HSBC Bank Premier Credit Card Review – Best Luxury Card

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

Overview:

The HSBC Bank Premier Credit Card is an exclusive offering aimed at HSBC’s premier banking customers in India. It’s designed for those who desire luxury, travel, and lifestyle benefits, highlighted by its metal card design and comprehensive reward system. This card is not available to everyone; you must meet HSBC Premier banking relationship criteria to be eligible.

Key Features and Benefits:

• Rewards Program:
  • Earning: Earn 3 Reward Points for every ₹150 spent.
  • Redemption: Points can be redeemed at a 1:1 ratio for flights with over 20 airline partners or for Apple products through Imagine vouchers. There’s also an option for rewards on shopping, dining, and entertainment.
• Travel Benefits:
  • Airport Lounge Access: Unlimited complimentary access to domestic and international lounges for both primary and additional cardholders. Includes 8 complimentary guest visits internationally per anniversary year.
  • Low Forex Markup Fee: Only 0.99% on international transactions, which is highly competitive.
  • Travel Insurance: Comprehensive coverage, but specifics might vary.
• Lifestyle and Entertainment:
  • Dining: 30% off on dining bills (up to ₹1,250) with EazyDiner, and complimentary Epicure membership for dining privileges across Taj hotels.
  • Golf: Benefits through the HSBC Premier banking relationship, not explicitly tied to the credit card but accessible to Premier customers.
• Insurance and Protection:
  • Lost Card Liability: Protection up to ₹3 lakh for unauthorized transactions if reported lost.
• Fees:
  • Joining Fee: ₹12,000 + GST, credited as a Taj Experiences gift card worth ₹12,000.
  • Annual Fee: ₹20,000 + GST, waived if you maintain a Premier relationship status (Total Relationship Balance of ₹40 lakh or mortgage of ₹1.15 crore).

Pros:

• High Reward Rate: 3 points per ₹100 is competitive for premium cards in India.
• Travel and Lifestyle Perks: The lounge access, low forex markup, and dining benefits are significant advantages for travelers and food enthusiasts.
• Metal Card: Adds a touch of luxury and durability.

Cons:

• Exclusivity: Requires maintaining a Premier banking relationship, which not everyone can achieve.
• High Annual Fee: If not waived, it’s a considerable cost, though offset by benefits if fully utilized.
• Complex Rewards: While lucrative, the rewards system requires understanding, especially for redemption.

User Experience:

• Ease of Use: The card’s rewards and benefits are well-integrated into the HSBC banking ecosystem, but some users report the HSBC app could be more intuitive for managing rewards.
• Customer Service: HSBC’s service has mixed feedback. Premier customers often receive elevated service, but general customer service experiences can vary.

Sentiment from X and Web Reviews:

• X posts and web reviews commend the card for its travel and luxury perks, particularly the unlimited lounge access and dining benefits. However:
  • Pros: Highly valued by those who travel frequently or enjoy luxury dining experiences.
  • Cons: The exclusivity and high fees are often cited as drawbacks unless one can fully leverage the Premier benefits.

Eligibility Criteria:

• HSBC Premier Banking Relationship:
  • Total Relationship Balance (TRB): You need to have or establish a Total Relationship Balance of at least ₹40 lakh with HSBC. This includes:
    • Savings accounts, current accounts, fixed deposits, investments, and insurance products with HSBC.
  • Or Mortgage: A home loan with HSBC of ₹1.15 crore or more.
• Age: Generally, between 18 to 65 years, though this can be more flexible given the client’s financial standing.
• Residency: Must be a resident of India, with a focus on major cities where HSBC has a presence.
• Credit Score: While not explicitly stated, a very good credit score (probably above 750) is advantageous, especially since this card is linked to a high-end banking relationship.

Application Process:

Note: The HSBC Premier Credit Card is not typically available for direct application from the general public. Instead:

Becoming an HSBC Premier Customer:

1. Check Eligibility for Premier Banking:
   • Assess if you meet or can meet the TRB or mortgage criteria.
   • If not a current HSBC customer, you might need to open a Premier account or transfer assets to HSBC to meet this threshold.
2. Visit an HSBC Branch or Contact Premier Banking:
   • Branch Visit: Go to an HSBC branch where Premier services are available. Discuss your interest in becoming a Premier client and getting the credit card.
   • Premier Relationship Manager: Once you’re in talks about Premier banking, your relationship manager can guide you through the process, including the credit card application.

Application for the Credit Card:

3. Application Process:
   • Form Filling: Your relationship manager will assist with filling out the application form for the Premier Credit Card.
   • KYC Verification: Even though you’re likely already verified for banking, updated KYC might be needed for the card, including:
     • Updated Proof of Identity
     • Proof of Address
     • Financial Details (to confirm or establish Premier status)
4. Document Submission:
   • Submit documents proving your eligibility for Premier status if not already with HSBC (bank statements, proof of investments, etc.).
5. Review and Approval:
   • Given the card’s exclusivity, the review process might be more about confirming your Premier status than traditional credit checks, though these still apply. This might be quicker due to the personal relationship management aspect.
6. Card Issuance:
   • Once approved, you’ll receive personalized communication about your card, possibly with a special delivery or ceremony befitting the card’s status.

Additional Tips:

• Pre-Existing Relationship: If you’re already an HSBC customer, your relationship manager can initiate the process directly.
• Monitor Your Application: Keep in touch with your relationship manager for updates; this process is more personalized than standard credit card applications.
• Customer Service: For further queries or steps, leverage the dedicated Premier customer service line or contact your relationship manager.

Conclusion:

The HSBC Premier Credit Card is best for individuals already part of or aiming to join HSBC’s Premier banking circle, where the card’s benefits complement the banking relationship’s perks. It’s a premium choice for those with the spending power and lifestyle to utilize the travel, dining, and rewards benefits fully. For those not fitting into the Premier banking demographic, the card’s value might not justify the cost.