HSBC is one of the top financial institutions that offers several products and services. One of their products is credit cards according to the specific needs of the customers. It provides a wide range of benefits like reward points for each purchase made on shopping and fuel. Also, some of its cards offer cashback offers on transactions. Some of the HSBC Credit Cards include the HSBC Cashback Credit Card, HSBC Visa Platinum Credit Card, HSBC Visa Smart Value Credit Card, HSBC Advance Visa Platinum Credit Card, etc. In this article, we will be discussing about HSBC Premier MasterCard Credit Card.
Why Choose the HSBC Premier MasterCard Credit Card?
Mentioned below are the reasons to choose the HSBC Premier MasterCard Credit Card:
● Reward Points that never expire
● 26 complimentary airport Lounge visits
● Redeem reward points for airline miles from InterMiles, British Airways & Etihad Airways, and Club Vistara points.
● Best-in-class foreign markup fees of 1.99%
● 5 complimentary golf games in a year
● Fuel surcharge waiver
● Online fraud protection and lost card liability
Features and Benefits
Certainly! Here are more features and benefits of applying for HSBC Premier MasterCard Credit Card:
Global Acceptance: Enjoy the convenience of using your HSBC Premier MasterCard Credit Card globally. It is widely accepted at millions of establishments worldwide, making it an ideal companion for your domestic and international travels.
Travel Insurance Coverage: Receive complimentary travel insurance coverage when you purchase your travel tickets using the HSBC Premier MasterCard Credit Card. This coverage may include benefits such as trip cancellation, lost baggage reimbursement, and emergency medical assistance, providing you with peace of mind during your journeys.
Reward Points: Earn reward points for every transaction made with your Premier MasterCard Credit Card. These points can be redeemed for a variety of rewards, including travel vouchers, merchandise, or cashback, allowing you to make the most of your card usage.
Dedicated Relationship Manager: As an HSBC Premier customer, you will have access to a dedicated Relationship Manager who can assist you with personalized financial advice and support. This individualized service adds an extra layer of convenience to your banking experience.
Welcome Benefits
Certainly! Here are some additional details to enhance the information:
Earn Taj Epicure Points: In addition to the complimentary Taj Epicure membership worth INR 25,000, you will also earn Taj Epicure Points on every transaction. These points can be redeemed for various benefits, including room upgrades, dining experiences, and spa treatments at Taj Hotels.
Exclusive Dining Privileges: As a Taj Epicure member, enjoy exclusive dining privileges at participating Taj restaurants. This may include discounts on dining bills, special tasting menus, and priority reservations, enhancing your overall culinary experience.
Priority Check-In and Check-Out: Experience seamless and expedited check-in and check-out processes when you stay at Taj Hotels. As a valued member, you’ll enjoy the convenience of priority services, allowing you to make the most of your time during your stay.
Complimentary Room Upgrades: On qualifying stays, you may be eligible for complimentary room upgrades, allowing you to enjoy a higher category room and enhanced amenities. This perk adds an extra layer of luxury to your stay, ensuring a memorable experience.
Travel Benefits
Certainly! Here’s an extended version:
Get Complimentary access to domestic and international airport lounges, providing you with a comfortable and luxurious environment to unwind before your flight. Enjoy exclusive amenities, refreshments, and a serene atmosphere, enhancing your travel experience.
Reward Points can be transferred to partner airlines’ AirMiles programs, opening up a world of possibilities for your travels. Convert your accumulated points to InterMiles, allowing you to explore a diverse range of destinations and experiences. Alternatively, transfer points to prestigious airlines such as Singapore Airlines and British Airways, enabling you to access their extensive networks and premium services.
Additionally, your Reward Points are versatile and can be seamlessly transferred to the Taj Inner Circle hotel loyalty program. This means you can indulge in the world-renowned hospitality of Taj Hotels, Resorts, and Palaces. Whether it’s a business trip or a leisurely getaway, enjoy exclusive benefits, room upgrades, and personalized services at Taj properties across the globe.
Embrace the flexibility and value of your Reward Points by exploring a spectrum of travel and lifestyle options. From flights with renowned airlines to stays at luxurious hotels, your points empower you to curate unforgettable experiences. Experience the true essence of travel and hospitality with the diverse range of redemption options available through our loyalty program.
Airport Lounge Access
In addition to the exclusive perks mentioned earlier, cardholders can enjoy an elevated travel experience with complimentary access to international airport lounges up to 2 times a year. Whether you’re a frequent traveler or just embarking on a special journey, this feature provides a luxurious and comfortable environment for you to relax and unwind before or between flights.
