HSBC Visa Platinum Credit Card Review 2021

Updated: Sep 17, 2021


HSBC Visa Platinum Credit card comes with lucrative welcome offers. The welcome offers alone justify taking this card. Being a lifetime free credit card, it provides just enough benefits for you not consider chucking this card away after the anniversary year.


Credit card eligibility criteria

  • Minimum annual income must be INR4,00,000 per annum for salaried individuals.

  • Current city of residence should be: Bangalore, Chennai, Gurgaon, Hyderabad, Mumbai, New Delhi, Noida, or Pune.

However, they are also giving this card in Ahmedabad even though this city does not feature in this list. This means you can try your luck even if you are in tier 2 cities.


Welcome Offers

If you are thinking of getting this card, do not miss the welcome offers.

⦁ 10% cashback up to INR2,000 on minimum spend of INR10,000 within first 60 days of card issuance.

You also need to make at least 5 transactions to be eligible for this cash back. The best thing is that it is directly credited in your statement.


To be eligible for the below offers you just need to spend Rs 500 within 60 days of card arrival.

⦁ If you apply via online credit card application and Video KYC, you get an Amazon e-gift voucher worth INR250.

⦁ 3 complimentary airport lounge access at domestic & international lounges or 3 meal-vouchers (this is new, let me know your experience if someone has used this in the comments)

⦁ 2 vouchers of INR 1,000 for “Cleartrip” each through an SMS and/or email within 60 days of completing their first transaction on the HSBC Credit Card.

However, the fine print here is that for you to use the Rs 1000 voucher, you need to book a round trip journey. This makes the offer rather ordinary or gimmicky. It will be profitable only if the round trip journey is less than Rs 4000, which is a rather rare situation.

⦁ Swiggy voucher offer of Rs 250 on your first purchase. The fine print is rather interesting here, as you will get this for each add-on card you have applied for.

Fees

Nil joining and annual fees.


Welcome offer table

It’s only infrequently, that you need a table to compile the welcome offers. However, this card does deserve one.


This is an exceptional reward rate 13.7%. However, do note it is a onetime deal only. But, it does provide enough grease for you to slip this card in your wallet.


Additional on-going offers

This card has the following noteworthy recurring benefits.

⦁ Amazon Bill pay offers. You get a 10% discount upto Rs. 500 each month for paying for Bills like electricity, gas etc. The fun fine print here is that, this offer is applicable in each Add on Card.

⦁ Buy one get one movie ticket free upto Rs. 250 on “Bookmyshow” each month. Here, too the add on cards are eligible separately for this offer. But this offer is not ensured, you can book tickets for any day of the week, but you have to book it on a Saturday which also has a quota for the first 2000 tickets. This is a hit or a miss. You better be awake at midnight on a Saturday for best chances.

⦁ Goibibo: 10% instant discount (up to INR1,250) on domestic flights every Tuesday

⦁ 10% instant discount up to INR150 for a minimum transaction of INR999 on Urban Ladder each Month.

⦁ You may also be targeted for spend based offers. One offer I received was Rs. 2000 statement credit minimum purchase of Rs. 1 lac within two months. This is the only one I ever received.


Reward Rate

HSBC Platinum Credit Cardholders will earn 2 Reward points for every purchase of Rs. 150. Each point is valued at the standard Rs. 0.25/ 1Rp.

This makes the reward rate at 0.33% which is quite poor.

Additionally, the points expire within 2 years. This reward program will make it difficult for you to make this your Primary Card.


Milestones

  • 5-times (5X) rewards on subsequent purchases made after crossing spend amount of INR400,000 with a max 15,000 accelerated reward points in an anniversary year.

To max this out you will need to spend exactly Rs. 681250. This will give you 24083 Reward points including the accelerated bonus. Considering each reward point worth Rs. 0.25 the total savings will be Rs 6020 making the % savings a paltry 0.88%. If you have this card and are able to spend more than Rs 4 lacs, better choose another card.


Rewards Redeem

Even though in this article I have taken the value of each reward point as Rs. 0.25, this is not accurate. The reward rate varies as per the gift voucher you choose.

To redeem your reward points you need to go here.

I have added a snip showing you what voucher you can get for your reward points.

You can see how the value of the reward point depends on the voucher you choose.

For me the Gold Standard of the reward point is the value of the Amazon voucher which is the most liquid of all vouchers.

Considering you are going for the Rs. 1000 amazon voucher for 4900 Rp.

The value of 1 reward point = Rs. 0.20 .

To get this voucher you will need to spend Rs. 367500 within 2 years. In this case the reward rate is just 0.27%. This is the true reward rate.

Personally, I don't think most people will be able to redeem their points or would care enough about redemption at such low numbers.

Not to forget, the redemption charges which you need to pay in case you are able to accumulate the minimum points.


HSBC Platinum Credit Card fuel surcharge

1% fuel surcharge waiver for fuel purchases between Rs 400-Rs 4000 upto Rs 250 per month. This means you can fuel upto Rs. 25000.


Effective saving Table

Even though there is a welcome offers table, the welcome offer will be included again in the below table. Note, I have not taken cleartrip, urban ladder etc offers which can shoot the saving even more.


The saving in the first year of holding this card is exceptional. It also hold its own after the anniversary year.


Rating

This card is worth holding, but cannot be your primary go to card.

3/5


Similar or better cards

SBI Simply Click credit card can be a good alternative if you are considering going for this card. Do note, that it is not lifetime free though.

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