HSBC Platinum Rewards Credit Card

About HSBC Platinum Rewards Credit Card

Are you looking to enter the world of global banking without paying a single rupee in annual fees? The HSBC Platinum Rewards Credit Card is designed for those who want a straightforward, cost-effective way to earn rewards on every purchase.

This card offers a lifetime free experience, meaning you never have to worry about hitting spending milestones just to waive a fee. With a reward rate that converts directly into shopping vouchers or air miles, you can save roughly ₹3,634 annually through regular spending. It is a simple, no-nonsense tool for your daily expenses.

Built for professionals earning ₹50,000 or more per month, this card bridges the gap between basic entry-level cards and premium travel cards. Whether you are buying groceries or booking a flight, your spending contributes to your next vacation or a free shopping spree.

What sets it apart:

• Zero Fees Forever: Unlike many competitors that charge ₹500 or more, this card has ₹0 joining and ₹0 annual fees for life.
• Travel-Ready Rewards: You can convert your points into air miles with major carriers like Singapore Airlines and British Airways, a rare feature for a card with no annual fee.
• Simple Welcome Kickstart: Get ₹1,000 worth of reward points just by spending ₹5,000 in your first month.

Quick check: To qualify, you will need to be between 18-65 years old with a minimum monthly income of ₹50,000 and a credit score of 720 or higher.

Let's break down why this card might be the right fit for your wallet:

Key Benefits & Features of HSBC Platinum Rewards Credit Card

The HSBC Platinum Rewards Credit Card focuses on providing value through a simple reward point system and a total lack of maintenance costs. Here is a detailed look at what you get:

Lifetime Free Benefit

One of the biggest hurdles with rewards cards is the annual fee. This card removes that barrier entirely. There is no joining fee and no annual fee, regardless of how much you spend. This makes it an excellent "backup" card or a primary card for those who hate tracking fee-waiver milestones.

Welcome Bonus

When you first get the card, you can earn 2,000 reward points. To qualify, you simply need to activate the card through the HSBC Mobile App and spend a total of ₹5,000 within the first 30 days of receiving the card. Since 1 reward point equals ₹0.50, this is an immediate value of ₹1,000 back in your pocket.

Standard Rewards Program

For every ₹150 you spend on the card, you earn 2 reward points. This applies to most of your daily spends, from dining out to online shopping. However, please note that certain categories do not earn points. These exclusions include rent payments, insurance premiums, school and education fees, GST charges, tolls, and cash withdrawals.

Redemption Versatility

The flexibility of rewards is where this card shines. You are not stuck with a specific brand's vouchers. You can choose to redeem your points for:

• Shopping Vouchers: Use your points for various lifestyle and retail brands.
• Air Miles: This is a standout feature. You can transfer your points to leading airline programs including Air India's Flying Returns, Etihad Airways, British Airways Executive Club, and Singapore Airlines KrisFlyer.

Fuel Surcharge Waiver

If you use your card for fuel, you can save on every visit to the petrol pump. You get a 1% fuel surcharge waiver on transactions ranging from ₹400 to ₹4,000. This helps offset the small extra costs that usually come with using credit cards at fuel stations.

Eligibility and Income Requirements

To access these features, you must meet the bank's criteria. Salaried individuals generally need to be at least 21 years old (though the official minimum is 18) for a better chance of approval. You need a stable monthly income of at least ₹50,000 (₹6 Lakhs per annum). A healthy credit score (CRIF) of 720 or above is required to ensure a smooth application process.

How to Apply?

The application process for the HSBC Platinum Rewards Credit Card is digital and straightforward. Follow these steps to get started:

1. Check Your Eligibility: Ensure you earn at least ₹50,000 monthly and your credit score is 720 or higher.
2. Visit the Official Link: Go to the HSBC India website or use an authorized partner link to start the application.
3. Fill in Details: Enter your personal information, mobile number, and employment details.
4. Upload Documentation: Standard documentation includes digital copies of your PAN card, Aadhaar, and latest salary slips.
5. Complete V-KYC: The bank may conduct a Video KYC to verify your identity instantly.
6. Card Activation: Once approved, the card will be sent to your registered address. Download the HSBC Mobile App and make a transaction of at least ₹100 within 30 days to keep the card active and remain eligible for rewards.

