HSBC Premier Credit Card Review: 0.99% Forex, Unlimited Lounges, 20 Transfer Partners
The HSBC Premier card pairs 0.99% forex markup with 20 transfer partners and unlimited lounge access. But you need an HSBC Premier banking relationship to get it.
Overview
The HSBC Premier Credit Card earns HSBC Reward Points at 3 points per INR 100 on all eligible spending, with up to 12X on the HSBC Travel with Points portal. Points never expire. It's on the Mastercard World network and shares the same 20 transfer partners (15 airlines, 5 hotels) as the HSBC TravelOne, with mostly 1:1 ratios and instant conversions via the HSBC mobile app.
The card's standout feature is its 0.99% forex markup, one of the lowest on any Indian credit card. Add unlimited domestic and international lounge access, INR 1 crore travel insurance, and a shorter exclusion list than most travel cards, and you've got a genuinely strong travel card.
The catch: you can't just apply for it. You need an existing HSBC Premier banking relationship, which means maintaining INR 50 lakh in Total Relationship Balance or earning INR 3 lakh net monthly salary. The card is built for people who already bank with HSBC Premier.
Fees, Waivers & Welcome Benefits
| Item | Details |
|---|---|
| Joining Fee | INR 12,000 + GST (charged post activation) |
| Annual Fee (Year 2+) | INR 20,000 + GST |
| Fee Waiver | Relationship-based (see below) |
| Add-on Cards | Free (up to 3 for spouse, parents, siblings, or children 18+) |
| Welcome Benefit | 20,000 HSBC Reward Points on first transaction within 30 days |
| Renewal Benefit |
The fee waiver here is not spend-based. It's tied to your HSBC Premier banking relationship. You qualify if you meet any one of these:
- Quarterly TRB of INR 50,00,000 (INR 40,00,000 for accounts opened before 1 Jan 2026)
- Salary account with INR 3,00,000 net monthly salary
- Mortgage of INR 1,15,00,000 and meeting TRB within 12 months
If you already qualify as an HSBC Premier customer, both the joining and annual fees are waived. If you don't, the INR 20,000 annual fee is steep for what you get in base rewards.
The welcome benefit is 20,000 reward points, credited within 3 days of your first transaction. The first transaction can't be fuel, cash advance, fees, or disputed transactions. Valid for cards issued between October 2025 and December 2026.
Earning Structure
| Category | Earn Rate | Details |
|---|---|---|
| Travel with Points portal | Up to 12 points per INR 100 | Hotels, flights, car rentals booked via HSBC's Travel with Points portal. No cap. |
| All Other Eligible Spends | 3 points per INR 100 | Base earning on all eligible retail spends. No cap. |
The base 3 points per INR 100 is 50% higher than the TravelOne's 2 points per INR 100. And unlike the TravelOne, there's no monthly cap on accelerated earning. The Travel with Points portal offers up to 12X, but you have to book through HSBC's portal to get that rate.
Points show up in your monthly statement.
Earning Exclusions
| Category | Notes |
|---|---|
| Fuel | MCC 5541, 5542, 5983, 5172, 5552 |
| Cash Advances | Subject to 2.5% fee + finance charges |
| Fees & Charges | Interest, disputed transactions excluded |
This is notably shorter than most travel cards. The TravelOne excludes utilities, rent, insurance, education, government, wallets, jewellery, and money transfers. The Premier card doesn't exclude any of those. If you're paying insurance premiums, utility bills, or education fees on a card, the Premier actually earns 3 points per INR 100 on all of it.
Fuel is the one category that earns nothing.
Transfer Partners
The Premier shares the same 20 transfer partners as the TravelOne. All transfers happen through the HSBC India mobile banking app.
Airline Partners
| Partner | Ratio | Transfer Time |
|---|---|---|
| Air India Maharaja Club | 1:1 | 5 working days |
| Air France-KLM Flying Blue | 1:1 | Instant |
| airasia rewards | 1:3 | Instant |
| British Airways Avios | 1:1 | Instant |
| Etihad Guest | 1:1 | Instant |
| EVA Air Infinity MileageLands | 1:1 | Instant |
| Hainan Airlines Fortune Wings | 2:1 | 5 working days |
| JAL Mileage Bank | 1:1 | 10 working days |
| Qatar Airways Privilege Club (Avios) | 1:1 | Instant |
| Qantas Frequent Flyer | 1:1 | Instant |
| Singapore Airlines KrisFlyer | 1:1 | Instant |
| Thai Airways Royal Orchid Plus | 1:1 | Instant |
| Turkish Airlines Miles&Smiles | 2:1 | Instant |
| United MileagePlus | 2:1 | Instant |
| Vietnam Airlines Lotusmiles | 1:1 | Instant |
Hotel Partners
| Partner | Ratio | Transfer Time |
|---|---|---|
| ALL - Accor Live Limitless | 1:1 | Instant |
| IHG One Rewards | 1:1 | Instant |
| Marriott Bonvoy | 1:1 | Instant |
| Shangri-La Circle | 5:1 | Instant |
| Wyndham Rewards | 1:1 | Instant |
Same ratios, same instant transfers. The difference is that Premier earns 3 points per INR 100 compared to TravelOne's 2. So for every INR 10,000 you spend on the Premier, you get 300 transferable points versus 200 on the TravelOne. Over a year, that adds up.
