HSBC Premier Platinum Debit Card Review

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HSBC Premier Platinum Debit Card

The HSBC Premier Platinum Debit card falls under the opulence category mainly targeted at the premier HSBC account holders. The card offers you high daily transaction limit, capped at Rs. 2,50,000 for both purchase and cash withdrawal coupled with good dining discounts of up to 20% and shopping offers. Furthermore, HSBC’s wide reach and acceptability provide you with the benefit of accessing this card in all the countries where HSBC has its global presence.

Also, if you are someone who is very particular on financial advice, then this card acts as an optimum choice for you. The bank provides a dedicated relationship manager to all the premier platinum debit cardholders. Moreover, the card also protects you against lost card liability with a maximum cover of up to Rs.1,00,000 per card.

However, the HSBC Premier Platinum Debit Card is at a disadvantage on the reward systems front. The HSBC Premier 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. FinTown will update the details once HSBC releases an official statement). 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 access HSBC Premier Platinum Debit Card:

The eligibility criteria for obtaining this card is demanding, making this card optimum only for premier customers. You can follow or hold either of the three criterion mentioned below.

You need to maintain a quarterly Total Relationship Balance (TRB)* of Rs. 40,00,000/- (Forty Lakh only) to avail this card. This can 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.


You can follow an alternate path of having a mortgage relationship with disbursal of Rs. 1,15,00,000/- (One Crore and fifteen lakh only) or more with HSBC India.


You can hold a Corporate Salary Account under HSBC India Corporate employee program (CEP) with a net monthly salary of Rs.3,00,000/- (Three lakh only) or more credited into the account.

Once the eligibility criterion is met, you (excluding minors) can open an account either held singly or jointly on a ‘either or survivor’ basis.
Either or Survivor Basis: If you open a joint account along with your partner under this clause, either one of you can operate this account. In case of death of a depositor, the other can continue with the account or final the balance, with all the interest being paid to the survivor.   The same can hold true in case of a nominee.

Also, NRI customers must hold NRO accounts with HSBC India to avail the HSBC Premier Platinum Debit Card.

HSBC Total Relationship Balance (TRB):

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.

Word of Caution:  

If the bank notices that you are not able to hold the eligibility criterion consistently, the bank may reclassify your HSBC Premier account to a lower/alternate offering. You will be receiving a notification prior to any such reclassification. In addition, the bank will levy you with a quarterly service charge of 0.2% on the shortfall of TRB. This can result up to a maximum of Rs.2000 + applicable taxes.

FinTown Ratings: 3/5

Category Rating
Annual Fee 3
Reward Rate 1.5 (currently)
Joining Benefits and Insurance 3
Transaction Limits 4
Customer Service Rating 3
    • There is no annual fee or issuance fee for the card. However, the reason for the low rating can be attributed to its demanding requirements to be an HSBC premier account holder.
    • 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 rate.
      However, this can be compensated by the dining discounts of up to 20% and various shopping discounts offered on the HSBC Premier Platinum Debit card.
    • The joining benefits include The insurance protection offered by HSBC Premier Platinum Debit Card is good with maximum coverage of up to Rs.1,00,000 per card.In addition to that, HSBC offers you with a dedicated relationship manager who creates a financial strategy designed for your spending patterns and needs.
    • The HSBC Premier Platinum Card offers high transaction limits capped at Rs.2,50,000 for both POS and online purchases as well as ATM Cash withdrawals. This makes the card a suitable alternative for people with high valued transaction requirements.

    Pros and Cons: HSBC Premier Platinum Debit Card

    Reasons to Choose Reasons to avoid 
    International Validity and Global Acceptance Lack of an attractive reward program
    Expert Financial Advise and Guidance Lack of fuel surcharge waiver
    Exclusive Dining Privileges and High Transaction Limits Lack of access to airport lounges and entertainment benefits
    Provision of additional cards and effective International Services Lack of improved insurance programs
    Lost Card Liability Protection Strict eligibility criterion


    HSBC bank is currently devising new reward programs which will be declared shortly. Details will be uploaded as soon as the reward programs is updated.

    Is HSBC Premier Platinum Debit Card the card for you?

    This card is the right one for you:

    • If you are currently living in either Delhi, Banglore, Mumbai, or Kolkata, and regularly go out for dining with the desire to get good discounts across multiple restaurants.
    • In addition, if you are an ardent shopper on Snapdeal platform and are looking for discounts.
    • Also, if you transact huge amounts of money (above 1 lakh) in a single day without restricting yourself.
    • In case you need good financial assistance from experts on how to plan your wealth management. Also, if you would like to know the investment opportunities in mutual funds and other financial products.

    When is HSBC Premier Platinum Debit Card not the card for you?

    • If you like to travel and seek to enjoy good discounts and reward benefits like reward miles on traveling.
    • Also, if you love movies and want to avail discounts and cash back while booking movie tickets through third-party portals.
    • In case you are a regular shopper and would like to utilize a good debit card reward structure to pile points and increase your reward count for special vouchers. (This scenario will only hold good till HSBC bank does not offer any reward structure. FinTown will update a new analysis once the reward structure is revamped and officially released)
    • If you want to enjoy the luxury and benefits of airport lounges while traveling.
    • In addition, if you are specific about availing various insurance policies such as air accident, personal accidents, and hospitalization insurances.
    • Also, if you are a frequent domestic traveler and will need better fuel surcharge waiver benefits.

