It’s not just super-premium credit cards that offer points and miles. Even an entry-level credit card like the HSBC Visa Platinum can help you earn miles for your dream vacation. With the HSBC Visa Platinum credit card, you can earn 2 reward points for every Rs 150 spent. Additionally, it gets 5X rewards for spending Rs 4 lakhs in a membership year. Benefits of the card include a BOGO BMS offer and a fuel surcharge waiver. Check out our detailed review of the HSBC Visa Platinum credit card.
Eligibility
- Age: Between 18 and 65 years
- Minimum Annual Income for salaried individuals: 4 LPA
- City of Residence: Chennai, Gurgaon, Delhi National Capital Region (NCR), Pune, Noida, Hyderabad, Mumbai, Bangalore, Kochi, Coimbatore, Jaipur, Chandigarh, Ahmedabad or Kolkata
HSBC does not provide the Visa Platinum card to self-employed individuals. There are some rare exceptions if there is an existing saving account with a high balance.
Fees
| Joining Fee | Zero (LTF) |
| Annual Fee | Zero (LTF) |
The HSBC Visa Platinum credit card is Lifetime Free (LTF) with zero joining and annual fee. We get some good welcome benefits on this card. We need to spend a minimum of Rs 2500 or more within 30 days of card issuance to get below benefits.
- Rs 250 Amazon gift voucher (for applying online)
- Rs 500 cashback on spending Rs 5000 in first 30 days
Rewards
The standard earn rate on the HSBC Visa Platinum is little low at 2 RP/Rs 150 but the 5X RP on incremental spends make it a good deal.
| Spend Category | Rewards |
|---|---|
| Retail Spends | 2 RP/Rs 150 ~1.3% |
| Incremental Annual Spends > Rs 4 Lakh | 10 RP/Rs 150 ~6.5% |
- Any annual spends beyond Rs 4 Lakh earn 5X reward points. This has a cap of 15,000 RP and we hit this on spending Rs 2.25 Lakh.
- We get a total of 20333 RP (5333 standard RPs + 15,000 accelerated RPs) on spends of Rs 6.25 Lakhs in a membership year.
- Excluded spends/MCCs for reward points are:
- Bail and Bond Payments: 9223
- Education and Government: 9399, 8299, 8220, 8211, 8241, 8244, 8249, 9222, 9402, 9211, 9405
- E-wallet: 6540
- Financial Institutions: 6010, 6011, 6012
- Fuel: 5541, 5983, 5172, 5542, 5552
- Insurance: 6300, 5960
- Jewelry: 5944, 5094
- Money Transfer: 4829
- Non-Financial Institutions: 6051
- Real Estate Agent and Managers: 6513
- Tax Payments: 9311
- Utilities: 4900
Spend Offers
HSBC also runs quite a few good offers round the year to get extra cashback on spends. One such offer which has been running quite often is to get 1.5% cashback on all spends and 10% accelerated cashback on dining, food delivery and grocery spends like the HSBC Live+ credit card. For a LTF credit card, this is too good to miss out on.
This offer is running till 31st August 2024 and you can enrol in it by sending HPLAT to 575750.
Rewards Redemption
The HSBC Visa Platinum card has multiple redemption options in the reward redemption catalog. We can get Amazon, Flipkart and other gift vouchers as well. But, the value of 1 RP is around 20 paise in these cases. We would not recommend using these redemption options.
The best redemption options are when we opt for one of the transfer partners for airlines or hotels.
| Transfer Partner | Conversion Ratio |
|---|---|
| Air India – Flying Returns | 2 RP = 1 Air India mile |
| Club Vistara | 2 RP = 1 Club Vistara mile |
| Singapore Airlines – Kris Flyer | 2 RP = 1 Kris Flyer Mile |
| British Airways Executive Club – Avios | 2 RP = 1 Avios Mile |
| Etihad Airways | 2 RP = 1 Airmile |
| InterMiles | 2 RP = 1 InterMile |
So we get around 10167 miles on Rs 6.25 Lakhs spend. This makes it 1.6 Miles/Rs 100, a decent earn rate for an entry-level LTF credit card.
No Complimentary Airport Lounge Access
- Domestic Airport Lounge Access: Not Available
- International Airport Lounge Access: Not Available
Other Key Benefits and Charges
- Foreign Currency Markup: 3.5%+GST ~4.1%
- Fuel Surcharge Waiver: 1% fuel surcharge waiver up to Rs 250 in a calendar month for transactions between Rs 400 and Rs 4000
BookMyShow BOGO Offer on HSBC Visa Platinum Credit Card
- BookMyShow BOGO up to Rs 250 on the second ticket
- Valid once per calendar month and for transactions done on a Saturday.
Final Thoughts
If you are eligible, we would suggest getting the HSBC Visa Platinum credit card. For a LTF card, the earn rate is pretty decent and becomes even better if we get into the 5X RP zone. Plus from time to time, HSBC also runs good spend offers that help in getting extra savings.
Frequently Asked Questions
HSBC Visa Platinum Credit Card
5 thoughts on “HSBC Visa Platinum Credit Card Review”
compare it with HSBC premier.
HSBC Premier needs a banking relationship. So, not directly comparable. But Premier will get you more benefits.
I have crossed 4L annual spend but I didn’t get any 5x reward point. After 1 hr call with customer care they agreed to take a case to credit 5x reward point. But what caught me by surprise was that, I was told the normal reward point of 2points/150 is considered as 2x – the additional reward point we will be getting is 3points/150 (on top of regular 2points/150.
As per this article and as per my previous understanding I thought we will be getting total 10points/150 spend above 4L – but it’s only 5points/150 for spend above 4L. I’m not sure if this is correct or not. can someone clarify.
You got remaining accelerated reward points?
How to get the membership of Taj Inner Circle Point?
Can you write a article for above if possible
Thanks , Appreciate your articles..very informative