Some of these partners are also available through Magnify's Mag Miles. You can earn Air India Maharaja Club miles and Vietnam Airlines Lotusmiles on everyday spending through the Magnify app, no credit card needed.
For the latest transfer ratios, check the Magnify app.
Other Redemption Options
| Channel | Details |
|---|---|
| Travel with Points | Book hotels, flights, car rentals at up to 12X points via HSBC portal |
| Apple Online Store | 1 point = INR 1 + up to 5% cashback |
| Airline Miles Conversion | 1:1 instant via HSBC mobile app |
| Hotel Loyalty Points Conversion | 1:1 instant via HSBC mobile app |
The Apple Online Store redemption is interesting: 1 point equals INR 1, plus up to 5% cashback on top. That's a strong non-travel redemption option if you're in the Apple ecosystem.
Lounge Access
| Benefit | Details |
|---|---|
| Domestic lounges | Unlimited (Mastercard Priceless Specials, primary + add-on) |
| International lounges | Unlimited cardholder (LoungeKey, 1,400+ airports, primary + add-on) |
| International guest visits | 8 complimentary per year (primary card only) |
Unlimited lounge access, both domestic and international, for both primary and add-on cardholders. That's rare at any price point. Most premium cards cap you at 4-12 visits per year.
Add-on cardholders get unlimited personal access but no guest visits. The primary cardholder gets 8 complimentary international guest visits per year.
Insurance
| Coverage | Amount | Details |
|---|---|---|
| International Travel Insurance | Up to INR 1,00,00,000 (1 crore) | Air accident death, missed flights, lost baggage, delayed flights, lost passport, delayed baggage. ICICI Lombard. Primary cardholders only. |
| Lost Card Liability | Up to INR 3,00,000 | Covers misuse 24 hours before and 7 days after reporting. ICICI Lombard. Primary only. |
INR 1 crore in travel insurance is substantial. It covers air accidents, missed and delayed flights, lost and delayed baggage, and even lost passport. The TravelOne only offers purchase protection and lost card liability, so this is a meaningful upgrade.
Fuel Surcharge
1% fuel surcharge waiver on transactions between INR 400 and INR 4,000 at all fuel stations. Fuel transactions don't earn reward points.
Forex
The foreign currency markup is 0.99% on all international transactions, globally, with no conditions. DCC is also 0.99%.
This was reduced from 3.5% on 1 April 2020 and is one of the lowest forex markups available on any Indian credit card. For comparison, the HSBC TravelOne charges 3.5%, and most other travel cards sit between 1.5% and 3.5%.
Combined with the base 3X earning on international transactions, the Premier is one of the strongest cards for international spending in India. You pay minimal forex markup and earn transferable points at the same time.
Lifestyle Perks
- BookMyShow: Buy one, get one every day of the week
- EazyDiner: 30% off bill, up to INR 1,500
- Agoda: Up to 20% off hotel bookings
- Mastercard: One free night on eligible hotel stays, Luxury Hotels & Resorts complimentary upgrades, early check-in, late check-out
- The Bicester Collection: VIP experiences, eVIP pass
- HSBC home&Away: Shopping and dining privileges across 40+ countries
Eligibility & Support
This card requires an existing HSBC Premier banking relationship. You can't walk in and apply for it like the TravelOne. The card is valid only while your Premier relationship is active.
To qualify for HSBC Premier, you need one of:
- Quarterly TRB of INR 50,00,000 (INR 40,00,000 for pre-2026 accounts)
- Salary account with INR 3,00,000 net monthly salary
- Mortgage of INR 1,15,00,000 + TRB within 12 months
Other details:
- Age: 18 to 65
- Indian residents only
- Must apply at HSBC branch (not available online)
- Support: 1800 120 4722 (India), +91-80-71898001 (international)
- App: HSBC India Mobile Banking App
Verdict
If you're an HSBC Premier customer, this is one of the best cards in India for earning airline miles right now. 0.99% forex, 3X base earn with barely any exclusions, 20 transfer partners at 1:1, unlimited lounges, never-expiring points. The combination is hard to beat.
The only real downside is that you need an HSBC Premier banking relationship to get it. If you already have one, this card should be in your wallet.
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