    Benefits/Rewards – HSBC Premier Platinum Debit Card

    International Validity and Global Acceptance

    HSBC Bank has major penetration worldwide, making the HSBC Premier Platinum Debit Card highly accessible all across the globe. Also, the card allows you to transact an amount of USD 1500 for cash withdrawals and at POS. This increased acceptance levels, enhances your convenience levels, making this card a good choice if you are a frequent traveler.

    However, you will have to pay a currency conversion markup of  3.5% which is the fixed foreign transaction fee. Currency conversion markup can be explained as follows. If you pay USD 100 for a product through your card, 3.5% of USD 100, i.e. you will additionally lose USD 3.5 along with your transaction amount.

    Expert Financial Advise and Guidance

    You, being an HSBC Premier account holder can avail the facility of a dedicated relationship manager, supported by a team of wealth specialists. In addition, the manager provides you assistance in financial planning and advice various investment opportunities in mutual funds.

    Additionally, the advice also covers comprehensive wealth solutions across education, protection, management, and retirement.

    Exclusive Dining Privileges and High Transaction Limits

    You can enjoy up to 15% discount on dining in select cities like Mumbai, Banglore, Delhi, and Kolkata by utilizing your HSBC Premier Platinum Debit Card. The list of restaurants where you can avail these offers and their discounts can be found at the link.

    In addition, HSBC Premier Platinum Card offers you excellent transaction limits capped at Rs.2,50,000 for both POS and online purchases as well as ATM Cash withdrawals. This makes the card a suitable alternative for people with high valued transaction requirements. However, not everyone can avail the feature owing to the taxing eligibility criterion, making this feature useful only for the premier target demographic.

    Provision of additional cards and effective International Services

    You can avail the feature of an additional card as long as operating instructions for your joint account in HSBC bank satisfy “anyone or survivor” criteria.
    Anyone or survivor: In this type of account, you open a joint account with two or more people.  Any of the existing depositors can operate the account at a time. If any of the depositors die; you, along with the other depositors can keep operating the account. If not, the final balance along with interest will be paid to the survivors based on their request.

    Lost Card Liability Protection:

    You can avail a maximum protection of up to Rs.1,00,000 under the lost card liability protection. However, this is applicable only to fraudulent POS transactions and does not extend to ATM transactions. Also, this feature does not extend to frauds related to the delivery of cards.

    Moreover, the duration of protection is up to a maximum of 30 days prior to you reporting the loss of the debit card.

    How to get the most out of HSBC Premier Platinum Debit Card:

    You can utilize this card exclusively for dining purposes and avail discounts up to 15% whenever you visit one of the restaurants partnered with HSBC in Mumbai, Delhi, Banglore or Kolkata.

    Also, you can take the financial assistance and guidance provided only to the premier customer group at HSBC and plan your wealth management and expenses accordingly. This financial assistance scheme also includes risk profiling, financial analysis, tailored wealth solutions and financial planning reports.

    In addition, you can make good use of the cards international transaction limit of USD 1500 for making international purchases but at a cost of 3.5% markup fees.

    Payments and Fees:

    Annual Fee Nil
    Additional Card Fee Nil
    HSBC ATM Cash Withdrawal & balance enquiry (India)


    Non-HSBC ATM Cash Withdrawal (India)

    ATM Cash Withdrawal Limit (per day) Rs. 2,50,000
    Purchase Transaction Limit (per day) Rs. 2,50,000
    Transfer Limits (to accounts linked to or not linked to the card) (per day) Rs. 1,50,000
    ATM Cash Withdrawal (outside India) Rs. 120 per transaction
    Foreign Mark-Up Fees 3.5%

    Bottom Line:

    The HSBC Premier Platinum Debit Card, with its eligibility criteria, makes it limited only to the premier HSBC customers. You will find excellent use with this card if you are ardent on gaining expert financial advice about comprehensive wealth solutions, as well as investment suggestions for mutual funds and insurance. However, if you are looking for benefits which include fuel surcharge waiver, and entertainment benefits, this card falls short compared to its competitors.

    Also, the card is highly taxed at the present in terms of its reward points and structure owing to the withdrawal of all reward points and offers on 28 February 2018. Proportionately, this makes all the reward rate and extra points invalid as of March 31, 2018, depleting the card of its rewards structure. Nonetheless, this can turn around as HSBC updates its rewards schemes. On the whole, If you are keen on having expert financial guidance along with decent rewards and benefits plan, it is better to wait till an official statement is released from HSBC with an updated reward structure.

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    FinTown Advantage:  We provide unbiased personal finance advice to help people make the best possible financial decisions. Our reviews and ratings of financial products are determined by customer financial wellbeing and not profiteering. Whether or not we make a penny, we do what is best for the customer. Our research team is made up of economists and market researchers who spend hundreds of hours researching and comparing products with the same mission in mind.

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