Credit Limit & What to Expect

Credit limits for the HSBC Platinum Rewards Credit Card are not fixed. They are assigned based on your specific income level, your current credit score, and any existing relationship you have with HSBC. If you have a high income and a score well above 720, you can expect a higher starting limit. Credit limits typically range from ₹75,000 to ₹5,00,000 based on your income profile and credit score.

Comparison Table: HSBC Platinum vs. Top Competitors

How does this card stack up against other popular "no-fee" or "entry-level" cards in India? We have compared it with the heavy hitters in the market:

If you are a frequent traveler who wants to accumulate air miles without paying an annual fee, the HSBC Platinum Rewards card is a unique choice. While the Amazon Pay ICICI card offers higher cashback for Amazon loyalists, it does not allow you to transfer points to airlines like British Airways or Singapore Airlines, which gives HSBC a distinct edge for travel enthusiasts.

Documents Required for HSBC Platinum Rewards Credit Card Application

You will need to submit the following documents when applying for this card. Ensuring you have these ready will help speed up the approval process:

For Salaried Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, or Voter ID.
• Address Proof: Aadhaar Card, Passport, or Utility Bills (not older than 2 months).
• Income Proof: Latest 3 months' salary slips and 6 months' bank statements showing salary credits.
• Employment Proof: Office ID card or an official employment letter.

For Self-Employed Applicants

• Identity Proof: PAN Card (mandatory) and Aadhaar Card.
• Address Proof: Aadhaar Card or Property Documents.
• Income Proof: Latest 2 years' ITR (Income Tax Returns) with computation of income.
• Business Proof: Business registration certificate or GST registration documents.

Note: All documents must be self-attested. The bank may request additional documents during the verification process depending on your profile.

Who Should Get This Card?

Should you get this card? Here is who benefits most from the HSBC Platinum Rewards Credit Card:

The Fee-Averse Professional: If you are someone who earns ₹50,000 a month and wants a credit card from a global bank but refuses to pay an annual fee, this is for you. You get the prestige of an HSBC card with zero maintenance cost.

The Aspiring Traveler: You might not spend enough to justify a high-fee travel card like the Amex Platinum, but you still want to earn miles. If you spend ₹20,000 monthly on this card, you could earn roughly 3,200 points a year, which can be converted into miles for your next flight on Air India or Singapore Airlines.

The First-Time Rewards User: If you find cashback cards boring and want to explore the world of "reward points" and "vouchers," this card is a safe, no-risk entry point. The ₹1,000 welcome bonus is a great way to see immediate value.

You might want to skip this card if:

• You spend heavily on Amazon or Flipkart and prefer direct 5% cashback.
• You are looking for complimentary airport lounge access, as this card does not offer it.
• Your monthly income is below ₹50,000, as you may not meet the eligibility criteria.

BankKaro Expert Review

In my experience, the HSBC Platinum Rewards Credit Card is a solid, conservative choice for the middle-income segment. It does not try to be everything to everyone; instead, it focuses on being a reliable, "free-for-life" companion.

The biggest strength of this card is the air mile conversion. Most lifetime free cards in India only offer basic cashback or shopping vouchers. Being able to transfer points to Singapore Airlines KrisFlyer or British Airways Executive Club on a zero-fee card is impressive. It allows you to participate in global travel loyalty programs without the high entry cost.

The biggest limitation, however, is the reward rate. At an effective 0.67% value back, it is significantly lower than the 2% to 5% offered by cards like Axis Ace or SBI Cashback. Furthermore, the lack of lounge access and movie benefits makes it less "lifestyle-oriented" than some of its peers.

Our verdict: Choose this card if you value the HSBC brand and want a simple way to earn air miles for free. If you want the highest possible return on every rupee spent, you might be better off with a dedicated cashback card.

Terms and Conditions

Before applying, please be aware of these specific conditions associated with the HSBC Platinum Rewards Credit Card:

• The bank may offer a different card variant based on your eligibility. Please carefully read the features of the card offered before submitting your application.
• A minimum transaction of ₹100 within 30 days is required to activate the card; otherwise, you will not be eligible for the Welcome Rewards.
• Reward points are not earned on excluded categories such as Rent, Insurance, Cash Withdrawals, School/Education Services, GST, and Tolls.
• Interest rates typically range between 3.5% per month to 42% per annum, and late payment charges apply based on the total outstanding amount on your statement.