Best HSBC Credit Cards in India 2020

HSBC offers great credit cards that can offer excellent value to consumers looking for cashback, lifetime free, premium cards, and more. Our researchers at ValueChampion have conducted research on the banks credit cards to come up with a comprehensive list of the top cards from HSBC.

Card NameBest ForFeatures
HSBC Cashback CardIndividuals who are seeking a cashback card with perks and promotions1.5% rewards rate on online spending, 20% discount on Swiggy
HSBC Visa Platinum CardIndividuals seeking a card that will give them great promotionsRs. 4,250 sign-up bonuses
HSBC Smart Value CardIndividuals who are interested in a credit card with payment plansInstallment plan that starts from 2.99% per month to 1.99% per month
HSBC Premier MasterCardIndividuals interested in a premium card2 complimentary golf games, 50% off PVR tickets
Best Cashback Card:
Best Lifetime Free Card:
  • on_current="true" url="#platinum"HSBC Visa Platinum Credit Card|Rs. 4,250 sign-up bonuses
Safest Credit Card:
Best Premium Card:

Best Credit Card for Cashback: HSBC Cashback Credit Card

  • 1.5% rewards rate on online spending, 20% discount on Swiggy
  • Promotions: Sign-up bonus of ₹ 2,250 comprised of a ₹ 2,000 Cleartrip voucher (Domestic Flights) and a ₹ 250 Swiggy voucher on your first successful transaction of any amount within 30 days of credit card issuance.

The HSBC Cashback credit card is a great option for individuals looking to receive cashback on all their spending. The card offers a high cashback of 1% on general spending and an even more attractive 1.5% on online spending.

Furthermore, the credit card offers a sign-up bonus worth approximately Rs. 2,250—comprising a Rs. 2,000 clear trip voucher for domestic flights and a Rs. 250 Swiggy food delivery voucher. The HSBC Cashback card also offers a 20% discount on Swiggy and 5% off of Amazon purchases. This is an attractive option, but not the best in the market. Take a look at our list of best cashback credit cards in India to see which one fits you best.

  • Joining Fee: None
  • Annual Fee: Rs. 750 (Waived on annual spending of Rs. 100,000)
  • Dining: Up to a 15% discount at over 1,000 restaurants across major cities, 20% off on Swiggy orders above Rs. 400 (Discount up to Rs. 100, valid once per month per user)
  • Shopping: 5% discount on Amazon spends of Rs. 1,000 (maximum discount of Rs. 250 per month) with no limit in transactions
  • Railway Surcharge: Railway surcharge of ₹10 or 2.5% of transaction, whichever one is higher
  • 1.5% rewards rate on online spending, 20% discount on Swiggy
  • Promotions: Sign-up bonus of ₹ 2,250 comprised of a ₹ 2,000 Cleartrip voucher (Domestic Flights) and a ₹ 250 Swiggy voucher on your first successful transaction of any amount within 30 days of credit card issuance.

The HSBC Cashback credit card is a great option for individuals looking to receive cashback on all their spending. The card offers a high cashback of 1% on general spending and an even more attractive 1.5% on online spending.

Furthermore, the credit card offers a sign-up bonus worth approximately Rs. 2,250—comprising a Rs. 2,000 clear trip voucher for domestic flights and a Rs. 250 Swiggy food delivery voucher. The HSBC Cashback card also offers a 20% discount on Swiggy and 5% off of Amazon purchases. This is an attractive option, but not the best in the market. Take a look at our list of best cashback credit cards in India to see which one fits you best.

  • Joining Fee: None
  • Annual Fee: Rs. 750 (Waived on annual spending of Rs. 100,000)
  • Dining: Up to a 15% discount at over 1,000 restaurants across major cities, 20% off on Swiggy orders above Rs. 400 (Discount up to Rs. 100, valid once per month per user)
  • Shopping: 5% discount on Amazon spends of Rs. 1,000 (maximum discount of Rs. 250 per month) with no limit in transactions
  • Railway Surcharge: Railway surcharge of ₹10 or 2.5% of transaction, whichever one is higher

Best Lifetime Free Credit Card: HSBC Visa Platinum Credit Card

  • Rs. 4,250 sign-up bonuses
  • Promotions: Anniversary Bonus: 5X Rewards on purchases made after spending ₹ 400,000 in an anniversary year, max 15,000 reward points

The HSBC Visa Platinum card has the best promotions compared to all other lifetime free cards on the market. The card has a great sign-up bonus of Rs. 4,250, the highest among cards with no annual fee. This bonus includes a Rs. 2,000 Cleartrip voucher, Rs. 250 Swiggy voucher, and up to Rs. 2,000 cashback. In terms of the rewards rate, HSBC Visa Platinum offers a relatively low rewards rate of 0.30%. If you are interested in other lifetime free credit cards, take a look at our guide.

