HSBC Visa Platinum Credit Card Review: Features, Fees & Eligibility

HSBC Visa Platinum Credit Card Review: Features, Fees & Eligibility

Do you eat out mostly? Or do you love shopping? Or do you travel a lot? If you spend a lot on all these expenses, then HSBC Visa Platinum Credit Card will be the best for you. Let’s find out how?

If you are tired of hefty joining fees and annual charges of your credit card, you are at the right place. HSBC (Hongkong and Shanghai Banking Corporation) is a British multinational investment bank and financial holding company. In 2018 reports, it is the seventh-largest bank in the world. Opened its first branch in British Hongkong and Shanghai in 1865.

HSBC VISA Platinum Credit Card Review 2020

HSBC VISA platinum credit card is among one of the best entry-level credit cards for beginners that comes with no joining or annual fees. You can enjoy a lot of benefits such as Cleartrip vouchers, cash back, rewards on dining, etc.

BENEFITS

Welcome Offers:
  • You will be given Rs 2,000 Cleartrip vouchers on the first transaction.
  • Rs 250 Swiggy vouchers will be received on completing the first transaction within 60 days of card activation.
  • You will get 10% cashback (up to Rs 2000) for making a transaction of Rs 9,000 or more in the first 90 days of issuance of the credit card.
  • You can earn 3X rewards on dining, hotels, and telecom in the first 12 months.

OTHER OFFERS

1. You can avail BookMyShow vouchers of worth Rs 500 (2 vouchers of Rs 250) on spending Rs 50,000 in a month. Which is limited to a maximum of Rs 3,000 per cardholder in a year.

2. 30% discount on Treebo hotels.

3. 50% discount up to Rs 125 on your first order and 25% discount of up to Rs 150 on all Swiggy orders.

4. Friday Offers: Rs 1,200 discount for roundtrip and 1,200 off on hotel bookings using code CTHSBCFRIDAY. Add on cards will be treated as separate cards for this offer.

5. Saturday offers: Buy 1 get 1 ticket, while you can make bookings on any day of the week.

6. Sunday offers: Maximum 10,000 cashback(10%) on international flight tickets in MakeMyTrip. Add on cards will be treated as a separate card for this offer.

7. 15% instant discount at selected restaurants in collaboration with HSBC in India.

8. Rs 450 instant discount on BigBasket, 15% instant discount on grocery shopping from Amazon Pantry Offer, MakeMyTrip instant discount of Rs 15,000 on Sundays.

Balance transfer and Loan facility: You get 10.9% interest and 1% processing fees( lowest rate and processing fees in the class) +Rs 300 Uber vouchers on taking the loan and balance transfer facility from the bank.

REWARD POINTS

  • You can earn 2 reward points on every spend of Rs 150 from your credit card on all retail outlets except fuel.
  • You’ll get 5X rewards after crossing the limit of Rs 4 lakh in a year and up to Rs 10 lakh in a year. You will earn 45,000 points on spending Rs 10 lakh per year.

REDEMPTION

This one is a little complicated, but once you get the understanding, it is one of the best in class. You’ll get popular shopping vouchers, hotel discounts, movie vouchers, Uber vouchers, restaurant discounts, and many great deals. The expected reward rate is 0.25%(normally) and 1%(upper cap spending limit of up to Rs 10 lakh). So let’s have a basic understanding of this premium credit card reward points system:

Airlines: You can convert your reward points into flight tickets. HSBC has collaboration with many popular airlines. For Singapore Airlines(1 Reward point=1 Knight Flyer mile); British Airways Executive Club(1 Rewards Point= 1 aviosMile); Jet Airways(2 Rewards point=1 JP Mile).

Hotel transfers: Here, you can use your reward points for free night stays. If you have enough points, you can stay in premium and luxury hotels, with priority services. Taj Inner Circle(5 Rewards Point=1 TIC Points); 1 TIC Point= Rs 5.

Reward Rate: 4.5%(on spending Rs 10 lakh).

For 45,000 HSBC Rewards Point, you’ll get 9,000 TIC Points, with which you can avail free night stays like 7 night stays in Taj Surya Coimbatore or 3 night stays in Taj Fisherman’s Cove Chennai.

ADDITIONAL BENEFITS

Along with so many discounts, HSBC Visa Platinum Credit Card provides you with additional benefits. Let’s see how you can avail more benefits from this credit card:

Zero liability on lost card: If you report your card within 24 hours of loss or theft, then you are not at all liable for any fraudulent transactions for up to Rs 3 lakh loss. This is great when you notice your credit card lost after some hours, and you don’t remember when you had it last time, the bank takes full responsibility for such incidence and even got you covered for the loss.

