The HSBC Visa Debit Card is a standard entry-level debit card potentially targeted at non-premium banking customers. The card has a low annual fee which will make it appealing to budget aware customers. However, the card has no reward systems at present, placing this card at a huge disadvantage. However, this scenario could change with the introduction of new reward rate policies from HSBC bank, in the coming days.
In addition, clients who are looking for high transaction limits, attractive reward, and insurance program, and luxury benefits are not advisable to go for this card. Also, the card has no joining fee with an annual fee of Rs. 150, making its annual fee very nominal. However, the card falls short in terms of its withdrawal and spend limits capped at Rs. 25,000 (withdrawal in ATM’s) ad Rs. 40,000 (online/POS spend limits) per day respectively.
The client to clear the eligibility requirements for obtaining an HSBC Visa Debit Card must be resident or Non-Resident holding SmartMoney (should have a minimum deposit of Rs. 25,000/-)/Savings/Current Holdings with HSBC India.
Also, the user has the provision of either holding the account either singly or jointly or on an “either or survivor basis”. Either or survivor basis states that all the people involved in opening a joint account can operate it.
NRI customers must hold NRO accounts with HSBC India to can avail the HSBC Visa Debit Card benefits.
FinTown’s Ratings: 2.5/5
|Annual Fee||Reward Rate||Joining Benefits and Insurance||Transaction Limit||Customer Service Rating|
- The annual fee is one of the major advantages of the HSBC Visa Debit Card at only Rs. 150/- a year with zero issuance fee.
- 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.
- The insurance protection offered by HSBC Visa Debit Card is moderate with Rs. 50,000/- coverage over lost card liability, counterfeit, and online fraud protection.
- The transaction limit is capped at Rs. 25,000/- for ATM withdrawal and Rs.40,000/- for online and POS. This might not prove to be a problem to the general public with low transaction requirements. However, this makes the card non-recommendable to clients with high amount transactional requirements.
Pros and Cons:
|Reasons to Choose HSBC Visa Debit Card||Reasons to avoid HSBC Visa Debit Card|
|International Validity and Global Acceptance||Lack of an attractive reward program.|
|Safety and Convenience||Low transactional limits|
|Lost card liability protection and Insurance Cover through Insurance Service provider ICICI Lombard||Lack of fuel surcharge waiver|
|Lack of luxury benefits and improved insurance program offered by Competitor cards.|
HSBC is currently devising new reward programs which will be declared shortly. Details will be uploaded as soon as the reward programs are updated.
Is this the card for you?
The card could be right for you if:
- If you are an elderly citizen or a client who is not too keen on availing rewards or benefits program.
- In addition, you are a client who needs a simple card for making low valued online transactions or ATM withdrawals with quick SMS and email updates.
- Also, if you are a client who is looking for a card with a nominal annual fee.
When is this card not for you?
The HSBC Visa Debit Card is not right for you:
- In case you are a moderate traveler and seek to enjoy good discounts and reward benefits on dining, travels, and shopping.
- Also, In case you love movies and try to watch at least one movie a month, and avail discounts and cash back on booking movie tickets via third-party portals, this is not the card for you.
- Moreover, if you would need to transact large sums of money in a single (above 1 Lakh) day without restricting yourself, it is advisable to go for other cards.
- In case you are a regular shopper, who wants to utilize the good reward structure of the card to pile points and increase your reward count.
- Also, if you are a frequent domestic traveler and will need better fuel surcharge waiver benefits, this card is not for you.
- If you want to enjoy the benefits of airport lounges while traveling
- Also, if you are particular about availing various insurance policies which involve air accident, personal accidents and hospitalization insurances.
**As mentioned above,
HSBC, in its official website, has stated that the bank plans on bringing out new reward programs. Fintown will update the details as soon as the HSBC uploads the rewards program. The analysis is given for the current scenario. A new detailed analysis will be provided once the rewards are updated.
Benefits – HSBC Visa 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. However, the transaction limit on HSBC Visa Debit Card is capped at USD 500 per day which makes this card not- advisable to frequent travelers.
Moreover, clients will have to pay a currency conversion Markup of 3.5%. (foreign transaction fee). Currency conversion markup can be understood as follows. If a client pays USD 10 for a product through his/her card, 3.5% of USD 10, equating to USD 0.35 additionally will be deducted from the transaction.
Safety and Convenience:
Customers can avail the SMS and mail alert feature. This ensures that the customer 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 a customer in avoiding fraudulent transaction and immediately securing their account.
Lost Card Liability protection and Insurance Cover through Insurance Service provider ICICI Lombard
A customer can protect themselves against fraudulent purchase transactions of up to an amount of Rs, 50,000/- making it a key feature of HSBC Visa Debit Card. However, this does not fall within the range of amount offered by other cards, which will put this card at a slight disadvantage. Also, competitor cards provide insurance covers along with lost card liability, which might make this card unadvisable to customers with their mind of good insurance policies.
How to get the most of this card?
A client could activate the SMS alert features provided by the HSBC Visa Debit Card to get immediate notification of any transaction related to the card.
In addition, if a customer wants a simplified way of checking his spending patterns, he/she could make use if the cards itemized billing feature. Itemized billing allows a client to track purchases on a regular basis. These involve details on purchases on the HSBC Visa Debit Card along with a date, amount, merchant name.
Payment and Fees:
|Annual Fee||Rs. 150 (including senior citizens)|
|HSBC ATM cash withdrawal and balance inquiry (India)||Free|
|ATM Withdrawal Limit (Per day)||Rs. 25,000/-|
|Shopping and Purchases Limit (Per day)||Rs. 40,000/-|
|The number of free transactions at other bank ATMs in India||5 free transactions. Rs. 20/- applicable from next transaction|
|HSBC Group ATM transactions (outside India)||Rs. 120 per withdrawal and Rs. 15 per inquiry|
|HSBC Group ATM transactions (outside India) || Per transaction limit for cash withdrawal at other bank ATMs in India||Rs. 10,000/-|
|Other bank VISA ATM cash withdrawals/balance inquiries (outside India)||Rs. 120 per withdrawal / Rs 15 per inquiry|
|Replacement of lost / damaged Debit Card (within / outside India )||Rs. 150 plus national or international courier charges
Free for HSBC Premier
|Currency Conversion Markup
Though the annual fee is nominal, there are no reward points or benefits associated with the card at present, placing this card at a high disadvantage compared to its competitors. Moreover, it is advisable for clients to go for other cards such as State Bank Basic Debit card (for instance) which offers better benefits and reward policies for similar annual fees. Nevertheless, this card is advisable for customers who are highly loyal to HSBC bank and are not too keen on having any sort of reward or luxury benefits.
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