The super premium credit card segment in India sees very less action when it comes to new offerings. But, there have been quite some happening activities in this space recently. The latest is from HSBC where it seems to have finally started taking its credit card offerings seriously. After the revamp of HSBC Live+, it is time for the super-premium HSBC Premier credit card. The new HSBC Premier credit card now comes in a metal form with better rewards and benefits. Here is everything you need to know about the HSBC Premier credit card.
Fees
| Joining Fee | ₹ 12,000+GST ~₹ 14,160 |
| Welcome Benefit | ₹ 12,000 Taj Hotels Gift Voucher 1 year EazyDiner Prime membership 1 year Taj Epicure Preferred |
| Annual Fee | ₹ 20,000+GST ~₹ 23,600 |
| Renewal Benefit | None |
| Annual Fee Waiver | Only for Premier customers |
The joining fee puts it in the league of Infinia, DCB and Magnus. The welcome benefits offered in lieu of the joining fee are pretty good. From the second year onwards, the annual fee increases to Rs 20,000 which we feel is a tad bit high especially because there is no renewal benefit and no spends based fee waiver too. The annual fee is waived only for Premier banking customers.
Rewards
HSBC Premier credit card offers a simple reward system. Spend anywhere and get 3 points for every Rs 100. No exclusions like wallets, insurance, utilities etc. For high spends in insurance, utilities and fuel, this can be a pretty good option as many credit cards do not give out rewards on those spends.
| Spend Category | Rewards |
|---|---|
| Retail Spends | 3 RP/Rs 100 ~3% |
This is the simplest reward chart you will see across all our credit card reviews. We get a 3% value back on all our retail spends be it insurance, education fuel or utilities. HSBC seems to be targeting the HNI customers that just want a simple credit card with rewards. And, considering HSBC Premier’s eligibility criteria it will be easy to keep this reward rate for the coming years. The smaller the target segment, the easier it is to keep high rewards. Think of HSBC Premier credit card as a reward for customers who meet the Premier banking eligibility criteria.
Rewards on International Spends
HSBC Premier credit card comes with a low foreign currency markup at 0.99%. This makes it an excellent option for international spends too and a perfect fit for Premier banking customers.
- Reward Rate on international spends: 3%
- Foreign currency markup: 0.99%+GST ~ 1.17%
- Effective return: 1.8%
Rewards Redemption
You get the best value for the rewards when you transfer them out to airmiles partners at 1:1 ratio or opt for Apple Imagine vouchers. We do get an option for e-voucher redemptions as well but the value drops to 50 paise for options like Amazon Pay GV or Flipkart GV.
The transfer partners available for HSBC Premier credit card are Air India Flying Returns, Club Vistara, British Airways Avios and Etihad Airways. For transferring points to airmiles, we need to call their customer care and request for the same. There is still no online option for getting this done.
| Redemption Option | Value of 1 RP |
|---|---|
| Airmiles | 1 Airmiles |
| Amazon or Flipkart GV | 50 paise |
| Apple Imagine GV | ₹ 1 |
BookMyShow Offer on HSBC Premier Credit Card
- Buy 1 and Get 1 ticket free with HSBC Premier credit card
- Maximum discount is capped at Rs 750 per ticket
- Offer is valid twice per month
Unlimited Airport Lounge Access
Premier card stays true to its super-premium tag and offers unlimited complimentary airport lounge access both within and outside India. But, there is no complimentary airport lounge access outside India for add-on cards. It would have been nice to have that feature too considering the target segment.
| Domestic Airport Lounge Access | Unlimited |
| International Airport Lounge Access | Unlimited |
| Guest Visits | 8/year only outside India |
Final Thoughts
This is a bundled offering for HSBC Premier banking customers. With its zero annual fee, Premier banking customers will find this as a good complimentary benefit. We get a 3% reward rate, 1:1 transfer to airmiles and Apple vouchers, BookMyShow BOGO and unlimited airport lounge access. From time to time, HSBC also runs offers to get extra rewards over and above this. That makes it an even better deal.
But if you are not a HSBC Premier banking customer, then this is not worth looking into. For the annual fee of Rs 20,000, we are better off getting other premium credit cards like the Infinia, DCB or an Amex combo of MRCC, Plat Travel and Gold Charge.
HSBC Premier Credit Card
