HSBC is on a roll, launching its new range of credit cards since last year, significantly revamping its card portfolio and trying to occupy the space that the exit of Citi left open in India (especially with a new leadership team at the top). The bank added a transfer partner programme. They upgraded their Travel Credit Card, revamped their Cashback card, and more. Now, it has stepped into the realm of a scale business, with a RuPay card partnership.
HSBC India launches credit cards on the RuPay network
HSBC India recently expanded its credit card portfolio by introducing two new RuPay network credit cards—the HSBC RuPay Platinum Credit Card and the HSBC RuPay Cashback Credit Card. This strategic launch marks HSBC’s entry into India’s domestic payments landscape, which has been traditionally dominated by global giants Visa and Mastercard. With this move, HSBC aims to resonate with Indian consumers seeking homegrown solutions that combine practical rewards with enhanced local acceptance.
The HSBC RuPay Platinum Credit Card is tailored for consumers who value lifestyle perks, reward points, and travel privileges. Users earn two reward points for every INR 150 spent across various categories, with no caps or exclusions explicitly outlined by HSBC so far, providing a potentially lucrative and flexible reward structure. These points are also convertible to airline and hotel points.
The HSBC RuPay Cashback Credit Card, conversely, aims squarely at consumers who prioritise immediate returns through cashbacks rather than reward points. You receive 10% cashback on dining, food delivery, and grocery spending, as well as 1% cashback on all other spending categories. The total cashback per month is capped at INR 400. The card is inspired by the original HSBC Live+ Credit Card, which remains ahead of this product due to its superior economics.
Bottomline
HSBC in India has launched a range of new card products that utilise the RuPay network. These include an entry-level (free) Platinum Card variant and a paid Cashback card variant.
Let me know what you think of HSBC India’s entry in the RuPay card segment.
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which card is beneficial to use for income tax payment now as I find only AMEX befitting in this domain in case you meet spending criteria for bonus membership points.
@Mohit, the HDFC Biz range of cards.