Benefits of HSBC Premier Credit Card
Introduction
The super-premium credit card market in India has been relatively quiet, with few new introductions. However, recent developments show a shift, especially with HSBC stepping up its game in the credit card sector. After upgrading the HSBC Live+ card, the bank has now revamped its HSBC Premier credit card, which now comes in a sleek metal design, offering enhanced rewards and benefits. Here's everything you need to know about the HSBC Premier credit card.
Eligibility Criteria
To apply for the HSBC Premier credit card, you must meet one of the following eligibility criteria:
- Maintain a quarterly Total Relationship Balance (TRB) of ₹40 lakhs.
- Have a salary account with a net monthly salary of ₹3,00,000.
- Avail a mortgage of ₹1.15 crore and meet the TRB criterion within 12 months from the mortgage disbursement.
If the TRB criteria are not met in a quarter, a below balance fee of 0.2% will be charged on the shortfall, with a maximum fee of ₹2,000 (plus applicable taxes) for non-maintenance of the balance.
Fees and Charges
The HSBC Premier Credit Card comes with a joining fee of ₹12,000 (₹14,160 with GST) and an annual renewal fee of ₹20,000 which can be waived if you meet HSBC Premier eligibility criteria.
If the Total Relationship Balance (TRB) is below ₹40 lakhs or the home loan balance is under ₹1.15 crore, the annual fee applies.
| Joining Fees | ₹12,000 |
|---|---|
| Annual Fees | ₹20,000 |
| Welcome Benefits |
Taj Epicure Membership ₹12,000 Taj Gift Voucher 1 Year EazyDiner Prime Membership |
| Renewal Benefit | Not Applicable |
| Annual Fees Waiver | Only applicable to HSBC Premier customers |
Reward Structure and Reward Redemption
The reward structure is pretty straightforward. Spend everywhere you want and earn 3 reward points for every ₹100 (which translates to 3% reward rate) and points will never expire.
However, reward points will be awarded for spends up to a cumulative limit of ₹1,00,000 monthly across categories such as utilities, tax payments, real estate, non-financial institutions, money transfers, jewelry, insurance, financial institutions, e-wallets, bail & bond payments, and education & government.
With no exclusions for categories like wallets, insurance, or utilities. It's a great choice for high spends in areas such as insurance, utilities, and fuel, as many other credit cards don't offer rewards on those transactions.
Also, the reward redemption is not complex like other credit cards in the market. It’s pretty simple to understand which is transfer reward points to 15 domestic and international airlines and 5 hotel partners in a 1:1 ratio (in some cases, varies upto 5:1) and not just that, reward points can be redeemed on Apple products through Imagine vouchers too.
| Earning Rate | Earn 3 RPs on every ₹100 spent (3% reward rate) |
|---|---|
| Airline and Hotel Partners | 1RP = ₹1 |
| Apple Products through Imagine Vouchers | Varies from 1RP = ₹1 to 5RP = ₹1 |
| Other Gift Vouchers | 1RP = ₹1 |
Reward Rate on International Spending
HSBC Premier credit card offers a competitive foreign currency markup of just 0.99%, making it a great choice for international transactions. This low rate is ideal for Premier banking customers who frequently travel or shop abroad.
- International spend reward rate: 3%
- Foreign currency markup: 0.99% + GST (translates to 1.17%)
- Effective return: 1.8%
Travel and Lifestyle Benefits
The Premier card justifies its super-premium status by offering unlimited complimentary airport lounge access, both domestically and internationally. Not just that, this card offers BookMyShow and Eazydiner offers every month.
| Domestic Lounge Access | Unlimited |
|---|---|
| International Lounge Access | Unlimited (additional 8 free visits for guests per year) |
| BookMyShow | Buy one ticket, get one free (max ₹750 for free ticket) |
| EazyDiner | Flat 30% off on bill (up to ₹1250) on minimum bill of ₹2500, once per month |
Conclusion
The HSBC Premier offering is a valuable perk for Premier banking customers. With no annual fee, it provides excellent benefits like a 3% reward rate, 1:1 transfer to airmiles, hotel and Apple vouchers. Not just that this card offers unlimited domestic and international airport lounge access, making the best for free if you’re a HSBC Premier customer.
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