The HSBC Advance Platinum Debit Card is a semi-premium debit card targeted towards HSBC advance customers segment. Owing to HSBC’s wide reach and acceptability, a customer can avail the benefits of this card in all countries where HSBC Global has its presence.
HSBC Advance Platinum debit card has zero issuance fees with an annual fee of Rs.300 from the second year onward. The card allows high transactional limits of Rs. 2,00,000 for ATM cash withdrawals and Rs, 2,00,000 purchase limit per day respectively. In addition, the card offers various discounts on shopping (10% on Snapdeal purchases), and 15% discount on dining. However, you must satisfy the Advance Banking account conditions to avail this debit card.
The HSBC Advance Platinum Debit Card card currently has no reward or joining benefits. (HSBC on its official website has declared to revamp the loyalty program in coming days. The details on the FinTown website will be updated once an official statement is released). Owing to the card not having any reward programs forthwith, this card is not advisable for you, if you are inclined towards luxury benefits and reward structures.
Eligibility Criteria to get HSBC Advance Platinum Debit Card
The eligibility criteria for obtaining this card is moderately high making this card optimum only for premium customers. You need to maintain a quarterly Total Relationship Balance (TRB)* of Rs. 5,00,000 to avail this card. This could be done in a combination of current and savings account balances, holdings in a Demat HSBC account*, fixed deposits, investments and life insurances through HSBC India.
Also, you can follow an alternate path of having a mortgage relationship of Rs. 3,00,000 or more with HSBC India.
Furthermore, you can hold a Corporate Salary Account under HSBC India Corporate employee program (CEP) with a net monthly salary of Rs. 50,000/- or more. In addition to the above condition, you
- Must hold an active HSBC credit card
- Have a Home Loan or Personal Loan with HSBC bank. The EMI’s for the loans are debited from the client’s advance account
- Maintain a Total Relationship Balance (TRB) of Rs. 2,00,000.
HSBC Total Relationship Balance:
Total Relationship balance is simply the combined total of balance in all your accounts. If you hold two different accounts under a single name ID, the balances of both the accounts will be considered for calculation of TRB.
TRB in HSBC bank is calculated based on various parameters. A detailed description can be found at the specified link
HSBC Demat Account:
Dematerialization (Demat) is the process of converting your physical shares into electronic format. Demat account benefits you in avoiding forgery or duplication of stolen share certificates. You must open a separate dematerialization amount excluding your present account in HSBC bank.
FinTown Ratings: 3/5
|Reward Rate||2 (currently)|
|Joining Benefits and Insurance||2.5|
|Customer Service Rating||3|
The card has zero issuance fee and for the first year and an annual fee of Rs. 300 from the second year onwards.
- The HSBC loyalty program is currently inactive since its withdrawal on 28 February 2018. This makes all the reward rate and extra points invalid as of March 31, 2018. This might be a huge setback to the card owing to the multitude of benefits and reward structures offered by competitor cards at a slightly higher annual fee.
However, HSBC is currently working on revamping their reward structure. The new reward structure will be updated on the FinTown website, followed by a new comprehensive analysis, once the official statement is released.
- HSBC Advance Platinum Debit Card offers a good insurance coverage of Rs. 4,00,000 over lost card liability, counterfeit, and online fraud protection.
- The transaction limit is capped at Rs. 2,00,000/- for ATM withdrawal and Rs.2,00,000/- for online and POS per day respectively. This puts the card at an optimum stance for both the general public and for people with high valued transaction requirements, owing to its nominal annual fee requirements.
Pros and Cons – HSBC Advance Platinum Debit Card
|Reasons to choose HSBC Advance Platinum Debit Card||Reasons to avoid HSBC Advance|
|International Validity and Global Acceptance||Lack of an attractive reward program|
|Safety and Convenience||Lack of fuel surcharge waiver|
|Lost Card Liability protection and Insurance Cover through ICICI Lombard||Lack of luxury benefits and improved insurance program offered by Competitor cards.|
|Financial Assistance provided by the Bank||Lack of access to airport lounges|
|Regular Monthly Composite statements|
|Discounts on Shopping and Dining|
HSBC bank is currently devising new reward programs which will be declared shortly. FinTown will upload the details as soon as the official reward programs are updated.
Is HSBC Advance Platinum Debit Card the card for you?
The card is right for you if:
- If you regularly go out for dining and need good discounts across multiple restaurants.
- In addition, if you are an ardent shopper on snapdeal platform and are looking for discounts.
- In case you need to transact huge amounts of money (above 1 lakh) in a single day without restricting yourself.
- If you are in need of good financial assistance from experts on how to plan your wealth management.
When is HSBC Advance Platinum Debit Card not the card for you?
- When the limit of quarterly bank balance of Rs. 5,00,000 is too high for you.
- In case you are a moderate traveler and seek to enjoy good discounts and reward benefits on traveling.
- Also, In case you love movies and want to avail discounts and cash back on booking movie tickets via third-party portals.
- In case you are a regular shopper, who wants to utilize a good debit card reward structure to pile points and increase your reward count. (However, this scenario is only true as long as the HSBC bank does not offer any reward structure. FinTown will release an updated review once the reward structure is revamped and is officially released by HSBC)
- If you want to enjoy the benefits and luxury of airport lounges while travelling.
