HSBC Visa Platinum Card Devaluation: What You Need to Know
As of 1st July 2024, the HSBC Visa Platinum Credit Card will undergo a significant change. The card will no longer offer reward points on several spending categories. This has raised concerns among cardholders about whether this change constitutes a devaluation of the card’s benefits.
Overview
In this blog post, we’ll explore the impact of this change, analyze whether it should be a cause for concern, and provide insights into how you can still make the most of your HSBC Visa Platinum Credit Card.
Key Changes
From 1st July 2024, the HSBC Visa Platinum Credit Card will not give any reward points on the following spending categories:
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Fuel
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Utilities
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Insurance
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Education
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Wallet reloads
This change has led to questions about the value of holding onto this credit card. However, there’s more to consider.
HSBC Visa Platinum Credit Card – Key Details
| Feature | Details |
|---|---|
| Card Type | Lifetime Free Credit Card |
| Annual Fees | None (₹0) |
| Reward Rate | Extremely Low (not the main attraction) |
| Best Use Case | HSBC Instant Discount Offers |
| Reward Points | Not attractive – better to use ICICI Amazon Pay Card or other cashback cards |
| Core Value | ✔ Lifetime Free ✔ Instant Discount Benefits |
Should You Be Concerned?
In my view, there’s no need to worry. The key benefits of the HSBC Visa Platinum Credit Card remain intact. Here’s why:
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HSBC Instant Discount Offers: These promotions can provide significant savings, and this benefit is still available.
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Zero Annual Fees: Since the card is free for life, it costs nothing to keep it for occasional use during discount offers.
For those primarily interested in reward points, it’s advisable to look into other lifetime free credit cards that offer better rewards, such as the ICICI Amazon Pay Credit Card.
Conclusion
While the removal of reward points for certain categories might seem like a devaluation at first glance, the fundamental advantages of the HSBC Visa Platinum Credit Card remain unchanged. It’s still a valuable card for enjoying HSBC instant discount offers without any annual fees.
Share Your Thoughts
What are your thoughts on this change? Do you see it as a significant devaluation? Let us know in the comments below.
If you’re interested in applying for the HSBC Visa Platinum Lifetime Free Credit Card to benefit from instant discount offers, click here to apply.
Stay informed and make the best use of your credit cards!
FAQs
Accordion Content
From 1st July 2024, the HSBC Visa Platinum Credit Card stopped offering reward points on spends like fuel, utilities, insurance, education, and wallet reloads. This reduces its earning potential but does not affect its lifetime free status or instant discount offers.
Yes. Despite lower rewards, the card remains a Lifetime Free credit card, so there’s no cost to keeping it. Plus, HSBC continues to run instant discount offers across major merchants, which can provide real savings.
While losing rewards on common spends may feel like a devaluation, the card’s core benefits remain intact. Since reward points were never its main attraction, the card is still valuable for instant discounts and zero annual fees.
If you want higher cashback or reward points, consider alternatives like ICICI Amazon Pay Credit Card (for Amazon and daily spends) or SBI Cashback Credit Card (5% on online shopping). These provide better returns while HSBC works best for instant discount deals.
Not necessarily. It’s best to keep it as a secondary card for HSBC instant discount offers, while using a rewards or cashback card (like ICICI Amazon Pay or HDFC Swiggy Credit Card) for regular day-to-day spending.
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