Emergency Card Replacement: You can either call the 24×7 HSBC premium credit card helpline or can contact the Visa global assistance service. The new card will be delivered to you within 3 days after the loss or theft. And the bank will charge you with the same fees, whether you are in India or abroad. And you can also go for the emergency cash service which is available to you at over 22,000 outlets across the world.

Globally accepted: Being a Visa card, it offers global acceptance at one lakh location at 18 million outlets in India and also across the world. You don’t have to worry about its acceptance and don’t have to check it’s acceptance in the countries before every trip. So it makes your experience hassle-free while going on a family vacation or important business trips.

Loan on the phone: This is one of the best services. In case after making a purchase, you realize that you are short on some amount you can convert your purchase into EMIs within 15 days of the transaction. The minimum amount should be 2,000, and the time duration can be of 6,12,18 & 24 months, with the interest rate of 18-23.88% per annum. This one is good when you notice that you don’t have money for a certain item in a month only after the purchase.

Instant EMIs: This one is also available for the span of 6,12,18 & 24 months, the interest rate is (comparatively less than the loan on the phone) 12-15% per annum.

Recommended: Standard Chartered Manhattan Platinum Credit Card Review 2020

Fees and Charges:

Type of fee or charge Amount (Rs.)
Joining Fee NIL
Annual fee NIL
Interest rate 3.3% per month
Cash withdrawal fee 2.5% of the transaction amount (subject to a minimum of Rs.300)
Rewards redemption fee Rs.50 per request
Finance Charges 3.3% p.m. (39.6%* p.a.) computed from the date of transaction
Interest-Free Credit Period Up to 52 days
Minimum Payment Due (MPD) on extended credit usage 5% of the total payment due to the statement plus greater of past due or over limit due (if any), subject to a minimum of `100. Interest will be charged on the extended credit as per terms and conditions
Duplicate Statement Request Rs. 100 per statement (beyond last 3 months)
Charge in case of cheque bounce, standing instruction dishonored or unsuccessful payment through ECS Rs. 350
Out-of-town cheque processing
  • Rs.50 for up to Rs.10,000
  • Rs.100 for processing amount between Rs.10,001 and Rs.1 lakh
  • Rs.150 for cheque amount more than Rs.1 lakh
Over Limit Fee Rs. 500 per month
Eligibility Criteria:
  1. The individual should be between 18-65 years of age.
  2. Only salaried individuals are eligible for this premium credit card. Unfortunately, this is not yet available for self-employed individuals.
  3. The minimum gross income should be Rs 4 lakh per annum.
  4. A resident of the prominent city in India where HSBC has it’s a branch, namely Mumbai, Delhi, Pune, Chennai, Bangalore, Noida, Kolkata, Gurugram and Hyderabad.

DOCUMENTS REQUIRED

  • You need to bring the last copy of the payslip or salary certificate.
  • Also, a copy of existing credit cards and your latest credit card statement will be required.
  • Your last 3 months’ bank statement indicating salary credit.
  • You need to submit your Address proof, identity proof, and PAN card or Form 60.

HOW TO APPLY

You can apply online on www.hsbc.co.in/credit card, click the option “apply now,” or you can also call HSBC phone banking and ask their representative for a home visit. And you can also visit the nearest HSBC bank in your city in India.

FAQs(Frequently Asked Questions)

1. What is the credit card limit?

This is mentioned at the time of issuance of your credit card, and the bank has the right to decrease the limit of your credit card at any time. You can also apply to review your credit card limit after six months of its issuance with the bank.

2. Does HSBC also provide the airport lounge access facilities like other premium credit card providers?

No. This service is not available yet.

3. What are the rewards rates?

You can earn 2 reward points for every Rs 150 spent on retail (excluding fuel), but if your spending limit is in between Rs 4 lakh to Rs 10 lakh, then you will earn 6 reward points for every Rs 150 spent for the first 12-months.

4. Is there any validity of reward rates?

The validity is just 3 years; after this period, your reward points will just become zero. So it is advisable to redeem your rewards points regularly and check their validity from time to time with the bank.

5. In how much time I can expect to get this card?

Normally it takes 7 working days. You’ll also get timely alerts from HSBC on your registered mobile number about your credit card.

Hope you like the review of HSBC Visa Platinum Credit Card but if you still have any doubts then you can ask them in the comment section.

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