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 no longer offer reward points on the following categories:

• 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)
• Fuel (5541, 5983, 5172, 5542, 5552)
• Jewelry (5944, 5094)
• Money Transfers (4829)
• Non-Financial Institutions (6051)
• Real Estate Agents & Managers (6513)
• Tax Payments (9311)

Utility (4900) and Insurance (6300, 5960) payments will still earn rewards, but only if cumulative spending in these categories does not exceed ₹1 lakh per month.

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.

 

[Panthera_Tigris]

I was looking forward to getting this card. Was ready to open the account last week but they wanted branch visit and I had the flu so I said next week.

I still see the value in the Global Premier program, but the overall proposition is definitely less appealing now.

Are there any foreign banks better than HSBC? I already have SCB and DBS is meh.

 

[coolguy1]

It's sad to see a wow card turn into worthless card.

 

[abhiaj98]

It's sad to see a wow card turn into worthless card.

True.
Anyone qualifying for this card can easily get DCBM which is arguably better than this.

 

[percolate]

Just got charged 23600/- this month as I was not maintaining TRV.
I would have closed it if I knew this before 🤦

 

[coolguy1]

Just got charged 23600/- this month as I was not maintaining TRV.
I would have closed it if they I knew this before 🤦

If you haven't made any transaction post that, i believe you can still ask for a refund.

 

[percolate]

If you haven't made any transaction post that, i believe you can still ask for a refund.

have already made a few transactions.

 

[quino]

Just got charged 23600/- this month as I was not maintaining TRV.

how's that? website mentions max 2000+gst as fee.

 

[Pissant]

how's that? website mentions max 2000+gst as fee.

He was talking about the HSBC Premier CC annual fees which is charged if you don’t maintain program eligibility for HSBC Premier

 

[cardio_guycardio_guy is verified member.]

I was looking forward to getting this card. Was ready to open the account last week but they wanted branch visit and I had the flu so I said next week.

I still see the value in the Global Premier program, but the overall proposition is definitely less appealing now.

Are there any foreign banks better than HSBC? I already have SCB and DBS is meh.

Yes HSBC is still one of the best among foreign banks if one is looking for a long term relationship. Their banking programs are good, no nonsense. They have 5 credit cards now. Maybe they will launch a co-branded one too.

Cons:
Overall Slow process.
Mobile app is not so good.
Complicated security measures.

 

[neogen]

I have two very basic questions:
How should I check rewards balance? There is nothing on their app.
In current scenario how does this card stack up with the HDFC Infinia card in terms of rewards?

 

[percolate]

I have two very basic questions:
How should I check rewards balance? There is nothing on their app.
In current scenario how does this card stack up with the HDFC Infinia card in terms of rewards?

you can see the reward points in the app. open the credit card in the app and pull down the transaction history.
This card gives 3% rewards compared to 3.3% based rewards with Infinia.