The HSBC Bank Premier Mastercard Credit Card targets premier customers of HSBC who have a Total Relationship Balance(TRB) of INR 40,00,000 quarterly. It comes with a zero annual fee and zero joining fee. The monthly interest rate for this card is 2.49%. This card has several high end features such as a dedicated relationship manager at your service, cash back on international spends, Priority Pass Membership and complimentary lounge access.
Additionally, this HSBC credit card offers up to 15% dining discounts at over 700 restaurants in India. The HSBC Premier Mastercard Credit Card also offers complimentary golf card for a year. Furthermore, you get 50% cash back at PVR Cinemas. You also get travel benefits by converting your reward points to JPMiles (for domestic flights) and KrisFlyer Miles (for international flights). For every INR 100 that you spend, you earn 2 points that can be redeemed for rewards of your choice.
- FinTown Rating: 2.5/5
- Pros and Cons:
- Benefits/Rewards- HSBC Bank Premier Mastercard Credit Card:
- Is the Rewards Rate good?
- Is this card for you?
- Payments & Fees:
- How to get the most out of this Card?
- Terms & Conditions Explained:
- Application Requirements:
- Customer Feedback:
- Other Credit Cards with similar/better Features:
- Bottom Line:
FinTown Rating: 2.5/5
Rating by Category:
|Annual Fee||Rewards Rate||Initial Bonus||APR||Customer Rating|
- The Annual Fee gets full points since there is no Joining Fee or Annual Fee to get this card.
- Despite the 0.52% reward rate of the HSBC Bank Premier Mastercard Credit Card, the rating for rewards rate is higher due to the multiple benefits this card offers.
- The welcome offer on this card has been discontinued, hence, the zero rating.
- The Annual Percentage Rate for this card is rather on the lower side. The monthly rate of 2.49% gets annualized to an APR of 29.88%.
Pros and Cons:
|Reasons to Choose HSBC Bank Premier Mastercard Credit Card||Reasons to avoid HSBC Bank Bank Premier Mastercard Credit Card|
|No joining and Annual Membership Fee||Only for Premier Customers|
|Low APR of 29.88%||Quarterly Total Relationship Balance of INR 40,00,000.|
|2 points for every INR 100 you spend||No welcome Gift|
|Complimentary 1 year membership to Golf Card||No cash credit Conversion|
|Priority Membership and complimentary air lounge access|
|Upto 15% discounts on dining bills and additional reward points on the money you spend|
|A dedicated Relationship Manager|
|Cashback on International Spends|
|Travel benefits in the form of reward points conversion to miles|
|50% cash back at PVR Cinemas|
Benefits/Rewards- HSBC Bank Premier Mastercard Credit Card:
- Excellent Rewards: The HSBC Mastercard Credit Card comes with a commendable reward structure of 2 reward points for every INR 100 spent. However, you cannot convert points to cash credit directly. Nevertheless, you can convert reward points to miles or you can redeem the reward points for gifts, shopping vouchers etc.
- Dedicated Relationship Manager: HSBC offers a dedicated relationship Manager for their Premier Cards who would create a financial strategy that would work for you, after analyzing your current situation.
- Cash back on International Spends: The HSBC Bank Mastercard Credit Card offers a 1.5% cash back on international spends. However, it is capped at INR 10,000 every year. The eligibility for this cash back is a minimum spend amount of INR 3,00,000.
- Priority Membership and Complimentary Lounge Access: This Mastercard credit card offers priority membership and 2 complimentary lounge visits. For subsequent visits, you will need to pay for the lounge access. Moreover, you can have access to 850 airport lounges in over 130 countries with a simple swipe of your HSBC Bank Premier Mastercard credit card at the lounge.
- Discounts at PVR cinemas: You get Movie ticket voucher worth Rs.1000 on spending over Rs.75,000 in a calendar month.However, the maximum is capped at INR 6000 every year. Besides that, you get 50% cash back at PVR Cinemas on the purchase of movie tickets upon usage of HSBC Bank Premier MasterCard Credit Card (Maximum cashback of INR 500 per month).
- Golf Privileges: The HSBC card offers you 2 complimentary games( without paying a green fee). The maximum number of golf games is restricted to 5 games a year.
