HSBC Platinum Credit Card Overview

Key Highlights

• Annual Fee: ₹0 (first year), ₹700 (from the second year onwards, waived on annual spends of ₹1 lakh)
• Interest Rate: 3.3% per month (39.6% per annum)
• Joining Benefits:
• Welcome voucher worth ₹2,000 on first transaction within 60 days
• Fuel surcharge waiver (1% on fuel transactions)
• Rewards Program:
• Earn 2 reward points per ₹150 spent
• 5X reward points on subsequent purchases made within 60 days of issuance
• Lifestyle Benefits:
• Access to exclusive dining privileges at partner restaurants
• Complimentary lounge access at select domestic airports
• Access to special offers on travel, shopping, and dining

Additional Features

• Balance Transfer: Facility to transfer outstanding balance from other cards at a lower interest rate
• EMI Conversion: Option to convert large purchases into easy EMIs
• Contactless Payments: Tap & Pay technology for quicker, hassle-free payments
• Zero Liability on Lost Card: Protection against fraudulent transactions if the card is reported lost or stolen
• Global Acceptance: Accepted at millions of merchant locations worldwide and online

Eligibility Criteria

• Age: 18 to 65 years
• Income: Minimum annual income of ₹5 lakhs
• Employment: Available to salaried and self-employed individuals
• Credit Score: A good credit score is typically required for approval

Documentation Required

• Identity Proof: Aadhaar Card, Passport, Voter ID, etc.
• Address Proof: Utility bills, Passport, Aadhaar Card, etc.
• Income Proof: Latest salary slips, IT returns, bank statements

Fees and Charges

• Late Payment Fee: Up to ₹950
• Overlimit Fee: 2.5% of the overlimit amount (minimum ₹500)
• Cash Advance Fee: 2.5% of the transaction amount (minimum ₹300)
• Foreign Currency Markup: 3.5% of the transaction amount

Pros

• No annual fee for the first year
• Attractive welcome benefits and reward points
• Comprehensive lifestyle and dining privileges
• Zero liability on lost card

Cons

• High-interest rate compared to some other cards
• Annual fee from the second year, unless waived by spend criteria
• High foreign currency markup fee