HSBC Platinum Credit Card

Platinum Credit Card is one of the many credit cards issued by the HSBC Bank.

HSBC Bank Platinum Credit Card, also referred to as the HSBC Visa Platinum Credit Card, is a lifetime free credit card. It comes with good welcome benefits without charging you a joining fee. Reward rates - both base and accelerated - exist. Redemption options further enhance the importance of this card.

The card may suit you if you are looking for a free credit card with basic reward-related benefits.

Read on to know everything about the HSBC Platinum Credit Card.

Platinum Credit Card– An Overview

Platinum HSBC Credit Card – Key Features

Here are some of the key features of the HSBC Platinum Credit Card:

Welcome Benefits:

• An Amazon eGift voucher worth Rs.100 when applied online (application, Video KYC required)
• Rs.500 cashback upon spending Rs.5,000 within the first 30 days

Reward Points Benefits:

• 2 RPs on every Rs.150 spent with the card
• These RPs can be instantly converted into air miles as well as hotel loyalty points through the HSBC India App
• 5X RPs on purchases after spending Rs.4,00,000; max. 15,000 accelerated RPs a year
• Exclusions exist

Reward Redemption:

• Redemption is possible into air miles, gift cards as well as hotel bookings
• Air Miles lets you go places via some of the world's best airlines
• Conversion into hotel loyalty points from world's leading hotel chains
• Points redeemed for gift cards can be used for food, fashion, entertainment, more

Air Miles Conversion:

Points can be converted to air miles with Etihad Airways, Air India, Singapore Airlines and British Airways

Fuel Surcharge Waiver:

Possible annual savings: Rs.3,000

Zero Cost Liability Insurance Cover:

• Coverage for misuse from 1 day (24 hours) before reporting
• The amount of coverage goes up to Rs.3,00,000

Contactless Benefit:

• Contactless technology is applicable on this HSBC Credit Card
• Fast and convenient
• No need to handover your HSBC Platinum Credit Card to the shopkeeper/salesman
• Freedom from the need to search for coins or cash in your pocket, purse or wallet
• Security benefits like reduced risk of fraud/loss because of skimming/counterfeit
• Waving the card more than once at the reader also lets only one transaction to occur, saving you from making double or triple payments

Other Features:

• Emergency Card Replacement in 3 days
• Balance Transfer to enjoy easy repayments at lower rate of interest
• Exclusive discounts and offers with select partners
• Google Pay for simpler, faster and more secured card use with an Android mobile while paying online or at stores
• Ability to take out cash advances, global access to accounts, 24/7 online access to account for management of money on-the-go, etc.

Benefits of HSBC Bank Platinum Credit Card

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

• Spending Power: The different offers/benefits provided under this card substantially increase the spending power of the customers.
• Flexibility: The cards give you several options to maximize your savings with much flexibility.
• Family Empowerment: The availability of Add-on cards may let your family members also own cards with yours as the primary Credit Card holder.
• Build a Credit History: Customers can use it to better their credit history, given they maintain a good credit score through regular use and timely payments.
• Benefits Through Rewards: The HSBC Bank Credit Card gives you various options for cashback earning.
• Interest Free Credit Period: Several credit cards offer an interest-free credit (grace) period.

USP – HSBC Bank Platinum Credit Card

The unique selling points (USPs) of HSBC Bank Platinum Credit Card include its great welcome benefits.

