HSBC Live+ Credit Card Review

Here’s a comprehensive review of the HSBC Live+ Credit Card:

Overview:

The HSBC Live+ Credit Card is a rebranded version of what was previously known as the HSBC Cashback Credit Card. This card focuses heavily on cashback rewards, particularly for daily essential spending categories like dining, grocery shopping, and food delivery, making it attractive for regular spenders in these areas.

Key Features and Benefits:

• Cashback Program:
  • Accelerated Cashback: 10% cashback on dining, grocery shopping, and food delivery, with a monthly cap of ₹1,000 per billing cycle.
  • Unlimited Cashback: 1.5% on all other transactions with exclusions like fuel, utilities, rent, etc.
• Welcome Benefits:
  • Amazon eGift Voucher: ₹250 upon completing video KYC post-online application.
  • Cashback on Activation: ₹1,000 cashback when you spend ₹20,000 within the first 30 days of card activation.
• Travel and Lifestyle:
  • Lounge Access: Up to 4 complimentary domestic airport lounge accesses per year (1 per quarter).
  • Movie Tickets: Buy one, get one free offer on movie tickets through BookMyShow on Saturdays, capped at ₹250.
• Fees:
  • Joining/Renewal Fee: ₹999 + GST, waived if you spend ₹2 lakh annually.

Pros:

• High Cashback on Essentials: The 10% cashback on food-related categories is one of the highest in the market for these spends.
• No Cap on 1.5% Cashback: Offers unlimited cashback on a broad range of other spends, which is advantageous for diverse spending habits.
• Welcome Offers: The initial benefits help offset the joining fee.

Cons:

• Monthly Cap on 10% Cashback: Limits how much you can earn back in the high-reward categories each month.
• Exclusions: Several common spending categories don’t earn any cashback, which might reduce overall benefits for some users.
• Geographical Limitation: Available only in major cities in India.

User Experience:

• Ease of Use: The cashback is automatically credited, making it straightforward to benefit from rewards without needing to redeem points.
• Customer Service: HSBC’s customer service has varied reviews, with some users noting good support while others mention delays or issues.

Sentiment from X and Web Reviews:

• From X posts and web reviews, there’s a general appreciation for the high cashback rate on dining, grocery, and food delivery. Users who spend significantly in these areas find the card very rewarding. However:
  • Pros: Excellent for food lovers and those who shop for groceries often. The welcome offers are well-regarded.
  • Cons: The monthly cap on 10% cashback and exclusions are points of contention. Some users wish for broader cashback categories or no cap.

Eligibility Criteria:

• Age: Applicants must be between 21 to 65 years old.
• Income:
  • Salaried Individuals: A minimum annual income of around ₹3 lakh is typically required.
  • Self-Employed: An annual income of about ₹6 lakh might be necessary, though this can vary.
• Residency: Must be a resident of India, particularly in one of the major cities where HSBC operates, such as Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, Jaipur, Ahmedabad, Gurgaon, Chandigarh, Coimbatore, and Kolkata.
• Credit Score: A good credit score, generally above 700, is beneficial for approval. HSBC might also consider your overall financial relationship with the bank.

Application Process:

Online Application:

1. Visit HSBC Website:
   • Navigate to the HSBC India website, find the credit cards section, and click on the Live+ Credit Card.
   • Click ‘Apply Now’.
2. Fill Application Form:
   • Provide:
     • Personal Information (Name, DOB, Address)
     • Employment Details (Company, Salary)
     • Financial Information (Annual Income, Other Liabilities)
3. KYC Verification:
   • Video KYC: HSBC requires a video KYC for identity verification:
     • Documents needed:
       • Identity Proof (PAN Card, Aadhaar, Passport)
       • Address Proof (Aadhaar, Utility Bill)
       • Income Proof (Salary Slips, Bank Statements, ITR for self-employed)
4. Digital Submission:
   • Upload or provide details of the required documents online.
5. Application Review:
   • HSBC reviews your application, which might take up to 7 working days, depending on document verification and internal checks.
6. Approval and Card Issuance:
   • Upon approval, you’ll be notified via email or SMS.
   • You receive a digital card for immediate use, with the physical card being sent to your address.

Offline Application (if preferred or required):

• Visit a HSBC Branch:
  • Go to the nearest HSBC branch with all required documents.
  • Fill out the physical application form provided by the bank.
  • Hand over the documents for KYC verification. These include:
    • Proof of Identity
    • Proof of Address
    • Proof of Income
• Application Review: The branch will process your application. This might be quicker if all documents are in order and there’s immediate review.
• Follow-Up: You might need to follow up with the branch or wait for communication from HSBC on your application status.

Additional Tips:

• Pre-Approval: If you’re an existing HSBC customer, check for any pre-approval offers which might simplify the application process.
• Monitor Application: Keep track of your email or registered mobile number for updates from HSBC regarding your application.
• Customer Service: For any queries or to check application status, you can contact HSBC’s customer service. They can also provide assistance with the application process.

Conclusion:

The HSBC Live+ Credit Card is particularly suitable for individuals whose spending aligns with the card’s cashback categories, especially if they can max out the monthly cap. It’s a strong contender in the cashback credit card space in India but might not be the best fit for those whose spending doesn’t match these categories or who are looking for rewards in areas like travel or utilities.

If you’re considering this card, analyze your spending habits to see if you can leverage the 10% cashback offer effectively. Also, be mindful of the exclusions to avoid disappointment.