For those traveling domestically, the privileges extend even further with 6 complimentary visits per quarter to the domestic airport lounges under the MasterCard Lounge Program. These lounges offer a range of amenities, including comfortable seating, refreshments, and often high-speed Wi-Fi, creating a serene and productive atmosphere for business or leisure travelers alike.
By providing access to both international and domestic lounges, the card ensures that you have a seamless and enjoyable travel experience, no matter where your destination may be. This exclusive benefit is designed to cater to the diverse needs of cardholders, making every journey a more comfortable and enjoyable one.
Other Lifestyle Benefits
Certainly! Here are some additional benefits to enhance the offerings:
Exclusive Events and Tournaments: Enjoy priority access and special invitations to exclusive golf events and tournaments hosted by our premium golf course partners. Experience a vibrant golfing community, network with fellow enthusiasts, and partake in competitions that cater to different skill levels.
Educational Opportunities: Access a range of educational opportunities with our learning partners. In addition to discounted fees, unlock exclusive courses and certifications that can enhance your professional and personal development. Whether it’s acquiring new skills, languages, or musical talents, our partnerships with eDX, British Council, Yousician, and more ensure a diverse array of learning options.
International Health and Wellness Programs: Beyond local health benefits, leverage global partnerships with health and well-being providers. Engage with Medical Travel Companions for seamless and stress-free medical journeys abroad. Explore the comprehensive health insights offered by MediMap, facilitating personalized wellness plans and preventive care strategies tailored to your unique needs.
Fuel Surcharge Waiver
Certainly! In addition to the fuel surcharge waiver of 1% on transactions ranging from INR 400 to INR 4000 at fuel stations across India, this credit card offers several other attractive features:
- Reward Points Program: Earn reward points for every transaction made using the credit card. These points can be redeemed for a variety of options, including travel, shopping vouchers, and more. The more you use your card, the more points you accumulate, enhancing the overall value of your card usage.
- Complimentary Airport Lounge Access: Enjoy the luxury of complimentary access to airport lounges across the country. This feature provides a comfortable and relaxing environment, making your travel experience more enjoyable.
- Travel Benefits: Avail travel-related benefits such as travel insurance coverage, discounted airfare, and exclusive hotel deals. Some cards even offer concierge services to assist with travel bookings, making your journeys more convenient.
- Zero Lost Card Liability: In case your credit card is lost or stolen, you are protected from any unauthorized transactions. The cardholder is typically not held responsible for transactions made after reporting the loss or theft promptly.
- EMI Options: Convert high-value purchases into easy monthly installments (EMIs) at attractive interest rates. This feature allows you to manage your expenses more efficiently and make larger purchases without straining your finances.
These additional features make this credit card not only a valuable tool for managing everyday expenses but also a means to enjoy various lifestyle perks and benefits. Always check with the credit card provider for the most up-to-date information on the features and benefits associated with the card.
Lower Foreign Currency Markup Fee
In addition to the markup fee of 1.99% applied to transactions in a foreign currency, it’s important to be aware of the various factors that can influence the overall cost of international transactions. Financial institutions often incorporate this fee to cover the expenses associated with currency conversion and mitigate potential exchange rate fluctuations. However, it’s crucial for consumers to consider the following aspects when engaging in foreign transactions:
- Exchange Rates: The actual cost of the transaction is not only influenced by the markup fee but also by the prevailing exchange rates. These rates can fluctuate, affecting the final amount debited from your account or charged to your credit card. It’s advisable to monitor exchange rates and choose an optimal time for transactions to minimize costs.
- Transaction Type: Different types of transactions, such as purchases, withdrawals, or online transactions, may incur varying fees or may be subject to different terms. Understanding the terms and conditions for each type of transaction can help you make informed decisions regarding your international financial activities.
- Additional Fees: In addition to the markup fee, financial institutions may impose additional charges for services like currency conversion, ATM withdrawals, or wire transfers. Familiarizing yourself with the complete fee structure ensures that you are aware of all potential costs associated with your international transactions.
- Foreign Transaction Notifications: Many financial institutions offer notification services that alert customers when a foreign transaction occurs. Enabling these notifications can help you keep track of your expenses, detect any unauthorized transactions, and stay informed about potential fees.
- Credit Card Rewards and Benefits: Some credit cards offer rewards or benefits that can offset foreign transaction fees. Before making international transactions, it’s worth checking if your credit card provides any perks, such as cash back, travel rewards, or insurance coverage.
By considering these factors, individuals can make more informed decisions when engaging in foreign transactions, ultimately optimizing their financial management and minimizing costs associated with currency conversion and international commerce.
