A premium metal card from HSBC Bank, HSBC Premier largely caters to high-spenders and travellers. The card features a good reward rate of 3% and allows point-to-mile conversion across several domestic and international airlines in 1:1 ratio. Unlimited domestic and international lounge visits and a low forex mark-up add to its travel benefits. However, it faces stiff competition from other premium cards in the market like HDFC Infinia and Axis Reserve, which offer similar or superior benefits in certain categories. How does this card fare among other premium credit cards? Here is a detailed analysis to help you understand.
HSBC Premier Credit Card Rating ★★★ (3.5/5) |
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| Rewards Program | ★★★ (3.5/5) |
| Travel Benefits | ★★★★ (3/5) |
| Other Lifestyle Benefits | ★★★ (3/5) |
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HSBC Premier Credit Card is offered only to the bank’s existing Premier Customers. The card charges Rs. 12,000 as the joining fee and Rs. 20,000 as renewal fee from second year onwards. With benefits focused on travel and rewards, the card can be a decent choice for high-spenders and travellers, who can utilize most of these features. The card also offers flexible reward redemption options, including a 1:1 point-to-mile conversion ratio across a wide array of airline partners, and valuable lifestyle perks such as complimentary Taj Epicure Membership and significant dining discounts.
In certain aspects, HSBC Premier stands neck-and-neck with other premium cards like HDFC Infinia and Axis Reserve as it caters to similar spending categories along with some unique advantages in travel benefits and point redemption flexibility. However, it faces stiff competition in terms of higher reward rates and broader lifestyle benefits provided by its rivals. Some premium cards offer reward rates as high as 4.5%, making the HSBC Premier’s 3% reward rate seem less impressive in comparison.
Apart from the card’s features, HSBC Premier Account holders also get several benefits like complimentary golf sessions, global concierge, etc. Overall, the HSBC Premier Credit Card is a compelling choice for those who value travel benefits and premium services.
Who would be eligible for this card?
HSBC Premier Credit Card- Features and Benefits
Welcome Benefit
- 12,000 Taj Experiences Gift Card
- Complimentary Taj Epicure Membership
- Complimentary EazyDiner Prime Membership
Reward Rate
Users will earn 3 reward points per Rs. 100 across all spends
Redemption:
- Conversion into air miles in 1:1 ratio
- Redemption against Imagine Vouchers (for Apple Product purchase) in 1:1 ratio
Air miles conversion partners include:
- Club Vistara Points
- Air India’s Flying Returns
- Etihad Airways
- Singapore Airlines
- British Airways
- Intermiles
Travel Benefits
- Unlimited complimentary domestic lounge visits
- Unlimited complimentary international lounge visits with 8 free guest visits in a year
- Low forex mark-up fee of 0.99%
Other Lifestyle Benefits
- Buy One Get One offer on BookMyShow
- Up to 30% discount on dining with EazyDiner (max. discount of Rs. 1,250)
- Offers and discounts with select brands
- 1% fuel surcharge waiver at all petrol pumps
How well does HSBC Premier compete with leading premium cards?
Much like other premium cards such as HDFC Infinia and ICICI Emerlade Private, most benefits on HSBC Premier Credit Card are inclined towards travel and rewards. Users can earn 3% rewards on all their purchases and transfer the accumulated points to miles with select airline partners in 1:1 ratio. Unlimited lounge access and hotel benefits as welcome gift further enhance its value for travellers. However, when compared with other competitors, HSBC Premier’s reward rate is only decent, not impressive. While Infinia and Diners Club Black come with a reward rate of 3.33%, which is only slightly higher than the HSBC Card, new and upgraded entrants in the premium travel space might offer better value. Axis Olympus and YES Marquee, for example, offers 4% and 4.5% value-back respectively.
Before choosing, users should not only compare the reward rate but also look at the redemption options. For instance, YES Marquee offers 4.5% value-back but only on transferring to Vistara or Intermiles. Whereas, HSBC Premier Card has collaborated with 20 popular airlines.
Apart from travel, HSBC Premier also provides 1:1 redemption rate if you choose to redeem against Apple products. Since the reward points never expire, users can put high spends, accumulate substantial rewards and redeem for a significant discount. HDFC Infinia also offers the same 1:1 redemption value on Apple products as well as Tanishq.
Should you get this card?
If you are already an HSBC Premier Account holder and meet all the eligibility criteria, you can consider getting this card if:
- You wish to avail benefits on travel through hotel stay benefits, lounge access, etc.
- Earning rewards is not one of your primary objectives
- Complimentary golf sessions would be an added advantage for you
- You do not have other cards offering benefits on your dining and entertainment spends
However, before choosing, it is also important to consider the benefits offered by other premium credit cards and if you could save more through other cards. For example, if you spend more than Rs. 2 Lakh a month and want to earn generous value-back, this card may not be the best choice. For your travel needs, you would be able to extract better value out of mid-range cards like Axis Atlas where the reward rate can go up to 10% for travel bookings.
HSBC Premier Credit Card- Eligibility Criteria
To be eligible for this credit card, you must be an HSBC Premier customer. You must meet at least one of the following criteria to be apply for HSBC Premier:
- Quarterly TRV of Rs. 40 Lakh or more
- Mortgage relationship with total disbursal of Rs. 1.15 Cr or more
- Corporate salary account with net monthly salary credit of Rs. 3 Lakh or more
Benefits offered with HSBC Premier Account
In addition to the benefits offered on HSBC Premier Credit Card, customers who hold HSBC Premier Account status will be entitled to some more privileges, as shown below:
- 24 complimentary golf lessons in a year (if you qualify by meeting the TRV condition)
- 6 complimentary golf lessons in a year (if you qualify by meeting the salary or mortgage condition)
- Global Premier Status that allows to avail benefits with HSBC Bank across the globe
- Overseas education support
- Global concierge service
- Access to global events, VIP seats and priority assistance
- Access to HSBC GOLD at PVR Cinemas