While looking for a new credit card, choosing the right card is quite difficult as there are so many options available in the market. It is not so easy to figure out which card best suits your needs. To simplify the process there are some parameters that we have jotted down to ease out the selection process.
- Credit Score Requirements:
Banks usually accept a CIBIL score in the range of 700-750 and above to issue a credit card to an applicant. This is subject to the applicant meeting all other eligibility requirements. Your credit card application can be declined if you have a credit score of less than 750. Determining your CIBIL score in India is thus advised before applying for a credit card
- Use of the card:
Before applying for a credit card, one should consider the need for the card. For example, in the case of a frequent traveler, a travel rewards card should be chosen. In the case of a credit card is required for daily purchases, look for a flat-rate rewards card.
- Fees:
Some of the fees to be considered while applying for a credit card are:
- Annual Fees
- Balance Transfer Fees
- Late Fees
- Foreign Transaction Fees
- APRs:
The credit card’s APR represents the interest rate that will be charged. But there is no interest if the entire balance is paid off each month. A single credit card can have multiple APRs, including:
- Ongoing APR
- Introductory 0% APR
- Penalty APR
- Cash Advance APR
- Rewards:
Choosing which type of rewards card you prefer may depend on your spending habits and your willingness to put in extra work for rewards.
- Credit limit:
The credit card limit is the maximum amount that can be borrowed on the credit card. It depends on credit history, credit score, relationship with the issuer, and some other factors.
Compare Credit Cards
| Particulars | HSBC Cashback Credit Card | HSBC Visa Platinum Credit Card |
| Joining Fees | INR 999 + GST | Nil |
| Travel | NA | NA |
| Golf | NA | NA |
| Renewal Fees | INR 999 + GST | Nil |
| Spend Based Waiver | Renewal fee waived on expenditure of INR 2,00,000 in the previous year | NA |
| Rewards Redemption Fees | Nil | Nil |
| Foreign Currency Markup | 3.5% + GST on all foreign currency spends | 3.5% on all international spends |
| Interest Rates | 3.49% per month (41.88% annually) | 3.49% p.m. (41.88% p.a.) |
| Fuel Surcharge | 1% | 1% |
| Cash Advance Fees | 2.5% of the withdrawn amount, subject to a minimum amount of INR 500. | 2.5% of the advance amount or INR 500, whichever is higher. |
| Add-on Card Fees | Nil | Nil |
| Domestic Lounge | 4 complimentary domestic lounge access per annum (one each quarter) | NA |
Let u discuss both cards in detail:
- HSBC Cashback Credit Card
Welcome Benefits
Before hitting on the HSBC Credit Card Apply button, an applicant must learn about the introductory offers of the same. Below mentioned are the Welcome Benefits of the HSBC Cashback Credit Card that new credit card holders can avail of on a minimum transaction of INR 2500 within 30 days of issuance and the same are valid from 1st Jan 2023 till 15th April 2023:
- Vouchers
- Amazon Vouchers ( (worth INR500)
- Swiggy voucher (worth INR500)
- SonyLIV 12-month membership
- Myntra vouchers INR300 x 5 (worth INR1,500)
- Ajio vouchers INR600 x 5 (worth INR3,000)
- 3 complimentary airport lounge access at domestic & international lounges or 3 meal vouchers for use at Airport restaurants in India.
- Exclusive Monthly Offers for Cashback Credit Card Customers
- Amazon.in
- 5% discount on spending INR1,000 or above
- Maximum discount of INR250 per card per calendar month, across multiple eligible transactions
- Offer not valid during Amazon Great Indian Festival Sale period
- Amazon Pay
- Flat INR50 off on post-paid utility payment of INR500
- Offer can be availed 4 times in a calendar month per Card
- Max discount INR200 in a calendar month per Card
- Eazydiner
- 30% instant discount up to INR600
- Offer valid once per month per card
- Offer valid on Minimum order value of INR1,000
- Blinkit
- Flat 10% discount up to INR100
- Promo code: HSBC10
- Max discount that can be availed in a month is INR 300 across the first 3 eligible transactions in a calendar month
- PharmEasy
- Flat 10% savings up to INR150 on ordering prescribed medicines.
- Complimentary 3-month PharmEasy plus membership
- HSBC Visa Platinum Credit Card
HSBC Visa Platinum Credit Card
is an entry-level card that offers various benefits and rewards to its customers. It provides benefits across a few more categories, including entertainment, lifestyle, etc. The detailed benefits of the card are as follows –
- Welcome Benefits – HSBC Credit card holders can enjoy welcome privileges if they spend INR 1000 within 30 days of receiving the card. The following are the welcome benefits:
- Get an Amazon Voucher worth INR 500.
- Get 3 complimentary domestic and international lounge access or 3 meal vouchers at airport restaurants in India.
- You get a 50% discount (up to INR 100) on the first transaction on Google Pay.
- Cardholders will get 10% cash back on five transactions with a total spend of INR 10000 within the first 60 days of issuance of the card.
- Milestone Benefits – The Cardholder will get a cashback of INR 250 if he spends INR 50000 in the calendar year. The maximum cashback that a cardholder can get is INR 1000.
- Movie and Dining Benefits – You get a “Buy 1 Get 1” offer on booking movie tickets on Saturdays through Book My Show. The maximum limit of discount is capped at Rs.250.
- Other Benefits –
- You get a 10% discount up to Rs.300 on Tata CLiQ on a minimum transaction of Rs.1000 once a month every Thursday.
- Every Thursday the cardholder will get a 10% discount up to INR 1500 on electronics. The minimum transaction should be INR 3000 once a month.
- With an HSBC Credit card, the cardholder will get a 10% discount up to a transaction of INR 1500 on the Tata Cliq luxury website. Minimum transaction of INR 5000 once a month on every Thursday.
5 HSBC Visa Platinum Rewards Points – The reward points offered by HSBC Visa Platinum in different categories are mentioned below –
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- You will earn 2 reward points if you spend INR 150.
- You can earn 5x rewards if you spend INR 400000 in the calendar year.