The HSBC Visa Platinum Credit Card is an entry-level unsecured credit card for people with a minimum annual income of INR 4,00,000. This card comes with a zero annual membership fee and joining fee, thereby, making it a free card. The introductory offers for this HSBC card are promising; you get discounts on BookmyShow and also a ClearTrip voucher.
Additionally, there is a 10% cash back on dining, hotels and telecom for the first 90 days and 3X rewards on all spend for the first 1 year. The 3X Rewards increase to 5X Rewards on crossing the milestone spend amount of INR 400,000 to INR 10,00,000 in a year.
This card also lets you pay for your shopping in EMIs over a period of time, provided your purchase value is above INR 2000. With an Annual Percentage rate of 39.6%, the interest rate is rather on the higher side.
FinTown Rating: 3/5
Rating by Category:
|Annual Fee|| 5
|Initial Bonus|| 3
- The Annual Fee gets full points since there is no joining or Annual fee to get this card.
- With a basic annual reward rate of 0.35%, this card does not carry a good rewards rate
- The initial bonus gets an above average rating of 3 due to the many introductory benefits in the form of 3X rewards for the first one year.
- Since the Annual Percentage Rate for this card is 39.6%, the interest rate is rather on the higher side.Therefore, we give this card a below average score of 2.
Pros and Cons:
|Reasons to Choose
||Reasons to Avoid
|No Annual Membership Fee||Compulsory spend requirements to qualify for rewards|
|Fuel Surcharge Waiver and Dining Privileges||Concierge services withdrawn|
|3X Rewards on spends on dining, hotels and telecom spend categories for the first year|
|Milestone spend benefit|
Rewards/Benefits – HSBC Visa Platinum Credit Card:
The HSBC Visa Platinum Credit Card has impressive introductory rewards programme in the form of 3X Rewards. Additionally, this increases to 5X Rewards when the spend value crosses INR 4,00,000 but stays within the upper limit of INR 10,00,000 in a year. With this card, you earn 2 points for every INR 150 that you spend. Moreover, the reward points that you earn remain valid for a period of 3 years. Furthermore, you earn EXTRA points, when you shop at participating EXTRA Partners.
The HSBC VISA Platinum Card offers a 10% cash back on every spend during the first 90 days from the date of card issuance. However, a minimum spend of INR 10,000 across 9 transactions subject to a maximum of ₹3,000 as cash back per card is mandatory to avail cash back. You would also get a BookmyShow voucher worth INR 250 on successful application.
Movie Voucher Privileges
On spending over INR 50,000 in a calendar month, a cardholder can get movie tickets worth INR 500 every month. The maximum movie vouchers that you could earn would, however, are limited to INR 3000 in a year.
Fuel Surcharge Waiver
With the HSBC Visa Platinum Card, you can save 1% on Fuel Surcharge or a maximum of INR 250 per month. Nonetheless, the transaction value should fall in the range of INR 400 to INR 4000.
Discounts on dining
You can get a discount of up to 15% on dining in any of the partner restaurants.
HSBC credit cards make your shopping much more convenient by allowing you to repay in EMIs for any purchase above INR 2000.
ICICI Lombard Insurance
The cardholder has zero lost credit card liability after reporting or registering a loss of card. Additionally, ICICI Lombard Insurance protects the cardholder by providing a cover of INR 3,00,000 up to 24 hours before reporting the loss of a card.
Is the Rewards Rate good?
On every INR 150 you spend, you earn 2 points. However, when you spend a minimum of INR 4,00,000 a year, you can earn up to 10 points for every INR 150 that you would spend. The introductory rewards are 3X rewards for every spend of INR 150.
The rewards rate for spend under 4,00,000 INR is 0.35% while the rewards rate for spend between 4,00,000 INR and 10,00,000 INR is 1.75%.
You can learn more about the rewards rate calculation below
For spend below 4,00,000 INR: When you earn 2 points on every spend of INR 150
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 285,000 INR.
So, for a spend of 285,000 INR one gets 1000 INR in benefits. This results in a rewards rate of 0.35%.
For spend between 4,00,000 INR and 10,00,000 INR: When you earn 10 points for every spend of INR 150
For every INR 150 spent, you earn 10 points. An INR 1000 Amazon voucher with HSBC rewards points costs 3800 HSBC rewards points. To earn 3800 reward points, one needs to spend 57,000 INR.
So, for a spend of INR 57,000 one gets INR 1000 in benefits. This results in a rewards rate of 1.75%.
Is this Card for you?
- You are a salaried individual: If you are at least 21 years of age and earn more than INR 4,00,000 per year, then this credit card would be a good option.
- You are responsible enough to pay your credit card bills in full: Since this credit card has a high interest rate, it is necessary to inculcate a financially responsible behaviour. Paying your credit card bills in full will save you from financial distress.
- A higher rewards rate is your goal: With this card, you earn more as you spend more and the reward rate is impressive. You get 2 points for every INR 150 that you spend. However, you receive 6 reward points for every Rs.150 spent( Dining 1st year) and 10 reward points for every INR 150 spent. (4-10 Lakhs per year).