  • Annual Fee: None
  • Reward Earn Rate: 2 points per Rs. 150 on all spending categories
  • Point Value: 1 point = 0.5 InterMiles = ~ Rs. 0.23
  • Dining: Up to 15% discounts at over 1,000 partnered restaurants
  • Movies: Rs. 500 BookMyShow voucher on spending over Rs. 50,000 in a month, max Rs. 3,000 per cardholder per year
  • Rs. 4,250 sign-up bonuses
  • Promotions: Anniversary Bonus: 5X Rewards on purchases made after spending ₹ 400,000 in an anniversary year, max 15,000 reward points

The HSBC Visa Platinum card has the best promotions compared to all other lifetime free cards on the market. The card has a great sign-up bonus of Rs. 4,250, the highest among cards with no annual fee. This bonus includes a Rs. 2,000 Cleartrip voucher, Rs. 250 Swiggy voucher, and up to Rs. 2,000 cashback. In terms of the rewards rate, HSBC Visa Platinum offers a relatively low rewards rate of 0.30%. If you are interested in other lifetime free credit cards, take a look at our guide.

  • Annual Fee: None
  • Reward Earn Rate: 2 points per Rs. 150 on all spending categories
  • Point Value: 1 point = 0.5 InterMiles = ~ Rs. 0.23
  • Dining: Up to 15% discounts at over 1,000 partnered restaurants
  • Movies: Rs. 500 BookMyShow voucher on spending over Rs. 50,000 in a month, max Rs. 3,000 per cardholder per year

Best Beginner Credit Card: HSBC Smart Value Credit Card

  • Installment plan that starts from 2.99% per month to 1.99% per month
  • Promotions: Sign-Up Bonus: Amazon voucher Rs. 500 on a single transaction worth at least Rs. 500 within 30 days of card issuance
  • Sign-Up Bonus: 10% cashback for making a minimum of 5 purchases, adding up to Rs. 5,000 or more during the first 60 days of credit card issuance (maximum cashback of Rs. 1,000)

The HSBC Smart Value credit card is an option that offers great saving and entertainment benefits for individuals looking to keep a tight budget. For instance, the card offers an installment plan that starts from 2.99% per month to 1.99% per month, approximately 73% cheaper than the market average of 3.45%. Additionally, the card offers equated monthly installment (EMI) options that start at 10.99% per annum for EMI products booked within the first 90 days of issuance (applies to loan on phone, balance transfer on EMI, and cash on EMI). The card earns a rewards rate of 0.68% on the online spending, dining, and telecom categories (capped at 1,000 reward points per month)—3 times the rewards earned for general spending.


The HSBC Smart Value credit card also offers an Amazon voucher worth Rs. 500 as a sign-up bonus on a single transaction worth at least Rs. 500 within 30 days of card issuance. Further, the cardholder can earn 10% cashback for making a minimum of 5 purchases, adding up to Rs. 5,000 or more during the first 60 days of credit card issuance (maximum cashback of Rs. 1,000). On the other hand, the card earns a low rewards rate of 0.23% on general spending categories. This is a great card for newer cardholders looking to have a lower interest rate and viable EMI options.

  • Joining Fee: None
  • Annual Fee: Rs. 499 (Waived on annual spending of Rs. 50,000)
  • Reward Earn Rate: 3 points per Rs. 100 on online shopping dining, and telecom categories (capped at 1,000 reward points per month) and 1 point per Rs. 100 on general spending categories
  • Point Value: 1 point = 0.5 InterMiles = ~ Rs. 0.23
  • Airport Lounge Access: Access to over 850 domestic and international airport lounges
  • Equated Monthly Installments (EMI): Installment plans at 10.99% per month for EMI products booked within 90 days of card issuance
  • BookMyShow: Voucher worth INR200 on spending over INR15,000 in a calendar month
  • Installment plan that starts from 2.99% per month to 1.99% per month
  • Promotions: Sign-Up Bonus: Amazon voucher Rs. 500 on a single transaction worth at least Rs. 500 within 30 days of card issuance
  • Sign-Up Bonus: 10% cashback for making a minimum of 5 purchases, adding up to Rs. 5,000 or more during the first 60 days of credit card issuance (maximum cashback of Rs. 1,000)

The HSBC Smart Value credit card is an option that offers great saving and entertainment benefits for individuals looking to keep a tight budget. For instance, the card offers an installment plan that starts from 2.99% per month to 1.99% per month, approximately 73% cheaper than the market average of 3.45%. Additionally, the card offers equated monthly installment (EMI) options that start at 10.99% per annum for EMI products booked within the first 90 days of issuance (applies to loan on phone, balance transfer on EMI, and cash on EMI). The card earns a rewards rate of 0.68% on the online spending, dining, and telecom categories (capped at 1,000 reward points per month)—3 times the rewards earned for general spending.


