Devaluation HSBC Premier Credit Card Devaluation: Major Rewards Cuts from April 2025

[TechnoFinoTechnoFino is verified member.]

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:

• 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)

# Fuel (5541, 5983, 5172, 5542, 5552) spends will not earn any reward points.

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.

 

[abhiaj_geek]

For HSBC Premier CC, does the Welcome benefit cover for 12k+Taxes?
Also the monthly limits of Rs 1 lakh spends on specific categories is still applicable or has been rolled back?

The welcome benefit is 12k worth of Taj vouchers. So no, joining benefits don’t exactly compensate the joining fees

There is a limit but it is 1L points rather than 1L spends on certain categories

 

[mojo_jojo123]

The welcome benefit is 12k worth of Taj vouchers. So no, joining benefits don’t exactly compensate the joining fees

There is a limit but it is 1L points rather than 1L spends on certain categories

does it have one night taj stay like icici epm ?

 

[ash_m]

does it have one night taj stay like icici epm ?

No, it doesn't have any stay with this.

 

[abhiaj_geek]

does it have one night taj stay like icici epm ?

Sadly no .

 

[mojo_jojo123]

Sadly no .

ok then 12k initial fee is kind of gone

 

[mojo_jojo123]

was anyone able to get this card without joining fee ( and without welcome offer)

 

[ash_m]

was anyone able to get this card without joining fee ( and without welcome offer)

I doubt that is going to happen, at least not anymore.

Last year (and earlier this year too) they were offering me premier salary account when I was exploring multiple banks, even though my net credit is slightly below 3L. It is still not above that mark as I went ahead with some more deductions this year, but now they're like it is not possible even if your net credit is 2.99L. It appears they want to stick with that, even if it comes at the cost of losing potential long term customers.