- If you dine out frequently: The HSBC Visa Platinum card offers up to 15% discount under its dining privileges. You can relish many mouthwatering delicacies using this offer.
Payments and Fees:
|Foreign Transaction mark-up fee||3.5% of the transaction amount|
|Cash Withdrawal Fee||2.50% of the transaction or a minimum of INR 300|
|Overlimit Fee||INR 500 per month|
|Balance Transfer Fee||1% of balance transfer value (subject to a minimum of INR 149)|
|Late Payments Fee||50% of the minimum amount due (Minimum Rs. 400 – Maximum Rs. 750)|
|Rewards Redemption Fee||INR 50 for every redemption|
How to get the most out of this card?
For getting optimal benefits from this card, you should make maximum use of this card in the first 90 days to earn a 10% cash back on every transaction. You can earn a maximum of INR 3000 during this period. However, your minimum spend to avail this offer is INR 10,000. Furthermore, you also need to make at least 9 transactions in the first 3 months to qualify for welcome rewards in the form of 3X Rewards.
You also get your Fuel Surcharge waived on a transaction value of INR 400 – INR 4000. However, the maximum value that can be waived per month is INR 250.
If you are a foodie, then the 15% cash back on dining bills, will come in handy.
Balance Transfer on EMI option can be used to pay the outstanding bills of other credit cards in your possession. You can pay those bills in monthly installments.
With this card, you earn more when you spend more. Upon reaching the milestone of INR 4,00,000, you start earning 5X rewards. The points earned remain valid for 3 years and the 3X Rewards become invalid.
How to Redeem Rewards (HSBC Bank 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:
- Introductory Rate and Regular rate of rewards: You get 3X rewards in the first year which can go up to 5X Rewards on reaching the milestone spend of INR 4,00,000. However, the normal reward points earned is 2 points for every INR 150 that you spend.
- Grace Period: The free credit period is up to 52 days for the HSBC Visa Platinum Card.
- Credit Limit: The credit limit is decided by the sole discretion of the bank.
- Minimum credit card spend value to use 20% discount on Uber: You need to spend at least INR 15,000 to avail the 20% discount. This offer is valid until September 2018.
- Minimium transactions to qualify for rewards: A minimum 9 transactions in the first 3 months is necessary to qualify for rewards.
Negative Customer Feedback:
The customer reviews on this product are mostly negative on consumer product feedback websites like Mouthshut (HSBC Visa Credit Card Reviews) and Consumer Affairs (HSBC Visa Credit Card Reviews). 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.
Most cardholders are dissatisfied with the bank’s customer service and have mentioned it in their reviews on the website. Additionally, they have also complained about their cards being blocked by the bank without any prior intimation. 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.
Application Requirements/Eligibility Criteria:
- 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.
- Salary slip/certificate for employee of MNC corporates.
- The latest copy of Salary Slip + last 3 months bank statements indicating salary credits for Salaried employee in Private Limited Company.
- Self Employed – Latest personal income tax returns and business card.
Other Credit Cards with similar/better Features:
Standard Chartered Bank Landmark Rewards Card:
The Landmark Rewards card offered by Standard Chartered Bank comes with 9X Reward points for every INR 200 spent at Landmark stores such as Lifestyle, Max and Home Centre. Also, you get a 5% cash back on your grocery shopping at SPAR stores. Furthermore, you also get additional cash back during a sale at lifestyle and Home Centre.
The SCB Landmark Rewards Card can be availed with a joining fee of INR 250. From the second year onwards, the renewal fee for this card is INR 250. The interest charged on this card is 3.49% per month, which gets annualized to an APR of 41.88%.
This Landmark Rewards Credit Card is a great offer if you live in a city and are a frequent customer at the stores mentioned above.
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.
Standard Chartered Bank Yatra Platinum Credit Card:
The SCB Yatra Platinum Credit card is something you could look at, as far as travel is concerned. With this Visa Platinum Card, you earn INR 4000 worth of vouchers. According to FinTown’s credit card comparison tool, you could earn around INR 13, 996 worth of rewards on optimal utilization of this card. This card comes with an annual fee of INR 499. When it comes to HSBC Visa Platinum Card, you can avail MakeMyTrip discounts every Sunday on international flights.
Like other SCB cards, the Yatra Platinum card has an annual rate of 41.88%. Furthermore, you must be 21 to apply this card. The additional features of this card is a 10% cash back on travel bookings made through yatra.com. Also, it allows cancellation waiver for tickets booked on yatra.com. Also, you can earn 4X rewards on every INR 400 you spend.
The HSBC Bank Visa Platinum Card is a great option when earning rewards is your topmost priority. The introductory rewards and welcome offers are excellent. Furthermore, on reaching a milestone spend, you qualify for 5X rewards. The fuel surcharge waiver and dining privileges are also noteworthy for this card. Moreover, you can get this card for free by applying online. However, you must take note of the high interest of this card and try to not accumulate debt on it.
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