HSBC Premier Credit Card, a card exclusively for their Premier account holders, was relaunched in 2023 as a metal variant. It quickly became a favorite among individuals making high-value payments such as rent and taxes, as it offered reward points on all expenses.
However, significant changes are coming soon. Effective April 1, 2025, the HSBC Premier Credit Card will earn rewards in the following categories only if their combined monthly spending does not exceed ₹1 lakh:
Additionally, HSBC is upgrading its reward redemption portal. To facilitate this upgrade, rewards redemptions will be temporarily unavailable from March 15, 2025, to March 31, 2025. After the upgrade on April 1, 2025, customers can redeem rewards through the HSBC India Mobile Banking app.
With these changes, the HSBC Premier Credit Card will lose much of its appeal. Previously, cardholders used this card for spending in categories that typically don't earn rewards on other cards, but now, major spending areas like tax payments, rent, jewelry, and education will no longer be eligible for rewards.
This is undoubtedly disappointing, and it marks the decline of HSBC Premier Credit Card’s dominance. Many customers invested ₹40 lakh with HSBC just to qualify for this card, but now, it’s not even worth the annual fee—let alone maintaining the Premier account’s NRV requirements.
However, significant changes are coming soon. Effective April 1, 2025, the HSBC Premier Credit Card will earn rewards in the following categories only if their combined monthly spending does not exceed ₹1 lakh:
- Bail & Bond Payments (9223)
- Education & Government (9399, 8299, 8220, 8211, 8241, 8244, 8249, 9222, 9402, 9211, 9405)
- E-wallets (6540)
- Financial Institutions (6011, 6012, 6010)
- Jewelry (5944, 5094)
- Money Transfers (4829)
- Non-Financial Institutions (6051)
- Real Estate Agents & Managers (6513)
- Tax Payments (9311)
- Utility (4900)
- Insurance (6300, 5960)
Additionally, HSBC is upgrading its reward redemption portal. To facilitate this upgrade, rewards redemptions will be temporarily unavailable from March 15, 2025, to March 31, 2025. After the upgrade on April 1, 2025, customers can redeem rewards through the HSBC India Mobile Banking app.
With these changes, the HSBC Premier Credit Card will lose much of its appeal. Previously, cardholders used this card for spending in categories that typically don't earn rewards on other cards, but now, major spending areas like tax payments, rent, jewelry, and education will no longer be eligible for rewards.
This is undoubtedly disappointing, and it marks the decline of HSBC Premier Credit Card’s dominance. Many customers invested ₹40 lakh with HSBC just to qualify for this card, but now, it’s not even worth the annual fee—let alone maintaining the Premier account’s NRV requirements.
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