- Fuel Surcharge Waiver: This card provides a 1% Fuel Surcharge Waiver, for transactions within the range of INR 400-INR 4000. The maximum waiver is capped at INR 250.
Is the Rewards Rate good?
For every INR 100 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 1,90,000 INR.
So, for a spend of 1,90,000 INR one gets 1000 INR in benefits. This results in a rewards rate of 0.52%.
Furthermore, you cannot redeem reward points for cash credit directly. You redeem these points by converting it to shopping vouchers, airline points, gifts, gift vouchers etc.
Is this card for you?
- A TRB of INR 40,00,000 every quarter does not sound crazy to you: If you are able to easily maintain a Total Relationship Balance of INR 40,00,000 with the bank every quarter, then getting an approval for this card should not be difficult. However, you need to maintain this balance quarterly, to avoid high penalty charges
- A low interest is what you are looking for: HSBC Bank Mastercard charges 2.49%, which gets annualized to 29.88%
- You like to travel in luxury and want access to premium services: This card offers Priority Pass Membership and 5 complimentary lounge visits a year. Additionally, you also receive complimentary golf privileges for one year. You are also eligible for cash back on international spends. Therefore, you make the most out of it when you pay in a different currency, other than Indian Rupees.
- You love to dine out and watch movies: This card is excellent when it gives to movie privileges. You can enjoy up to 50% discounts in PVR cinemas and get attractive vouchers when you meet eligible spend requirements. This card is also a good option when it comes to availing up to 15% discounts on dining bills at select restaurants in India.
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|
|Quarterly Service charge for not meeting the TRB||0.2% on lower of the TRB shortfalls in 2 consecutive quarters (max `2000 excluding applicable taxes)|
|Credit Card Replacement Fee(within and outside India)||INR 100|
How to get the most out of this Card?
For getting maximum benefits out of this card, the most important point to consider is the maintenance of Total Relationship Balance every quarter. No other bank charges a penalty as heavy as HSBC when it comes to non- maintenance of TRB.
The HSBC Mastercard credit card is a great option if you spend a lot in foreign currency or if you are a frequent traveller. Since this is a Premier Card, you receive premium services such as complimentary golf memberships, access to airport lounges and a 1.5% cash back on international spends.
The movie offers on this credit card are quite impressive. You get movie ticket voucher worth Rs.1000 on spending over Rs.75,000 in a calendar month. However, you can get vouchers up to INR 6000 every year. Additionally, you can make use of this card to obtain a fuel surcharge waiver of 1% at all petrol pumps.
Terms & Conditions Explained:
- Introductory Rate and Regular rate of rewards: You get 2X reward points throughout the life of your card.
- Grace Period: The free credit period is up to 52 days for the HSBC Bank Premier Mastercard Credit Card.
- Credit Limit: The bank has the sole discretion in deciding the credit limit applicable to you.
- Penalty charges for insufficient TRB: The bank charges penalty of 0.2% on lower of the TRB shortfalls in 2 consecutive quarters (max `2000 excluding applicable taxes).
The eligibility criteria for this card are as follows:
- Maintain a quarterly Total Relationship Balance (TRB) of INR 4,000,000 (Rupees forty lakh only); OR
- Have a mortgage relationship with disbursal of INR 11,500,000 (Rupees one crore fifteen lakh only) or more, with HSBC India; OR
- Hold a corporate salary account under the HSBC Corporate Employee Programme (CEP) in India. The net monthly salary credit of INR 300,000 (Rupees three lakh only) or more into the account should be made
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.
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:
HDFC Bank Diners Club Black Credit Card:
The HDFC Bank Diners Club Black Credit Card is a premium credit card offered at a very low Annual Percentage Rate of 23.88%. Out of all the HDFC cards, Diners Club Black and HDFC Infinia have the best rewards rate and earning potential. Moreover, the Rewards rate could go as high as 10X rewards on international spends(offer valid from September 1, 2017- March 31, 2018; the new reward rate will be updated soon). Nevertheless, the regular rate of 5 reward points for every INR 150 that you spend, is also noteworthy.
