The Visa Platinum Credit Card by HSBC is one of the many offerings offered by the UK-based bank, through its Indian subsidiary. Let’s take a look at what this card offers its holders.
Features of HSBC Visa Platinum Credit Card
The HSBC Visa Platinum Credit Card comes with a host of features for the cardholder. Here’s a list of all of them:
- Avail up to 10% cashback on all expenses made using the card within the first 90 days of receiving the card. The minimum spend limit is Rs.10,000 and the maximum cashback you can receive Rs.3000 per card. This offer is valid from 26 December 2017 to 30 September 2018
- Zero joining and annual fees
- Receive up to 3 times (3x rewards) the rewards on money spent on dining, telecom, hotels categories for up to 12 months
- Receive up to 5 times (5x rewards) rewards on expenditures over Rs.4 lakh in a year for up to maximum expenditures of Rs. 10 lakh in a year
- Receive movie ticket vouchers worth up to Rs.500 on spends higher than Rs.50,000 in a calendar month
- Receive up to 15% discount at selected restaurants in India
- Exclusive discount with Accidental and Liquid Damage Insurance worth Rs.3,999 on Samsung smartphones along with 2500 reward points on the card
- Savings of up to Rs.5,500 for bookings made on goibibo
- Up to 30% discount on Treebo hotel bookings
- Savings of up to Rs.2,800 on flight bookings on Cleartrip
Benefits of the HSBC Platinum Credit Card:
The list of benefits offered by this card are as follows:
Cashback:
The Visa Platinum Credit Cardholders can receive cashback of up to 10% on all of their card expenses for the first 90 days. They can also receive up to Rs.10,000 cashback on international flight ticket bookings made on MakemyTrip.com. They can also avail up to Rs.1,200 as savings on domestic flight bookings are done using ClearTrip.com
3X Rewards:
Cardholders can avail up to 3X rewards on all their transactions related to dining, hotels, and telecom categories for the first 12 months of availing the card.
No fee:
Customers availing the HSBC Visa Platinum Credit Card are not required to pay any annual fees or joining fees. The card is available to them free of charge.
Movie offer:
HSBC Platinum Credit Cardholders can receive a movie voucher of Rs. 500, when they spend Rs.50,000 in a calendar month. On top of this, they can also free tickets worth up to Rs.3,000 as part of the same offer. Cardholders will be sent a unique ‘Promotion Code which should be used within a 30-day period to avail the offer.
To avail the tickets, the cardholder must log on to the BookMyShow app or webpage, select location, and proceed to the payment page. Here, they will need to go to the ‘Avail Offers and Discounts’ tab and type in the Winpin code and click on check.
Dining Privileges:
The HSBC Platinum card offers amazing discounts on a variety of food and dining outlets. These offers are available across all major cities in India and will get the cardholder up to 15% discount.
Waiver on Fuel Surcharge:
If the cardholder spends between Rs.400 to Rs.4,000 on fuel with the Visa Platinum Credit Card, they will receive a 1% or up to Rs.250 worth of surcharge waivers per month.
Air Miles Conversion:
Air Miles conversion is available for the cardholders if they are using either Jet Airways or Singapore Airlines for their travel.
No lost credit liability:
HSBC Platinum Credit Card users have no lost credit card liability post registering a reporting the loss of their card to HSBC. Apart from this, users are also covered for the misuse of their cards for up to 24 hours post registering if the amount is a maximum of Rs. 300000.
Emergency Card Replacement:
If the Visa Platinum cardholder loses their card when they are travelling abroad, they can receive a new card in just 3 days. To do this, they will need to contact the HSBC Helpline numbers or the Visa Global Assistance Services. If they are looking for other options, the cardholder can avail emergency cash in over 22,000 outlets around the world.
Global acceptance:
The HSBC Platinum Credit Card can be used to transact in over 18 million outlets and at over 100,000 locations in India and globally.
Loan on Phone:
The HSBC Visa Platinum Card holders can avail loans on their credit card. To do this, they will need to make a minimum purchase of Rs.2000 on their card and call the bank within 50 days to convert it into a loan. The bank allows you to choose from multiple tenure options with interests ranging from 12.99% to 21% per annum.
Balance Transfer Perpetual (Perpetual BT):
The Visa Platinum Credit Cardholders can transfer their outstanding balance from other cards/banks into their HSBC Platinum Visa Credit Cards and avail low rates of interest. Loan tenure ranges between 3, 6, 9 and 12 months, with an interest rate of 1.08% across all tenure options. TO avail this, a 2% processing fee is levied subject to a minimum of Rs.200.
