Introduction:

The HSBC Cashback Credit Card is designed for individuals looking to maximize their savings through cashback rewards on everyday expenses. It offers competitive cashback rates on various categories, making it an attractive option for dining, grocery shopping, and other general spending.

Key Highlights:

  • Welcome Benefits:
    • Get an Amazon e-gift voucher worth Rs. 1,000 on making transactions worth Rs. 10,000 within the first 30 days.
    • Additional Amazon e-gift voucher worth Rs. 250 upon successful online application and video KYC.
  • Cashback Rewards:
    • 10% cashback on dining, food delivery, and grocery spends (capped at Rs. 1,000 per billing cycle).
    • 1.5% unlimited cashback on all other spends.
  • Complimentary Benefits: Four complimentary domestic lounge visits per year (one per quarter).

Fees and Charges:

  • Joining Fee: Rs. 999 + GST.
  • Annual Fee: Rs. 999 + GST (waived on annual spends exceeding Rs. 2 lakhs).
  • Foreign Currency Markup: 3.5% + GST.
  • Cash Advance Fee: 2.5% of the transaction amount, subject to a minimum of Rs. 500.

Additional Benefits:

  • BookMyShow BOGO Offer: Buy one, get one free movie tickets on Saturdays through BookMyShow, with a maximum ticket price of Rs. 250.
  • Zero Liability on Lost Cards: Insurance coverage for misuse of your card from 24 hours before reporting it lost, up to Rs. 3 lakhs.
  • Contactless Payments: Enabled with VISA Paywave technology for fast and secure transactions.
  • EMI Options: Convert transactions into easy monthly installments across listed merchants.

Pros and Cons:

Pros

  • High cashback rate on dining, food delivery, and grocery spends.
  • Unlimited cashback on all other spends.
  • Complimentary domestic lounge access.
Cons
  • High joining and annual fees compared to some other cards.
  • 10% cashback is capped at Rs. 1,000 per billing cycle.

Eligibility Criteria:

  • Age: 18 to 65 years.
  • Income: Minimum annual income of Rs. 4 lakhs for salaried individuals.
  • Residency: Indian resident.

Comparison with Axis Bank Cashback Credit Card:

Feature HSBC Cashback Credit Card Axis Bank Cashback Credit Card
Joining Fee Rs. 999 + GST Rs. 1,000 + GST
Annual Fee Rs. 999 + GST (waived on annual spends of Rs. 2 lakhs) Rs. 1,000 + GST (waived on annual spends of Rs. 4 lakhs)
Welcome Benefits Rs. 1,000 Amazon e-voucher + Rs. 250 on video KYC 5,000 EDGE Reward Points (worth Rs. 1,000)
Cashback/Reward Points 10% on dining, food delivery, groceries; 1.5% on other spends 0.75% on offline spends; up to 7% on online spends
Complimentary Lounge Access 4 domestic visits per year None
Fuel Surcharge Waiver 1% No
Foreign Currency Markup 3.5% + GST 3.5% + GST

Conclusion:

The HSBC Cashback Credit Card is an excellent choice for those looking to maximize their savings through cashback rewards. With attractive cashback rates on essential spending categories like dining, groceries, and food delivery, along with additional benefits like complimentary lounge access and a robust welcome offer, this card offers significant value for its users. However, the high joining and annual fees may be a drawback for some.

HSBC