This card has incredible features for you, if you are a frequent traveller and like to travel luxuriously. The Exclusive Lounge Programme of HDFC offers unlimited access to 700+ airports in India and abroad. Additionally, you get 6 complimentary golf games per quarter over 20 golf courses in India and 40 across the world.
Other features include:
- Air Accident cover of INR 2,00,00,000.
- Emergency Medical Expenses Cover of up to INR 50 Lakh
- Credit Liability Cover of up toINR 9 Lakh
- Travel Insurance Cover of up to INR 55,000 on baggage delay/loss(Capped to 10$ per hour restricted to 8 hours)
- Welcome Benefit of 10,000 Reward Points and renewal benefit of 5000 Reward Points (applicable only after the membership fee is realized and not applicable when the fee is waived off).
- Renewal Fee waived for next renewal year when you spend INR 5,00,000 a year
This card is a great choice for frequent international travellers who prefer luxury. This card has one of the lowest foreign currency mark-up fees of 2%. One issue with this credit card is the difficulty of getting an approval for this card. Moreover, the 1st year fee is INR 10,000 plus taxes. The second year renewal fee is INR 5,000 plus taxes.
Standard Chartered Bank Ultimate Visa Credit Card
The Standard Chartered Bank Ultimate Visa Credit Card is an exclusive credit card that can be used to meet all your luxury travel needs. The 2% foreign currency mark- up fee is one of the lowest in the market. You also get 5% cash back on duty-free spends and access to over 1000 airport lounges across the world, with a complimentary Priority Pass membership.
Other features include:
- Discounts on Airport Fast Track immigration Service over 450 destinations worldwide.
- Air Accident Travel insurance of INR 1,00,000 for international travel.
- Up to 25% discount on top 250 restaurants in India.
- Access to 20 premier golf courses in India and 150 worldwide.
The APR for this card is 37. 20%. Despite its high annual fee of INR 5,000, the card offers a lot in the form of benefits and rewards, benefits and welcome offers.
ICICI Bank Sapphiro Platinum Amex Credit Card:
The ICICI Bank Sapphiro Platinum Amex Credit Card is a premium credit card with an annual fee of INR 3500 plus GST from second year onwards. For the first year, the annual fee is INR 6500 plus taxes. Upon payment of joining fee, you get INR 10,000 worth of vouchers.within 30 days of the payment.
ICICI Bank cards have unique ICICI Bank privileges such as complimentary Dragon Pass, the world’s first Digital Airport platform. As a DragonPass member, you can relax at more than 450 comfortable and luxurious airport lounges across 115 countries around the world, regardless of the class or airline you fly with, or whether or not you are a member of an airline frequent flyer club. For lounge visits, over and above the complimentary access, you will have to pay for it. You get 2 complimentary international lounge access and 2 spa sessions at selected airports in India.
The ICICI Bank Sapphiro Platinum Card has an APR of 40.80%. ICICI Sapphiro Amex Card has a powerful rewards programme. You not only earn PAYBACK points when you use your ICICI Bank Credit Card, but also earn additional points from PAYBACK Partner Brands for the same purchase. PAYBACK Partner Brands include Big Bazaar and HPCL among others, comprising of over 3,000 outlets and more than 50 online partners.
You can redeem these PAYBACK points for over 600 unique rewards from the PAYBACK catalogue, in-store or online at a PAYBACK Partner Brand. You earn 3 PAYBACK points and 6 PAYBACK points for domestic and international spends, respectively.A quarterly service charge of 0.2% on the necessary remaining amount is charged upto a maximum of Rs. 2,000 per quarter.
Furthermore, you also get 15% discounts on dining bills and 2 complimentary tickets worth Rs. 500 every month on any movie and event tickets through www.bookmyshow.com. Based on the eligible spend, you can get 4 complimentary rounds of golf every month.
The HSBC Premier Mastercard Credit Card is for people who can maintain a minimum Total Relationship Balance of INR 40,00,000 every quarter. This card does not provide any welcome offer. However, the low interest rate and impressive benefits somehow compensate for the introductory offers. A dedicated Relationship Manager might also be useful to you in making smart investment decisions.
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