HSBC Live+ Credit Card Full Review

HSBC Live+ Credit Card is a rebranded version of the HSBC Cashback Credit Card, designed for individuals who frequently spend on dining, groceries and food delivery. Live Plus HSBC Credit Card offers straightforward cashback benefits, lifestyle privileges and a hassle-free rewards structure.

Read on to know everything about the HSBC Live Plus Credit Card.

Top 3 USPs

• 10% Cashback on dining, grocery and food delivery spends (capped at Rs.1,000/month)
• 1.5% Unlimited Cashback on all other eligible spends
• Complimentary Lounge Access and dining discounts at 200+ partner restaurants

Benefits Overview

The particular HSBC Bank Credit Card comes with the following list of benefits for the customers. Some of these are as follows:

Card Category

• Type: Cashback Credit Card
• Network: Visa Signature
• Best For: Dining, groceries and everyday lifestyle spends

Target Customers

Here are the target customers for this HSBC Credit Card:

• Urban professionals and families who spend regularly on food and groceries
• Users who prefer cashback over reward points
• Individuals who can spend Rs.2 lakh annually to waive the fee

Welcome Gift

• Rs.1,000 cashback on spending Rs.20,000 within the first 30 days
• Rs.100 Amazon eGift Voucher on successful video KYC and online application

Rewards Points Structure

This card operates on a pure cashback model, so there are no traditional reward points. Cashback is credited directly to the statement within 45 days.

Fees & Charges

All above charges and fees are taxable as per Government norms.

Value Chart (Monthly Example)

The chart below shows the amount of money, or the value, you get to save in a year's time when you utilize the Live Plus Credit Card with its applicable features.

It is clear from the above table that you can save almost Rs.1,225 in a year when you use the particular Card, thereby adding to your yearly savings.

Note: The values mentioned are assumed (imaginary) and have been used only for illustrative purposes. For more precise amounts and recent updates regarding the particular card, please refer to the card issuer's official website.

Should You Consider It?

Yes if,

• You spend heavily on food, groceries and dining
• You want simple cashback without tracking points
• You prefer lifestyle perks like lounge access and dining discounts

Skip it if,

• You want travel benefits or fuel surcharge waivers
• Your monthly food-related spends exceed Rs.10,000 (due to cashback cap)

Security & Fraud Protection

HSBC Bank takes various security measures to protect your account, improve your banking experience and also safeguard your money and investment.

Here are some of the steps taken for your online security:

Multi-Layer Log on Verification

The bank uses a sophisticated combination of the user's password and username to protect his/her financial information. HSBC also makes use of a one-time security code that is generated by the customer's Digital Secure Key or physical Security Device.

Transaction Verification

Cards come with 3D secure transactions that help in securing the transactions as well as securing your trust in the payment system. However, you are also supposed to keep the OTPs to yourself.

Digital Secure Key

Your security is further enhanced with the Digital Secure Key. For your online security, the Digital Secure Key of a user generates a unique code that you are required to enter after entering password and username to log in to an account. This forms a 2-step verification and authentication process for enhanced security during internet banking.

Automatic 'Time-out' Feature

This is about your internet banking session that is automatically logged out/timed-out/shut-down when not used for a period. Hence, it does not allow any third-party to misuse your account information. However, it is also important for the users to close internet banking sessions once done with the work.

128-bit Secure Socket Layer (SSL) Encryption

This is an accepted industry standard for encryption, used for transmitting information during internet banking.

Understanding Credit Card Billing Cycle

Credit Card Billing Cycle refers to the period of time (usually around a month) for which your credit card bill or statement is generated. This bill/statement shows all your transactions of that period that you made using that particular credit card. It also shows the entire payment details to let you know the amount of repayment you need to make.

Make the required payment within the particular time frame, that is, before the due date, to avoid late payment penalties.

Here's an example - a billing cycle date being the 6th of a month may refer to a billing cycle of 30 days starting from 7th of the previous month. The next 10-15 days or so after 6th of the month (the billing cycle date) will possibly be your time period to make the required payment to avoid late fees.

A few noteworthy points:

• Know that one billing cycle for a credit card is typically between 28 and 31 days.
• You can change the credit card due date after its first month. The lender sets the billing cycle before lending you the card, and it is this cycle that determines the due date. As per RBI, your issuer may let you make the change at least once.

Pros and Cons of Paying the Minimum Amount Due on Credit Cards

There are advantages when it comes to paying only the minimum amount due. However, the same comes with certain drawbacks and can instead increase your financial burden. Read further to know how and to understand what you should do.

