HSBC Platinum Credit Card Review

HSBC Platinum Credit Card is designed for those belonging to the elite section of the society. Exclusively designed for aristocrats the card takes special care of their likes and dislikes. The card offers luxury at every step; however luxury comes at a cost with this card. HSBC Platinum Credit card has a Joining fee of Rs 6000 and Annual fee of Rs 2000 making it one of the most expensive cards on offer. Also the income eligibility criteria for owning this card is Rs 6 lakh and above per annum. Thus with this high a cost and income eligibility very few can afford to enjoy its luxuries and privileges.

The card tries to justify its high cost by offering several feature and benefits to its users. Say for instance the card welcomes it users with 8000 Reward points. Though a welcome gimmick is a common feature among credit cards, but with 8000 points under your kitty that’s a real warm welcome.
The card offers an impressive and dynamic Reward Points program offering two points for every Rs 150 spent. This indeed is impressive keeping in mind the card’s high cost. The users also have an option to convert Reward points into Air Miles to avail travel benefits. The redemption of Reward Points is also an exciting affair with HSBC Platinum Credit Card.

The card offers Platinum privileges like golf course access around the world, discounts on accommodation at hotels, health benefits etc. However the card surprisingly lacks few basic Platinum offerings like Insurance coverage to the user, Access to Airport Lounges as a major feature, Special services for travel, hotel bookings for Platinum customers, etc.  Inability to provide these benefits is a real hindrance in the card’s success.

The card can be compared to other Platinum offerings like Standard Chartered Platinum Elite Card, Kotak Mahindra Royale Signature Credit Card and Kotak Mahindra League Platinum Credit Card. When compared to these cards with regards to features and benefits on offer HSBC Platinum Credit Card is very much at par.

Interest rate charges are an important criterion in this section of cards due to volume of transactions. The interest rate charges for HSBC Platinum Credit Card are 3.15% p.m. which is the highest in this category proving to be yet another setback in the success of the card.