Instant EMI:
Also known as IEMI, the Visa Platinum Credit Card offers a convenient experience of the shop now, pay later. Through this, the cardholder can shop for Rs.2,000 or above and convert the purchase into an EMI, which they can pay over a period of their liking.
Insurance cover:
The Visa Platinum Card by HSBC comes with an insurance cover wherein, if the cardholder loses their card and reports the loss to the bank, they will have zero liability against any transaction made. They will get a cover of up to Rs.3 lakh for up to 24 hours before the loss is reported and registered.
Additional Credit Cards:
HSBC Platinum Credit Card users can get up to three credit cards for themselves, their sibling, spouse, and children. However, all of them should be above the age of 18. Note that all the expenses on their additional cards will be billed against the primary cardholder and the same goes with the spending limit. All the additional cardholders can access the account and can use their credit card number to log in tp get the information.
How to apply for an HSBC Visa Platinum Credit Card
Fees and Charges:
|
Joining Fee
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Nil
|
|
Annual fee
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Nil
Note: There is no annual fee for any number of years.
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|
Duplicate statements
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If more than three months worth of statements are required, a fee of Rs.100 should be paid
|
|
Cheque bounce/Unsuccessful ECS payment
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Rs.350
|
|
Minimum payment due – extended credit usage
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5% of the total payment that is due ( a minimum of Rs. 100)
|
|
Interest levied on cash and credit advances
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3.3% per month or 39.6% per year applicable from the date of the transaction
|
|
Cash advance limit against the credit card account
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As written in the user’s monthly statement
|
|
Transaction fee for cash advance
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2.5% of the transaction amount (a minimum of Rs. 300)
|
|
Transaction fee for withdrawals at foreign ATMs
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Rs. 100
|
|
Transaction fee for non-HSBC bank ATM withdrawals
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Nil
|
|
Overlimit fee
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Rs. 500
|
|
Late payment fee
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50% of the minimum due amount (a minimum of Rs. 400 and a maximum of Rs. 750)
|
|
Sales slip retrieval
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Rs. 225 per month
|
|
Out-of-town cheque processing
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Rs.50 for up to Rs.10,000
Rs.100 for processing amount between Rs.10,001 and Rs.1 lakh
Rs.150 for cheque amount more that Rs.1.5 lakh
|
|
Credit Card Replacement fee - India and abroad
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Rs. 100
|
|
Currency Conversion Charge
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3.5%
|
|
Balance enquiry on credit card at non – HSBC ATMs
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Nil
|
|
Handling fee for rewards redemption
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Rs. 50 for every redemption request filed with the company
|
|
Credit Information Report
|
Rs. 50
|
HSBC Platinum Credit Card FAQs:
-
What are the late payment charges that are applicable?
-
Late payment charges on the Visa Platinum Card depends on the actual amount owed. Normally, 50% of the minimum payment is levied as penalty, with the minimum being Rs.400 and the maximum being Rs.750. Here’s a table that lists out the minimum payment amount and the late payment charges:
|
Minimum Payment Due
|
Late Payment Charges
|
|
2000
|
750
|
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1500
|
750
|
|
1000
|
500
|
|
750
|
400
|
|
500
|
400
|
|
100
|
400
|
- Do I have to pay a joining fee to avail the HSBC Visa Platinum Credit Card?
No. The Visa Platinum Credit Card by HSBC doesn’t come with any joining fees whatsoever. In fact, it doesn’t come with any annual fee either. It is an entirely free card.
What are the modes through which I can pay my bills?
To pay the bill, you can use a number of payment options, including funds transfer, Visa Money Transfer, OTC, Visa Bill Desk, Cheque, and phone banking.
How can I apply for a HSBC Platinum Credit Card?
Here’s how you can apply for the card:
- Through the HSBC India website.
- By calling the HSBC customer care services
- By visiting the nearest HSBC Bank branch
- How many movie tickets can I get in a month?
You can get a maximum of 1 + 1 tickets through your HSBC Platinum Credit Card. However, you will need to meet the necessary spending limit to be able to avail the benefit.
- How does the rewards system work with this card?
You get 2 rewards points for every Rs.150 spent. Also, if you have already spent more than Rs.40,000 in a month, every subsequent purchase after that will get you up to 5 times the rewards points. For spends on dining, telecom, and hotels, you can get up to 3 time the rewards points.
- What is the validity for the reward points on the Visa Platinum Card?
All the reward points accrued on the Platinum Credit Card is valid for 3 years. After the three year period, you will lose all the points if the points remain unused.
- What are the other benefits available on the HSBC Visa Platinum Credit Card?
Besides the ones mentioned above, there are other benefits like cash advance, 24/7 phone banking access, additional credit cards, and more available for the cardholder.
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