Other pointers that attract customers:

• Zero joining/renewal fee on primary (LIFETIME FREE)
• Good welcome offers
• Contactless Card
• Privileges on dining, shopping and travel
• Insurance benefits

Target Customers

Here are the target customers for this HSBC Bank Credit Card:

• Those seeking rewards on online shopping
• Spending frequently on food, dining, etc
• Those earning salary
• Seeking a free credit card
• Good for beginners
• Accelerated rewards are especially suitable for high-spenders

Eligibility Criteria

Here are some of the criteria based on which you get entitled to get this card:

• Nationality (Indian Resident/NRI)
• Age (18 to 65 years)
• Income (min. Rs.4,00,000 a year for salaried persons)
• Residence in cities like Gurgaon, Pune, Hyderabad, Bangalore, Coimbatore, Chandigarh, Kolkata, Chennai, Delhi NCR, Noida, Mumbai, Kochi, Jaipur or Ahmedabad
• Applies to both new and existing customers
• No HSBC product needed
• Having a good credit score is a plus point

All requirements are shared at the time of application for HSBC Bank Platinum Credit Card.

Documents Required

The following documents may be required when applying for the HSBC Bank Platinum Credit Card:

• Salary slip or certificate in case the individual works in an MNC or multinational corporation
• Your credit card's front copy
• Latest credit card statement when you own other credit cards as well
• Latest salary slip's copy
• For salaried employee of a Private Limited Company, the last 3 months' bank statements having salary credits
• A proof of identity
• PAN card or Form 16
• A proof of residence

Income proof may be required, for which you may provide your latest salary slip, Form 16, or Income Tax Returns (ITR) copy.

For residence proof, electricity bill, landline telephone bill, passport, ration card, etc may be used.

You may be asked an identity proof and a coloured photograph of yours. For the proof of identity, you may use Aadhaar card, Driving license, PAN card or your passport.

Fees

Take a look at various fees and charges that are applicable with the use of HSBC Bank Platinum Credit Card-

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

Availability of Add-On Card Option

The HSBC Bank Platinum Credit Card may give you the option of Add-On card/s, also known as Supplementary cards.

Rewards

The following reward points are available:

• 2 RPs on every Rs.150 spent with the card
• These RPs can be instantly converted into air miles as well as hotel loyalty points through the HSBC India App
• 5X RPs on purchases after spending Rs.4,00,000; max. 15,000 accelerated RPs a year
• Exclusions exist

These rewards can be redeemed as follows:

• Redemption is possible into air miles, gift cards as well as hotel bookings
• Air Miles lets you go places via some of the world's best airlines
• Conversion into hotel loyalty points from world's leading hotel chains
• Points redeemed for gift cards can be used for food, fashion, entertainment, more

Exclusions

There are several categories across which there will not be any RPs:

• Fuel related
• e-wallets
• Certain payment of property management fees, rental commissions, rental payments or any such payments
• Certain Business to Business transactions
• Certain education and government related transactions
• Insurance
• Jewelry & Antique items
• Gambling
• Tolls and Bridge Fees
• Cash withdrawals
• Credit repayments
• Foreign currency
• Liquid and cryptocurrency assets
• Security Broker Services
• Collection Agencies
• Charity
• Money Transfers
• Wholesale Clubs
• Utilities – gas, water, electricity and sanitary

International Benefits

Global access to accounts exists.

Forex Markup Fee

3.50% Forex Currency Mark-up is applicable.

EMI Conversion Option

Balance Transfer to enjoy easy repayments at lower rate of interest is available as an additional benefit with this HSBC Bank card.

Fuel Surcharge Waiver

One can earn up to Rs.3,000 as fuel surcharge waiver.

Airport Lounge Access (Domestic/International)

NA

Insurance Coverage

NA

Complimentary Membership

NA

Golf Benefit

NA

MakeMyTrip / BookMyShow Benefit

NA

Value for You – How Much Do You Save

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

It is clear from the above table that you can save almost Rs.51,000 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?

This card is good when you spend lot. It is good for those who are starting their credit card journey.

Here are some points that make you more likely to benefit with this card:

• Prefers online shopping above offline one
• You prefer reward points as well as cashback
• Spending frequently on food, dining, etc
• You're a high spender
• Beginners
• Insurance benefits
• Welcome offers and benefits
• Lifetime free with basic benefits
• When you are not seeking lounge access-like benefits
• If you earn salary while working for a company

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

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

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