The HSBC Smart Value credit card also offers an Amazon voucher worth Rs. 500 as a sign-up bonus on a single transaction worth at least Rs. 500 within 30 days of card issuance. Further, the cardholder can earn 10% cashback for making a minimum of 5 purchases, adding up to Rs. 5,000 or more during the first 60 days of credit card issuance (maximum cashback of Rs. 1,000). On the other hand, the card earns a low rewards rate of 0.23% on general spending categories. This is a great card for newer cardholders looking to have a lower interest rate and viable EMI options.

  • Joining Fee: None
  • Annual Fee: Rs. 499 (Waived on annual spending of Rs. 50,000)
  • Reward Earn Rate: 3 points per Rs. 100 on online shopping dining, and telecom categories (capped at 1,000 reward points per month) and 1 point per Rs. 100 on general spending categories
  • Point Value: 1 point = 0.5 InterMiles = ~ Rs. 0.23
  • Airport Lounge Access: Access to over 850 domestic and international airport lounges
  • Equated Monthly Installments (EMI): Installment plans at 10.99% per month for EMI products booked within 90 days of card issuance
  • BookMyShow: Voucher worth INR200 on spending over INR15,000 in a calendar month

Best Premium Credit Card: HSBC Premier MasterCard

  • 2 complimentary golf games, 50% off PVR tickets

The HSBC Premier MasterCard is a great credit card option for those seeking a credit card with exclusive benefits. For instance, the card provides cardholders with airport lounge access to 850 airport lounges in India and 2 complimentary golf games per month and up to 5 games per year. Additionally, cardholders earn 50% cashback on movie purchases from PVR Cinemas (up to Rs. 500 cashback per month) and monthly BookMyShow vouchers worth Rs. 1,000 on monthly spends of at least Rs. 75,000 (up to Rs. 6,000 per calendar year). These entertainment benefits are not matched by other credit cards. The cards rewards can also be redeemed in InterMiles, British Airways miles, and Singapore Airline miles.


To be eligible for all of the benefits listed above, you must maintain a total relationship balance of Rs. 4,000,000 or a mortgage balance of Rs. 11,500,000 or a corporate salary account with a net monthly salary credit of Rs. 300,000 on the account. In terms of rewards rate, the card earns 0.60% on general spending and 0.45% on overseas spending—not the most attractive rates in the market. This card has great benefits, but is not the best premium credit card option. To look at other options, check out our comprehensive premium credit card list.

  • Reward Earn Rate: 2 points per Rs. 100 on all spending categories
  • Point Value: 1 point = 0.67 InterMiles = ~ Rs. 0.30
  • Airport Lounge Access: Access to over 850 domestic and international airport lounges
  • Dining:
  • Golf: 2 golf games per month, maximum 5 per year
  • PVR Cinemas: 50% cashback on movie purchases (up to Rs. 500 cashback per month)
  • BookMyShow: Vouchers worth Rs. 1,000 on monthly spends of at least Rs. 75,000 (up to Rs. 6,000 per calendar year)
  • 2 complimentary golf games, 50% off PVR tickets

The HSBC Premier MasterCard is a great credit card option for those seeking a credit card with exclusive benefits. For instance, the card provides cardholders with airport lounge access to 850 airport lounges in India and 2 complimentary golf games per month and up to 5 games per year. Additionally, cardholders earn 50% cashback on movie purchases from PVR Cinemas (up to Rs. 500 cashback per month) and monthly BookMyShow vouchers worth Rs. 1,000 on monthly spends of at least Rs. 75,000 (up to Rs. 6,000 per calendar year). These entertainment benefits are not matched by other credit cards. The cards rewards can also be redeemed in InterMiles, British Airways miles, and Singapore Airline miles.


To be eligible for all of the benefits listed above, you must maintain a total relationship balance of Rs. 4,000,000 or a mortgage balance of Rs. 11,500,000 or a corporate salary account with a net monthly salary credit of Rs. 300,000 on the account. In terms of rewards rate, the card earns 0.60% on general spending and 0.45% on overseas spending—not the most attractive rates in the market. This card has great benefits, but is not the best premium credit card option. To look at other options, check out our comprehensive premium credit card list.

  • Reward Earn Rate: 2 points per Rs. 100 on all spending categories
  • Point Value: 1 point = 0.67 InterMiles = ~ Rs. 0.30
  • Airport Lounge Access: Access to over 850 domestic and international airport lounges
  • Dining:
  • Golf: 2 golf games per month, maximum 5 per year
  • PVR Cinemas: 50% cashback on movie purchases (up to Rs. 500 cashback per month)
  • BookMyShow: Vouchers worth Rs. 1,000 on monthly spends of at least Rs. 75,000 (up to Rs. 6,000 per calendar year)
Sahmi Chowdhury

Sahmi is a Junior Research Analyst specialising in credit cards and insurance in India. He previously worked in the financial services sector at Brown Brothers Harriman and True Capital Management.