Benefits of Paying MAD on Credit Cards

Timely payment always benefits the account holder, as it keeps them free from the need to make various payments that brings a certain amount of stress as well.

A few pros to enjoy with timely payment of MAD with credit card usage:

• Avoid paying late fees: Paying the minimum amount due on your credit card is a way to successfully make the payment while also not pay in full. This is beneficial if you are in a lack of funds at the moment. You, at least, are saved from paying the penalties.
• CUR or Credit utilization ratio: Now that you are able to keep a good standing of your account, you are able to manage the credit utilization ratio better as well.
• A Higher Credit score: Ensuring that the payments made are in time, you can also ensure a good credit score. Credit score brings you a lot more benefits in your financial way ahead.

Drawbacks of Paying MAD on Credit Cards

One of the most important points to note is the disadvantage related to increased interest rates. Here, the outstanding amount keeps getting accumulated and is charged a higher interest rate later on. This enhances the financial burden on your shoulders.

Other possible drawbacks:

• Enhanced financial liability: Increased debt period also increases your financial burden over a period of time. You might not be able to pay off the accumulated debt in the time being. It can impact your other financial goals too.
• Decreased Creditworthiness: While paying the minimum amount due within the given time limits, you do keep your credit score good, but not good enough. This is because paying the full amount and avoiding debt accumulation bring much more creditworthiness for the card holder.

Here's what you should do:

It is much better to pay the entire amount payable instead of just the minimum amount due, unless and until there is a serious financial constraint where you are in no case able to pay the full amount with MAD.

Credit Card Customer Care Number

The following numbers can be used for HSBC Credit Cards:

• Within India (Tol Free):
  • 1800 267 3456
  • 1800 121 2208
• From Overseas:
  • 91-40-65118002
  • 91-22-71728002

Availability of Phone Banking Services for Credit Cards: 6:30 am to 8:30 pm

Emergency services to report loss or misuse on card: 24/7 availability

Tips for Responsible Credit Card Usage

As per the HSBC Bank, your security is in your own hands. Here are some measures to secure your accounts and maintain integrity:

• Remain alert when you are using public computers
• Make sure that your computer has the latest anti-virus protection along with firewall protection software. Keep it updated as well
• Keep passwords that are difficult to be guessed by others, but memorable for you at the same time
• Keep changing the passwords from time to time
• Beware of phishing emails
• Do not allow the system to remember your log in details; do so by disabling functionalities on the computer/browser that do so
• Also, prefer typing the URL in the browser when trying to get to the HSBC website

Some more tips:

• Never share your credentials or even write them anywhere, as that can lead to their disclosure
• It is better to disable options like 'Auto Save' and 'Remember'
• Look for 'https' in the banking site's address bar
• Avoid public places and open Wi-Fi networks for carrying out banking transactions
• Do not forget to logout after completion of work; also close the browser
• Avoid responding to unknown UPI requests
• You may choose to report suspicious requests
• Avoid sharing sensitive data or confidential information on social media platforms
• Keep a secured lock for your mobile phones/tablets
• Prefer official stores to download applications
• Use authentic e-commerce websites
• Stay alert when working on an ATM machine or a POS device
• Last but not least, you can also choose to set a limit for transactions

These are some simple tips that you can use any and every time to maximize security.

What Can be the Impact of Credit Card Usage on Your Credit Score?

When you use the credit card with utmost care, you are not only being responsible financially towards yourself, but it also helps better your credit score. This enables you to get loans and credit cards in the future with much ease. You can make your credit score better by ensuring timely payments, building a credit history and keeping a low credit utilisation ratio.

Multiple Payment Options Available to Pay your Credit Card Bill

You can use any of the following means for HSBC Bank Credit Card bill payment:

Options:

• Internet Banking
• NEFT
• Bill Desk
• HSBC Mobile Banking
• VISA Money Transfer
• Electronic Clearing System
• ATMs
• Phone Banking
• Standing Instructions
• PayU
• Mail Cheque/Draft
• Over the Counter

FAQs

Is cashback unlimited?

Only the 1.5% base cashback is unlimited. The 10% category cashback is capped at Rs.1,000/month.

How is cashback credited?

Directly to your card account within 45 days of the statement date.

Can I use the card internationally?

Yes, but a 3.5% forex markup fee applies.

Is there a fuel surcharge waiver?

No, fuel transactions are excluded from cashback and surcharge waiver.

Can add-on cardholders get the welcome benefit?

Yes, add-on users are eligible for Rs.1,000 cashback on Rs.20,000 spend within 30 days.

Disclaimer: Please refer to the official website of the card issuer for any updates and exact details regarding the card.

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