The HSBC Premier Credit Card doesn’t just offer upgraded rewards; it also includes an array of travel, dining, and lifestyle perks. From complimentary airport lounge access to free golf sessions, this card provides a range of benefits tailored for those seeking a premium experience.
To delve deeper into the comprehensive features and advantages bundled with this exclusive offering by HSBC, continue reading the detailed discussion in this article.
Eligibility Criteria
To be eligible for the HSBC Premier program in India, you need to fulfil one of the following criteria:
– Maintain a quarterly Total Relationship Balance (TRB) of ₹40 lakhs (account balance, FD, demat holdings, etc).
– Possess a mortgage relationship with a disbursal of ₹1.15 crore or more with HSBC India.
– Hold a corporate salary account through the HSBC Corporate Employee Program in India, with a net monthly salary credit of ₹3 lakhs or more.
If the eligibility criteria for the HSBC Premier program aren’t met in a specific quarter, there’s a quarterly service charge of 0.2% on the shortfall in the Total Relationship Balance (TRB). This charge is applicable up to a maximum of ₹2,000 + GST. It’s important to consistently maintain the eligibility criteria, as failure to do so might lead the bank to reclassify the HSBC Premier account to an alternative offering.
Fees and Charges
Joining and Annual Fees – The HSBC Premier Credit Card carries a joining fee of ₹12,000 along with GST, payable upon card activation. Additionally, there’s an annual fee and renewal charge of ₹20,000. However, this fee is waived for customers who qualify as Premier customers under the set criteria.
Foreign Currency Markup – Offers a competitive advantage with a lower markup fee of just 0.99% on transactions made in foreign currency. This is notably lower compared to many other cards that typically charge markup fees ranging from 2.5% to 3.5%.
Interest Rates – A monthly interest rate of 2.49%, equivalent to an annual rate of 29.88%.
Features and Benefits
Welcome Benefit – The perks are impressive! Cardholders receive complimentary memberships to Taj Epicure and EazyDiner, offering exclusive privileges and dining experiences. Additionally, there are complimentary Taj gift vouchers worth ₹12,000, further enhancing the card’s value with luxurious benefits.
Reward Earning Rate – Cardholders earn 3 Reward Points for every ₹100 spent. Notably, these reward points have no expiry date, offering flexibility in their usage. With no restrictions on spend categories at the moment. They can be redeemed for various options, including Imagine vouchers to purchase the latest Apple products or for converting into Air Miles.
Movie Benefits – Avails a weekly Buy One Get One (BOGO) offer on movie tickets through BookMyShow.
Dining Benefit – Cardholders can enjoy 30% off on their bill with EazyDiner (up to ₹1,250).
Other Lifestyle Benefits – Cardholders can access discounts and offers with learning partners such as eDX, British Council, and Yousician. Additionally, the card offers health and wellbeing benefits in collaboration with global partners like Medical Travel Companions and MedicaMap.
Travel Benefits
Airport Lounge Access – Complimentary unlimited access to both domestic and international airport lounges. Additionally, for add-on cardholders, there are 8 complimentary visits specifically tailored for international airport lounges worldwide.
Absolutely, the guest access feature provided by Priority Pass for international lounge access with the card is quite beneficial. Allowing up to 8 access passes per “card anniversary year,” it offers a great way for cardholders to extend lounge benefits to their family or companions during travels.
Golf Benefit – The golf benefit tied to the HSBC Premier Account provides additional value beyond what’s specifically offered with the Premier Credit Card. It suggests that the perks associated with the Premier Account extend to include golf benefits, although this particular benefit isn’t directly associated with the Premier Credit Card.
Rewards Redemption
Here’s a table summarising the points/miles earned on the HSBC Premier Credit Card for various airlines/membership programs:
View Full Image
Conclusion
The HSBC Premier Credit Card, being exclusive to Premier Relationship members, stands in a league of its own. Its complimentary nature for Premier customers, coupled with a reasonable reward rate and a range of sub-premium benefits, makes it a compelling choice for those already part of the bank’s Premier program. While comparisons with other similar cards might not do justice due to its exclusive nature, for Premier customers, this card presents a valuable addition to their banking perks.
Rohit Gyanchandani is Managing Director at Nandi Nivesh Private Limited.
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Published: 31 Dec 2023, 11:24 AM IST