Rewards Redemption
Mentioned below is the Reward Redemption Rate, a key metric that outlines the value customers can derive from their accumulated points or rewards within a loyalty program. The Reward Redemption Rate is a crucial factor for participants to assess the effectiveness and attractiveness of a loyalty program.
The Reward Redemption Rate is typically expressed as a ratio, representing the value of redeemed rewards in relation to the total points earned by a customer. For example, if a customer has earned 1,000 points and can redeem those points for a product or service with a retail value of $10, the Reward Redemption Rate would be 1%. This percentage indicates the purchasing power or monetary equivalent of the accumulated points.
Businesses often strategically determine the Reward Redemption Rate based on various factors, including the cost of the rewards offered, the perceived value of those rewards to customers, and the overall budget allocated to the loyalty program. A higher Reward Redemption Rate is generally more enticing for customers, as it means their loyalty points translate into greater tangible benefits.
Additionally, companies may offer different Reward Redemption Rates for various reward categories or tiers within the loyalty program. This tiered approach can incentivize customers to achieve higher status levels, fostering increased engagement and loyalty.
A) Airline Mileage Programme
|
Airlines/ Membership Programme |
Points |
Miles on HSBC Premier Mastercard® Credit Card |
|
InterMiles |
3 |
2 JPMiles |
|
Singapore Airlines |
2 |
1 Kris Flyer Mile |
|
British Airways Executive Club |
1 |
1 Avios Mile |
|
B) Hotel Rewards |
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How to Apply for HSBC Premier MasterCard Credit Card
Before hitting the HSBC Credit Card Apply button, let us know how to apply for the same:
Step 1: Open the official website of HSBC Bank.
Step 2: Enter your basic details like occupation, monthly income, city, and contact number.
Step 3: Select “HSBC Premier MasterCard Credit Card from the available list of credit cards.
Step 4: Check the eligibility Click on the tab ‘Apply Now”
Step 3: Upload all the documents required including identity and address proofs.
Step 4: Click on “Proceed”.
Step 5: You will get a call from the bank representative who will assist you in delivering the credit card to your doorstep.
Who Can Apply?
To apply for an HSBC Premier MasterCard Credit Card, at least one of the below-mentioned criteria shall be met:
● Maintain a quarterly Total Relationship Balance (TRB) of INR4,000,000 (Rupees forty lakh only); or
● Have a mortgage relationship with disbursal of INR 11,500,000 (Rupees one crore fifteen lakh only) or more, with HSBC India; or
● Hold a corporate salary account under the HSBC Corporate Employee Programme (CEP) in India with a net monthly salary credit of INR300,000 (Rupees three lakh only) or more into the account
The above-mentioned Total Relationship Balance i.e. TRB will be calculated based on the following:
● Average quarterly balance held in your HSBC Savings/Current Account(s)
● Average quarterly balance held in your HSBC Fixed Deposits
● Investments market value or net purchase value, whichever is higher on the last day of every calendar quarter
● Life-to-date (total) paid-up life insurance premium for policies in force as on the last day of every calendar quarter
● The market value of demat holdings in the depository account held with HSBC India on the last day of every calendar quarter
If the TRB criteria are not met for a particular quarter, a quarterly service charge of 0.2% is levied on the shortfall in the TRB, up to a maximum of INR2,000 (Plus applicable taxes).
Documentation Required
Mentioned below is a list of documents to be submitted along with the application for HSBC Premier MasterCard Credit Card:
A) Proof of Identity and address
● Passport
● Driving license
● Voter’s ID
● Registered Society outgoing bill
● Water/Electricity/Telephone bill
● Pipeline connection gas bill
● Domicile certificate with address (issued by Municipal Corporation)
● Property tax bill
● Registered rent or lease agreement
● Defense ID card
● Aadhaar card
● Government employee ID card
B) Income proof for salaried
● Latest salary slip
● Form 16
C) Income proof for self-employed
● Recent Income Tax returns
HSBC Credit Card Processing Fees
Mentioned below are the processing fees to apply for an HSBC Premier MasterCard Credit Card:
|
Annual Fee / Joining Fee |
The card is offered based on the HSBC Premier relationship. |
|
Free Credit Period |
Up to 52 days |
|
Finance Charges |
2.49% per month, calculated from the date of the transaction. |
|
Minimum Payment Due |
5% of the total outstanding payment due, with the minimum being INR 100. |
|
Cash Advance Limit |
Up to 60% of the card limit |
|
Over-limit Fee |
INR 500 per month |
|
Late Payment Fee |
50% of the minimum amount due, with the minimum being INR 400 and the maximum is INR 750 per month |
|
Reward Redemption Fee |
INR 50 per redemption |
|
Card replacement fee in India |
INR 100 |