- In addition, if you are particular about availing various insurance policies which involve air accident, personal accidents, and hospitalization insurances.
- Also, if you are a frequent domestic traveller and will need better fuel surcharge waiver benefits.
Benefits/ Rewards – HSBC Advance Platinum Debit Card
International Validity and Global Acceptance
HSBC is a world-renowned brand and has its reach across various countries globally. Its high acceptance might act in its favor. Also, the transaction limit on HSBC Advance Platinum Debit Caup goes up to USD 1000 per day which makes this card a good option for frequent travelers.
However, you will have to pay a currency conversion Markup of 3.5%. (foreign transaction fee). Currency conversion markup can be understood as follows. If you pay USD 10 for a product through your card, you have to bear an additional cost of USD 0.35 (3.5% of USD 10) excluding the transaction amount.
Safety and Convenience:
HSBC Advance Platinum Debit Card provides SMS and mail alert feature. This ensures that you will receive an alert or an update whenever the card is used for a transaction at POS terminal, ATM’s, and online shopping. In addition, this can help you in avoiding fraudulent transaction and immediately secure your account.
Moreover, the card offers you the benefit of tracking your accounts, loans, transactions and investments through mobile alerts. All you need to do is subscribe to alerts at HSBC bank. In addition, HSBC Advance Platinum card also provides you with the benefit of paying credit card and utility bills, create and manage fixed deposits and order new cheque books along with fund transfers.
Also, HSBC Advance Platinum Debit Card offers you the ease of managing your finances across countries easily. The bank also makes sure that you get an emergency card replacement within three days, making this is a strong advantage to the card.
Lost Card Liability protection and Insurance Cover through Insurance Service provider ICICI Lombard
You can protect yourself against fraudulent purchase transactions of up to an amount of Rs 4,00,000/- making this a key feature of HSBC Advance Platinum Debit Cards. Nevertheless, the cover will be valid only up to 30 days before reporting the loss of card to the bank. However, competitor cards gain an edge here with the provision of insurance covers along with lost card liability. This insurance covers may include Air accident insurance, personal accident insurance, and hospitalization costs.
Financial Assistance provided by the Bank:
With the help of HSBC Advance Platinum Debit card, you, now being a member of the HSBC Advance group, can avail the financial assistance provided by HSBC Advance Wealth Managers. The bank provides a team of accredited and trained managers to help you manage your money. This involves guidance and assistance to plan future goals and wealth management by taking into consideration your individual needs, risk appetites, and investment objectives.
Also, you can gain comprehensive financial analysis, risk profiling, tailored wealth solutions and financial planning reports from the HSBC Advance wealth managers.
Regular Monthly Composite Statements:
The bank offers you comprehensive statements regarding your deposits, credit cards, loans, Demat accounts and investments done through HSBC India on a monthly basis.
Discounts on Dining and Shopping:
You can avail 10% instant discount of up to Rs.2000, with your HSBC Advance Platinum Debit Card on a minimum transaction value of Rs.1000 at Snapdeal.
In addition, you can enjoy up to 15% discount on dining by utilizing your HSBC Advance Platinum Debit Card. The list of restaurants where you can avail these offers and their discounts can be found in the link.
How to get the most of this card?
You could utilize this card exclusively while shopping on Snapdeal to avail the 10% instant discount. In addition, you can also make use of the HSBC Advance Platinum Debit Card for dining purposes whenever you visit one of the restaurants partnered with HSBC all across the country.
You can activate the SMS alert features provided by the HSBC Visa Debit Card to get immediate notification of any transaction related to the card. Also, you can utilize the benefit of tracking your accounts, loans, transactions, and investments through mobile alerts to stay informed and make better decisions.
You can take the financial assistance provided only to the advance customer group at HSBC and plan your expenses and wealth management accordingly. This financial assistance includes financial analysis, risk profiling, tailored wealth solutions and financial planning reports.
Payments and Fees:
|Annual Fee (First Year)||Nil|
|Annual Fee (Second Year Onwards)||Rs. 300|
|Cash withdrawal and a balance enquiry at HSBC
ATMs in India (or)
Cash withdrawal at other banks’ ATMs in India
No Charges Applicable
|HSBC Group ATM transactions (outside India)||No cash withdrawal charges applicable. However, a cross currency conversion markup of 3.5% of transaction value is applicable ) and Balance enquiry charges – `15 per enquiry|
|ATM cash withdrawal limit (per day)||Rs. 2,00,000|
|Purchase transaction limit (per day)||Rs.2,00,000|
|Transfer limits (to accounts linked to or not linked to the card) (per day)||Rs.1,00,000|
|Card replacement fee (outside India/within India)||Rs.150 + (international/national courier charges as applicable)|
The eligibility criteria and the requirements for obtaining this debit cards make it mostly limited only to the upper middle class and premium group. You can find good use with this card if you are keen on obtaining expert financial assistance or guidance on your future wealth management. However, in terms of the luxuries and dining benefits offered by the card, it falls short of its competitors, which offer a much better reward rate and benefits such as fuel surcharge waiver and better insurance schemes. In terms of reward points and structure, the card lacks drastically at present. Nonetheless, this can turn around with HSBC updating its rewards schemes. If you considering on obtaining a card with good rewards and benefits, along with expert financial guidance, it is better to wait till an official statement is released from HSBC regarding their reward structure.
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