 INR one gets INR 1000 in benefits. This results in a rewards rate of 0.35%.
Additionally, you become eligible for 5X rewards on spending INR 4,00,000 to INR 10,00,000 a year. The reward rate in this scenario is 5 * 0.35%= 1.75%
For introductory offer, you earn 3X rewards on hotels, dining and Telecom transactions. The reward rate for introductory offer is 3 * 0.35%= 1.05%.
Is this card for you?
This card is great for you if:
- You have a valid HSBC Advance Account: To qualify for an HSBC Advance account, you must maintain a Total Relationship Balance of INR 5,00,000 with the bank every quarter.
- You want a lifetime free card: This card comes with a zero annual fee, joining fee and zero renewal fee.
- Balance Transfer-on-EMI feature attracts you: This unique feature lets you go transfer your outstanding balance from one card to the other using equal monthly EMIs.
- You are a foodie and watching movies is your source of entertainment: You get 15% discounts over 700 restaurants in India with this HSBC Credit Card. Additionally, you get vouchers worth INR 500 on bookmyshow on spending over INR 50,000 in a month. However, you can get vouchers up to a maximum value of INR 3,000 in a year.
Payments & Fees:
|Foreign Transaction mark-up fee||3.5% of the transaction amount|
|Cash Withdrawal Fee||2.5% of the transaction (subject to a minimum of `300)|
|Overlimit Fee||INR 500 per month|
|Late Payments Fee||50% of the minimum payment due subject to a minimum of INR`400 and maximum of `INR 750 per month|
|Rewards Redemption Fee||INR 50 for every redemption|
|Credit Card Replacement Fee(within and outside India)||INR 100|
|Minimum Payment Due (MPD) on
extended credit usage
|5% of the total payment due of the statement plus greater of past due or overlimit due (if any), subject to a minimum of `100.|
How to get the most out of this Card?
To get the most out of this card, you should try to make as many online purchases as possible, in the first 24 months. Additionally, on reaching a milestone spend of INR 4,00,000, you will earn 5X rewards. The reward points that you earn will be valid for 3 years.
On spending INR 50,000 per month, you can earn movie vouchers worth INR 500 every month. However, this amount is restricted to INR 3,000 a year.
You should also maintain a Total Relationship Balance of INR 5,00, 000 to avoid penalty charges.
How to Redeem Rewards (HSBC Advance Visa Platinum Credit Card)
You can redeem your credit card reward points for airline miles from Jet Airways & Singapore Airlines. At present these options are not available for online redemption and are thus not listed on the online Rewards catalogue. You can redeem your Reward points for air line miles in the following ways:
Alternatively, you need your Internet Banking ID and Password to be able to redeem your points online. You can check their online rewards catalogue here. Now, you can choose between a wide range of redemption options including jewellery, fashion accessories, garments, home appliances, electronic equipment, cosmetics and much more.
Terms & Conditions Explained:
- Free Credit Period/ grace period: The free credit period for the HSBC Bank Advance Visa Platinum Card is 52 days.
- Minimum Total Relationship Balance: The cardholders must be aware of the fact that this credit card is valid as long as the HSBC Advance account is valid. Therefore, maintaining minimum quarterly Total Relationship Balance of INR 5,00,000 is the key to continue availing the offers of this credit card.
- Movie vouchers: To qualify for movie vouchers, the minimum spend amount on the card has to be INR 50,000.
- Card applicants must be at least 21 years of age.
- Minimum annual income should be INR 4,00,000 p.a. for self-employed / salaried individuals.
- You should have an HSBC Advance account.
The applicant should meet at least one of the criteria mentioned below:
- Quarterly Total Relationship balance should be a minimum of INR 5,00,000.
- Mortgage relationship of INR 30 lakh or more with HSBC.
Corporate salary account with a net monthly salary credit of INR 50,000 or more.
Negative Customer Feedback:
Despite its impressive reward rates, the customer reviews on this product are mostly negative on mouthshut.com and consumeraffairs.com. The general customer satisfaction levels have been mostly negative due to HSBC’s poor customer service.
On mouthshut.com, HSBC credit card has received a rating of 1.9 out of 5, which is based on 201 customer reviews. Similarly, the overall satisfaction level rating on consumeraffairs.com for HSBC card is 1 out of 5. This rating is based on 85 reviews.A
We observe a general dissatisfaction of customers with the bank’s customer service. One of the most frequent complaints is that of HSBC blocking cards without prior intimation to the customer. Furthermore, people also complain about their credit card applications being rejected without a valid reason. Some have also mentioned about the bank’s negligence in handling fraudulent transactions.
Other Credit Cards with similar/better Features:
Standard Chartered Bank Platinum Rewards Card:
Standard Chartered Bank Platinum Rewards Card is another card you could look at, if earning higher rewards is your topmost priority. This card has a monthly interest rate of 3.49% which is annualized to arrive at an APR of 41.88%. With this card, you can earn 5 reward points on every spend of INR 150 with no monthly caps on the rewards earned. However, the spends should be in the categories of dining and fuel. For all other categories, you earn 1 reward point for every INR 150 that you spend.
You can enjoy a host of discounts and offers across dining, shopping, travel and more with the Standard Chartered Good Life programme on your credit card. Moreover, this credit card also gives a 20% cash back on Uber rides, which can go up to a maximum of INR 600 every month( offer valid until September 2018). However, you need to spend a minimum of INR 15,000 in a calendar month on your card to avail this offer. The annual fee for this card is INR 399 for the first year. For second year onwards, it is INR 750. However, the Standard Chartered Platinum Rewards Card is free for lifetime, when you apply online.
RBL Bank Fun+ Credit Card:
The RBL Bank Fun+ Credit Card is a great option when you want to get maximum benefits on food, fun and movies. Unlike the HSBC Advance Visa Card, you don’t have to spend INR 50,000 to qualify for movie vouchers.
This card offers a lot of welcome benefits in the form of a INR 1000 voucher after their first usage of the card and complimentary BookMyshow voucher worth INR 500. On weekends, you receive a 5% discount on your dining bills. Furthermore, you receive a 10% discount on movies booked on BookmyyShow. With this card, you also earn 10 Reward Points per INR 100 spend at Pizza Hut, KFC etc.
You get a Fuel Surcharge Waiver of a maximum of INR 100 every month at all petrol pumps. Unlike HSBC, there is no necessity to maintain high TRBs.
The monthly interest rate and foreign currency mark-up fees for this card are both 3.5%. The Annual Fee for the first year is INR 499. The Annual Fee can be waived off after spending INR 1,50,000 per year.
The HSBC Bank Advance Visa Platinum Card is for loyal customers of HSBC, who can maintain a quarterly Total Relationship Balance of INR 5,00,000. This credit card would remain valid as long as the HSBC Advance Savings account is valid. This card offers a lot of EMI options, dining and movie privileges. Despite the welcome offer and more than decent rewards rate, the HSBC Advance Visa credit card is not a great option because of its exclusivity and high interest rate.
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